Hindustan Zinc Ltd logo

Hindustan Zinc Ltd

HINDZINC NSE

Key Fundamentals

LargecapZincMetals & Mining
Market Cap
2.5L Cr
Volatility
Moderate
P/E Ratio
14.43
EBITDA
₹23,154 Cr
Return on Equity
61.13%
Debt to Equity
0.39
Book Value
₹53.56
EPS
₹19.26
52W High
₹733
52W Low
₹418

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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40 extracted metrics + investor summaries across FY15–FY27.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 68.7%
  • Company has been maintaining a healthy dividend payout of 73.5%

Weaknesses

2
  • Stock is trading at 11.0 times its book value
  • Promoter holding has decreased over last 3 years: -4.21%

Growth Rate

Revenue Growth
19.59% ↗
Net Income Growth
33.60% ↗
Cash Flow Change
20.11% ↗
ROE
-21.32% ↘
ROCE
-0.86% ↘
EBITDA Margin (Avg.)
5.40% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk medium

Hindustan Zinc Ltd is a ₹2.54 lakh crore metals & mining company trading at a PE of 14.9x and 11.2x book value. The company delivered FY25 revenue of ~US$4 billion (up 18% YoY) and net profit of US$1.22 billion (up 33% YoY) with an industry-leading EBITDA margin of ~51%, while maintaining a 3-year average ROE of ~69% and a dividend payout ratio of 73.5%.

Bull Case 8
  • TTM revenue growth of 39% and TTM profit growth of 66% indicate a strong cyclical upswing in earnings
  • 3-year average ROE of 69% and last-year ROE of 76% reflect exceptionally high capital efficiency versus peers in the metals sector
  • Industry-leading EBITDA margin of ~51-55% in recent quarters, with zinc cost of production at a 5-year low of US$940/tonne excluding royalty
  • Record annual mined metal production of 1,095 KT and refined metal of 1,052 KT in FY25 demonstrates operational scale-up
  • Board-approved ₹12,000 crore capex to add 250 KTPA smelter at Debari, with a broader plan to double capacity to 2,000 KTPA over 5 years, provides long-term volume growth visibility
  • LME zinc prices currently around US$3,435/MT with forecasts of US$3,400-3,500 average for 2026, up ~24% YoY, supporting near-term realizations
  • Healthy dividend payout ratio of 73.5% and current dividend yield of 1.82% provide income support to shareholders
  • Company has reduced debt, improving balance sheet strength and financial flexibility for expansion spending
Bear Case 8
  • Stock trades at 11.2x price-to-book, a steep premium that leaves limited margin of safety if commodity prices correct
  • Promoter Vedanta has reduced holding by ~4.2% over 3 years (from ~67% to ~63.4% as of March 2025) through repeated stake sales to service group-level debt
  • Vedanta sold ₹3,028 crore worth of HZL shares in June 2025 block deals with further sales planned, creating periodic supply overhang on the stock
  • Highly cyclical commodity business — zinc prices fell to a low of US$2,562/MT in April 2025 before recovering, showing vulnerability to demand shocks
  • 3-year compounded sales CAGR of only 6% and profit CAGR of 9% show that the strong TTM numbers are a recent cyclical recovery rather than a sustained structural trend
  • Government of India holds ~25% stake with a long-standing intent to divest, which could create additional selling pressure if disinvestment proceeds
  • ₹50,000 crore 5-year capex pipeline carries execution risk and will require sustained high zinc prices to generate adequate returns
  • Limited free float (~11-12% excluding promoter and government stake) can amplify price volatility in both directions

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 2
  • SEBI warning on non-compliances Jul 24

    Board reviewed SEBI administrative warning letter dated April 30, 2026 regarding inadvertent non-compliances. ED search operation also noted in Q1 results disclosure.

  • $1B related party facility restrictions Jul 18

    Twin Star Holdings and Vedanta Resources entered a $1 billion facility agreement imposing restrictions on HZL's asset sales and investments.

Positives 3
  • Record Q1FY27 profit up 145% Aug 6

    Net profit surged 145% YoY to ₹5,469 crore on revenue of ₹13,747 crore, with EBITDA of ₹8,074 crore and record mined metal production of 268 KT. Interim dividend of ₹11 per share declared.

  • Promoter group restrictions lifted Aug 9

    Operational covenants limiting HZL's activities were rescinded following repayment of USD 80 million under the promoter group facility agreement.

  • New CEO Amarendu Prakash appointed Jul 24

    Amarendu Prakash appointed CEO and Whole-time Director effective August 1, 2026, subject to shareholder approval.

Neutral 3
  • Analyst meet at Motilal conference Aug 12

    Hindustan Zinc to participate in Motilal Oswal's 22nd Annual Global Investor Conference in Mumbai on August 18, 2026.

  • Investor meets at Equirus, Emkay Aug 7

    Analyst and institutional investor meetings scheduled for August 13, 2026 at Equirus Annual India Conference and Emkay Confluence 2026.

  • Two officials elevated to senior mgmt Jul 25

    Munish Vasudeva and Kishor Kumar Sugumaran classified as Senior Management Personnel effective July 24, 2026.

TL;DR: Hindustan Zinc delivered a blowout Q1FY27 with record profit, strong silver/zinc prices, and peak mined metal production driving 145% earnings growth. The removal of promoter facility restrictions and new CEO appointment signal operational freedom and leadership refresh. Key risks include SEBI regulatory scrutiny and a $1B related party facility that may constrain strategic flexibility. The trend is clearly improving on fundamentals, though governance overhang from SEBI and Vedanta-linked covenants warrants monitoring.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
7,282
6,792
7,310
7,550
8,130
8,242
8,556
9,041
7,723
8,525
10,922
13,488
13,687
Expenses
3,934
3,653
3,790
3,896
4,179
4,138
4,098
4,258
3,907
4,099
4,917
5,822
5,693
Operating Profit
3,348
3,139
3,520
3,654
3,951
4,104
4,458
4,783
3,816
4,426
6,005
7,666
7,994
OPM %
46%
46%
48%
48%
49%
50%
52%
53%
49%
52%
55%
57%
58%
Other Income
287
231
305
280
277
185
221
230
282
237
319
280
315
Interest
218
232
243
262
256
319
285
251
239
259
195
187
132
Depreciation
801
825
904
936
843
875
903
1,013
911
881
944
1,053
918
PBT
2,616
2,313
2,678
2,736
3,129
3,095
3,491
3,749
2,948
3,523
5,185
6,706
7,259
Tax %
25%
25%
24%
25%
25%
26%
24%
21%
25%
25%
25%
25%
25%
Net Profit
1,970
1,737
2,038
2,042
2,358
2,298
2,647
2,976
2,204
2,632
3,879
4,997
5,425
EPS in Rs
4.66
4.11
4.82
4.83
5.58
5.44
6.26
7.04
5.22
6.23
9.18
11.83
12.84
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
14,788
14,181
17,273
22,082
21,118
18,561
22,629
29,440
34,098
28,934
33,969
40,658
46,622
Expenses
7,338
7,923
7,534
9,812
10,448
9,691
10,957
13,214
16,577
15,253
16,630
18,729
20,531
Operating Profit
7,450
6,258
9,739
12,270
10,670
8,870
11,672
16,226
17,521
13,681
17,339
21,929
26,091
OPM %
50%
44%
56%
56%
51%
48%
52%
55%
51%
47%
51%
54%
56%
Other Income
2,788
3,127
2,474
1,956
1,782
1,911
1,819
1,082
1,373
1,083
870
1,102
1,151
Interest
24
17
202
246
113
112
386
290
333
955
1,111
880
773
Depreciation
644
745
1,811
1,483
1,883
2,279
2,531
2,917
3,264
3,466
3,634
3,789
3,796
PBT
9,570
8,623
10,200
12,497
10,456
8,390
10,574
14,101
15,297
10,343
13,464
18,362
22,673
Tax %
15%
5%
18%
26%
24%
19%
25%
32%
31%
25%
24%
25%
—
Net Profit
8,178
8,175
8,316
9,276
7,956
6,805
7,980
9,630
10,520
7,787
10,279
13,712
16,933
EPS in Rs
19.35
19.35
19.68
21.95
18.83
16.11
18.89
22.79
24.9
18.43
24.33
32.45
40.08
Div. Payout %
23%
144%
149%
36%
106%
102%
113%
79%
303%
71%
119%
31%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
845
845
845
845
845
845
845
845
845
845
845
845
Reserves
42,508
36,540
29,960
35,087
32,760
39,465
31,468
33,437
12,097
14,388
12,445
21,630
Borrowings
0
0
7,908
0
2,538
611
7,201
2,844
11,881
8,722
10,964
8,726
Other Liabilities
5,639
15,810
13,082
7,000
6,315
6,054
6,213
7,545
10,631
9,949
10,164
10,972
Total Liabilities
48,992
53,195
51,795
42,932
42,458
46,975
45,727
44,671
35,454
33,904
34,418
42,173
Fixed Assets
9,446
10,385
9,993
11,302
14,778
16,469
16,808
17,396
17,620
18,055
18,488
19,802
CWIP
2,005
2,428
3,071
3,220
2,254
2,489
1,922
2,075
2,107
1,529
2,552
3,382
Investments
27,254
35,221
23,783
20,222
19,488
20,329
12,957
15,052
10,107
10,452
9,971
14,440
Other Assets
10,288
5,161
14,948
8,188
5,938
7,688
14,040
10,148
5,620
3,868
3,407
4,549
Total Assets
48,992
53,195
51,795
42,932
42,458
46,975
45,727
44,671
35,454
33,904
34,418
42,173
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
5,531
6,451
7,588
9,800
8,781
6,621
10,567
12,691
15,166
13,343
14,127
16,857
Investing
-3,807
-3,236
12,007
2,396
-1,092
-2,648
-2,435
846
6,525
-3,405
-2,658
-8,760
Financing
-1,902
-3,214
-11,266
-18,612
-9,630
-2,098
-9,697
-12,258
-23,224
-9,946
-11,426
-7,899
Net Cash Flow
-178
1
8,329
-6,416
-1,941
1,875
-1,565
1,279
-1,533
-8
43
198
Free Cash Flow
3,920
4,918
5,601
7,077
5,440
3,003
8,140
9,723
11,696
9,855
9,814
11,584
CFO/OP
102
132
102
105
106
87
106
93
104
110
101
98
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
16
3
3
3
3
7
7
9
4
2
1
4
Cash Conversion Cycle
16
3
3
3
3
7
7
9
4
2
1
4
Working Capital Days
-14
-347
-375
-67
-98
-56
-91
-36
-148
-103
-95
-75
ROCE %
25%
20%
26%
33%
28%
22%
26%
37%
50%
46%
61%
69%

Shareholding Pattern

As of Jun 2026
Promoters 60.71%
Government 27.92%
DIIs 4.95%
Public 3.49%
FIIs 2.20%
Others 0.72%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
64.92%
63.42%
63.42%
63.42%
61.84%
61.84%
61.84%
60.71%
60.71%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.75%
0.69%
0.60%
0.75%
1.01%
1.39%
1.42%
1.36%
1.31%
1.54%
2.39%
2.20%
DIIs
2.44%
2.52%
0.23%
0.22%
0.25%
0.23%
2.95%
3.03%
2.94%
2.95%
2.98%
2.96%
2.98%
3.02%
3.12%
4.12%
4.14%
4.82%
4.92%
4.69%
4.85%
4.95%
Government
29.59%
29.58%
29.58%
29.58%
29.58%
29.58%
29.54%
29.54%
29.54%
29.54%
29.54%
29.54%
29.54%
29.54%
29.54%
27.92%
27.92%
27.92%
27.92%
27.92%
27.92%
27.92%
Public
1.28%
1.39%
1.37%
1.39%
1.44%
1.45%
1.53%
1.41%
1.55%
1.54%
1.57%
1.65%
1.73%
1.55%
2.40%
2.59%
2.57%
3.35%
3.28%
3.19%
3.37%
3.49%
Others
1.76%
1.59%
3.90%
3.90%
3.81%
3.83%
1.06%
1.11%
1.04%
1.04%
0.24%
0.23%
0.24%
0.23%
0.52%
0.56%
0.54%
0.72%
0.73%
0.83%
0.76%
0.72%
No. of Shareholders
1,76,265
2,12,428
2,14,626
2,55,957
2,65,578
2,72,235
3,03,389
2,86,158
3,21,016
3,42,539
3,75,833
4,01,985
4,22,072
4,45,929
6,24,025
6,94,430
7,12,884
8,19,883
7,99,768
7,93,882
8,97,257
9,18,245

Documents

Frequently Asked Questions about Hindustan Zinc Ltd

What does Hindustan Zinc Ltd do?
Incorporated in 1966, Hindustan Zinc in Zinc-Lead and Silver business is world’s 2nd largest integrated Zinc producer and Hindustan Zinc is the 3rd largest silver producer globally with an annual capacity of 800MT . The company has a market share of ~75% of the growing Zinc market in India with i...
Where is Hindustan Zinc Ltd (HINDZINC) listed?
Hindustan Zinc Ltd is listed on the Indian stock exchanges. It is listed on NSE: HINDZINC and BSE: 500188. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Hindustan Zinc Ltd belong to?
Hindustan Zinc Ltd operates in the Metals & Mining sector within the Zinc industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Hindustan Zinc Ltd?
Hindustan Zinc Ltd has a market capitalisation of approximately ₹246589.62 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Hindustan Zinc Ltd?
The Price-to-Earnings (PE) ratio of Hindustan Zinc Ltd is 14.43. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Hindustan Zinc Ltd?
Over the past 52 weeks, Hindustan Zinc Ltd has traded between a low of ₹418 and a high of ₹733. This range helps investors understand the stock's price volatility and recent trading levels.
Does Hindustan Zinc Ltd pay dividends?
Yes, Hindustan Zinc Ltd has a dividend yield of 1.88%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Hindustan Zinc Ltd?
Hindustan Zinc Ltd has a Return on Equity (ROE) of 61.13%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Hindustan Zinc Ltd on Tapetide?
On Tapetide, you can view Hindustan Zinc Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1966, Hindustan Zinc in Zinc-Lead and Silver business is world’s 2nd largest integrated Zinc producer and Hindustan Zinc is the 3rd largest silver producer globally with an annual capacity of 800MT . The company has a market share of ~75% of the growing Zinc market in India with its headquarters at Zinc City, Udaipur along with Zinc-Lead mines and smelting complexes spread across the state of Rajasthan.[1]

Website hzlindia.com
CEO Mr. Arun Misra
Employees 3,478
Listed 2006-11-21
Face Value ₹ 2
Issued Size 4,22,53,19,000

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