HINDZINC
Hindustan Zinc share price & financials
- Price
- ₹563.55
- Market cap
- ₹2.2L Cr
- Sector
- Metals & Mining
- Calls analysed
- 7
Hindustan Zinc Q1 FY27
What went well
- Achieved highest-ever Q1 mine metal production of 268,000 tons and refined metal production of 260,000 tons, up 4% YoY.
- Reported highest ever EBITDA of INR8,074 crores, a 109% YoY increase, with an industry-leading EBITDA margin of 59%.
- Delivered a record quarterly net profit of INR5,469 crores, up 145% YoY, and highest ever quarterly revenue of INR13,747 crores, up 77% YoY.
What Hindustan Zinc does
Hindustan Zinc is India's only integrated producer of zinc and lead and its only integrated, listed silver company, running fully integrated underground mines and smelting complexes in Rajasthan. It earns by mining zinc-lead ore and refining it into zinc, lead, silver and zinc alloy sold to domestic and export customers, holding roughly 77% of India's primary zinc market. A subsidiary of Vedanta Limited, it also operates captive and renewable power and is diversifying into other critical minerals such as potash, tungsten and rare earths.
Segments
- Zinc
- Lead
- Silver
- Global position
- World's largest integrated zinc producer
- Zinc reserves & resources
- World's 2nd largest
- India primary zinc market share
- ~77%
- India market position
- Only integrated zinc & lead producer; only primary zinc-alloy and integrated listed silver company
- Silver production rank
- Among top 5 silver producers globally
- Rampura Agucha mine
- World's largest underground zinc mining operation
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 2 delivered 2 missed 12 open- FY26 Zinc COP (ex-royalty) delivered said Q4 FY25 Promised: $1,025 to $1,050 per ton Q1 FY27: Promise fulfilled and closed in FY26.
- FY26 Silver Production missed said Q4 FY25 Promised: 700 tons to 710 tons Q1 FY27: Promise deadline passed; target was missed.
- 2x Capacity Expansion (First Phase / Smelter) delayed said Q3 FY25 Promised: 1.2 to 1.45 MT by FY27-28 Q1 FY27: Board approval for the new consolidated smelter plan now expected in Q3 FY27, with a 36-month construction timeline, pushing completion to ~Q3 FY30, a further delay.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 77.2%, net profit up 146.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,242 | 8,556 | 9,041 | 7,723 | 8,525 +3% | 10,922 +28% | 13,488 +49% | 13,687 +77% |
| EBITDA | 4,104 | 4,458 | 4,783 | 3,816 | 4,426 +8% | 6,005 +35% | 7,666 +60% | 7,994 +109% |
| Net profit | 2,298 | 2,647 | 2,976 | 2,204 | 2,632 +15% | 3,879 +47% | 4,997 +68% | 5,425 +146% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +33.2% 1Y
1Y: ₹432.85 on 10 Sept 2025 → ₹576.45. High ₹727.2 (27 Jan 2026), low ₹432.85 (10 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +0.2%
- 24 Jul
- Q4 FY26
- −0.6%
- 24 Apr
- Q3 FY26
- +3.6%
- 19 Jan
- Q2 FY26
- −1.3%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.0% a year over 3 years, FY23 to FY26. Operating margin widened to 53.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹34.1k Cr | ₹28.9k Cr | ₹34.0k Cr | ₹40.7k Cr |
| Operating profit | ₹17.5k Cr | ₹13.7k Cr | ₹17.3k Cr | ₹21.9k Cr |
| Operating margin | 51.4% | 47.2% | 50.9% | 53.9% |
| Interest | ₹333 Cr | ₹955 Cr | ₹1.1k Cr | ₹880 Cr |
| Depreciation | ₹3.3k Cr | ₹3.5k Cr | ₹3.6k Cr | ₹3.8k Cr |
| Net profit | ₹10.5k Cr | ₹7.8k Cr | ₹10.3k Cr | ₹13.7k Cr |
| Net margin | 30.8% | 26.9% | 30.3% | 33.7% |
| ROCE | 50.0% | 46.0% | 61.0% | 69.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹845 Cr | ₹845 Cr | ₹845 Cr | ₹845 Cr | ₹845 Cr | ₹845 Cr |
| Reserves | ₹31.5k Cr | ₹33.4k Cr | ₹12.1k Cr | ₹14.4k Cr | ₹12.8k Cr | ₹21.6k Cr |
| Borrowings | ₹7.2k Cr | ₹2.8k Cr | ₹11.9k Cr | ₹8.7k Cr | ₹11.2k Cr | ₹8.7k Cr |
| Other liabilities | ₹6.2k Cr | ₹7.5k Cr | ₹10.6k Cr | ₹9.9k Cr | ₹10.7k Cr | ₹11.0k Cr |
| Total liabilities | ₹45.7k Cr | ₹44.7k Cr | ₹35.5k Cr | ₹33.9k Cr | ₹35.5k Cr | ₹42.2k Cr |
| Fixed assets | ₹16.8k Cr | ₹17.4k Cr | ₹17.6k Cr | ₹18.1k Cr | ₹19.1k Cr | ₹19.8k Cr |
| Capital work in progress | ₹1.9k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹1.5k Cr | ₹2.9k Cr | ₹3.4k Cr |
| Investments | ₹13.0k Cr | ₹15.1k Cr | ₹10.1k Cr | ₹10.5k Cr | ₹8.7k Cr | ₹14.4k Cr |
| Other assets | ₹14.0k Cr | ₹10.1k Cr | ₹5.6k Cr | ₹3.9k Cr | ₹4.7k Cr | ₹4.5k Cr |
| Total assets | ₹45.7k Cr | ₹44.7k Cr | ₹35.5k Cr | ₹33.9k Cr | ₹35.5k Cr | ₹42.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −1.13 pp while FIIs added +0.84 pp. The shareholder count grew 12% to 9,18,245.
- Promoters
- 60.7%
- FIIs
- 2.2%
- DIIs
- 5.0%
- Government
- 27.9%
- Public
- 4.2%
Since Jun 2025
- Promoters −1.13 pp
- FIIs +0.84 pp
- DIIs +0.15 pp
How it drifted, 12 quarters
Over this window promoters fell from 64.9% to 60.7% — −4.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 64.9%, FIIs 0.8%, DIIs 3.0%, Government 29.5%, Public 1.8%.Dec '23: Promoters 64.9%, FIIs 0.7%, DIIs 3.0%, Government 29.5%, Public 1.9%.Mar '24: Promoters 64.9%, FIIs 0.6%, DIIs 3.0%, Government 29.5%, Public 2.0%.Jun '24: Promoters 64.9%, FIIs 0.7%, DIIs 3.0%, Government 29.5%, Public 1.8%.Sep '24: Promoters 63.4%, FIIs 1.0%, DIIs 3.1%, Government 29.5%, Public 2.9%.Dec '24: Promoters 63.4%, FIIs 1.4%, DIIs 4.1%, Government 27.9%, Public 3.2%.Mar '25: Promoters 63.4%, FIIs 1.4%, DIIs 4.1%, Government 27.9%, Public 3.1%.Jun '25: Promoters 61.8%, FIIs 1.4%, DIIs 4.8%, Government 27.9%, Public 4.1%.Sep '25: Promoters 61.8%, FIIs 1.3%, DIIs 4.9%, Government 27.9%, Public 4.0%.Dec '25: Promoters 61.8%, FIIs 1.5%, DIIs 4.7%, Government 27.9%, Public 4.0%.Mar '26: Promoters 60.7%, FIIs 2.4%, DIIs 4.8%, Government 27.9%, Public 4.1%.Jun '26: Promoters 60.7%, FIIs 2.2%, DIIs 5.0%, Government 27.9%, Public 4.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- LICI New Endowment Plus-Growth Fund Insurer newly disclosed 2.99% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Hindustan Zinc above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Vedanta Limited | 60.71% | unchanged |
| President Of India - A/C Hindustan Zinc Ltd . | 27.92% | unchanged |
| LICI New Endowment Plus-Growth Fund Insurer | 2.99% | newly disclosed |
| The Boeing Company Employee Retirement Plans Maste Sovereign | 0.01% | unchanged |
| LICI Child Fortune Plus Secured Fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HINDZINC
Filings to Aug 2026
1 new, 10 added, 4 trimmed, 0 sold out — net +4.30 L shares (+4.7%).
- Held by funds
- ₹565 Cr
- 18 schemes
- Biggest holder
- Nippon India Arbitrage Fund
- ₹123 Cr · 0.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹123 Cr | +4.26 L | Mar '25 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹101 Cr | +0.55 L | Sep '25 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹98 Cr | −4.80 L | Mar '25 |
| SBI Dividend Yield Fund SBI Mutual Fund | ₹73 Cr | held | May '26 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹55 Cr | +1.84 L | Apr '25 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹34 Cr | +0.01 L | Oct '25 |
| SBI Nifty Next 50 Index Fund SBI Mutual Fund | ₹27 Cr | +0.18 L | Oct '25 |
| SBI Comma Fund SBI Mutual Fund | ₹22 Cr | held | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
10 added, 4 trimmed — net +4.30 L shares (+4.7%)
- Funds are sitting on
- +3%
- vs est. average cost
- Held by funds
- ₹565 Cr
- 18 schemes · ≈ 0.24% of the company
- Biggest holder
- Nippon India Arbitrage Fund
- ₹123 Cr · 0.7% of that fund
- Longest holder
- Nippon India Nifty 500 Equal Weight Index Fund
- 2y · since Sep '24
Shares held by these funds +3784%
Aug '23 93.31 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Hindustan Zinc
Guides on how to read this kind of business and the numbers that matter.