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Hindustan Zinc Ltd.
NSE: HINDZINCBasic MaterialsOther Industrial Metals & Mining
- Last close
- ₹505.80
- Day change
- −₹10.70 (−2.07%)vs
- Market cap
- ₹2.27 lakh crIndian rupees
- Research updated
- 2 reports
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About Hindustan Zinc
Hindustan Zinc Ltd. is a leading producer of integrated zinc, lead, and silver in India. As part of the Vedanta Group, it primarily operates in the mining and production of zinc and lead, catering to infrastructural and industrial manufacturing needs. The company, headquartered in Udaipur, Rajasthan, is characterized by its significant contributions to the metals and mining industry, managing several large mining facilities, smelting plants, and refining complexes across India. Hindustan Zinc Ltd. plays a critical role in the global metals market, contributing to the world's zinc supply, which is fundamental for galvanization processes, protecting steel from corrosion. By emphasizing sustainable mining practices and resource conservation, Hindustan Zinc Ltd. aims to maintain its position as a key player within the global zinc market, while progressively contributing towards environmental sustainability and economic growth. Additionally, the company's involvement in producing silver offers it added diversification and impact within the precious metals sector. Through these multifaceted operations, Hindustan Zinc Ltd. remains a pivotal entity in advancing India's mining capabilities and industrial prowess.
- Sector
- Basic Materials
- Industry
- Other Industrial Metals & Mining
- Listing
- NSE: HINDZINC
- Chief executive
- Mr. Arun Misra
- Employees
- 3,478
- Headquarters
- Udaipur, India
- ISIN
- INE267A01025
- Website
- hzlindia.com
Public research · Report of
Business model & financial foundation
Hindustan Zinc (NSE: HINDZINC), Integrated zinc-lead-silver mining and smelting: revenue of ₹40,844 crore in FY26 (+19.8% on FY25), an EBITDA margin of 54.0%, net profit of ₹13,832 crore and net cash of ₹6,535 crore.
- Revenue, FY26 (₹ crore)
- 40,844
- consolidated
- Revenue growth, FY26
- +19.8%
- on FY25
- EBITDA margin, FY26
- 54.0%
- EBITDA, statement basis (revenue less cost stack) / revenue
- Net profit, FY26 (₹ crore)
- 13,832
- to owners
- Return on equity, FY26
- 76.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -6,535
- Net debt (borrowings less cash, bank balances and investments)
- Market capitalisation (₹ crore)
- 2,34,526
- at the close of 19 Oct 2026
Company profile
Hindustan Zinc is the world's largest integrated zinc producer and among the top 10 silver producers, operating underground zinc-lead mines (Rampura Agucha, Sindesar Khurd, Zawar, Rajpura Dariba, Kayad) and smelters (Chanderiya, Dariba, Debari) in Rajasthan. FY26 mined metal was 1,114 kt, refined metal 1,048 kt and silver 627 t; it holds ~74% of India's primary zinc market. Silver, a by-product of lead-zinc ore, contributed ~45% of FY26 profitability. It is a subsidiary of Vedanta Ltd with the Government of India as a ~28% minority holder.
| Item | Value |
|---|---|
| Legal name | Hindustan Zinc Limited |
| Exchange and ticker | NSE: HINDZINC; BSE: 500188 |
| ISIN | INE267A01025 |
| CIN | L27204RJ1966PLC001208 |
| Sector | Metals & Mining |
| Industry | Integrated zinc-lead-silver mining and smelting |
| Headquarters | Udaipur, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | MSKA & Associates LLP (from FY27; S.R. Batliboi & Co. LLP audited to FY26, term ended) (since FY27) |
| Market capitalisation | ₹2,34,526 crore (19 Oct 2026) |
| Shares outstanding | 423.00 crore shares (FY26) |
| Price | ₹540.0 (close, 19 Oct 2026) |
| 52-week range | ₹453.5 - ₹733.0 (to 19 Oct 2026) |
| Website | https://www.hzlindia.com |
Corporate structure and shareholding
Parent: Vedanta Limited (60.71% as of Sep 2026); Government of India 27.92%.
| Entity | Holding | Business |
|---|---|---|
| Hindustan Zinc Alloys Private Limited | 100% | Zinc alloys |
| Hindustan Zinc Fertilisers Private Limited | 100% | Fertiliser plant (phosphoric acid / DAP) project |
| Hindmetal Exploration Services Private Limited | 100% | Exploration services |
| Zinc India Foundation | 100% | Section 8 CSR foundation |
| Vedanta Zinc Football & Sports Foundation | 100% | Section 8 sports foundation |
Ownership per shareholding pattern Sep 2026 (S57/S59).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 61.84% | 60.71% | 60.71% | 60.71% |
| Promoter holding pledged | 9.27% | 9.44% | 8.14% | 4.12% |
| Foreign institutions | 1.53% | 2.38% | 2.20% | 2.37% |
| Domestic institutions | 4.68% | 4.88% | 4.98% | 4.84% |
| of which mutual funds | 1.07% | 1.27% | 1.41% | 1.77% |
| Retail | 4.00% | 4.10% | 4.20% | 4.15% |
| Other | 27.92% | 27.92% | 27.92% | 27.92% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
HZL mines zinc-lead ore at five underground mines in Rajasthan and smelts it at Chanderiya, Dariba and Debari. It sells refined zinc, refined lead and by-product silver, plus sulphuric acid and other by-products. FY26 revenue from operations was Rs40,844 cr: zinc 23,771, lead 3,901, silver 9,841 and others 3,331.
Prices are set off LME (zinc, lead) and LBMA (silver) and converted at USD-INR. HZL controls volumes and cost and does not control price.
Royalty is levied as a % of LME (zinc 10%, lead 14.5%, silver 7%) plus DMF and NMET. It ran at 11.2-12.8% of revenue over eight quarters.
Silver earned 45% of FY26 segment results (8,377 of 18,504). In Q2FY27 silver revenue was Rs4,111 cr of 15,093.
HZL holds ~74% of India's primary zinc market.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Zinc, Lead and Silver (total) | 39,057 | 99.7% | ||
| Wind Energy | 135.0 | 0.3% | 61.0 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Vedanta Ltd (VEDL) | Parent; diversified metals incl. Zinc International; same governance cluster |
| Hindalco Industries (HINDALCO) | Indian non-ferrous major (aluminium/copper), LME-linked |
| National Aluminium Co (NATIONALUM) | Indian LME-linked integrated non-ferrous producer, low-cost |
| NMDC (NMDC) | Indian low-cost miner, PSU-style dividend payer |
| Coal India (COALINDIA) | Indian mining cash-cow with high payout, government shareholder |
| Boliden | Global integrated zinc miner-smelter (Nasdaq Stockholm) |
| Teck Resources | Global zinc (Red Dog) and Trail smelter producer |
| Fresnillo | Global primary silver producer; silver beta comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total revenue from operations (incl. other operating revenue) | n.r. | n.r. | 28,932 | 34,083 | 40,844 |
| Finance costs | 265.0 | 285.0 | 955.0 | 1,095 | 881.0 |
| Profit before tax | 14,100 | 15,288 | 10,307 | 13,553 | 18,508 |
| Tax expense (net) | 4,471 | 4,777 | 2,548 | 3,200 | 4,676 |
| Net profit | 9,629 | 10,511 | 7,759 | 10,353 | 13,832 |
| Diluted EPS (INR) | 22.79 | 24.88 | 18.36 | 24.50 | 32.74 |
| Other income | 1,074 | 983.0 | 1,090 | ||
| Changes in inventories of FG and WIP | -157.0 | -64.0 | -195.0 | ||
| Employee benefit expense | 828.0 | 886.0 | 771.0 | ||
| Power and fuel | 2,843 | 2,702 | 2,553 | ||
| Mining royalty | 3,517 | 4,103 | 4,948 | ||
| Other expenses | 8,245 | 9,068 | 10,703 | ||
| EBITDA (company definition, press release) | 17,465 | 22,162 | |||
| Depreciation and amortisation | 3,468 | 3,640 | 3,790 | ||
| Exceptional items (income + / expense -) | 0.00 | -83.0 | 25.0 | ||
| Net profit attributable to owners (no minorities) | 7,759 | 10,353 | 13,832 | ||
| Operating costs excl. royalty (inventory chg, employee, power, other) | 11,759 | 12,592 | 13,832 | ||
| EBITDA, statement basis (revenue less cost stack) | 13,656 | 17,388 | 22,064 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 34,281 | 12,932 | 15,195 | 13,326 | 22,629 |
| Total borrowings (current + non-current) | 3,124 | 12,188 | 9,121 | 10,651 | 8,252 |
| Cash and cash equivalents | 1,592 | 59.0 | 53.0 | 96.0 | 297.0 |
| Trade receivables | 716.0 | 380.0 | 155.0 | 117.0 | 399.0 |
| Inventories | 1,953 | 1,862 | 1,926 | 1,889 | 2,054 |
| Trade payables | 2,038 | 2,088 | 2,106 | 2,204 | 3,073 |
| Property, plant and equipment | 10,997 | 12,625 | 14,802 | 18,485 | 19,846 |
| Capital work in progress | 2,241 | 2,416 | 2,120 | 2,606 | 3,409 |
| Total assets * | 44,670 | 35,467 | 33,895 | 34,490 | 42,370 |
| Net debt (borrowings less cash, bank balances and investments) | 502.0 | -6,535 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 11,580 | 14,907 | 11,620 | 13,619 | 17,008 |
| Free cash flow (vendor definition) * | 9,693 | 11,568 | 9,480 | 10,154 | 11,733 |
| Dividends paid (the provider's sign: an outflow is negative) * | -7,606 | -31,901 | -5,493 | -12,253 | -4,225 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -2,968 | -3,575 | -3,815 | -3,999 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 423.00 | 423.00 | 423.00 | 423.00 | 423.00 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations (incl. other operating revenue) | 8,614 | 9,087 | 7,771 | 8,549 | 10,980 | 13,544 | 13,747 | 15,093 |
| Finance costs | 285.0 | 251.0 | 240.0 | 259.0 | 195.0 | 187.0 | 132.0 | n.r. |
| Profit before tax | 3,527 | 3,782 | 2,985 | 3,542 | 5,230 | 6,751 | 7,314 | 8,572 |
| Tax expense (net) | 849.0 | 779.0 | 751.0 | 893.0 | 1,314 | 1,718 | 1,845 | 2,160 |
| Net profit | 2,678 | 3,003 | 2,234 | 2,649 | 3,916 | 5,033 | 5,469 | 6,412 |
| Diluted EPS (INR, not annualised) | 6.34 | 7.11 | 5.29 | 6.27 | 9.27 | 11.91 | 12.94 | 15.17 |
| Other income | 218.0 | 227.0 | 279.0 | 238.0 | 293.0 | 280.0 | 316.0 | 374.0 |
| Changes in inventories of FG and WIP | -46.0 | -257.0 | -12.0 | -40.0 | 111.0 | -254.0 | -56.0 | n.r. |
| Employee benefit expense | 243.0 | 227.0 | 192.0 | 188.0 | 206.0 | 185.0 | 204.0 | n.r. |
| Power and fuel | 662.0 | 673.0 | 632.0 | 646.0 | 648.0 | 627.0 | 699.0 | n.r. |
| Mining royalty | 1,037 | 1,161 | 909.0 | 1,007 | 1,322 | 1,710 | 1,536 | n.r. |
| Other expenses | 2,219 | 2,463 | 2,191 | 2,303 | 2,639 | 3,570 | 3,314 | n.r. |
| EBITDA (company definition, press release) | 4,539 | 4,816 | 3,860 | 4,467 | 6,087 | 7,747 | 8,074 | 9,285 |
| Depreciation and amortisation | 905.0 | 1,014 | 913.0 | 882.0 | 947.0 | 1,048 | 920.0 | n.r. |
| Exceptional items (income + / expense -) | 0.00 | 0.00 | 0.00 | 0.00 | 25.0 | 0.00 | 0.00 | n.r. |
| Net profit attributable to owners (no minorities) | 2,678 | 3,003 | 2,234 | 2,649 | 3,916 | 5,033 | 5,469 | 6,412 |
| Operating costs excl. royalty (inventory chg, employee, power, other) | 3,078 | 3,106 | 3,003 | 3,097 | 3,604 | 4,128 | 4,161 | n.r. |
| EBITDA, statement basis (revenue less cost stack) | 4,499 | 4,820 | 3,859 | 4,445 | 6,054 | 7,706 | 8,050 | 9,248 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.8% | 19.8% | |||
| EBITDA margin | 47.2% | 51.0% | 54.0% | ||
| Net margin | 26.8% | 30.4% | 33.9% | ||
| Return on equity | 55.2% | 72.6% | 76.9% | ||
| Return on assets | 22.4% | 30.3% | 36.0% | ||
| Net debt (₹ crore) | 502.0 | -6,535 | |||
| Net debt / EBITDA | 0.03x | -0.30x | |||
| Asset turnover | 0.83x | 1.00x | 1.06x | ||
| Receivable days | 2 | 1 | 4 | ||
| Inventory days (on revenue) | 24 | 20 | 18 | ||
| Payable days (on revenue) | 27 | 24 | 27 | ||
| Cash conversion | 1.50x | 1.32x | 1.23x | ||
| Capex intensity | 13.2% | 11.7% | |||
| Free cash flow (₹ crore) | 8,612 | 11,332 | 7,805 | 9,620 | |
| Dividend payout | 70.8% | 118.4% | 30.5% | ||
| EPS, diluted (₹) | 22.79 | 24.88 | 18.36 | 24.50 | 32.74 |
| Book value per share (₹) | 81.04 | 30.57 | 35.92 | 31.50 | 53.50 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA, statement basis (revenue less cost stack) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash, bank balances and investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA, statement basis (revenue less cost stack).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Hindustan Zinc
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