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Hindustan Zinc Q2 FY27 Share Price & Earnings Call Analysis

₹505.80-2.07% today
Market cap
₹2.14L Cr
P/E
12.64
ROE
76.38%
PEG
1.38
Price to sales
4.59
Debt to equity
0.39
52W high / low
₹727 / ₹454
Sales growth (5Y)
12.43%
EBITDA margin
55.96%
Net profit margin
33.60%
Promoter holding
60.71%
Sales (last year)
₹46,622 Cr

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]

Guidance scorecard · Q2 FY27 call

What Hindustan Zinc Ltd's management guided
and where it ranks in Non - Ferrous Metals

#2of 7 in
Non - Ferrous Metals
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

20–40%
  • Hindustan Zinc aims for a 2x growth ambition, focusing on capacity expansion and cost leadership.
  • Refinery expansion projects are on track, including a 250 KTPA integrated zinc expansion and a 10 million tons per annum tailing reprocessing plant.
  • Silver production guidance for FY27 is maintained at 680 tons, with hopes to reach 730-750 tons in FY28 after debottlenecking projects.
  • Zinc ore grade in Q2 was 7.6%, with plans to finalize growth numbers by the end of expansion projects.
  • Zinc cost of production is expected between $825-$850 per ton for FY27, supporting profitability.
  • The company anticipates strong demand due to infrastructure growth, urbanization, electrification, and sustained zinc/silver supply deficits.

2 more points from Hindustan Zinc Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Hindustan Zinc Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Q2 FY27 capex: INR1,900 crores (INR1,200 crores sustaining; INR700 crores growth capex).
  • Full-year capex outlook: Around INR5,000 crores, with higher spend expected in Q3 and Q4.
  • Debottlenecking projects in pipeline aimed at increasing silver production guidance for FY28.
  • Focus on disciplined execution of expansion projects to support 2x growth ambition.

2 more points from Hindustan Zinc Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Hindustan Zinc Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Ask what Hindustan Zinc Ltd said on the order book →

Full Q2 FY27 analysis
Full Non - Ferrous Metals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Non - Ferrous Metals
on management's own guidance

  1. This stockHindustan Zinc LtdGood growth
    2
  2. Dec.Gold MinesGood growth
    1
  3. Hindalco Inds.Good growth
    3
See all potential multibaggersAll Non - Ferrous Metals rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Non - Ferrous Metals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Dec.Gold Mines20–40%Up 0–2%₹3,781 Cr—
2Hindustan Zinc LtdThis stock20–40%Flat₹2.18L Cr12.9
3Hindalco Inds.20–40%Flat₹2.04L Cr9.8
420–40%Flat₹59,553 Cr8.8
520–40%Flat₹611 Cr22.9
610–20%Up 2%+₹1,249 Cr28.0

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Financials of Hindustan Zinc Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Hindustan Zinc Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +64.92%64.92%64.92%63.42%63.42%63.42%61.84%61.84%61.84%60.71%60.71%60.71%
FIIs +0.69%0.60%0.74%1.01%1.38%1.43%1.36%1.32%1.54%2.39%2.20%2.37%
DIIs +2.97%2.98%3.01%3.12%4.12%4.14%4.81%4.92%4.68%4.84%4.96%4.84%
Government +29.54%29.54%29.54%29.54%27.92%27.92%27.92%27.92%27.92%27.92%27.92%27.92%
Public +1.88%1.97%1.78%2.92%3.16%3.10%4.07%4.00%4.01%4.12%4.21%4.15%
No. of Shareholders4,01,9854,22,0724,45,9296,24,0256,94,4307,12,8848,19,8837,99,7687,93,8828,97,2579,18,2458,99,357

Financials of Hindustan Zinc Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +6,7927,3107,5508,1308,2428,5569,0417,7238,52510,92213,48813,68714,961
Expenses +3,6533,7903,8964,1794,1384,0984,2583,9074,0994,9175,8225,6935,827
Operating Profit3,1393,5203,6543,9514,1044,4584,7833,8164,4266,0057,6667,9949,134
OPM %46%48%48%49%50%52%53%49%52%55%57%58%61%
Other Income +231305280277185221230282237319280315373
Interest23224326225631928525123925919518713288
Depreciation8259049368438759031,0139118819441,053918960
Profit before tax2,3132,6782,7363,1293,0953,4913,7492,9483,5235,1856,7067,2598,459
Tax %25%24%25%25%26%24%21%25%25%25%25%25%25%
Net Profit +1,7372,0382,0422,3582,2982,6472,9762,2042,6323,8794,9975,4256,317
EPS in Rs4.114.824.835.585.446.267.045.226.239.1811.8312.8414.95

Financials of Hindustan Zinc Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +14,78814,18117,27322,08221,11818,56122,62929,44034,09828,93433,96940,65853,058
Expenses +7,3387,9237,5349,81210,4489,69110,95713,21416,57715,25316,63018,72922,259
Operating Profit7,4506,2589,73912,27010,6708,87011,67216,22617,52113,68117,33921,92930,799
OPM %50%44%56%56%51%48%52%55%51%47%51%54%58%
Other Income +2,7883,1272,4741,9561,7821,9111,8191,0821,3731,0838701,1021,287
Interest24172022461131123862903339551,111880602
Depreciation6447451,8111,4831,8832,2792,5312,9173,2643,4663,6343,7893,875
Profit before tax9,5708,62310,20012,49710,4568,39010,57414,10115,29710,34313,46418,36227,609
Tax %15%5%18%26%24%19%25%32%31%25%24%25%
Net Profit +8,1788,1758,3169,2767,9566,8057,9809,63010,5207,78710,27913,71220,618
EPS in Rs19.3519.3519.6821.9518.8316.1118.8922.7924.9018.4324.3332.4548.80
Dividend Payout %23%144%149%36%106%102%113%79%303%71%119%31%

Financials of Hindustan Zinc Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital845845845845845845845845845845845845845
Reserves42,50836,54029,96035,08732,76039,46531,46833,43712,09714,38812,44521,63028,828
Borrowings +007,90802,5386117,2012,84411,8818,72210,9648,7266,654
Other Liabilities +5,63915,81013,0827,0006,3156,0546,2137,54510,6319,94910,16410,97210,788
Total Liabilities48,99253,19551,79542,93242,45846,97545,72744,67135,45433,90434,41842,17347,115
Fixed Assets +9,44610,3859,99311,30214,77816,46916,80817,39617,62018,05518,48819,80219,721
CWIP2,0052,4283,0713,2202,2542,4891,9222,0752,1071,5292,5523,3824,361
Investments27,25435,22123,78320,22219,48820,32912,95715,05210,10710,4529,97114,44015,688
Other Assets +10,2885,16114,9488,1885,9387,68814,04010,1485,6203,8683,4074,5497,345
Total Assets48,99253,19551,79542,93242,45846,97545,72744,67135,45433,90434,41842,17347,115

Financials of Hindustan Zinc Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +5,5316,4517,5889,8008,7816,62110,56712,69115,16613,34314,12716,857
Cash from Investing Activity +-3,807-3,23612,0072,396-1,092-2,648-2,4358466,525-3,405-2,658-8,760
Cash from Financing Activity +-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-17818,329-6,416-1,9411,875-1,5651,279-1,533-843198
Free Cash Flow3,9204,9185,6017,0775,4403,0038,1409,72311,6969,8559,81411,584
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit102%132%102%105%106%87%106%93%104%110%101%98%

Financials of Hindustan Zinc Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1633337794214
Inventory Days
Days Payable
Cash Conversion Cycle1633337794214
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%

Guidance history

How Hindustan Zinc Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%FlatPlanned——
Q1 FY27 call →20–40%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

25out of 100

Momentum score · price trend

25 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+5.9%66%
Last 6 months−15.1%29%
Last 3 months−6.2%55%

The price is 31.8% below its all-time high of ₹741.45 (24 May 2024). Stocks more than 20% below their peak have their score halved, so 49 became 25.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Hindustan Zinc Ltd: 0.4 × 66 + 0.4 × 29 + 0.2 × 55 = 49, halved to 25 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Hindustan Zinc Ltd's management said in earlier quarters

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