Hindustan Zinc logo

Hindustan Zinc

HINDZINC NSE

Key Fundamentals

LargecapZincMetals & Mining
Market Cap
2.4L Cr
Volatility
Moderate
P/E Ratio
14.38
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
₹430.75

Tapetide Score

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

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 10.8 times its book value
  • Promoter holding has decreased over last 3 years: -4.21%

Growth Rate

Revenue Growth
19.59% higher than 3Y
Net Income Growth
33.6% higher than 3Y
Cash Flow Change
20.11% lower than 3Y
ROE
-21.32% lower than 3Y
ROCE
-0.86% lower than 3Y
EBITDA Margin (Avg.)
5.4% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Hindustan Zinc Ltd, with a market cap of ₹2,42,935 Cr, is India's dominant zinc producer trading at a PE of 14.7x and a PB of 11.09x. The company delivered TTM sales growth of 39% and profit growth of 66%, supported by a 3-year ROE of 69%, while its stock has compounded at 23% CAGR over 3 years.

Bull Case 8
  • Exceptional return on equity with last year ROE at 76% and a 3-year average ROE of 69%, indicating highly efficient capital deployment
  • TTM profit growth of 66% significantly outpaces the 3-year compounded profit growth of 9%, signaling a strong earnings acceleration phase
  • TTM sales growth of 39% marks a sharp uptick versus the 3-year compounded sales CAGR of 6%, reflecting improving zinc price realizations and/or volume growth
  • Company has reduced debt on its balance sheet, strengthening its financial position and lowering interest burden
  • Healthy dividend payout ratio of 73.5% with a current dividend yield of 1.85%, offering reasonable income return for a metals company
  • PE of 14.7x is relatively modest for a company delivering 76% ROE, suggesting earnings have caught up with the stock price
  • 10-year compounded sales CAGR of 11% and stock CAGR of 11% demonstrate long-term consistency through multiple commodity cycles
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings momentum remains intact
Bear Case 7
  • Stock trades at 11.09x book value, a steep premium that leaves limited margin of safety if earnings disappoint
  • Promoter holding has declined by 4.21% over the last 3 years, raising questions about promoter commitment or potential stake sales
  • 10-year compounded profit CAGR of only 6% versus 10-year sales CAGR of 11% indicates long-term margin compression across commodity cycles
  • 5-year stock CAGR of 13% is modest relative to broader market returns, suggesting the stock has underperformed over medium-term periods
  • As a single-commodity-dominant company, Hindustan Zinc is heavily exposed to global zinc price volatility which has historically been cyclical
  • The gap between 5-year ROE of 50% and 10-year ROE of 33% suggests returns are heavily cycle-dependent and current 76% ROE may not be sustainable
  • 3-year compounded sales growth of just 6% and profit growth of 9% outside the recent TTM surge point to a patchy growth trajectory

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Govt OFS overhang looms Aug 24

    Government plans 1.5-2% stake sale in Hindustan Zinc within weeks, potentially fetching ₹3,500-4,000 crore. Stock fell ~3% on the news, and Hindustan Copper's OFS saw a 10.5% discount to closing price.

  • Vedanta contagion and cash extraction Aug 24

    Vedanta's ED investigations under FEMA triggered 1% declines in both stocks in June 2026. Historically, Vedanta has used HZL dividends to service group-level debt, with cumulative payouts exceeding ₹37,500 crore since privatization.

  • Stock underperforms YTD Sep 3

    Hindustan Zinc shares have declined ~4% YTD vs NSE's 6.16% gain, and are down 4% in the past week as of Sep 3. The stock trades at ₹587.95, well below its 52-week high of ₹733.

Positives 7
  • Blockbuster Q1 FY27 results Aug 26

    Net profit surged 145% YoY to ₹5,469 crore, revenue jumped 77% YoY to ₹13,747 crore, and EBITDA margin improved to 58.6%. Results beat CNBC-TV18 poll estimates on all metrics.

  • Jefferies buy with ₹750 target Aug 26

    Jefferies raised FY27-29E EPS estimates by 10-11% (16-23% above consensus), set ₹750 target implying ~31% total return including 4% dividend yield. Added HZL to model portfolio with 2% weight on Aug 28.

  • Zinc deficit and silver tailwind Aug 26

    Spot zinc prices up 31% since March to ~$3,966/tonne; ILZSG revised 2026 global zinc balance from 271kt surplus to 19kt deficit. Silver contributed ~45% of FY26 EBIT and has recovered 23% from July lows.

  • Karnataka rare earth mining lease Sep 3

    Secured Letter of Intent from Karnataka government for 314.21-hectare Gundlupet REE and Yttrium block, expanding into critical minerals beyond zinc and silver. Follows earlier potash block in Rajasthan and REE block in UP.

  • Green energy at 22%, targeting 70% Aug 19

    Renewable energy rose to 22% of power mix (892 million units in FY26 vs 632 million in FY25). Expanded Serentica Renewables agreement from 450 MW to 530 MW, targeting 70% renewable by FY28.

  • Promoter debt covenants lifted Aug 25

    Restrictions imposed by promoter group facility agreements on Hindustan Zinc have been released following repayment of liabilities by Vedanta Resources and related entities.

  • 30 electric trucks deployed Sep 10

    Signed 6-year contract with MFL India for 30 electric trucks replacing diesel vehicles on Rampura Agucha to smelter route, targeting Scope 3 emissions reduction. Green fleet now at 232 vehicles.

Neutral 2
  • Analyst meet on Sep 16 Sep 9

    Hindustan Zinc will participate in the Jefferies 5th India Forum on September 16, 2026 in Gurgaon with physical group and one-on-one sessions for institutional investors.

  • New independent director appointed Aug 15

    Dr Yogesh Attray appointed as Non-Executive Independent Director for a three-year term starting August 14, 2026, approved by the Ministry of Mines.

TL;DR: Hindustan Zinc is delivering strong operational results with Q1 FY27 profit up 145% YoY and record-low zinc production costs, supported by a powerful commodity tailwind from rising zinc and silver prices. The key risks are the imminent government OFS of 1.5-2% stake and Vedanta parent group overhang. Strategic diversification into rare earths and aggressive green energy targets add long-term optionality. With Jefferies projecting 31% total return and the stock trading below its 10-year average EV/EBITDA, the setup is constructive if the OFS is absorbed smoothly and commodity prices hold.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

FIIs2.20%Others0.72%Promot.60.71%Public3.49%DIIs4.95%Govt.27.92%As ofJun 2026
8.14% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Hindustan Zinc

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 trades as HINDZINC on the NSE and under code 500188 on the BSE.
Which sector does Hindustan Zinc Ltd belong to?
Hindustan Zinc Ltd is classified under the Metals & Mining sector, in the Zinc industry.
What is the market capitalisation of Hindustan Zinc Ltd?
Hindustan Zinc Ltd has a market capitalisation of ₹2,42,935 Cr, which places it in the Large Cap band.
What is the PE ratio of Hindustan Zinc Ltd?
Hindustan Zinc Ltd trades at a PE ratio of 14.38, on earnings per share of ₹19.26, against a book value of ₹53.56 per share.
What is the 52-week high and low of Hindustan Zinc Ltd?
Over the last 52 weeks Hindustan Zinc Ltd has traded between ₹430.75 and ₹733.
Does Hindustan Zinc Ltd pay dividends?
Hindustan Zinc Ltd has a dividend yield of 1.85%.
What is the Return on Equity (ROE) of Hindustan Zinc Ltd?
Hindustan Zinc Ltd reported a return on equity of 61.13%. Its debt-to-equity ratio is 0.39.

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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