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Hindustan Zinc

HINDZINC NSE
₹550.15 No trade today
P/E
11.27
View as Markdown
MCP
Close 4 Nov 2026 ₹550.15 +82.95 +17.8% 1Y
Start ₹467.20

Key Fundamentals

LargecapNon - Ferrous MetalsMetals & Mining

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
69.20%
Debt to Equity
0.22
EPS (TTM)
₹48.80
Book Value
₹70.92
Market Cap
—
P/E (TTM)
11.27
P/B
7.76
ROE
76.40%
Dividend Yield
2.09%
EBITDA
₹23,154 Cr
52W High
₹733.00
52W Low
₹453.50
Volume
0

Tapetide Score

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

Overall score

68 Strong

Data confidence 100/100

Category scores

Quality
84
Strong
Returns, margins, earnings quality 22% weight
Valuation
78
Strong
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
70
Strong
Solvency, leverage, coverage 9% weight
Momentum
26
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish748
OscillatorsBullish243
Moving AveragesNeutral505

Key readings

RSI (14)
55.58
Neutral
MACD (12,26,9)
−10.86
Bullish
SMA (50)
562.72
Bearish
SMA (200)
578.79
Bearish

As of

Analyst Rating

Based on 13 analysts
BUY62%

8 of 13 analysts rate Buy, 1 Hold, 4 Sell.

As of

BUY
8
62%
HOLD
1
8%
SELL
4
31%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+11.11%
5Y+12.43%
3Y+6.04%
1Y+19.69%
TTM+56.77%

Net profit

Net profit growth by window
10Y+5.31%
5Y+11.43%
3Y+9.23%
1Y+33.40%
TTM+97.13%

Operating cash flow

Operating cash flow growth by window
10Y+10.08%
5Y+9.79%
3Y+3.59%
1Y+19.32%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+9.81 pp
5Y+2.36 pp
3Y+2.56 pp
1Y+2.90 pp
TTM+6.39 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹17,273 Cr
Mar 2018₹22,082 Cr
Mar 2019₹21,118 Cr
Mar 2020₹18,561 Cr
Mar 2021₹22,629 Cr
Mar 2022₹29,440 Cr
Mar 2023₹34,098 Cr
Mar 2024₹28,934 Cr
Mar 2025₹33,969 Cr
Mar 2026₹40,658 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹8,316 Cr
Mar 2018₹9,276 Cr
Mar 2019₹7,956 Cr
Mar 2020₹6,805 Cr
Mar 2021₹7,980 Cr
Mar 2022₹9,630 Cr
Mar 2023₹10,520 Cr
Mar 2024₹7,787 Cr
Mar 2025₹10,279 Cr
Mar 2026₹13,712 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹9,200 Cr +1.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-11-03, Hindustan Zinc Ltd trades at ₹526.5 with a market cap of ₹2,21,069 Cr, a P/E (TTM) of 10.79, and an ROE of 61.13%. The stock sits 28.2% below its 52-week high of ₹733 while TTM revenue and profit growth have been exceptionally strong at 57% and 97% respectively, set against a price-to-book of 7.42 that reflects the market's premium valuation of the company's high-return profile.

Bull Case 8
  • TTM profit growth of 97% signals a sharp earnings acceleration, far exceeding the 5-year compounded profit growth of 12%
  • ROE of 61.13% and ROCE of 62.35% as of 2026-11-03 are exceptionally high, indicating very efficient capital deployment relative to most industrial companies
  • 3-year average ROE of 69% and last-year ROE of 76% demonstrate a sustained and improving return profile, not a one-off spike
  • P/E (TTM) of 10.79 is modest in absolute terms given the company's high profitability, suggesting earnings have caught up with the stock price
  • Debt-to-equity ratio of 0.39 is low and the company has been actively reducing debt, strengthening the balance sheet
  • Dividend yield of 2.12% is backed by a healthy payout ratio of 73.5%, providing meaningful cash returns to shareholders
  • TTM sales growth of 57% and 5-year compounded sales growth of 12% indicate both structural and cyclical revenue tailwinds
  • The stock trades at ₹526.5, roughly 16% above its 52-week low of ₹453.5, suggesting it has found a support zone after correcting from higher levels
Bear Case 7
  • Promoter holding has declined by 4.21% over the last three years, which may signal reduced promoter conviction or dilution-related overhang
  • The stock is 28.2% below its 52-week high of ₹733, reflecting significant downward pressure and potential for further mean-reversion
  • 10-year compounded profit growth of just 6% and 10-year stock CAGR of 7% highlight that the recent surge may be cyclical rather than a durable structural shift
  • 3-year compounded sales growth of only 6% contrasts sharply with the 57% TTM figure, raising the risk that current revenue momentum is unsustainable
  • As a zinc and metals producer, earnings are inherently tied to global commodity price cycles, which can reverse quickly and compress margins
  • 1-year stock CAGR of 7% has underperformed broader Indian equity indices over the same period, suggesting the market has not fully rewarded the earnings improvement
  • A high dividend payout of 73.5% limits retained earnings available for reinvestment or capacity expansion, potentially constraining long-term growth

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

AI News Digest

9h ago

TL;DR: Hindustan Zinc is delivering record production volumes and has sharply cut zinc cost guidance to $825-850/tonne, well below prior estimates. The key risk is heavy earnings dependence on silver (~46% of profitability) at a time when prices are softening from Q1 peaks, compounded by rising coal costs as linkage coal availability declines. Cash generation remains strong with ₹11,746 crore FY26 free cash flow and a net cash balance sheet. The trend is operationally improving on volumes and costs, but earnings quality hinges on whether silver prices stabilize above the $63-70/oz range through FY27-28.

Headwinds 5
  • Domestic linkage coal share dropping Oct 18

    Cheaper government-allocated linkage coal fell to just 36% of the fuel mix in Q1 FY27, down from 54% a year earlier, forcing greater reliance on costlier imported coal and pushing up power and fuel expenses.

  • Silver price softening from peak Oct 18

    After averaging $73.2/oz in Q1 FY27 (up 117% YoY), silver prices are expected to moderate to $63-70/oz through 2027. With silver contributing ~46% of profitability, a 10% price swing could move quarterly revenue by ~₹380 crore.

  • Vedanta stake 52.6% encumbered Oct 18

    Vedanta Limited has pledged 52.60% of its Hindustan Zinc stake as of September 2026, a governance overhang worth monitoring despite parent deleveraging of $1.1 billion in Q1 FY27.

Positives 7
  • Zinc cost guidance slashed sharply Oct 21

    Zinc production cost estimates lowered to $825-850/tonne from earlier guidance of $975-1,000/tonne, well below the Q1 FY27 achieved CoP of $851/tonne.

  • Record Q2 production volumes Oct 18

    Q2 FY27 refined metal production hit a record 264 kt (up 7% YoY), with silver surging 20% to 173 MT, refined zinc up 5% to 212 kt, and refined lead up 14% to 51 kt.

  • Strong FY26 sustainability metrics Oct 16

    FY26 revenue rose 20% to ₹40,844 crore with EBITDA up 27%. The company joined ICMM and launched its EcoZen sustainability initiative.

Neutral 3
  • Q2 FY27 results on Oct 19 Oct 13

    Hindustan Zinc scheduled Q2 and H1 FY27 results for October 19, 2026, with an earnings call at 4:00 pm IST.

  • Zinc hedges locked for H2 Oct 21

    Zinc hedged at ₹3,476/kg for Q3 (40 KT) and ₹3,698/kg for Q4 (36 KT), providing near-term revenue visibility.

  • Cited as PSU divestment model Oct 15

    Hindustan Zinc highlighted as a successful strategic divestment example where the government's retained ~29% stake is now worth over ₹62,000 crore against an original sale of ~₹769 crore two decades ago.

Quarterly Results

₹ Cr
HINDZINC quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
6,792
7,310
7,550
8,130
8,242
8,556
9,041
7,723
8,525
10,922
13,488
13,687
14,961
Expenses
3,653
3,790
3,896
4,179
4,138
4,098
4,258
3,907
4,099
4,917
5,822
5,693
5,827
Operating Profit
3,139
3,520
3,654
3,951
4,104
4,458
4,783
3,816
4,426
6,005
7,666
7,994
9,134
OPM %
46%
48%
48%
49%
50%
52%
53%
49%
52%
55%
57%
58%
61%
Other Income
231
305
280
277
185
221
230
282
237
319
280
315
373
Interest
232
243
262
256
319
285
251
239
259
195
187
132
88
Depreciation
825
904
936
843
875
903
1,013
911
881
944
1,053
918
960
PBT
2,313
2,678
2,736
3,129
3,095
3,491
3,749
2,948
3,523
5,185
6,706
7,259
8,459
Tax %
25%
24%
25%
25%
26%
24%
21%
25%
25%
25%
25%
25%
25%
Net Profit
1,737
2,038
2,042
2,358
2,298
2,647
2,976
2,204
2,632
3,879
4,997
5,425
6,317
EPS (₹)
4.11
4.82
4.83
5.58
5.44
6.26
7.04
5.22
6.23
9.18
11.83
12.84
14.95

Profit & Loss

₹ Cr
HINDZINC profit and loss, annual, ₹ crore
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
53,058
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
22,259
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
30,799
OPM %
50%
44%
56%
56%
51%
48%
52%
55%
51%
47%
51%
54%
58%
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
1,287
Interest
24
17
202
246
113
112
386
290
333
955
1,111
880
602
Depreciation
644
745
1,811
1,483
1,883
2,279
2,531
2,917
3,264
3,466
3,634
3,789
3,875
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
27,609
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
20,618
EPS (₹)
19.35
19.35
19.68
21.95
18.83
16.11
18.89
22.79
24.9
18.43
24.33
32.45
48.8
Div. Payout %
23%
144%
149%
36%
106%
102%
113%
79%
303%
71%
119%
31%
—

Balance Sheet

₹ Cr
HINDZINC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
845
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
28,828
Borrowings
0
0
7,908
0
2,538
611
7,201
2,844
11,881
8,722
10,964
8,726
6,654
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
10,788
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
47,115
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
19,721
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
4,361
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
15,688
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
7,345
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
47,115

Cash Flow

₹ Cr
HINDZINC cash flow, annual, ₹ crore
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/EBITDA
102
132
102
105
106
87
106
93
104
110
101
98

Ratios

HINDZINC financial ratios, annual
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

Log in to view Hindustan Zinc insights

64 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 60.71%
  • Government 27.92%
  • DIIs 4.85%
  • Public 3.43%
  • FIIs 2.36%
  • Others 0.73%

4.12% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 Commodities sector, in the Non - Ferrous Metals industry.
What is the PE ratio of Hindustan Zinc Ltd?
Hindustan Zinc Ltd trades at a PE ratio of 11.27 as of 4 Nov 2026, on earnings per share of ₹48.8, against a book value of ₹70.92 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 ₹453.5 and ₹733 as of 4 Nov 2026.
Does Hindustan Zinc Ltd pay dividends?
Hindustan Zinc Ltd has a dividend yield of 2.09%.
What is the Return on Equity (ROE) of Hindustan Zinc Ltd?
Hindustan Zinc Ltd reported a return on equity of 76.40%. Its debt-to-equity ratio is 0.22.

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.

Website hzlindia.com
CEO Mr. Arun Misra
Employees 3,478
Listed 21 Nov 2006
Face Value ₹2

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