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Hindustan Zinc Results: Latest Quarterly Results & Analysis

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Hindustan Zinc Ltd. 18 Jul 2025 14:29 PM

Q1FY26 Quarterly Result Announced for Hindustan Zinc Ltd.

Non-Ferrous Metals company Hindustan Zinc announced Q1FY26 results

  • Recorded a revenue from operations at Rs 7,771 crore during the quarter, down 4% YoY on account of lower volumes and lower zinc and lead commodity prices partly offset by higher silver prices, stronger dollar, and higher by-product realisations.
  • Recorded EBITDA of Rs 3,860 crore, down 2% YoY driven by lower volumes and lower zinc and lead prices partly offset by higher silver prices, stronger dollar, and lower cost of production. The company recorded an industry leading EBITDA margin of c.50%.
  • Profit after tax stood at Rs 2,234 crore, down 5% YoY in line with the lower EBITDA. The effective tax rate for the quarter was c.25%.

Arun Misra, Chief Executive Officer, said: “Delivering our highest-ever first quarter mined metal production at the lowest-ever zinc cost of production reflects our relentless focus on operational efficiencies and cost leadership. In line with the rising zinc demand projected by 2030, the Board has approved the Phase-1 expansion project towards 2x growth, further strengthening our growth pipeline. Coupled with the addition of blocks of critical minerals and rare earth elements, we are strategically poised to transform into a true multi-metal powerhouse, unlocking sustained value for all our stakeholders.”

Sandeep Modi, Chief Financial Officer, said: “Despite commodity headwinds and a weaker dollar, our focus on sustainable and efficient production enabled us to deliver a consistent EBITDA margin of c.50%. Staying true to our commitment to create long-term value for our shareholders, the Board declared an interim dividend of Rs 10 per share during the quarter, reinforcing our track record of consistent returns. Amidst continued global uncertainties, our healthy balance sheet, structurally leaner cost base, and robust growth project pipeline position us well to deliver sustainable long-term value.”

Result PDF

Non-Ferrous Metals company Hindustan Zinc announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Highest ever 4Q Revenue of Rs 9,087 crore, up 20% YoY
  • 4Q robust EBITDA of Rs 4,816 crore, up 32% YoY along with industry leading EBITDA margin of c.53% up c.500 bps YoY
  • Best-ever 4Q Profit after tax of Rs 3,003 crore, up 47% YoY
  • Delivered 16-quarter lowest zinc cost of production of $ 994/MT, better 5% YoY
  • Included in Futures & Options on National Stock Exchange effective from March 2025

FY25 Financial Highlights:

  • 2nd highest ever Revenue of Rs 34,083 crore, up 18% YoY
  • 2nd highest EBITDA of Rs 17,465 crore, up 28% YoY with industry leading EBITDA margin of c.51%, up 400 bps YoY
  • 2nd best Profit after tax (PAT) of Rs 10,353 crore, up 33% YoY
  • Highest ever Return on Capital Employed of 58%
  • Generated strong free cash flow from operations (pre capex) of Rs 13,784 crore
  • Contributed Rs 18,734 crore to exchequer during the year, up 42% YoY
  • Among Top 3 in Nifty Metal index based on market capitalisation of Rs 195k crore (as of Mar’25 end); Total shareholder returns of c.68% during FY25

Commenting on Hindustan Zinc’s performance, Arun Misra, Chief Executive Officer, said: “Hindustan Zinc achieved its highest-ever mined and refined metal production this year. This milestone was driven by improved operational efficiencies, AI integration, and a strong focus on digitalization and automation, resulting in sustainable cost reductions and industry-leading margins. With the renewable energy arrangement with Serentica, we reinforce our commitment to clean energy and solidify our role in the global energy transition. As the world’s largest integrated zinc producer, we aim to meet rising domestic demand while maintaining our position as one of the lowest-cost producers globally and most resilient producers in the industry.”

Sandeep Modi, Chief Financial Officer, said: “This year marks another milestone in Hindustan Zinc’s legacy of financial excellence, as we delivered our best-ever fourth quarter profit after tax and recorded our 2nd highest revenue and EBITDA for the full year, driven by driven by structural cost reductions initiatives reflected by the 4-year lowest cost of production, operational excellence, and a deep-rooted commitment to sustainability. Despite the global uncertainties, including recent market volatility from the ongoing trade war, our fundamentals remain robust. With a strong balance sheet, structurally leaner cost base and clear strategic direction, Hindustan Zinc is well-positioned to navigate external headwinds and continue delivering consistent, industry-leading returns."

Result PDF

Non-Ferrous Metals company Hindustan Zinc announced Q3FY25 results

Q3FY25 Financial Highlights:

  • Best-ever Q3 Revenue of Rs 8,614 crore, up 18% YoY.
  • Historic best Q3 EBITDA of Rs 4,539 crore, up 28% YoY.
  • Industry leading EBITDA margin of 53% up 400 bps YoY.
  • Clocked 9-quarter best Profit after tax (PAT) of Rs 2,678 crore, up 32% YoY.
  • Generated a healthy free cash flow from operations (pre capex) of Rs 2,628 crore.
  • Delivered lowest cost of production USD 1,041/MT in last 15 quarters.

Arun Misra, Chief Executive Officer, said: “Hindustan Zinc continues to execute its strategic priorities effectively while driving operational excellence with an emphasis on ESG and continuous improvement. As a result, we have achieved our highest-ever production of mined and refined metals over the past nine months. This demonstrates the underlying strength of our assets and consistent performance, all further supported by positive market trends.

Strengthening its position as a leader in the energy transition metals sector, I am proud to share that Hindustan Zinc has been recognized as world’s most sustainable metals and mining company for the second consecutive year by the S&P Global Corporate Sustainability Assessment 2024. This achievement highlights a fourth consecutive year of improvement in our overall score, underscoring our dedication to sustainability, fostering positive social impact, and ensuring governance excellence.”

Sandeep Modi, Chief Financial Officer, said: “Our commitment to operational excellence and cost management is yielding stronger financial results. Hindustan Zinc achieved its highest-ever thirdquarter EBITDA and a 9-quarter best PAT. During this period, the company also recorded its lowest cost of production in last 15 quarters at USD 1,041 per tonne, positioning us well to reach a full-year cost of production at the lower end of our guidance range.

In line with the government’s initiative to empower the MSME sector, the company prioritized payments to MSME vendors, achieving an average payment cycle of 18 days—60% faster than the statutory requirement. This demonstrates our dedication to ESG principles and reinforces trust in our supply chain by promoting greater social responsibility. With a robust balance sheet, we are wellpositioned to execute our growth strategy and create value for shareholders through sustained operational excellence and cost-cutting efforts.”

Result PDF

Zinc company Hindustan Zinc announced Q2FY25 results

  • Recorded highest-ever second quarter and half year mined and refined metal production.
  • Clocked lowest ever Q2 cost of production in the last four years at USD 1,071/MT.
  • Highest-ever EBITDA & PAT (before exceptional items) in last six quarters; Silver segment contributes over 40% in overall profitability.
  • Best in class EBITDA margin over 50%; Highest-ever in last eight quarters (up 450 bps YoY).
  • Domestic primary zinc market share jumped from 71% to 78% YoY.
  • Board approved power delivery agreement III with Serentica for increasing RE power consumption (round-the-clock) from c.50% to c.70%.
  • Partnership for developing next-gen zinc-based batteries with Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), a premier institute sponsored by Govt. of India.

Arun Misra, Chief Executive Officer, said: “Hindustan Zinc has continued to gather momentum from its previous quarter to record historic highs in its second quarter mined and refined metal production. Leveraging strong precious metal prices, we have focused on maximizing our silver production through pyro operations on lead mode, resulting in a 10% sequential increment in silver volumes.

To advance our net zero commitment, the Board approved the third round-the-clock renewable energy (“RE”) delivery agreement with Serentica for 530 MW, totalling RE power contribution to over 70% of the total power requirement. With an objective to expand zinc applications, we have also signed an MoU with JNCASR, a premier institute sponsored by the Department of Science and Technology, for development work on next-gen zinc-based batteries.

The quarter also witnessed multiple recognitions for HZL’s commitment towards safety, across prestigious platforms like British Safety Council and All India Mine Safety Awards, with our first allwomen underground mine rescue team being recognized as world’s second-best women’s task force.”

Sandeep Modi, Chief Financial Officer, said: “During the quarter, Hindustan Zinc recorded a 6-quarter highest EBITDA and PAT before exceptional items with a strong operational performance, supported by favourable market conditions. Substantiating its drive towards continuing operational excellence and global cost leadership, HZL recorded a significant cost reduction of 7% YoY in the first half of the fiscal year, clocking a cost of production of USD 1,071 per tonne for the quarter. The execution of third renewable power delivery agreement will further support the cost reduction and its predictability. The Company also registered an 8-quarter highest EBITDA margin during the quarter, which clocked over 50% with a 450 bps YoY improvement.”

Result PDF

Hindustan Zinc announced Q1FY25 results:

Financial Highlights:

  • Revenue from operations during the quarter was Rs 8,130 crore, up 12% YoY on account of better metal volume and metal & silver prices, further supported by a strong dollar and partly offset by lower silver volume. It is up 8% QoQ on account of better metal & silver prices and favourable forex rates, partly offset by lower metal & silver volumes.
  • Zinc cost of production before royalty (COP) for the quarter stood at USD 1,107 (INR 92,375) per MT, lower by 7% (lower by 6% in Rs terms) YoY on account of softened coal and input commodity prices, better linkage coal availability and better mined metal grades, further supported by operational efficiencies year on year. It was up 5% (up by 6% in Rs terms) sequentially in line with volume and grade.
  • EBITDA for the quarter was Rs 3,946 crore, up 17% YoY and 8% QoQ in line with the revenue from operations and the cost of production.
  • Net profit for the quarter stood at Rs 2,345 crore, up 19% YoY and 15% sequentially due to higher EBITDA partly offset by higher tax expense.
  • As part of strategic hedging, Company has sold forward 90 kt of zinc production for FY25.

Operational Highlights:

  • Mined metal production for the quarter was 263 kt, recording the highest ever first quarter production. It is up 2% YoY on account of improved mined metal grades, and lower 12% QoQ in line with mine preparation activities being carried out every year in first quarter.
  • Refined metal production recorded the highest ever first quarter production at 262 kt, up 1% YoY. It is down 4% sequentially in line with the plant availability & pyro operations on lead mode from June 2024. Refined zinc production for the quarter was 211 kt, up 1% YoY & down 4% QoQ.
  • Saleable silver production for the quarter was 167 MT, down 7% YoY and 12% QoQ in line with lead metal production and WIP built up in the normal course of the business, on account of pyro operations being run on lead mode from June 2024. This WIP will be liquidated in the subsequent period.

Commenting on the performance, Arun Misra, CEO, said: “Hindustan Zinc has started the year on a strong note, recording highest ever first quarter mined and refined metal production, leveraging strong metal prices during the quarter. It also gives me immense pleasure to inform you that we have expedited the commencement of our renewable energy power delivery with the receipt of the first flow of RE power from Serentica 180 MW solar project in May 2024. Further, we are set to accelerate our sustainability journey through contribution towards economic prosperity & environmental responsibility, and diversification by catering to high-end sectors responsibly with our strategic partnerships for utilising waste streams for extracting saleable products and supplying for next-generation nickel zinc batteries.

Further expanding our zinc product portfolio in the world, we have launched Asia’s first low carbon ‘green’ zinc, EcoZen, produced using renewable energy and certified by a renowned global sustainability consulting firm for its life cycle carbon footprint assessment. It boasts a carbon footprint of less than 1 tCO2e per tonne of Zinc produced, about 75% lower than the global average. We strongly believe that we can create further value for the Company by ensuring creation of separate verticals for the recycling and silver businesses in the coming days.”

Sandeep Modi, CFO, said: “Ascertaining HZL’s global cost leadership, we have supressed the cost of production for the quarter at USD 1,107 per tonne, clocking a figure lower than last three financial years. With a holistic focus on operational cum financial excellence, we expanded the margins during the quarter, along with a commendable increase in the domestic primary zinc market share. I firmly believe that HZL has made its shareholders proud by providing c.133% returns during the quarter, highest amongst the large Indian companies, by the virtue of its positioning as the largest integrated precious metal company, ESG leader and a company committed for energy transition metals.”

Result PDF

Hindustan Zinc announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from operations during the quarter was Rs 7,549 crore, up 3% QoQ on account of better zinc volumes, partly offset by lower lead & silver volumes and lower metal prices.
  • Zinc cost of production before royalty (COP) for the quarter stood at USD 1,051 (Rs 87,284) per MT, lower by 4% QoQ and 13% YoY in both US$ and Rs terms.
  • EBITDA for the quarter was Rs 3,637 crore, up 2% QoQ and down 14% YoY in line with the revenue from operations and cost.
  • Net profit for the quarter stood at Rs 2,038 crore, marginally up sequentially and down 21% YoY.

FY24 Financial Highlights:

  • Revenue from operations for the full year stood at Rs 28,932 crore, down 15% YoY on account of lower zinc prices and volumes, and strategic hedging impact in base period partly offset by better silver & lead volumes and prices, and favourable exchange rates.
  • Zinc COP for the full year was USD 1,117 (INR 92,470) per MT, down by 11% YoY (8% lower in Rs terms).
  • For FY24, EBITDA was Rs 13,677 crore, down 22% YoY, mainly on account of lower revenue partly offset by cost improvement.
  • FY24 net profit was at Rs 7,759 crore, down 26% YoY, primarily on account of lower EBITDA partly offset by lower tax expense.
  • Total Reserves & Resources (R&R) as on March 31, 2024 stood at 456.3 million tonnes containing metal of 30.8 million tonnes (net of production of 1.1 million tonnes in FY24).
  • Total ore reserves stand at 175.1 million tonnes (net of production of 16.5 million tonnes in FY24) at the end of FY24 (173.5 million tonnes at the end of FY23) led by continued focus on resource to reserve conversion during the year.

Commenting on the results, Arun Misra, CEO said, "FY 2023-24 has been a year of solid growth for HZL, with mined metal, refined metal, and silver recording its highest historic production levels, supported by a backdrop of fatality-free operations. As part of our strategy, it was driven by our increased focus on silver & metal production and cost optimisation. The company withstood the market headwinds during the year, ensuring the preservation of margins and shareholder value. Fueled by our robust silver maximisation strategy, I am thrilled to announce that HZL has now become the 3rd largest silver producer globally. Additionally, during the quarter, HZL also incorporated ‘Hindmetal Exploration Services Private Limited’, as a wholly owned subsidiary, with an objective to explore, discover, develop and tap mineral resources aligning with the national focus and vision.

Our commitment on the sustainability efforts remains robust. I am happy to share that our renewable energy (RE) power delivery agreement of 450 MW is advancing well and the first flow of RE power is now preponed and expected to begin in April’24, contributing to our journey towards achieving net zero targets. Our company has been awarded the CII National HR Excellence Award underscoring our exemplary people practices. With the full implementation of commissioned projects, HZL is poised for another exceptional year ahead.”

Commenting on the results, Mr. Sandeep Modi, CFO, said, “Despite the plunging metal prices, HZL has consistently sustained its margin at a steady 47% by recording its fifth consecutive quarter of sustained cost reduction, clocking the lowest cost in last 3 years. This demonstrates the effectiveness of our agile decision-making strategy, with instances such as maximization of silver production leveraging the soaring silver prices, power plant modifications ensuring better linkage coal consumption thereby lowering the power costs along with operational & commercial efficiencies. I firmly believe that the challenges encountered throughout the year have strengthened our resilience and fortitude, propelling us to strive for even greater performance in the upcoming year towards our aspired annual targets and strong balance sheet.” 

Result PDF

Hindustan Zinc announced Q3FY24 & 9MFY24 results:

  • PAT at Rs 2,028 crore, up 17% QoQ on the back of consistent volume growth & cost reduction
  • Ranked highest globally in S&P Sustainability Assessment in Metals and Mining sector
  • Quarterly Revenue, EBITDA and PAT up sequentially by 8%, 14% and 17% respectively
  • Silver production at 197 MT for Q3FY24, up 22% YoY
  • Highest ever nine months’ mined metal & silver production, driving the attainment of industry-leading CAGR and advancing towards achieving annual guidance
  • Lowest zinc cost of production in last 10 quarters at US$ 1,095 per MT & 4th consecutive quarter of cost reduction

Commenting on the performance, Arun Misra, CEO, said: “With our consistent focus on operational excellence, Hindustan Zinc delivered record nine-months mined metal and silver production to leverage the elevated silver price opportunities. The Company’s sustainable operational progress is reflected in its industry leading compounded annual production growth rate supplemented by safe practices. On sustainability front, advancing towards our decarbonisation mission, Hindustan Zinc has initiated the deployment of electric and LNG vehicles in its operations for inter-unit movements and finished goods transportation, thereby reducing the Scope 3 emissions. I am also happy to report that Hindustan Zinc has been ranked highest in the S&P Global Corporate Sustainability Assessment (CSA) 2023 among 238 companies with the score of 85 out of 100 under the metals and mining sector, underscoring our dedication to sustainable and responsible mining practices.”

Sandeep Modi, CFO,said: “This marks Hindustan Zinc’s fourth consecutive quarter of consistent cost improvement and the lowest cost in last 10 quarters. We continue to remain focused on cost optimisation, operational efficiencies, working capital management, digital improvements and shareholder value maximisation. During the quarter, Hindustan Zinc has delivered steady margin of c.49%, bolstered by operational milestones and cost reduction. The Company is now in the first decile of the global zinc mining cost curve preserving its cost leadership globally and targets to achieve its designed cost in the near future.”

 

Result PDF

Hindustan Zinc announced Q2FY24 & H1FY24 results:

  • Q2FY24:
    • Mined metal production: 252 kt
    • Refined metal production: 241 kt
    • Saleable silver production: 181 MT
    • Zinc COP: USD 1,137 per MT
  • H1FY24:
    • Mined metal production: 509 kt
    • Refined metal production: 501 kt
    • Saleable silver production: 360 MT
    •  Zinc COP: USD 1,167 per MT

Commenting on the performance, Arun Misra, CEO, said, “Hindustan Zinc witnessed significant milestone achievements in its expansion efforts during the quarter. I am pleased to share the commissioning of our Fumer plant, Rajpura Dariba concentrator, and Zinc Alloy facility ensuring more sustainable, circular, and efficient operations. Catalysing growth, our plants and assets are also geared up to maximise performance. With delivery of steady operational performance in the first half of the year and ramped-up facilities, we are confident of delivering a standout financial year. Advancing swiftly towards our sustainability goals, this quarter we commissioned another 4,000 KLD zero liquid discharge plant at Zawar mines and entered into an agreement for 180 LNG vehicles for green transportation. I am happy to share that our ambitious net zero targets are now approved by SBTi making Hindustan Zinc the only Indian company in the mining sector with validated targets.”

Sandeep Modi, CFO, said, “With our persistent focus on cost optimisation, operational efficiencies and working capital management, Hindustan Zinc delivered another quarter of steady margins and financial performance despite the complex economic landscape. I am happy to share that driven by our cost optimisation efforts, we have successfully achieved the third consecutive quarter of sustained cost improvement and the lowest cost in last six quarters. We are well positioned to execute our strategic priorities in FY24 revolving around cost optimisation, digital advancement enhancing our competitive edge, healthy cash flows and robust balance sheet thereby generating long-term sustainable value for shareholders.”

 

Result PDF

Hindustan Zinc announced Q1FY24 results:

  • Highest-ever first-quarter mined metal and silver production with consistent refined metal production.
  • Mined metal: 257 kt
  • Refined metal: 260 kt
  • Saleable silver: 179 MT
  • Zinc COP: USD 1,194 per MT
  • Revenue from operations during the quarter was Rs 7,282 crore, down 22.4% YoY
  • EBITDA for Q1FY24 was Rs 3,359 crore, down 36.4% YoY and 20.2% QoQ
  • Net profit for Q1FY24 was at Rs 1,964 crore, down 36.5% YoY and 24.0% QoQ; impacted due to lower metal prices.

Commenting on the performance, Arun Misra, CEO, said: “Hindustan Zinc has once again demonstrated its ability to deliver in a highly volatile external environment by accomplishing highest ever first quarter mined metal and silver production and maintaining a consistent run-rate of refined metal production. We strongly believe that in a cyclical commodity business, protecting margins is fundamental, hence our strong focus lies on optimising cost and enhancing volumes. The cornerstone of Hindustan Zinc’s strategic priorities is to maximise shareholders' return, and delivering as per commitment is an accurate reflection of the same. Our strategic development projects are also progressing well and are now on track, while we continue to progress on our sustainability journey toward net zero by 2050. I am also happy to share that Hindustan Zinc has been certified as a ‘Great Place to Work’ for the fifth consecutive year. With such endorsements at the backdrop, we strive to grow safely, responsibly, and sustainably.”

Sandeep Modi, CFO, said: “Amidst the macro-economic headwinds moderating the base metal prices, Hindustan Zinc had a positive start of the year with a strong operational performance, attributable to consistent cost optimisation efforts and operational efficiencies, thereby protecting margins. With a first-time sequential drop in the first quarter cost of production in the recent past, we continue to maintain our cost leadership in the global zinc cost curve. As we advance in this transformational year, we continue to focus on our ongoing development projects, automation & digitalisation investments, and sustainable operations. I am happy to share that Hindustan Zinc has been recognised with the ‘Masters of Risk Jury Award in Metals & Mining and ESG Specialization’ at CNBC-ICICI Lombard India Risk Management Awards 2023.”

 

Result PDF

Metals & Mining company Hindustan Zinc announced Q4FY23 results:

  • Consolidated Q4FY23:
    • Revenue down 3% YoY; due to lower metal & silver prices partly offset by higher volumes and favourable Fx rates
    • EBITDA down 16% YoY; led by lower revenues and increased cost from input commodity inflation
    • Consolidated PAT down 12% YoY; driven by lower EBITDA partly offset by lower tax expense
    • Effective tax rate of 26.3% for Q4FY23 lower YoY
  • Consolidated FY23:
    • Revenue up 16% YoY; led by improved zinc prices & volumes, strategic hedging gains, favourable Fx rates and better lead & silver volumes partially offset by lower lead & silver prices
    • EBITDA up 8% YoY; led by improved metal & silver volumes, zinc prices, strategic hedging gains & favourable Fx rates partly offset by higher costs and lower lead & silver prices
    • Consolidated PAT up 9% YoY; led by higher EBITDA partly offset by increase in tax
    • Effective tax rate of 31.2% for FY23

 

Result PDF

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