FY24 cost guidance maintained at $1,125-$1,175/ton
Management expects to achieve the lower end of the cost guidance range, supported by softer input costs and structural efficiency improvements.
HINDZINC / guidance tracker
Keep management guidance in view.
Hindustan Zinc · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
margins
FY24 CapEx guidance of $375 million maintained
Maintenance CapEx of $375 million for FY24, with $90 million spent in Q1. Growth CapEx for roaster and fertilizer projects is progressing.
Alloy plant, Rajpura Dariba mill, and fumer plant commissioning in Q2 FY24
These projects are on track for commissioning in the second quarter, enhancing value-added product portfolio and recovery.
Pathway to 1.25 million tons capacity in ~18 months
After roaster commissioning, expansion of electrowinning and leaching will follow, targeting 1.25 Mt capacity from FY24 levels.
FY25 metal production growth of 5-7%
Management expects full-year mined and refined metal production to grow 5-7% over FY24, driven by debottlenecking and new roaster commissioning.
FY25 silver production growth of 3-5%
Silver production is expected to grow 3-5% YoY, with WIP accumulation in Q1 to be liquidated in subsequent quarters.
Cost of production guidance maintained at $1,050-1,100/ton
Management reiterated cost guidance for FY25, expecting to end the year in the lower quartile of the range.
160kt roaster commissioning preponed to Q3 FY25
The new roaster at Debari is now expected to commission by end of Q3 FY25, adding ~15kt of zinc production in FY25.
Zinc COP to reach $1,000/ton
Management is confident of achieving the lower end of the full-year cost guidance, targeting $1,000/ton.
Silver volume guidance of 700-710 tons for FY26
Despite lower Q1 volumes, management maintains full-year silver production guidance, expecting H2 recovery.
Revenue and EBITDA to increase ~INR 40,000 cr and ~INR 21,000 cr in 3-4 years
With the new 250 KTPA expansion, revenue and EBITDA are projected to rise significantly.
Fertilizer plant EBITDA of INR 400-450 cr
The 500 KTPA fertilizer plant is expected to generate INR 400-450 crore EBITDA and INR 2,000-2,500 crore revenue.
FY24 cost guidance maintained at $1,125-1,175/ton
Management expects to achieve the lower end of the cost guidance range for the full year.
FY24 production guidance unchanged
Management reiterated production guidance for mined metal and refined metal.
1.25 million ton refined metal target via debottlenecking
Company is working on debottlenecking initiatives to increase smelting capacity to 1.25 million tons.
450 MW renewable energy PPA with Serentica on track
Completion will enable over 50% of energy requirement to be met through green power.
FY25 refined metal production guidance maintained at 1.2mt
Management reiterated the annual production target of 1.2 million tons, confident of achieving it given H1 production of 524kt and expected stronger H2.
FY25 cost of production guidance maintained at $1,050-1,100/ton
Cost guidance unchanged; management expects to deliver towards the lower end of the band, aided by renewable energy and operational efficiencies.
Fumer full ramp-up expected by Q4 FY25
The fumer plant, currently ramping up, is expected to achieve designed silver production of 33 tons per annum by Q4 FY25.
Fertilizer plant commissioning in Q3 FY26
The 510kt Hindustan Zinc Fertilisers project is on track for commissioning by Q2 FY26, with expected additional EBITDA of INR 450-500 crore.
FY26 refined metal production guidance revised to 1,075 ± 10 kt
Lowered from earlier expectation due to lower plant availability and silver input in H1.
FY26 silver production guidance revised to 680 ± 10 tons
Reflects lower H1 silver input; H2 expected to recover via resource diversion.
FY26 zinc cost of production guidance lowered to ~$1,000/ton
Ahead of earlier FY27 target; driven by renewable energy, byproduct realization, and softer input costs.
Growth capex guidance of $350-400 million for FY26
Includes 250ktpa smelter, tailings plant, and other growth projects; 20% spent this year, 50% next.
FY24 volume guidance reaffirmed
Management confirmed achieving mined metal, refined metal, and silver production guidance for FY24, with Q4 typically being the best quarter.
COP to be at lower end of $1,125-1,175/ton guidance
COP for Q3 was $1,095/ton; management expects full-year COP to be at the lower end of the guided range, trending towards $1,000/ton design cost.
Silver production to exceed FY24 guidance
Management expects silver production to be better than committed guidance, with Fumer project adding ~30 tons annually from next year.
Debari roaster commissioning by Q4 FY25
The new roaster at Debari is expected to be commissioned between January and March 2025.
Full-year mine metal and refined metal production guidance maintained
Management confirmed achieving the full-year volume guidance for mine metal and refined metal production, with Q4 mine metal target of 316 KT and refined metal target of 290 KT.
Cost of production guidance maintained at $1,050-1,100/ton, trending to lower band
Full-year cost guidance of $1,050-1,100/ton is maintained, with management confident of delivering towards the lower band.
Expansion to 1.45 million tons by FY27
Planned expansion from current 1.2 million tons to 1.45 million tons by FY27 through a 250 KTPA smelter and mine deepening, with capex of $1-1.2 billion for this phase.
Renewable energy mix to reach 70% in two years
Renewable energy share expected to increase from current 15% to 70% over the next two years, driven by signed power delivery agreements, reducing cost by ~$30/ton.
FY2026 silver production guidance maintained at 680 ± 10 tons
Management reiterated silver production guidance of 680 ± 10 tons for FY2026, expecting Q4 to be seasonally strong.
Sustained zinc cost of production between $950-$1,000/ton
Management guided that sustained zinc COP (ex-royalty) should be in the range of $950-$1,000 per ton on an annual basis.
Growth capex of ~$300 million for FY2026
Total growth capex for FY2026 expected to be around $300 million, with $180 million spent by December.
Renewable energy share to reach 35%-40% by FY2027
RE power share expected to increase to 35%-40% next year and 70% thereafter, with cost savings of $20-$25/ton.
FY25 mine metal production guidance: 1,100-1,125 KT
Management expects continued growth in mine metal production, targeting 1,100-1,125 KT for FY25.
FY25 refined metal production guidance: 1,075-1,100 KT
Refined metal production is guided at 1,075-1,100 KT for FY25.
FY25 silver production guidance: 750-775 tons
Sellable silver production is expected to be between 750 and 775 tons in FY25.
FY25 cost guidance: $1,050-$1,100/ton
Zinc cost of production is guided at $1,050-$1,100 per ton for FY25, factoring in higher grade and zinc-lead mode operations.
FY26 mined metal production: 1,125,000 tons ±10,000
Mined metal production expected at 1.125 million tons per annum with a narrow tolerance.
FY26 refined metal production: 1,100,000 tons ±10,000
Refined metal production guided at 1.1 million tons per annum.
FY26 silver production: 700-710 tons
Silver production expected in the range of 700-710 tons, lower than FY24 due to more zinc production.
FY26 zinc cost of production: $1,025-$1,050/ton
Zinc cost of production guided at $1,025-$1,050 per ton, with potential reduction from renewable energy.
FY27 mined metal production target: 1,150 KTPA ±10 KT
Management expects mined metal production of 1,150 KTPA with a tolerance of ±10 KT, reflecting continued operational improvements.
FY27 refined metal production target: 1,100 KTPA ±10 KT
Refined metal production guided at 1,100 KTPA ±10 KT, supported by debottlenecking and new smelter ramp-up.
FY27 silver production target: 680 tons ±10 tons
Silver production expected at 680 tons ±10 tons, with potential upside from lead concentrate sales.
FY27 zinc cost of production guidance: $975-$1,000/ton
Zinc cost of production (ex-royalty) guided at $975-$1,000/ton, reflecting input cost uncertainties and geopolitical risks.