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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹7,771 Cr
verified against source
Revenue YoY
-4%
reported change
EBITDA
₹3,860 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindustan Zinc reported Q1 FY26 revenue of INR 7,771 crore (-4% YoY) and EBITDA of INR 3,860 crore (-2% YoY), maintaining a ~50% margin despite lower LME zinc/lead prices. PAT stood at INR 2,234 crore (-5% YoY). The highlight was the lowest-ever Q1 zinc cost of production at $1,010/ton (down 9% YoY), driven by better grades, higher domestic coal usage, and 19% renewable energy mix. Mined metal production hit a Q1 record of 265kt, though refined metal was 250kt due to planned shutdowns. Silver production was lower at 149mt due to lower grades, but management expects a H2 recovery. The board approved a INR 12,000 crore expansion to raise capacity to 1.38mtpa. LOIs for three critical mineral blocks were secured. Guidance: FY26 zinc COP to reach $1,000/ton; silver volume guidance of 700-710 tons maintained. Risk: lower silver grades and delayed fumer ramp-up could pressure silver output.
Colored figures show movement against the previous available record.
Guidance to track
- Management is confident of achieving the lower end of the full-year cost guidance, targeting $1,000/ton.
- Despite lower Q1 volumes, management maintains full-year silver production guidance, expecting H2 recovery.
- With the new 250 KTPA expansion, revenue and EBITDA are projected to rise significantly.
- The 500 KTPA fertilizer plant is expected to generate INR 400-450 crore EBITDA and INR 2,000-2,500 crore revenue.
Risks flagged
- Silver grades at SK mine are 5-10 ppm lower YoY, leading to lower Q1 silver output; recovery depends on H2 debottlenecking.
- Fumer is operating at 20mt/month vs 33mt capacity due to Chinese visa issues and lower input; may delay silver ramp-up.
- Analyst raised concern about royalty increases as mine leases expire around 2030; management acknowledged worst-case scenarios but did not quantify.
- Brand fee rose from 2% to 3% of revenue, while Vedanta reduced stake; analyst questioned linkage, management declined to comment on ownership moves.
Key quotes
- We are highly confident to achieve the lower end of the guidance for the full year.
- Our North Star was $1,000 COP, and it looks like we are headed that way.
- The entire board of directors were happy to see that finally Hindustan Zinc is getting out of comfort zone of 1 million ton plus production every year.
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