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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
₹8,252 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
₹4,164 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindustan Zinc delivered a strong Q2 FY25 with record mined metal production of 256kt and refined metal production of 262kt, up 2% and 8% YoY respectively. Revenue grew 22% YoY to INR 8,252 crore, driven by higher volumes and favorable LME prices. EBITDA rose 33% YoY to INR 4,164 crore, with margins expanding 450bps to over 50%, the highest in eight quarters. Cost of production fell 6% YoY to $1,071/ton, aided by renewable energy and operational efficiencies. Management maintained FY25 guidance for production (1.2mt) and cost ($1,050-1,100/ton), expressing confidence in achieving the lower end. Key risks include ramp-up challenges at the fumer plant and potential volatility from US elections and geopolitical tensions.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the annual production target of 1.2 million tons, confident of achieving it given H1 production of 524kt and expected stronger H2.
- Cost guidance unchanged; management expects to deliver towards the lower end of the band, aided by renewable energy and operational efficiencies.
- The fumer plant, currently ramping up, is expected to achieve designed silver production of 33 tons per annum by Q4 FY25.
- The 510kt Hindustan Zinc Fertilisers project is on track for commissioning by Q2 FY26, with expected additional EBITDA of INR 450-500 crore.
Risks flagged
- The fumer plant faced technical difficulties and visa issues for Chinese experts; a long shutdown is planned to rectify design inefficiencies.
- A retrospective liability of INR 83 crore was provided as an exceptional item; further clarity on quantification is awaited.
- Zawar and Rampura Agucha mine leases expire in 2030; management has not provided a clear cost escalation scenario for renewal auctions.
- US elections and geopolitical tensions could impact metal prices; management expects zinc to remain around $3,000/ton near-term.
Key quotes
- We have recorded its highest ever second quarter and half year mine and refined metal production.
- Our renewable power share has moved to, from last quarter, 8% to 14%.
- We are confident that we will be delivering towards the lower end of the cost band.
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