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Revenue
₹8,549 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹4,467 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindustan Zinc delivered a record Q2 FY26 with revenue of ₹8,549 crore and EBITDA of ₹4,467 crore, driven by higher commodity prices and a five-year low zinc cost of production of $994/ton. Silver production reached 144 tons, benefiting from record silver prices above $50/oz. Management revised FY26 refined metal guidance to 1,075kt and silver to 680 tons due to lower H1 plant availability, but expects H2 recovery via resource diversion to SK Mine. Cost guidance was lowered to ~$1,000/ton, ahead of the FY27 target. Growth capex of $350-400M is underway for a 250ktpa smelter and tailings plant. Key risk: execution delays in growth projects could impact volume ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Lowered from earlier expectation due to lower plant availability and silver input in H1.
- Reflects lower H1 silver input; H2 expected to recover via resource diversion.
- Ahead of earlier FY27 target; driven by renewable energy, byproduct realization, and softer input costs.
- Includes 250ktpa smelter, tailings plant, and other growth projects; 20% spent this year, 50% next.
Risks flagged
- Roaster 6 commissioning delay impacted H1 production; similar delays in 250ktpa smelter or tailings plant could affect volume ramp-up.
- Current silver grade is ~90 ppm, lower than historical levels, limiting silver production growth despite price tailwinds.
- Management hedges 10-20% of production; current hedges at $2,872/ton for zinc and $37/oz for silver cap gains if prices rise further.
- Management believes demerger would unlock value but no timeline provided; regulatory or shareholder hurdles could delay.
Key quotes
- We are running on zinc plus lead mode, but we are consuming most of the concentrate which is coming from SK Mine, which is rich in silver.
- We should be expecting CoP around 950-975 in the Q4 exit.
- If we were demerged into zinc, lead, and silver company, net valuation would have been far better than what it is now.
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