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Revenue
₹8,614 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
₹4,539 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 record Q3 FY25 with revenue of ₹8,614 crore (+18% YoY) and EBITDA of ₹4,539 crore (+28% YoY), driven by higher zinc and silver prices, record nine-month mine metal production of 784,000 tons, and cost reduction to $1,041/ton (-5% YoY). PAT grew 32% to ₹2,678 crore. Management maintained full-year volume guidance and expects cost to trend toward the lower band of $1,050-1,100/ton. Expansion plans include a 250 KTPA smelter and mine deepening to reach 1.45 million tons by FY27, with total capex of $2-2.5 billion over 3-5 years. Silver production guidance was revised down to 700-710 tons due to Fumer shutdown and geotechnical issues at SK mine. Key risk: execution delays in expansion projects or further visa issues for Chinese partners could impact silver output.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Full-year cost guidance of $1,050-1,100/ton is maintained, with management confident of delivering towards the lower band.
- 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 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.
Risks flagged
- Silver production guidance revised down to 700-710 tons from 750-775 tons due to Fumer shutdown and geotechnical issues at SK mine.
- Visa challenges for Chinese partners have hindered Fumer operations; management is hopeful but uncertain about resolution.
- Geotechnical challenges at SK mine affected mine sequencing and silver output; management says they have mechanisms to address but risks remain.
- Large capex plans ($2-2.5 billion) for expansion to 2 million tons carry execution and funding risks, though management has a phased approach.
Key quotes
- This quarter has been a historic third quarter in terms of financial performance, and we delivered highest-ever mine metal and refined metal production on a nine-month basis.
- Our zinc COP for the quarter stood at $1,041 per ton, lower by 5% year-on-year, driven by improved metal grades, better domestic coal availability, increased renewable energy usage, higher asset realization, softened coal and input commodity prices, and operational efficiencies.
- We achieved highest-ever third-quarter EBITDA of ₹4,539 crore, up 28% year-on-year, in line with strong volume, high realization, and lower cost of production.
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