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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
₹10,980 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
₹6,087 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 quarter with revenue of ₹10,980 crore (up 27% YoY), EBITDA of ₹6,087 crore (up 34% YoY), and PAT of ₹3,916 crore (up 46% YoY). The record performance was driven by highest-ever Q3 mined metal production since underground transition, record refined metal output, and the lowest zinc cost of production (excluding royalty) in five years at $940/ton. Strong silver prices (up 75% YoY) and higher byproduct realization boosted profitability. Management maintained FY2026 guidance and expects Q4 to be seasonally strong. The company achieved net cash of ₹329 crore. Key risks include potential commodity price volatility and execution of the 2x growth capex projects (250 ktpa smelter and tailing reprocessing plant).
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated silver production guidance of 680 ± 10 tons for FY2026, expecting Q4 to be seasonally strong.
- Management guided that sustained zinc COP (ex-royalty) should be in the range of $950-$1,000 per ton on an annual basis.
- Total growth capex for FY2026 expected to be around $300 million, with $180 million spent by December.
- RE power share expected to increase to 35%-40% next year and 70% thereafter, with cost savings of $20-$25/ton.
Risks flagged
- Zinc and silver prices are subject to global macroeconomic and geopolitical factors; a sharp decline could impact revenue and margins.
- The 250 ktpa smelter and tailing reprocessing plant involve significant capex and regulatory clearances; delays could affect growth timeline.
- Hedging 10%-20% of volumes at lower prices (e.g., silver at $37-$39/oz) could cap gains if prices continue to rally.
- As mines go deeper, mine development costs are increasing (15 km vs 14 km YoY), which could pressure cost structure if not offset by efficiencies.
Key quotes
- The quarter has been one of our strongest. We achieved the highest-ever third-quarter mined metal production since the underground transition, along with record third-quarter refined metal production.
- We delivered record quarterly EBITDA of INR 6,087 crores, up 36% quarter-on-quarter and 34% YoY, while maintaining our industry-leading EBITDA margin of 55%.
- Hedging is not like playing with the prices... Our objective has been for the last two, three years to continue to follow the consistency in the strategic hedging for 10%-20% of the volume.
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