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Revenue
₹9,087 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
₹17,465 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 year with highest-ever mined and refined metal production. FY25 revenue grew 18% YoY to INR 34,083 crore, EBITDA rose 28% to INR 17,465 crore with margins expanding 400 bps to 51%, and PAT increased 33% to INR 10,353 crore. Record volumes, higher zinc/silver prices, and cost optimization drove performance. Zinc cost of production hit a four-year low of $1,052/ton (Q4: $994/ton). Management guided FY26 mined metal production of 1.125 Mt (±10kt), refined metal at 1.1 Mt (±10kt), silver at 700-710 tons, and zinc COP of $1,025-$1,050/ton. Expansion to 1.5 Mt mine capacity is expected to be announced within months. Key risk: global trade tensions and LME volatility could pressure realizations despite cost advantages.
Colored figures show movement against the previous available record.
Guidance to track
- Mined metal production expected at 1.125 million tons per annum with a narrow tolerance.
- Refined metal production guided at 1.1 million tons per annum.
- Silver production expected in the range of 700-710 tons, lower than FY24 due to more zinc production.
- Zinc cost of production guided at $1,025-$1,050 per ton, with potential reduction from renewable energy.
Risks flagged
- Recent U.S. tariff actions have introduced short-term volatility in zinc and silver prices, which could impact realizations.
- Silver guidance of 700-710 tons is lower than FY24's actual output, constrained by lower grades and a shift to zinc production.
- Several key mines (Agucha, Zawar, RD) have leases expiring around 2030; management expressed confidence but no policy clarity was provided.
- FY26 cost guidance of $1,025-$1,050/ton is higher than Q4's $994/ton; management attributes this to grade normalization, but execution risk remains.
Key quotes
- We have delivered a record-breaking year with the highest-ever production of both mined and refined metal.
- Our EBITDA stands at INR 17,465 crore, up 28%, and profit after taxes of INR 10,353 crore, marking an improvement of 33% over last year.
- We have successfully generated a strong free cash flow from operations at INR 13,784 crore during the year.
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