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Revenue
₹13,544 Cr
verified against source
Revenue YoY
49%
reported change
EBITDA
₹7,747 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 Q4 FY26 with revenue of ₹13,544 crore (up 49% YoY), EBITDA of ₹7,747 crore (up 61% YoY), and net profit of ₹5,033 crore (up 68% YoY). The stellar performance was driven by record mined metal production of 315 KT, lowest-ever quarterly zinc cost of production at $903/ton (down 9% YoY), and strong silver prices contributing 45% to profitability. Management guided FY27 mined metal production of 1,150 KTPA ±10 KT and refined metal production of 1,100 KTPA ±10 KT, with zinc cost of production expected at $975-$1,000/ton. Growth projects remain on track, including a 250 KTPA smelter and a 1 million ton integrated smelter plan. Key risk: potential cost inflation from geopolitical volatility and input commodity prices.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects mined metal production of 1,150 KTPA with a tolerance of ±10 KT, reflecting continued operational improvements.
- Refined metal production guided at 1,100 KTPA ±10 KT, supported by debottlenecking and new smelter ramp-up.
- Silver production expected at 680 tons ±10 tons, with potential upside from lead concentrate sales.
- Zinc cost of production (ex-royalty) guided at $975-$1,000/ton, reflecting input cost uncertainties and geopolitical risks.
Risks flagged
- Rising diesel, propane, chemical, and explosive costs due to global uncertainties could push production costs above guidance.
- Higher zinc prices incentivize zinc maximization over lead-silver production, limiting silver output growth despite strong silver prices.
- Hedging at lower prices resulted in a delta loss of ₹1,100 crore in Q4 and ₹1,500 crore for FY26, reducing potential revenue upside.
- Delays in commissioning the Hot Acid Leaching plant (now Q2 FY27) and the 1 million ton smelter plan could impact growth timelines.
Key quotes
- This year, we set a new milestone by crossing 1.1 million tons of mined metal while sustaining over 1 million tons of refined metal production for the fourth consecutive year.
- Our precious metal portfolio achieved a milestone performance, contributing 45% to the overall profitability.
- We have guided zinc cost of production excluding royalty at $975-$1,000 per ton, reflecting prevailing global uncertainties.
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