UDAIPUR (India CSR): Hindustan Zinc Limited, the world’s largest integrated zinc producer and among the top 10 silver producers globally, announced its financial results for the fourth quarter and year ended 31st March 2026. The company delivered a record annual performance, underpinned by efficiency-led growth, strong operational execution and sustained cost discipline. The year was characterised by record production, a structurally competitive cost base and favourable commodity conditions, marking a step-up in profitability, cash generation and reserve strength, and positioning the company for its next phase of growth.
For the full year, Hindustan Zinc reported its highest-ever revenue of Rs 40,844 crore, up 20% YoY, and all-time high EBITDA of Rs 22,162 crore, up 27% YoY, with an industry-leading EBITDA margin of 54%, reflecting strong operating leverage and structural cost efficiencies. Net profit for the year stood at a record Rs 13,832 crore, up 34% YoY, supported by robust free cash flow generation of Rs 13,337 crore (pregrowth capex), reinforcing the company’s ability to deliver consistent shareholder value. In the fourth quarter, EBITDA stood at a record Rs 7,747 crore, up 61% YoY, while net profit rose to a record Rs 5,033 crore, up 68% YoY, supporting the strong full-year performance.
Operationally, the company achieved its highest-ever mined metal production of 1,114 Kt and second-best refined metal production of 1,048 Kt, reflecting strong performance across its mining and smelting operations.During the year, the company successfully completed debottlenecking at the Chanderiya Smelting Complex along with earlier enhancements at Dariba Smelter in Rajasthan, increasing its refined zinc capacity, further strengthening its production platform.Cost leadership remained a key differentiator, with the lowest zinc cost of production in five years at $959 per tonne, improving 9% YoY, positioning Hindustan Zinc among the lowest-cost producers globally. Silver continued to be a significant value driver, with annual production of 627 tonnes, contributing 45% to overall profitability, strengthening the company’s positioning to benefit from the evolving global silver demand cycle. In the fourth quarter, silver production stood at 176 tonnes, up 11% QoQ, further supporting profitability.
The company further strengthened its long-term growth outlook, with record ore resources & reserves of 468.6Mnt, supporting a mine life of over 25 years, and surpassing 13.9Mnt of metal reserves and 10.9 Kt of silver reserves for the first time, providing strong visibility on future production and growth.
Hindustan Zinc continued to play a significant role in economic development, contributing c.Rs 19,000 crore to the national exchequer, including over Rs 6,000 crore to the state of Rajasthan, reaffirming its position as a key contributor to the national economy.
As part of HZL 2.0 roadmap, Hindustan Zinc also took initiatives to expand its strategic horizon beyond zinc, lead and silver into critical minerals that are central to India’s clean energy, electric mobility and industrial growth ambitions. With strong operating cash flows, long mine life visibility and proven execution capabilities, going ahead, the company is well positioned to create long term value from this emerging opportunity set as well.
ESG highlights:
Our ESG initiatives reinforce operational resilience, risk mitigation, and long‑term value creation while strengthening Hindustan Zinc’s sustainability leadership.
- Chanderiya Lead Zinc Smelter has become India’s first site to receivethe Zinc Mark and Copper Mark certification.
- Partnership with Tata Steel and Silox India for adoption of EcoZen, Asia’s first low carbon zincboasting a 75% lower carbon footprint as compared to global average, across galvanised steel production, facilitating transition to lower Scope 3 emissions.
- Our Business Responsibility and Sustainability Report (BRSR) was selected as the best BRSR report under manufacturing large-cap category at the 4th ICAI Sustainability Reporting Awards.
- Hindustan Zinc’s Sustainability Report FY2025 has won Platinum awardat the League of American Communications Professionals (LACP) Vision Awards 2024-25, reaffirming our commitment to strong governance, transparency and global best-in-class reporting practices.
- Successfully implemented collision avoidance system,covering 30 equipment across Sindesar Khurd Mine, enhancing safety through prevention of man-machine interactions.
- Commencedall women driven leaching & purification unit in Chanderiya Smelting Complex
- Introduced tele-remote drillingin two long-hole production drillsin Rajpura Dariba Mine.
- Hindustan Zinc has emerged as the overall winner at 36thMines Environment and Mineral Conservation (MEMC) Week, organised by Indian Bureau of Mines, securing all top 3 positions.
Commenting on Hindustan Zinc’s performance, Arun Misra, Chief Executive Officer, said:
“We are proud to deliver a record-breaking performance this quarterand for the full year, by crossing a key milestone of 1.1 million tonnes of mined metal production. We also delivered a record quarterly refined metal production at thelowest cost of production of $903 per tonnedespite the ongoing geopolitical challenges.These milestones reflect the resilience of our business, strong execution, and unwavering focus on value creation. As we step into our 2.0 growth phase, we are strengthening our strategic roadmap. With our move into critical minerals, we are aligning with future-facing sectors while contributing meaningfully to India’s growth and long-term stakeholder value.
Sandeep Modi, Chief Financial Officer, said:
“Hindustan Zincdelivereda record quarter and full year financial performance,with quarterly netprofit surging by 68%YoY to a historic high of Rs 5,033 crore, driven by an all-time high quarterly EBITDAof Rs 7,747 crore, up by 61% YoY. Further, we have marked thehistoricfull year net profit of Rs 13,832 crore, up 34% YoY, backed by disciplined capital allocation and strong free cash flow, reinforcing our balance sheet strength as we enter the next phase of growth – HZL2.0.With continued strength in cost leadership and industry-leading margins, underpinned by disciplined execution, we are well positioned to translate growth opportunities into sustained value creation.
Financial Summary
(In Rs crore or as stated)
| Particulars | 4Q | 3Q | FY | |||||
| FY2026 | FY2025 | Change | FY2026 | Change | FY2026 | FY2025 | Change | |
| Sales1 | ||||||||
| Zinc | 6,997 | 5,856 | 19% | 6,485 | 8% | 23,771 | 21,887 | 9% |
| Lead | 1,153 | 1,027 | 12% | 1,036 | 11% | 3,901 | 4,227 | -8% |
| Silver | 4,032 | 1,688 | 139% | 2,676 | 51% | 9,841 | 6,130 | 61% |
| Others | 1,362 | 517 | 164% | 783 | 74% | 3,331 | 1,840 | 81% |
| Total | 13,544 | 9,087 | 49% | 10,980 | 23% | 40,844 | 34,083 | 20% |
| EBITDA | 7,747 | 4,816 | 61% | 6,087 | 27% | 22,162 | 17,465 | 27% |
| EBITDA Margin | 57% | 53% | – | 55% | – | 54% | 51% | – |
| Net Profit (after exceptional items) | 5,033 | 3,003 | 68% | 3,916 | 29% | 13,832 | 10,353 | 34% |
| Earnings per Share2 | 11.9 | 7.1 | 68% | 9.3 | 29% | 32.7 | 24.5 | 34% |
| Mined Metal Production (‘000 MT) | 315 | 310 | 2% | 276 | 14% | 1,114 | 1,095 | 2% |
| Refined Metal Production (‘000 MT) | ||||||||
| Total Refined Metal (Zinc & Lead) | 282 | 270 | 5% | 270 | 5% | 1,048 | 1,052 | -0.4% |
| Zinc | 227 | 214 | 6% | 221 | 3% | 851 | 827 | 3% |
| Lead | 55 | 56 | -2% | 49 | 12% | 197 | 225 | -13% |
| Silver3 (in MT) | 176 | 177 | -0.2% | 158 | 11% | 627 | 687 | -9% |
| Wind Power (in million units) | 56 | 63 | -11% | 50 | 11% | 372 | 348 | 7% |
| Sales (‘000 MT) | ||||||||
| Lead Concentrate 4, 5 | 12 | – | – | 12 | -3% | 24 | – | – |
| Total Refined Metal (Zinc & Lead) | 282 | 274 | 3% | 270 | 5% | 1,048 | 1,053 | -0.4% |
| Zinc | 228 | 218 | 5% | 221 | 3% | 851 | 827 | 3% |
| Lead | 55 | 56 | -2% | 49 | 12% | 197 | 225 | -13% |
| Silver (in MT) | 176 | 177 | -0.2% | 158 | 11% | 627 | 687 | -9% |
| Zinc CoP ($/MT) 6 | 903 | 994 | -9% | 940 | -4% | 959 | 1,052 | -9% |
| Zinc LME ($/MT) | 3,241 | 2,838 | 14% | 3,165 | 2% | 2,970 | 2,875 | 3% |
| Lead LME ($/MT) | 1,931 | 1,970 | -2% | 1,970 | -2% | 1,954 | 2,046 | -5% |
| Silver LBMA ($/oz.) | 84.3 | 54.7 | 165% | 54.7 | 54% | 53.1 | 30.4 | 75% |
| USD-INR (average) | 91.50 | 89.09 | 6% | 89.09 | 3% | 88.36 | 84.55 | 5% |
Note: all numbers reported are consolidated numbers unless otherwise mentioned
- Including other operating income
- Rs , not annualised
- Silver occurs in Lead & Zinc ore and is recovered in the smelting and silver-refining processes
- Includes 16MT, 21 MT and 37MT of Silver equivalent in 4QFY26, 3QFY26, and FY26, respectively
- Includes 6 Kt, 5 Kt and 11 Kt of refined Lead equivalent in 4QFY26, 3QFY26, and FY26, respectively
- Cost of production (CoP) wherever referred is excluding royalty
Financial Performance
Revenue:
- Revenue stood at Rs 13,544 crore during the quarter, up 49% YoY and 23% QoQ,driven by higher zinc and silver prices, increased production, lead concentrate sale,higher by-product realisation, and a stronger dollar.
- It was Rs 40,844 crore on a full year basis, up 20% YoY,in line with higher zinc and silver prices, lead concentrate sale,higher by-product realisation, anda stronger dollar
EBITDA:
- EBITDA stood at Rs 7,747crore during the quarter, up 61% YoY and 27% QoQ, driven by increased production, higherzinc and silver prices, lower cost of production, lead concentrate sale, and a stronger dollar.
- For the full year, the Company recorded an EBITDAof Rs 22,162 crore,up 27% YoY,driven by higher zinc and silver prices, lower cost of production,lead concentrate sale, and a stronger dollar, partly offset by lowerproduction.
- The Company continues to maintain anattractive industry leading EBITDA margin of 57% during the quarter, up c.420 bpsYoY and c.180 bps QoQ.It recorded an EBITDA margin of 54% in FY26, up c.300 bps YoY.
Net Profit:
- During the quarter, net profit stood at Rs 5,033 crore, up 68% YoYand 29% QoQin line with record EBITDA. For the full year,it was Rs 13,832 crore, up 34% YoY. The effective tax rate for the quarter was 25.45% and it was 25.26% for the full year.
Zinc Cost of Production (COP):
- ZincCOPexcluding royalty stood at $ 903per tonne during the quarter, better by 9% YoY and 4% QoQ on account of lower power cost driven by higher domestic coal usage and softened coal prices, higher by-product realization, better mined grades, and increased metal production.
- For thefull year,Zinc COP excluding royalty was $959 pertonne, better 9% YoY driven by lower power cost through higher domestic coal usage, softened coal prices and increased renewable energy usage, higher by-product realization, and better mined grades, partly offset by higher mine development
Reserves & Resources (R&R)
- Record ore reserves &resources of 468.6 Mntas on March 31, 2026, with metal R&R of 29.2 Mnt and silver R&R of 24.2 Kt. At current mining rates, the R&R underpins a mine life of more than 25 years.
- Surpassed 13.9Mnt of metal reserves and 10.9 Kt of silver reserves (net of production) for the first time since underground transition.
| Ore Reserves (Mnt) | %Zn | %Pb | Silver (ppm) | Metal Reserves (Mnt) | Silver Reserves (Kt) | Mineral Resources (Mnt) | %Zn | %Pb | Silver (ppm) | Metal Resources (Mnt) | Total R&R (Mnt) | Total Metal R&R (Mnt) | Total Silver R&R (Kt) |
| 219.1 | 4.9 | 1.5 | 50 | 13.9 | 10.9 | 249.5 | 4.3 | 1.8 | 53 | 15.3 | 468.6 | 29.2 | 24.2 |
Liquidity and Investment
- As on March31, 2026, the Company had healthy gross investments and cashand cash equivalents of Rs 13,846 crore invested in high quality debt instruments. Total borrowings outstanding as on March 31, 2026, was Rs 8,252crores.
- Company has consistent Investment grade credit rating of AAA from CRISIL, demonstrating the strength of the balance sheet.
Contribution to Exchequer
During the full year, the Company has contributed around Rs 19,000 croreto the national exchequer. This includes a contribution of over Rs 6,000 croreto the Rajasthan state exchequer, including mining royalties.
Project Update
- The 510 Ktpa Fertiliser plant is under progress and is expected to be completed by 2QFY27.
- The innovative hot acid leaching technology for recovery of lead and silver from smelting waste at Dariba is expected to be completed by 2QFY27.
- For the250 Ktpa integrated refined zinc capacity expansion,site mobilisation is completed, and detailed engineering and mining partner deployment at site are currently underway, with expected completion by 2QFY29.
- For India’s first 10 Mtpa tailings reprocessing plant at Rampura Agucha, detailed engineering is completed, major orders have been placed, and activities started at site, with expected completion by 4QFY28.
Outlook for FY27
| Particulars | FY27 Guidance |
| Production | |
| Mined Metal | 1,150 (±10) Kt |
| Refined Metal | 1,100 (±10) Kt |
| Saleable Silver | 680 (±10) MT |
| Zinc CoP | $ 975-1,000 per MT |
| Growth Capex | $ 500-600 million |
(India CSR)
