UDAIPUR (India CSR): Hindustan Zinc Limited, the world’s largest integrated zinc producer and among the top five silver producers globally, announced its financial results for the second quarter and half-year ended 30th September 2025. The company reported its best-ever second quarter mined metal production of 258 Kt, alongside a five-year low zinc cost of production at $ 994 per tonne, improving 7% YoY and 2% QoQ.The company also recorded the highest-ever 2Q revenue from operations of Rs 8,549 crore, up 10% QoQ and 4% YoY, and the highest-ever 2Q EBITDA of Rs 4,467 crore, up 16% QoQ and 7% YoY, maintaining an industry-leading EBITDA margin of 52%. Resultantly, the profit after tax stood at Rs 2,649 crore, rising 19% QoQ and 14% YoY.
Silver remained a strong contributor, driving approximately 40% of overall profitability, reinforcing the company’s unique position to ride the emerging silver wave. During the quarter, Hindustan Zinc delivered superior total shareholder returns of 7%, significantly outperforming the Nifty 100’s 3% decline, underscoring its consistent value creation and operational excellence. Reflecting its robust market performance and growing investor confidence, the company was also included in the Nifty 100 and Nifty Next 50 indices, effective September 30, 2025.
In 2Q FY26, Hindustan Zinc commissioned a new 160 Ktpa Roaster at Debari and completed debottlenecking at the Dariba Smelting Complex, boosting overall production efficiency. During the quarter, the Board also approved India’s first 10 Mtpa Zinc Tailings Reprocessing Plant at Rampura Agucha — a significant milestone in advancing resource circularity and sustainable growth.
Commenting on Hindustan Zinc’s performance, Arun Misra, Chief Executive Officer, said:
“I am delighted to share that we have delivered the best-ever second quarter mined metal production with a 5-year lowest zinc cost of production of $994 per tonne, reflecting the continuous operational excellence, technology intervention and dedication of our people. Our inclusion into the International Council on Mining and Metals (ICMM) as the first-ever from India reiterates our deep commitment to responsible and sustainable mining. As we embark on our next phase of 2x growth expansion, recovering value from every resource, reusing materials through circular processes and growing portfolio of energy transition metals, we are driving India’s journey towards clean energy independence.”
Sandeep Modi, Chief Financial Officer, said:
“The quarter’s strong financial performance reflects the benefits of our cost efficiency and portfolio diversification. With silver contributing c.40% to profits, we are well positioned to leverage commodity tailwinds while strengthening our sustainable value creation through disciplined cost management, growth projects, value-added offerings, and critical mineral development. We are also proud to be included in the Nifty 100 and Nifty Next 50 indices – a recognition that reaffirms our strong fundamentals, consistent performance, and growing presence among India’s leading companies.”
ESG highlights:
- Fatality free operations during the year
- First Indian Company to join International Council on Mining and Metals (ICMM). This marks the council’s first new member since 2021. By joining ICMM, Hindustan Zinc aligns with 40 rigorous performance expectations spanning Environmental, Social and Governance (ESG) practices, further strengthening its spot amongst the global leaders in “responsible and sustainable” mining. The Company continues to set new benchmarks in responsible mining, reinforcing India’s pivotal role in delivering a sustainable and ethical resource future.
- Signed two additional MoUs with Greenline Mobility Solutions Ltd for deployment of 100 EV trucks for concent rate movement and LNG trucks for finished good logistics, taking the overall fleet to 400.
- Inaugurated India’s first Diesel-Electric Load Haul Dump (LDH)machine at Rajpura Dariba Mine.
- Zinc India Foundation was honoured with the ISC-FICCI Sanitation Award for Excellence in Wastewater Treatment & Reuse for its state-of-the-art sewage treatment plant in Udaipur.
- Hindustan Zinc’s R&D project “HZL’s Greener Steps Towards Sustainable Operations” was honoured as an “Excellent Environment Project” at the CII National Award for Environmental Best Practices 2025.
- Honoured with Gold at the prestigious Brandon Hall Group Human Capital Management Excellence Awards in the category of Best in Leading Diversity, Equity, Inclusion and Belonging (DEIB) Initiatives.
Financial Summary
(In Rs Crores or as stated)
| Particulars | 2Q | 1Q | 1H | |||||
| FY2026 | FY2025 | Change | FY2026 | Change | FY2026 | FY2025 | Change | |
| Sales1 | ||||||||
| Zinc | 5,354 | 5,078 | 5% | 4,935 | 8% | 10,289 | 10,403 | (1%) |
| Lead | 840 | 1,194 | (30%) | 872 | (4%) | 1,712 | 2,192 | (22%) |
| Silver | 1,706 | 1,550 | 10% | 1,427 | 20% | 3,133 | 2,977 | 5% |
| Others | 649 | 430 | 51% | 537 | 21% | 1,186 | 810 | 46% |
| Total | 8,549 | 8,252 | 4% | 7,771 | 10% | 16,320 | 16,382 | 0% |
| EBITDA | 4,467 | 4,164 | 7% | 3,860 | 16% | 8,328 | 8,109 | 3% |
| EBITDA Margin | 52% | 50% | – | 50% | – | 51% | 50% | – |
| Profit After Taxes (after exceptional items) | 2,649 | 2,327 | 14% | 2,234 | 19% | 4,883 | 4,672 | 5% |
| Earnings per Share2 | 6.3 | 5.5 | 14% | 5.3 | 19% | 11.6 | 11.1 | 5% |
| Mined Metal Production (‘000 MT) | 258 | 256 | 1% | 265 | -3% | 523 | 519 | 1% |
| Refined Metal Production (‘000 MT) | ||||||||
| Total Refined Metal (Zinc & Lead) | 246 | 262 | -6% | 250 | -1% | 496 | 524 | -5% |
| Zinc | 202 | 198 | 2% | 202 | 0% | 403 | 409 | -1% |
| Lead | 45 | 63 | -29% | 48 | -7% | 93 | 115 | -19% |
| Silver3 (in MT) | 144 | 184 | -22% | 149 | -4% | 293 | 350 | -16% |
| Wind Power (in million units) | 132 | 129 | 2% | 134 | -1% | 266 | 237 | 12% |
| Refined Metal Sales (‘000 MT) | ||||||||
| Total Refined Metal (Zinc & Lead) | 247 | 261 | -6% | 249 | -1% | 496 | 523 | -5% |
| Zinc | 202 | 198 | 2% | 201 | 0% | 403 | 408 | -1% |
| Lead | 45 | 63 | -29% | 48 | -7% | 93 | 115 | -19% |
| Silver (in MT) | 147 | 184 | -20% | 145 | 1% | 293 | 350 | -16% |
| Zinc CoP ($/MT) 4 | 994 | 1,071 | -7% | 1,010 | -2% | 1,002 | 1,089 | -8% |
| Zinc LME ($/MT) | 2,825 | 2,779 | 2% | 2,641 | 7% | 2,736 | 2,805 | -2% |
| Lead LME ($/MT) | 1,966 | 2,044 | -4% | 1,947 | 1% | 1,957 | 2,104 | -7% |
| Silver LBMA ($/oz.) | 39.4 | 29.4 | 34% | 33.7 | 17% | 36.6 | 29.2 | 26% |
| USD-INR (average) | 87.31 | 83.76 | 4% | 85.57 | 2% | 86.44 | 83.59 | 3% |
Note: all numbers reported are consolidated numbers unless otherwise mentioned
- Including other operating income
- ₹, not annualised
- Silver occurs in Lead & Zinc ore and is recovered in the smelting and silver-refining processes
- Cost of production (CoP) wherever referred is excluding royalty
Financial Performance
Revenue:
- Highest-ever 2Q revenue of Rs 8,549 crores during the quarter, up 10% QoQ driven by higher commodity prices, stronger dollar, andhigher by-product realisations, partly offset by lower production.
EBITDA:
- Best-ever second quarter EBITDA of Rs 4,467 crores, up 16% QoQ, driven by higher commodity prices, lower cost of production, higher by-product realisations, softened input commodity prices and stronger dollar was partly offset by lower production. The company continues to maintain an attractive industry leading EBITDA margin of 52% up c.260 bps QoQ.
Profit after taxes (PAT):
- Profit after tax stood at Rs 2,649 crores, up 19% QoQ in line with EBITDA. The effective tax rate for the quarter was 25.2%.
Zinc Cost of Production (COP):
- Clocked the 5-year lowest 2Q ZincCOP, which stood at US$ 994 per tonne, better sequentially driven by softened input commodity prices and higher by-product realisations.
Outlook for FY2026
| Particulars | FY2026 Revised Guidance |
| Production | |
| Mined Metal | 1,125 (±10) kt |
| Refined Metal | 1,075 (±10) kt |
| Saleable Silver | 680 (±10) MT |
| Zinc CoP | c.US$ 1,000 per MT |
| Growth Capex | US$ 350-400 million |
Liquidity and Investment
- As on September 30, 2025, the company had healthy gross investments and cash, and cash equivalents of Rs 8,155 crores invested in high quality debt instruments. Total borrowings outstanding as on September 30, 2025, was Rs 10,702 crores. The net debt stood at Rs 2,547 crores as on September 30, 2025,in comparison to Rs 4,185 crores as on June 30, 2025.
- Company has consistent Investment grade credit rating of AAA from CRISIL, demonstrating the strength of the balance sheet.
Contribution to Exchequer
- During the 1H, company has contributed to the national exchequer of Rs 8,367 crore. This includes the contribution to the Rajasthan state exchequer of Rs 2,467 crore, including mining royalties.
Project Update
- 160 Ktpa roaster at Debari commissioned.
- Completed cellhouse debottlenecking at Dariba Smelting Complex and completion of debottlenecking at Chanderiya Lead Zinc Smelter is expectedby 3QFY26. This will increase the overall metal capacity by 21 Ktpa.
- The 510 Ktpa Fertiliser plant is under progress and is expected to be completed by 1QFY27.
- The innovative hot acid leaching technology for recovery of lead and silver from smelting waste at Dariba is expected to be completed by 4QFY26.
- In June 2025, Board has approved plans for expanding the integrated refined metal capacity by 250 ktpaalong with matching mines & mills capacity with an investment of c.Rs 12,000 crores.Key EPC partners have been locked in, and completion is expected by 2QFY29.In August 2025,Board has approved India’s first tailings reprocessing plant at Rampura Agucha with a feed capacity of 10 Mtpa and an investment of ₹ 3,823 crore with expected completion by 4QFY28.
(India CSR)
