UDAIPUR (India CSR): Hindustan Zinc Limited, listed on the BSE under code 500188 and on the NSE as HINDZINC, commenced FY2027 with its strongest-ever first-quarter performance.
The company reported its highest-ever quarterly revenue from operations of Rs 13,747 crore, an increase of 77% year-on-year. Quarterly EBITDA rose 109% YoY to a record Rs 8,074 crore, while net profit increased 145% YoY to an all-time high of Rs 5,469 crore.
The financial performance was supported by the company’s highest-ever first-quarter mined metal production of 268 KT and its lowest-ever quarterly zinc cost of production of US$851 per tonne.
The company said the performance reflected strong production, disciplined cost management, resilient margins and improved cash generation. Hindustan Zinc also maintained its position among the world’s lowest-cost zinc producers.
Leadership Updates
Amarendu Prakash Appointed CEO and Whole-Time Director
The Board of Directors has appointed Amarendu Prakash as Chief Executive Officer and Whole-Time Director of Hindustan Zinc Limited, effective August 1, 2026.
Prakash has more than three decades of experience in India’s steel industry. He previously served as Chairman and Managing Director of Steel Authority of India Limited from 2023 to 2026.
During his tenure at SAIL, he led initiatives related to operational improvement, capacity expansion, digital transformation and organisational performance.
Amit Gupta Appointed Chief Financial Officer
Amit Gupta assumed the role of Chief Financial Officer of Hindustan Zinc Limited with effect from June 1, 2026.
A qualified Chartered Accountant with more than two decades of experience, Gupta has worked across strategic finance, capital allocation, business transformation, cost optimisation and corporate governance within Vedanta Group companies.
ESG Highlights
Hindustan Zinc said its environmental, social and governance initiatives are focused on strengthening operational resilience, managing risks and supporting long-term value creation.
Key developments during the quarter included:
- Rampura Agucha Mine became India’s first mine, after Chanderiya, to receive Zinc Mark certification
- The company was included in the Dow Jones Best-in-Class Index for emerging markets for the first time
- India’s first 250-metric-tonne-capacity electric crane was deployed at Zinc Smelter Debari
- Rajasthan’s first and largest fleet of 41 electric buses was introduced for workforce transportation at Zinc Smelter Debari in partnership with Enviiro Wheels Mobility Private Limited
- Hindustan Zinc was featured in TIME’s World’s Most Sustainable Companies 2026 list
- The company signed an MoU with Advantek Associates LLP and Aero Eagle Automobiles Private Limited to explore hydrogen fuel and other clean-energy solutions
- An MoU was signed with The Energy and Resources Institute to develop a 250-hectare ecological restoration project at the Chanderiya Lead Zinc Smelter
Management Comments
Commenting on the performance, Arun Misra, Chief Executive Officer of Hindustan Zinc, said:
“We have started the year on a strong note with our highest-ever first-quarter mined metal production of 268 KT for the fifth consecutive year, reflecting the strength of our world-class assets and our continued focus on operational excellence. Our debottlenecking initiatives continue to enhance refined metal production and reinforce our position as one of the world’s lowest-cost zinc producers. As demand for zinc continues to be driven by infrastructure and the energy transition, we remain committed to delivering responsible growth and long-term value for our stakeholders.”
Amit Gupta, Chief Financial Officer, said:
“Hindustan Zinc delivered a strong quarter, with net profit increasing 145% year-on-year to a record Rs 5,469 crore, supported by the highest-ever quarterly EBITDA of Rs 8,074 crore, up 109% year-on-year. This performance reflects our focus on operational excellence, cost competitiveness and disciplined financial management. Backed by a strong balance sheet and prudent capital allocation, we remain well positioned to deliver consistent growth while generating sustainable long-term value for our stakeholders.”
Financial Summary
Figures in Rs crore unless otherwise stated
| Particulars | Q1 FY2027 | Q1 FY2026 | YoY Change | Q4 FY2026 | QoQ Change |
|---|---|---|---|---|---|
| Zinc sales | 7,304 | 4,935 | 48% | 6,997 | 4% |
| Lead sales | 1,086 | 872 | 25% | 1,153 | (6%) |
| Silver sales | 3,839 | 1,427 | 169% | 4,032 | (5%) |
| Other sales | 1,518 | 537 | 183% | 1,362 | 11% |
| Total revenue | 13,747 | 7,771 | 77% | 13,544 | 1% |
| EBITDA | 8,074 | 3,860 | 109% | 7,747 | 4% |
| EBITDA margin | 59% | 50% | — | 57% | — |
| Net profit after exceptional items | 5,469 | 2,234 | 145% | 5,033 | 9% |
| Earnings per share | 12.9 | 5.3 | 145% | 11.9 | 9% |
Production and Sales
| Particulars | Q1 FY2027 | Q1 FY2026 | YoY Change | Q4 FY2026 | QoQ Change |
|---|---|---|---|---|---|
| Mined metal production, ‘000 MT | 268 | 265 | 1% | 315 | (15%) |
| Total refined metal production, ‘000 MT | 260 | 250 | 4% | 282 | (8%) |
| Refined zinc production, ‘000 MT | 213 | 202 | 6% | 227 | (6%) |
| Refined lead production, ‘000 MT | 47 | 48 | (2%) | 55 | (14%) |
| Silver production, MT | 149 | 149 | — | 176 | (16%) |
| Lead concentrate sales, ‘000 MT | 10 | — | — | 12 | — |
| Total refined metal sales, ‘000 MT | 258 | 249 | 3% | 282 | (9%) |
| Zinc sales, ‘000 MT | 211 | 201 | 5% | 228 | (7%) |
| Lead sales, ‘000 MT | 47 | 48 | (2%) | 55 | (14%) |
| Silver sales, MT | 149 | 145 | 2% | 176 | (16%) |
| Wind power generation, million units | 133 | 134 | (1%) | 56 | 138% |
Prices and Cost Indicators
| Indicator | Q1 FY2027 | Q1 FY2026 | YoY Change | Q4 FY2026 | QoQ Change |
|---|---|---|---|---|---|
| Zinc cost of production, US$/MT | 851 | 1,010 | (16%) | 903 | (6%) |
| Zinc LME, US$/MT | 3,466 | 2,641 | 31% | 3,241 | 7% |
| Lead LME, US$/MT | 1,954 | 1,947 | 0.4% | 1,931 | 1% |
| Silver LBMA, US$/oz. | 73.2 | 33.7 | 117% | 84.3 | (13%) |
| Average USD-INR exchange rate | 94.58 | 85.57 | 11% | 91.50 | 3% |
Notes
- All figures are consolidated unless otherwise stated.
- Revenue includes other operating income.
- Earnings per share is stated in rupees and is not annualised.
- Silver occurs in lead and zinc ore and is recovered through smelting and silver-refining processes.
- Lead concentrate sales include the silver equivalent of 9 MT in Q1 FY2027 and 16 MT in Q4 FY2026.
- Lead concentrate sales include the refined lead equivalent of 6 KT in Q1 FY2027 and 6 KT in Q4 FY2026.
- Zinc cost of production excludes royalty.
Financial Performance
Revenue
Revenue from operations stood at Rs 13,747 crore during the quarter, up 77% YoY.
The increase was driven by higher metal prices, increased metal production, lead concentrate sales, improved by-product realisation and a stronger US dollar.
EBITDA
EBITDA increased 109% YoY to Rs 8,074 crore, supported by higher production, improved metal prices, a lower cost of production, lead concentrate sales and favourable currency movement.
The company reported an EBITDA margin of approximately 59%, an improvement of around 900 basis points compared with the corresponding quarter of the previous year.
Net Profit
Net profit for the quarter stood at Rs 5,469 crore, up 145% YoY, in line with the record EBITDA performance.
The effective tax rate for the quarter was 25.23%.
Zinc Cost of Production
Zinc cost of production, excluding royalty, stood at US$851 per tonne, improving 16% YoY.
The reduction was attributed to improved mined grades, higher metal production, increased use of renewable power and better by-product realisation.
These benefits were partly offset by lower domestic coal usage and higher input commodity prices amid continuing global geopolitical uncertainty.
Liquidity and Investments
As of June 30, 2026, Hindustan Zinc had gross investments and cash of Rs 12,892 crore.
Total outstanding borrowings stood at Rs 7,320 crore.
The company maintained an AAA investment-grade credit rating from CRISIL.
Contribution to the National Exchequer
During the quarter, Hindustan Zinc contributed approximately Rs 6,450 crore to the national exchequer.
This included around Rs 1,700 crore contributed to the Rajasthan state exchequer, including mining royalties.
Project Updates
- The 510 KTPA fertiliser plant is progressing and is expected to be completed by the second quarter of FY2027
- The hot acid leaching project for recovering lead and silver from smelting waste at Dariba is expected to be completed by the second quarter of FY2027
- Detailed engineering and supply ordering are underway for the 250 KTPA integrated refined zinc capacity expansion at Debari, while mine development has commenced. The project is expected to be completed by the second quarter of FY2029
- India’s first 10 MTPA tailings reprocessing plant at Rampura Agucha is progressing according to schedule. Major supply orders have been placed and construction has commenced, with completion expected by the fourth quarter of FY2028
(India CSR)
