Financial Performance Summary

Hindustan Zinc Limited reported strong financial results for the first quarter ended June 30, 2026 (Q1FY27). Revenue from operations stood at ₹13,747 crore, representing a 77% increase year-over-year (YoY) from ₹7,771 crore in Q1FY26 and a 1% increase quarter-over-quarter (QoQ) from ₹13,544 crore in Q4FY26.

EBITDA reached ₹8,074 crore, showing a significant 109% increase YoY from ₹3,860 crore in Q1FY26 and a 4% increase QoQ from ₹7,747 crore in Q4FY26. EBITDA margin improved to 59% compared to 50% in Q1FY26 and 57% in Q4FY26.

Operational Performance

Production Metrics:

  • Mined metal production: 268 KT (up 1% YoY from 265 KT, down 15% QoQ from 315 KT)
  • Refined metal production: 260 KT (up 4% YoY from 250 KT, down 8% QoQ from 282 KT)
  • Refined Zinc: 213 KT (includes 3.3 KT from Hindustan Zinc Alloys)
  • Refined Lead: 47 KT
  • Refined saleable silver: 149 tonnes (flat YoY, down 16% QoQ from 176 tonnes)
  • Wind power generation: 133 million units (down 1% YoY from 134 million units, up 138% QoQ from 56 million units)

Cost Performance:

  • Zinc Cost of Production (excluding royalty): ₹80,446/MT ($851/MT) - lowest since underground transition
  • Represents a 7% decrease in INR terms and 16% decrease in USD terms YoY
  • Represents a 3% decrease in INR terms and 6% decrease in USD terms QoQ
  • Zinc Cost of Production (including royalty): $1,330/MT

Market Price Performance

Commodity Prices during Q1FY27:

  • Zinc LME Price: $3,466/MT (up 31% YoY from $2,641/MT, up 7% QoQ from $3,241/MT)
  • Lead LME Price: $1,954/MT (flat YoY at 0.4% increase from $1,947/MT, up 1% QoQ from $1,931/MT)
  • Silver LBMA Price: $73.2/oz (up 117% YoY from $33.7/oz, down 13% QoQ from $84.3/oz)
  • INR:USD exchange rate: 94.58 (up 11% YoY from 85.57, up 3% QoQ from 91.50)

EBITDA Sensitivity Analysis:

  • Zinc price change: $100/MT change impacts EBITDA by ₹725-750 crore
  • Lead price change: $100/MT change impacts EBITDA by ₹150-175 crore
  • Silver price change: $1/toz change impacts EBITDA by ₹200-225 crore
  • INR/USD exchange rate: ₹1 change impacts EBITDA by ₹325-350 crore
  • Zinc COP change: $25/MT change impacts EBITDA by ₹225-250 crore

Growth Projects Update

250 KTPA Integrated Refined Metal Capacity Expansion:

  • Target: Increase refined metal capacity from 1,129 KTPA to 1,379 KTPA at Debari
  • Mined metal capacity expansion from 1,180 KTPA to 1,510 KTPA across mines
  • Total approved investment: approximately ₹12,000 crore
  • Target completion: Q2FY29
  • Current status: Detailed engineering and supply ordering in progress, mine development commenced

India's First Zinc Tailings Reprocessing Plant:

  • Feed capacity: 10 MTPA
  • Total approved investment: ₹3,823 crore
  • Target completion: Q4FY28
  • Current status: Major supply orders placed, construction commenced, site mobilization completed

Other Projects:

  • Hot Acid Leaching Technology: Expected completion Q2FY27, potential to produce 27 TPA silver and 6 KTPA lead annually
  • 510 KTPA Fertilizer Plant: Expected completion Q2FY27

Critical Minerals Development

HZL is developing multiple critical mineral blocks:

  • Balepalyam, Andhra Pradesh: Tungsten (308.3 ha, 0.07 MnT resources)
  • Jhandawali Satipura, Rajasthan: Potash (1,841.2 ha, 18.07 MnT resources)
  • Nawatola Laband, Uttar Pradesh: Rare Earth Elements (201.0 ha, 0.182 MnT resources)
  • Gundlupet, Karnataka: REE & Yttrium (314.2 ha, REE: 11.48 MnT, Y: 7.18 MnT resources)

Sustainability Goals 2030

Climate Change & Decarbonization:

  • Target: 50% reduction in Scope 1 and 2 emissions by 2030
  • Target: 25% reduction in Scope 3 emissions by 2030
  • Net Zero target by 2050 or sooner
  • FY27 actions: 530 MW renewable energy through long-term PDA, expand EcoZen adoption, deploy EV buses

Circular Economy:

  • Target: >90% zero waste to landfill for all smelting process waste
  • FY27 actions: Ramp up Fumer plant, progress 10 MTPA tailing reprocessing plant, minor metal recovery

Water Stewardship:

  • Target: 50% reduction in freshwater consumption, 100% low quality water for smelting
  • FY27 actions: Mine dewatering recycling, municipal sewage water use at Chanderiya

Biodiversity:

  • Target: Halt and reverse biodiversity loss, no net loss at all mine sites
  • FY27 actions: 250-hectare natural forest development at Chanderiya

Safety & Diversity:

  • Target: Zero fatality, 30% gender diversity in decision-making roles
  • FY27 actions: Global experts for CRM implementation, women leadership programs

Awards and Recognition

  • Top 1% in S&P Global Sustainability Yearbook 2025
  • TIME's World's Most Sustainable Companies 2026
  • Best Sustainable & Green Logistics Award
  • Gold in Champion of Sustainable Procurement Practices
  • CII Gender Parity Awards (Business Excellence and Catalyst for Change)
  • GreenCo Silver Rating for Rajpura Dariba Mine and Kayad Mine
  • Silver Award in Apex India Occupational Health & Safety Awards 2025
  • Multiple awards for Zinc Football Academy

Contribution to Exchequer

  • National exchequer contribution in Q1FY27: approximately ₹6,450 crores
  • Rajasthan exchequer contribution in Q1FY27: approximately ₹1,700 crores (including mining royalties)

Investor Relations

Earnings call scheduled for July 24, 2026, at 16:00 hours IST with conference dial-in information provided.