Hindustan Zinc Ltd.

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hzlindia.comBSE: 500188NSE: HINDZINC

Market Cap₹ 2,43,400 Cr.

Current Price

High / Low₹ 733 / 446

Stock P/E14.4

Book Value₹ 66

Price to Book9.44

Dividend Yield1.74 %

ROCE69.5 %

ROE76.7 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Zinc and Lead: 84.8% • Silver Metal: 14.6% • Wind Energy: 0.6%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 68.0%
Company has a healthy return on capital (ROCE) of 58.5%
Latest quarter profit grew 146.1% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.39x)
Company has been maintaining a healthy dividend payout of 30.8%

CONS

Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -4.2pp
Working capital days have increased from 5 to 48 days
Stock is trading at 9.4x its book value
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningNon - Ferrous MetalsMetal - Non Ferrous

Part ofNIFTY NEXT 50 NIFTY100 QUALTY30 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT

S.No.	Name
1.	HINDZINC	576.05	14.26	243399.50	1.74	5469.00	144.81	13747.00	81.10	69.83	58.56
2.	HINDALCO	981.90	13.45	220655.17	0.51	7013.00	75.15	84825.00	32.06	10.45	16.43
3.	VEDL	264.35	5.25	103371.11	12.86	7918.00	77.65	24205.00	-35.34	18.72	35.12
4.	HINDCOPPER	514.35	43.76	49738.88	0.56	352.37	162.47	936.50	81.36	39.44	54.17
5.	VOGL	36.76	0.00	14374.59	0.00	9450.00	—	25070.00	—	0.00	32.47
6.	GRAVITA	1667.00	31.39	12303.87	0.38	106.37	14.30	1475.06	41.84	17.18	7.44
7.	JAINREC	284.70	27.22	9824.59	0.00	69.41	22.79	2724.46	75.86	25.74	3.97
8.	CMRGREEN	216.55	22.33	4743.65	0.00	68.18	—	3122.73	91.98	13.41	4.33
9.	POCL	454.50	24.31	3466.84	0.44	358.80	42.58	9348.90	55.08	23.32	5.97
10.	ONIXSOLAR	437.95	26.86	1614.63	0.00	208.97	—	945.10	—	32.85	29.74
11.	ARDEE	50.87	18.93	1603.43	0.00	199.03	—	3388.11	—	49.04	9.90
12.	BHAGYANGR	422.90	22.54	1416.56	0.00	20.24	167.37	705.08	45.20	9.17	5.43

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	7,111	6,620	7,067	7,286	7,893	7,994	8,257	8,783	7,544	8,259	10,568	12,638	13,687
	3,934	3,653	3,790	3,896	4,179	4,138	4,098	4,258	3,907	4,099	4,917	5,822	6,743
Operating Profit	3,177	2,967	3,277	3,390	3,714	3,856	4,159	4,525	3,637	4,160	5,651	6,816	6,944
OPM %	44.68%	44.82%	46.37%	46.53%	47.05%	48.24%	50.37%	51.52%	48.21%	50.37%	53.47%	53.93%	50.73%
	287	231	305	280	277	185	221	230	282	237	319	280	315
Interest	218	232	243	262	256	319	285	251	239	259	195	187	132
Depreciation	801	825	904	936	843	875	903	1,013	911	881	944	1,053	918
Profit before Tax	2,616	2,313	2,678	2,736	3,129	3,095	3,491	3,749	2,948	3,523	5,185	6,706	7,259
Tax %	24.69%	24.90%	23.90%	25.37%	24.64%	25.75%	24.18%	20.62%	25.24%	25.29%	25.19%	25.48%	25.27%
Net Profit	1,970	1,737	2,038	2,042	2,358	2,298	2,647	2,976	2,204	2,632	3,879	4,997	5,425
	4.66	4.11	4.82	4.83	5.58	5.44	6.26	7.05	5.22	6.23	9.18	11.83	12.84

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	17,273	22,082	21,118	18,561	22,629	29,440	34,098	28,934	33,969	40,658	45,152
	7,534	9,812	10,448	9,714	10,957	13,214	16,586	15,273	16,673	18,745	21,581
Operating Profit	9,739	12,270	10,670	8,847	11,672	16,226	17,512	13,661	17,296	21,913	23,571
OPM %	56.38%	55.57%	50.53%	47.66%	51.58%	55.12%	51.36%	47.21%	50.92%	53.90%	52.20%
	2,474	1,956	1,782	1,934	1,819	1,082	1,382	1,103	913	1,118	1,151
Interest	202	246	113	112	386	290	333	955	1,111	880	773
Depreciation	1,811	1,483	1,883	2,279	2,531	2,917	3,264	3,466	3,634	3,789	3,796
Profit before Tax	10,200	12,497	10,456	8,390	10,574	14,101	15,297	10,343	13,464	18,362	22,673
Tax %	18.47%	25.77%	23.91%	18.89%	24.53%	31.71%	31.23%	24.71%	23.66%	25.32%	25.32%
Net Profit	8,316	9,276	7,956	6,805	7,980	9,630	10,520	7,787	10,279	13,712	16,933
EPS	19.68	21.95	18.83	16.11	18.89	22.79	24.90	18.43	24.33	32.45	—
Dividend Payout %	149.37%	36.44%	106.21%	102.44%	112.77%	78.97%	303.22%	70.53%	119.20%	30.81%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 12%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: 5%
5 Years:: 11%
3 Years:: 9%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: 12%
3 Years:: 22%
1 Year:: 29%

RETURN ON EQUITY

10 Years:: 39%
5 Years:: 56%
3 Years:: 68%
Last Year:: 77%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	845	845	845	845	845	845	845	845	845	845
	29,960	35,087	32,760	39,465	31,468	33,437	12,097	14,388	12,445	21,630
	8,557	861	3,502	1,701	7,517	3,430	11,104	7,247	9,968	6,096
Trade Payables	824	947	1,174	1,488	1,545	2,038	2,086	2,102	2,208	3,075
	8,861	2,984	2,252	1,654	3,294	4,921	9,322	9,322	8,952	10,527
Total Liabilities	49,047	40,724	40,533	45,153	44,669	44,671	35,454	33,904	34,418	42,173
	9,993	11,302	14,778	16,469	16,808	17,396	17,562	17,946	18,415	19,751
Capital Work in Progress	3,071	3,220	2,254	2,489	1,922	2,075	2,107	1,529	2,552	3,382
	23,783	20,222	19,488	20,329	12,957	15,052	10,107	10,452	9,971	14,440
	1,936	1,379	1,544	1,835	1,425	1,953	1,862	1,924	1,882	2,051
	0	0	0	0	0	0	0	161	112	399
Cash & Bank	8,380	1,964	23	1,918	9,376	5,763	1,412	173	175	314
	1,884	2,637	2,446	2,113	2,181	2,432	2,404	1,719	1,311	1,836
Total Assets	49,047	40,724	40,533	45,153	44,669	44,671	35,454	33,904	34,418	42,173

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,926	12,828	11,341	7,756	12,322	15,082	18,306	13,343	14,127	16,857
Cash from Investing	12,007	2,396	-1,092	-2,648	-2,435	846	6,525	-3,405	-2,658	-8,760
Cash from Financing	-11,266	-18,612	-9,630	-2,098	-9,697	-12,258	-23,224	-9,946	-11,426	-7,899
	8,329	-6,416	-1,941	1,875	-1,565	1,279	-1,533	-8	43	198

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
64.92	63.42	63.42	63.42	61.84	61.84	61.84	60.71	60.71
0.74	1.01	1.38	1.42	1.36	1.32	1.53	2.38	2.19
3.01	3.12	4.12	4.14	4.81	4.92	4.68	4.84	4.96
29.54	29.54	27.92	27.92	27.92	27.92	27.92	27.92	27.92
1.78	2.92	3.16	3.10	4.07	4.01	4.01	4.13	4.22

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Hindustan Zinc Limited has informed the Exchange about Schedule of meet

2026-09-09

Press Release

2026-09-09 - Hindustan Zinc Limited has informed the Exchange regarding a press release dated September 09, 2026, titled "Hindustan Zinc Limited has signed a six-year transportation agreement with MFL India Limited for the deployment of 30 electric trucks for concentrate transportation, reinforcing the Company's ongoing mine-to-smelter decarbonisation initiative".

2026-09-03

General Updates

2026-09-03 - Hindustan Zinc Limited has informed the Exchange about Intimation under the Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations, 2015 (SEBI Listing Regulations)-ESG Rating(s)

2026-09-03

Updates

2026-09-03 - Hindustan Zinc Limited has informed the Exchange regarding 'Issuance of Letter of Intent in favor of the Preferred Bidder'.

2026-08-25

Rescission/termination(s)

2026-08-25 - Hindustan Zinc Limited has informed the Exchange about Rescission/termination(s)

2026-08-18

Press Release

2026-08-18 - Hindustan Zinc Limited has informed the Exchange regarding a press release dated August 18, 2026, titled "Hindustan Zinc increases renewable power consumption to 22%; Targets 70% by FY28".

2026-08-15

Change in Director(s)

2026-08-15 - Hindustan Zinc Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-15

Outcome of Board Meeting

2026-08-15 - Hindustan Zinc Limited has informed the Exchange regarding Outcome of Board Meeting held on August 15, 2026.

2026-08-14

General Updates

2026-08-14 - Hindustan Zinc Limited has informed the Exchange about General Updates

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