Hindustan Zinc Ltd.

BSE: HINDZINC500188ISIN INE267A01025

Commodities
Zinc
BSE 200

Share price

₹549.00+24.00 (+4.57%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹732.60
52W low: ₹453.50
Off 52W high: -25.06%
1M return: -2.24%
3M return: -7.78%
6M return: -13.48%
1Y return: +15.99%
20D avg volume: 1,99,945
50 DMA: ₹562.56
200 DMA: ₹578.95

Key ratios Consolidated

Market cap: ₹2,31,970 Cr
Current price: ₹549.00
52W high / low: ₹732.60 / ₹453.50
Face value: ₹2.00
P/E: 11.14
P/B: 7.74
EPS (TTM): ₹49.30
Book value / share: ₹70.93
ROE: —
ROCE: 62.40%
Operating margin: —
Net margin: —
Debt / equity: 0.36
Net debt: ₹7,955 Cr
Interest cover: 22.01
Dividend yield: 2.00%
Dividend / share (TTM): ₹11.00
Payout: 22.31%
Cash conversion cycle: -5.5 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	15,093	13,747	13,544	10,980	8,549	7,771	9,087	8,614	8,252	8,130	7,549	7,310
	374.00	316.00	280.00	293.00	238.00	279.00	227.00	218.00	270.00	268.00	273.00	296.00
	15,467	14,063	13,824	11,273	8,787	8,050	9,314	8,832	8,522	8,398	7,822	7,606
	6,895	6,749	7,073	6,068	5,245	5,065	5,532	5,305	5,309	5,284	5,099	4,937
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	221.00	204.00	185.00	206.00	188.00	192.00	227.00	243.00	187.00	229.00	227.00	197.00
	88.00	132.00	187.00	195.00	259.00	240.00	251.00	285.00	303.00	256.00	262.00	243.00
	962.00	920.00	1,048	947.00	882.00	913.00	1,014	905.00	877.00	844.00	937.00	905.00
	5,378	5,549	5,907	4,609	3,956	3,732	4,297	2,219	2,124	2,262	2,237	2,023
	8,572	7,314	6,751	5,205	3,542	2,985	3,782	3,527	3,213	3,114	2,723	2,669
	0.00	0.00	0.00	25.00	0.00	0.00	0.00	0.00	-83.00	0.00	0.00	0.00
	8,572	7,314	6,751	5,230	3,542	2,985	3,782	3,527	3,130	3,114	2,723	2,669
	2,160	1,845	1,718	1,314	893.00	751.00	779.00	849.00	803.00	769.00	685.00	641.00
	6,412	5,469	5,033	3,916	2,649	2,234	3,003	2,678	2,327	2,345	2,038	2,028
	15.18	12.94	11.91	9.27	6.27	5.29	7.11	6.34	5.51	5.55	4.82	4.80
Key metrics
	9,622	8,366	7,986	6,372	4,683	4,138	5,047	4,717	4,310	4,214	3,922	3,817
	63.80%	60.90%	59.00%	58.00%	54.80%	53.20%	55.50%	54.80%	52.20%	51.80%	52.00%	52.20%
	42.50%	39.80%	37.20%	35.70%	31.00%	28.70%	33.00%	31.10%	28.20%	28.80%	27.00%	27.70%
	23.50%	—	22.30%	—	16.90%	—	17.30%	—	—	—	—	—
	76.50%	76.90%	49.00%	27.50%	3.60%	-4.40%	20.40%	17.80%	—	—	—	—
	142.10%	144.80%	67.60%	46.20%	13.80%	-4.70%	47.40%	32.10%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	53,364	40,844	34,083	28,932	33,272	29,440
	1,263	1,090	983.00	1,074	2,205	1,216
	54,627	41,934	35,066	30,006	35,477	30,656
	26,785	23,451	21,430	19,699	20,189	16,422
	0.00	0.00	0.00	—	—	—
	0.00	0.00	0.00	—	—	—
	816.00	771.00	886.00	828.00	845.00	718.00
	602.00	881.00	1,095	955.00	333.00	290.00
	3,877	3,790	3,640	3,468	3,264	2,917
	21,443	18,204	15,873	8,245	8,111	6,656
	27,842	18,483	13,636	10,307	15,288	14,234
	25.00	25.00	-83.00	0.00	0.00	-134.00
	27,867	18,508	13,553	10,307	15,288	14,100
	7,037	4,676	3,200	2,548	4,777	4,471
	20,830	13,832	10,353	7,759	10,511	9,629
	49.30	32.74	24.50	18.36	24.88	22.79
Key metrics
	32,346	23,179	18,288	14,730	18,885	17,307
	60.61%	56.80%	53.70%	50.90%	56.80%	58.80%
	39.03%	33.90%	30.40%	26.80%	31.60%	32.70%
	—	62.40%	62.90%	—	—	—
	56.86%	19.80%	17.80%	-13.00%	13.00%	—
	97.18%	33.60%	33.40%	-26.20%	9.20%	—
	—	11,733	10,154	—	—	—
	—	1.23	1.37	—	—	—
	—	0.36	0.80	—	—	—
	—	7,955	10,555	—	—	—
	—	-5.5	-2.1	—	—	—
Balance sheet
	—	42,370	34,490	—	—	—
	—	16,600	11,626	—	—	—
	—	297.00	96.00	—	—	—
	—	399.00	117.00	—	—	—
	—	2,054	1,889	—	—	—
	—	409.00	251.00	—	—	—
	—	19,846	18,485	—	—	—
	—	3,073	2,204	—	—	—
	—	11,274	11,199	—	—	—
	—	8,252	10,651	—	—	—
	—	3,638	4,661	—	—	—
	—	4,614	5,990	—	—	—
	—	22,629	13,326	—	—	—
Cash flow
	—	17,008	14,160	—	—	—
	—	-8,906	-2,706	—	—	—
	—	-7,901	-11,411	—	—	—
	—	5,275	4,006	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	14,961	13,687	13,488	10,922	8,525	7,723	9,041	8,556	8,242	8,130	7,550	7,310
	373.00	315.00	280.00	294.00	237.00	282.00	230.00	221.00	268.00	277.00	280.00	305.00
	15,334	14,002	13,768	11,216	8,762	8,005	9,271	8,777	8,510	8,407	7,830	7,615
	6,875	6,743	7,062	6,056	5,239	5,057	5,522	5,286	5,332	5,278	5,094	4,937
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	219.00	202.00	183.00	204.00	184.00	190.00	224.00	242.00	184.00	228.00	227.00	197.00
	88.00	132.00	187.00	195.00	259.00	239.00	251.00	285.00	319.00	256.00	262.00	243.00
	960.00	918.00	1,053	944.00	881.00	911.00	1,013	903.00	875.00	843.00	936.00	904.00
	5,366	5,541	5,899	4,603	3,953	3,726	4,292	2,218	2,122	2,260	2,232	2,024
	8,459	7,259	6,706	5,160	3,523	2,948	3,749	3,491	3,178	3,129	2,736	2,678
	0.00	0.00	0.00	25.00	0.00	0.00	0.00	—	-83.00	—	—	—
	8,459	7,259	6,706	5,185	3,523	2,948	3,749	3,491	3,095	3,129	2,736	2,678
	2,142	1,834	1,709	1,306	891.00	744.00	773.00	844.00	797.00	771.00	694.00	640.00
	6,317	5,425	4,997	3,879	2,632	2,204	2,976	2,647	2,298	2,358	2,042	2,038
	14.95	12.84	11.83	9.18	6.23	5.22	7.05	6.26	5.44	5.58	4.83	4.82
Key metrics
	9,507	8,309	7,946	6,324	4,663	4,098	5,013	4,679	4,289	4,228	3,934	3,825
	63.50%	60.70%	58.90%	57.90%	54.70%	53.10%	55.40%	54.70%	52.00%	52.00%	52.10%	52.30%
	42.20%	39.60%	37.00%	35.50%	30.90%	28.50%	32.90%	30.90%	27.90%	29.00%	27.00%	27.90%
	23.40%	—	22.30%	—	16.90%	—	17.20%	—	—	—	—	—
	75.50%	77.20%	49.20%	27.70%	3.40%	-5.00%	19.70%	17.00%	—	—	—	—
	140.00%	146.10%	67.90%	46.50%	14.50%	-6.50%	45.70%	29.90%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	53,058	40,658	33,969	28,934	33,272	29,440	22,629	18,561	21,118	22,521
	1,262	1,093	996.00	1,103	2,208	1,216	1,819	1,934	1,782	1,751
	54,320	41,751	34,965	30,037	35,480	30,656	24,448	20,495	22,900	24,272
	26,736	23,414	21,418	19,694	20,183	16,421	13,874	12,105	12,444	12,015
	0.00	0.00	0.00	—	—	—	—	—	—	—
	0.00	0.00	0.00	—	—	—	—	—	—	—
	808.00	761.00	878.00	826.00	843.00	717.00	760.00	689.00	905.00	776.00
	602.00	880.00	1,111	955.00	333.00	290.00	386.00	112.00	113.00	283.00
	3,875	3,789	3,634	3,466	3,264	2,917	2,531	2,279	1,883	1,483
	21,409	18,181	15,857	8,243	8,107	6,656	5,467	5,259	5,221	4,238
	27,584	18,337	13,547	10,343	15,297	14,235	10,574	8,390	10,456	12,257
	25.00	25.00	-83.00	—	—	-134.00	—	—	—	240.00
	27,609	18,362	13,464	10,343	15,297	14,101	10,574	8,390	10,456	12,497
	6,991	4,650	3,185	2,556	4,777	4,471	2,594	1,585	2,500	3,221
	20,618	13,712	10,279	7,787	10,520	9,630	7,980	6,805	7,956	9,276
	48.80	32.45	24.33	18.43	24.90	22.79	18.89	16.11	18.83	—
Key metrics
	32,086	23,031	18,209	14,764	18,894	17,308	13,491	10,781	12,452	14,263
	60.47%	56.60%	53.60%	51.00%	56.80%	58.80%	59.60%	58.10%	59.00%	63.30%
	38.86%	33.70%	30.30%	26.90%	31.60%	32.70%	35.30%	36.70%	37.70%	41.20%
	—	62.20%	62.70%	—	—	—	—	—	—	—
	56.77%	19.70%	17.40%	-13.00%	13.00%	30.10%	21.90%	-12.10%	-6.20%	—
	97.13%	33.40%	32.00%	-26.00%	9.20%	20.70%	17.30%	-14.50%	-14.20%	—
	—	11,571	9,807	—	—	—	—	—	—	—
	—	1.23	1.37	—	—	—	—	—	—	—
	—	0.37	0.80	—	—	—	—	—	—	—
	—	7,960	10,557	—	—	—	—	—	—	—
	—	-5.6	-2.3	—	—	—	—	—	—	—
Balance sheet
	—	42,173	34,418	—	—	—	—	—	—	—
	—	16,564	11,643	—	—	—	—	—	—	—
	—	292.00	94.00	—	—	—	—	—	—	—
	—	399.00	112.00	—	—	—	—	—	—	—
	—	2,051	1,882	—	—	—	—	—	—	—
	—	406.00	247.00	—	—	—	—	—	—	—
	—	19,708	18,358	—	—	—	—	—	—	—
	—	3,075	2,208	—	—	—	—	—	—	—
	—	11,241	11,175	—	—	—	—	—	—	—
	—	8,252	10,651	—	—	—	—	—	—	—
	—	3,638	4,661	—	—	—	—	—	—	—
	—	4,614	5,990	—	—	—	—	—	—	—
	—	22,475	13,290	—	—	—	—	—	—	—
Cash flow
	—	16,857	14,127	—	—	—	—	—	—	—
	—	-8,760	-2,658	—	—	—	—	—	—	—
	—	-7,899	-11,426	—	—	—	—	—	—	—
	—	5,286	4,320	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +6.91%
Sales CAGR 5Y: +12.43%
Profit CAGR 3Y: +9.23%
Profit CAGR 5Y: +11.43%
Sales YoY (TTM): +56.77%
Profit YoY (TTM): +97.13%

Consolidated

Sales CAGR 3Y: +7.07%
Sales CAGR 5Y: —
Profit CAGR 3Y: +9.58%
Profit CAGR 5Y: —
Sales YoY (TTM): +56.86%
Profit YoY (TTM): +97.18%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Coverage

INFORMED coverage

Hindustan Zinc Q2 profit hits record Rs 6,412 crore on silver rally and lower costs

Shareholding as of 30 Sep 2026

Promoter holding: 60.71%

Quarter	September 2026	June 2026
Promoter %	60.71%	60.71%

Holder	Type	Holding	Previous	Change
VEDANTA LIMITED	Promoter	60.71%	60.71%	0.00%
PRESIDENT OF INDIA A/C HINDUSTAN ZINC LTD	Public	27.92%	27.92%	0.00%
LIFE INSURANCE CORPORATION OF INDIA	Public	2.24%	—	—
THE BOEING COMPANY EMPLOYEE RETIREMENT PLANS MASTE	Public	0.01%	0.01%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Hindustan Zinc Ltd.	2,31,970	549.00	11.14	62.40%	+56.86% TTM	+97.18% TTM	+15.99%
SIZEMASTERS TECHNOLOGY LIMITED	380	380.00	91.43	26.50%	+91.21% TTM	+50.72% TTM	+173.97%

Filings & corporate actions

Recent announcements

Please refer the enclosed file.4 Nov 2026 · Company Update / Newspaper Publication
Please refer the enclosed file3 Nov 2026 · Company Update / Press Release / Media Release
Hindustan Zinc has launched two new value-added zinc products, ''VedAZ'' and ''VedAyush'', next generation zinc alloys for the galvanizing industry.3 Nov 2026 · Company Update / General
Please refer the enclosed file.3 Nov 2026 · AGM/EGM / Postal Ballot
Please refer the enclosed file30 Oct 2026 · Company Update / Newspaper Publication
Please refer the enclosed file.23 Oct 2026 · Company Update / Earnings Call Transcript
Please refer the enclosed file.20 Oct 2026 · Company Update / Newspaper Publication
Please refer the enclosed file19 Oct 2026 · Result / Financial Results
Please refer the enclosed file19 Oct 2026 · Company Update / Investor Presentation
Please refer the enclosed file19 Oct 2026 · Company Update / Press Release / Media Release
Please refer the enclosed file19 Oct 2026 · Board Meeting / Outcome of Board Meeting
Please refer the enclosed file17 Oct 2026 · AGM/EGM / Postal Ballot
Please refer the enclosed file17 Oct 2026 · AGM/EGM / Postal Ballot
Please refer the enclosed file.16 Oct 2026 · Company Update / General
Please refer the enclosed file.13 Oct 2026 · Company Update / Analyst / Investor Meet
Hindustan Zinc Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 19/10/2026 ,inter alia, to consider and approve Unaudited Financial Results ....13 Oct 2026 · Board Meeting / Board Meeting
Please refer the enclosed file.7 Oct 2026 · Company Update / General
Please refer the enclosed file.6 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on October ....5 Oct 2026 · Insider Trading / SAST / Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on September ....5 Oct 2026 · Insider Trading / SAST / Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011
Please refer the enclosed file3 Oct 2026 · Company Update / General
The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 30, 2026 for Vedanta Ltd1 Oct 2026 · Insider Trading / SAST / Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011
The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 30, 2026 for Vedanta Ltd1 Oct 2026 · Insider Trading / SAST / Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Axis Trustee Services Ltd1 Oct 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Please refer the enclosed file.28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for SBICAP Trustee Company Ltd22 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Please refer the enclosed file.22 Sep 2026 · Company Update / Analyst / Investor Meet
Please refer the enclosed file.18 Sep 2026 · Company Update / General
Please refer the enclosed file.17 Sep 2026 · Company Update / Newspaper Publication
Please refer the enclosed file.16 Sep 2026 · AGM/EGM / Postal Ballot
Please refer the enclosed file.9 Sep 2026 · Company Update / Analyst / Investor Meet
Please refer the enclosed file.9 Sep 2026 · Company Update / Press Release / Media Release
Please refer the enclosed file3 Sep 2026 · Company Update / General
Please refer the enclosed file3 Sep 2026 · Company Update / General
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for SBICAP Trustee Company Ltd2 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Please refer the enclosed file25 Aug 2026 · Others
Hindustan Zinc Limited has increased its renewable power consumption to 22% and is targeting 70% by FY 202818 Aug 2026 · Company Update / Press Release / Media Release
Please refer the enclosed file15 Aug 2026 · Company Update / Change in Directorate
Please refer the enclosed file15 Aug 2026 · Others / Outcome without intimation
Please refer the enclosed file.14 Aug 2026 · Company Update / General

Corporate actions

Purpose	Ex date	Record date	Payment date
Interim Dividend - Rs. - 11.0000	30 Apr 2026	30 Apr 2026	—
Interim Dividend - Rs. - 10.0000	17 Jun 2025	17 Jun 2025	—
Interim Dividend - Rs. - 19.0000	28 Aug 2024	28 Aug 2024	—

Board meetings

19 Oct 2026 Board Meeting - Financial Results
24 Jul 2026 Board Meeting - Financial Results

Hindustan Zinc Q2 profit hits record Rs 6,412 crore on silver rally and lower costs

INFORMED Newsroom · 2026-10-21

Hindustan Zinc digs zinc, lead and silver from mines in India and refines them for car, construction, battery, electronics and solar makers. On October 19, 2026 its board approved unaudited results for the quarter and half year ended September 30, 2026 with an unmodified review . Revenue, EBITDA and net profit were the highest ever for a quarter and half year as higher prices, record second-quarter and first-half output and lower costs lifted margins .

Sales and profit hit records as margins widened

The quarter built on a strong start to the year. Q1 FY27 had already been framed as an all-time high quarter . Q2 FY27 moved higher again on both a year-on-year and sequential basis.

Sources: Revenue, EBITDA and margin – ; profit before tax, net profit and EPS – .

	Q2 FY27	Q2 FY26	Q1 FY27
Revenue from operations, Rs crore	15093	8549	13747
EBITDA, Rs crore	9285	4467	8074
EBITDA margin	62%	52%	59%
Profit before tax, Rs crore	8572	3542	7314
Net profit after tax, Rs crore	6412	2649	5469
EPS, Rs	15.18	6.27	12.94

Sources: Revenue, EBITDA and margin – ; profit before tax, net profit and EPS – .

	H1 FY27	H1 FY26
Revenue from operations, Rs crore	28840	16320
EBITDA, Rs crore	17359	8328
EBITDA margin	60%	51%
Profit before tax, Rs crore	15886	6527
Net profit after tax, Rs crore	11881	4883
EPS, Rs	28.12	11.56

EBITDA here means operating profit before depreciation, finance cost and tax. Net profit means profit after tax, or PAT.

Management said 2Q revenue was up, driven by higher metal prices, increased metal production, higher by-product realisation, and a stronger dollar . It said 2Q EBITDA was up, driven by increased metal production, higher metal prices, lower cost of production, and a stronger dollar .

Below EBITDA, depreciation rose in line with higher production, finance cost fell on lower average borrowings, investment income rose on higher cash, and the tax charge rose with profit .

Silver carries nearly half the profit

Silver sales outpaced zinc and lead year-on-year in Q2 and H1

Source: .

Revenue, Rs crore	Q2 FY27	Q2 FY26	Q1 FY27
Zinc	8224	5354	7304
Lead	1130	840	1086
Silver	4111	1706	3839
Others	1628	649	1518
Total revenue from operations	15093	8549	13747

Source: .

Revenue, Rs crore	H1 FY27	H1 FY26
Zinc	15528	10289
Lead	2216	1712
Silver	7950	3133
Others	3146	1186
Total revenue from operations	28840	16320

All four legs grew year-on-year and sequentially. Others grew fastest year-on-year in Q2, followed by silver; zinc led sequential growth. Silver and others also outpaced zinc and lead year-on-year in H1. On those figures silver was about 27% of Q2 revenue against about 20% a year earlier, and about 28% of H1 revenue against about 19% a year earlier .

Profit now leans on silver prices

Silver continued to contribute about 45% to overall profitability in H1 FY27, shown as precious metal 45% and base metal 55% . That follows about 46% in Q1 FY27 and 44% in Q3 FY26 .

Silver’s larger year-on-year revenue share coincided with stronger silver prices and higher silver volumes. Sequentially, silver revenue rose even as its benchmark price fell; its share of total revenue edged lower . Zinc rose strongly year-on-year while lead was slightly lower, and silver was sharply higher year-on-year though below the very strong Q1 level .

Source: .

Period	Zinc LME, dollar per MT	Lead LME, dollar per MT
Q2 FY27	3825	1857
Q2 FY26	2825	1966
Q1 FY27	3466	1954
H1 FY27	3651	1904
H1 FY26	2736	1957

Source: .

Period	Silver LBMA, dollar per oz	INR per USD
Q2 FY27	62.6	95.57
Q2 FY26	39.4	87.31
Q1 FY27	73.2	94.58
H1 FY27	67.7	95.08
H1 FY26	36.6	86.44

Management positions the company as Indias only primary silver producer to capture the upcycle, adding that significant value unlock potential exists as the rally impact is yet to be fully reflected .

More metal was made at much lower cost

Mines and smelters hit second-quarter and first-half output records

Source: .

Volume	Q2 FY27	Q2 FY26	Q1 FY27
Mined metal, KT	271	258	268
Refined metal, KT	264	246	260
Refined zinc, KT	212	202	213
Refined lead, KT	51	45	47
Saleable silver, MT	173	144	149

Q2 was described as record second-quarter mined metal on higher ore output and best-ever second-quarter refined metal on capacity unlocked through smelter debottlenecking . H1 mined metal was 539 KT against 523 KT a year earlier and refined metal was 524 KT against 496 KT, both best-ever first half .

Q1 had already delivered highest-ever first-quarter mined metal, while refined metal was up 4% year-on-year, helped by better grades, the 160,000 tons per annum roaster at Debari and debottlenecking at Chanderiya and Dariba . Management had reiterated full-year FY27 refined guidance of 11.00 lakh tons after 260 KT in Q1, noting Q2 to Q4 are typically strongest .

Cost per tonne fell sharply on grades and by-products

Source: .

Period	Excluding royalty, dollar per MT	Excluding royalty, Rs per MT	Including royalty, dollar per MT
Q2 FY27	703	67141	1228
Q2 FY26	994	86800	1386
Q1 FY27	851	80446	1330
H1 FY27	776	73789	1279
H1 FY26	1002	86639	1374

Cost here means zinc cost of production. Royalty is the mining tax paid on minerals.

Lower quarterly cost was driven by better mined grades, increased metal production and higher by-product realisations . That extends a run of improvement. Q1 cost of 851 dollars was then the lowest since underground transition . FY26 cost of 959 dollars was a five-year low .

Strong cash supports dividend and expansion

As of September 30 gross investments and cash were Rs 17,439 crore and total borrowings were Rs 6,171 crore . Q2 FY27 free cash flow from operations was Rs 6,389 crore on a pre growth capex basis . In Q1 free cash flow on the same basis was Rs 5,253 crore with a net cash position of Rs 5,572 crore .

On April 24, 2026 the board declared an interim dividend of Rs 11 for each Rs 2 share for FY 2026-27 with record date April 30, 2026 and total payout Rs 4,648 crore . Contribution to the national exchequer was Rs 13,027 crore in H1 including Rs 3,724 crore to Rajasthan including mining royalties on an unaudited basis .

Smelter and tailings plant anchor doubling plan

Source: .

Project	Capacity	Approved investment	Target completion
Integrated refined zinc expansion at Debari	250 KTPA, taking refined metal 1.1 MTPA to 1.4 MTPA	about Rs 12,000 crore	2QFY29
Zinc tailings reprocessing plant	Feed capacity 10 MTPA	Rs 3,823 crore	4QFY28

Engineering and procurement are largely done at Debari with mine development progressing, while critical equipment is ordered and major construction is underway at the tailings plant .

That sits inside a wider vision of 2.0 MTPA refined metal, 1,500 TPA silver and over 25 years of mine life . Under Indias critical mineral mission the company lists tungsten exploration started in Q4FY26, potash and rare earth composite licences, and a preferred-bidder position for rare earth and yttrium in Karnataka .

The July call added phasing. Mine development had started for Debari and construction for tailings, while the hot acid leaching plant and fertiliser plant were on track for the second quarter, with the full fertiliser plant by Q1 of next financial year pending clearance . Growth capex was around Rs 800 crore in Q1 against full-year growth guidance of around 50 crore to 60 crore dollars .

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