Hindustan Zinc Ltd
Incorporated in 1966, Hindustan Zinc in Zinc-Lead and Silver business is world’s 2nd largest integrated Zinc producer and Hindustan Zinc is the 3rd largest silver producer globally with an annual capacity of 800MT . The company has a market share of ~75% of the growing Zinc market in India with its headquarters at Zinc City, Udaipur along with Zinc-Lead mines and smelting complexes spread across the state of Rajasthan.[1]
Strengths
- +Company has reduced debt.
- +Company is expected to give good quarter
- +Company has a good return on equity (ROE) track record: 3 Years ROE 68.8%
- +Company has been maintaining a healthy dividend payout of 84.8%
Weaknesses
- −Stock is trading at 11.8 times its book value
- −Promoter holding has decreased over last quarter: -1.13%
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 64.92% | 63.42%▼1.5 | 63.42% | 63.42% | 61.84%▼1.6 | 61.84% | 61.84% | 60.71%▼1.1 |
| FIIs | 0.74% | 1.01%▲0.3 | 1.38%▲0.4 | 1.43%▲0.1 | 1.36%▼0.1 | 1.32%▼0.0 | 1.54%▲0.2 | 2.39%▲0.9 |
| DIIs | 3.01% | 3.12%▲0.1 | 4.12%▲1.0 | 4.14%▲0.0 | 4.81%▲0.7 | 4.92%▲0.1 | 4.68%▼0.2 | 4.84%▲0.2 |
| Public | 1.78% | 2.92%▲1.1 | 3.16%▲0.2 | 3.1%▼0.1 | 4.07%▲1.0 | 4%▼0.1 | 4.01%▲0.0 | 4.12%▲0.1 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,310 | 7,550 | 8,130 | 8,242 | 8,556 | 9,041 | 7,723 | 8,525 | 10,922 | 13,488 |
| Expenses | 3,790 | 3,896 | 4,179 | 4,138 | 4,098 | 4,258 | 3,907 | 4,099 | 4,917 | 5,822 |
| Operating Profit | 3,520 | 3,654 | 3,951 | 4,104 | 4,458 | 4,783 | 3,816 | 4,426 | 6,005 | 7,666 |
| OPM % | 48% | 48% | 49% | 50% | 52% | 53% | 49% | 52% | 55% | 57% |
| Net Profit | 2,038 | 2,042 | 2,358 | 2,298 | 2,647 | 2,976 | 2,204 | 2,632 | 3,879 | 4,997 |
| EPS ₹ | 4.82 | 4.83 | 5.58 | 5.44 | 6.26 | 7.04 | 5.22 | 6.23 | 9.18 | 11.83 |
AI Insights
Mar 2026 revenue at ₹40,658Cr, up 19.7% YoY. OPM at 54%.
Borrowings at ₹8,726Cr. Debt-to-equity ratio: 0.40x. Healthy balance sheet.
CWIP at ₹3,382Cr (17% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 4.84% (+1.89pp change). FIIs: 2.39% (+1.58pp change). Promoters hold 60.71%.
ROCE improving from 25% (Mar 2015) to 69% (Mar 2026). Working capital days: 45.
PE 19.6x with 69.3% ROCE. Price is 1095% above book value of ₹53.2. Dividend yield: 1.72%.
Recent Announcements
- Disclosure under Regulation 30A of LODR 2d - Promoter-group facility amended to US$600 million on 13 May 2026; HZL has no direct liability.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 May
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 May - Hindustan Zinc signs MoU with Group Nirmal for a zinc wire facility at Rajasthan Zinc Industrial Park.
- Announcement under Regulation 30 (LODR)-Change in Management 4 May - Hindustan Zinc CFO Sandeep Modi resigns, effective May 30, 2026; new CFO to be announced.
- Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO) 4 May - Sandeep Modi resigns as CFO, effective May 30, 2026; new CFO appointment to follow.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse