Hindustan Zinc Clocks Record Q4 Net Profit of ₹5,033 Crore, up 68% YoY; EBITDA at ₹7,747 Crore; Driven By Efficiency-led Growth

Udaipur, April 24, 2026: Hindustan Zinc Limited (BSE: 500188 & NSE: HINDZINC), the world’s largest integrated zinc producer and among the top 10 silver producers globally, announced its financial results for the fourth quarter and year ended 31st March 2026. The company delivered a record annual performance, underpinned by efficiency-led growth, strong operational execution and sustained cost discipline. The year was characterised by record production, a structurally competitive cost base and favourable commodity conditions, marking a step-up in profitability, cash generation and reserve strength, and positioning the company for its next phase of growth.

For the full year, Hindustan Zinc reported its highest-ever revenue of ₹40,844 crore, up 20% YoY, and all-time high EBITDA of ₹22,162 crore, up 27% YoY, with an industry-leading EBITDA margin of 54%, reflecting strong operating leverage and structural cost efficiencies. Net profit for the year stood at a record ₹13,832 crore, up 34% YoY, supported by robust free cash flow generation of ₹13,337 crore (pre growth capex), reinforcing the company’s ability to deliver consistent shareholder value. In the fourth quarter, EBITDA stood at a record ₹7,747 crore, up 61% YoY, while net profit rose to a record ₹5,033 crore, up 68% YoY, supporting the strong full-year performance.

• Lowest-ever cost of production of $ 903 per tonne, better 9% YoY
• Highest-ever revenue of ₹ 13,544 crore, up 49% YoY
• All-time high EBITDA of ₹ 7,747 crore, up 61% YoY with industry leading EBITDA margin of c.57%, up c.420 bps YoY
• Record net profit of ₹ 5,033 crore, up 68% YoY
• Silver production of 176 tonnes, up 11% QoQ

Operationally, the company achieved its highest-ever mined metal production of 1,114 Kt and second-best refined metal production of 1,048 Kt, reflecting strong performance across its mining and smelting operations. During the year, the company successfully completed debottlenecking at the Chanderiya Smelting Complex along with earlier enhancements at Dariba Smelter in Rajasthan, increasing its refined zinc capacity, further strengthening its production platform. Cost leadership remained a key differentiator, with the lowest zinc cost of production in five years at $959 per tonne, improving 9% YoY, positioning Hindustan Zinc among the lowest-cost producers globally. Silver continued to be a significant value driver, with annual production of 627 tonnes, contributing 45% to overall profitability, strengthening the company’s positioning to benefit from the evolving global silver demand cycle. In the fourth quarter, silver production stood at 176 tonnes, up 11% QoQ, further supporting profitability.

• 5-year lowest zinc cost of production of $ 959 per tonne, better 9% YoY
• Highest-ever revenue of ₹ 40,844 crore, up 20% YoY
• All-time high EBITDA of ₹ 22,162 crore, up 27% YoY
• Record net profit of ₹ 13,832 crore, up 34% YoY
• Strong free cash flow pre growth capex of ₹ 13,337 crore
• Silver production of 627 tonnes, contributing 45% to the overall profitability

The company further strengthened its long-term growth outlook, with record ore resources & reserves of 468.6 Mnt, supporting a mine life of over 25 years, and surpassing 13.9 Mnt of metal reserves and 10.9 Kt of silver reserves for the first time, providing strong visibility on future production and growth.

Hindustan Zinc continued to play a significant role in economic development, contributing c.₹19,000 crore to the national exchequer, including over ₹6,000 crore to the state of Rajasthan, reaffirming its position as a key contributor to the national economy.

As part of HZL 2.0 roadmap, Hindustan Zinc also took initiatives to expand its strategic horizon beyond zinc, lead and silver into critical minerals that are central to India’s clean energy, electric mobility and industrial growth ambitions. With strong operating cash flows, long mine life visibility and proven execution capabilities, going ahead, the company is well positioned to create long term value from this emerging opportunity set as well.

ESG highlights:

HZL's ESG initiatives reinforce operational resilience, risk mitigation, and long term value creation while strengthening Hindustan Zinc’s sustainability leadership.

• Chanderiya Lead Zinc Smelter has become India’s first site to receive the Zinc Mark and Copper Mark certification.
• Partnership with Tata Steel and Silox India for adoption of EcoZen, Asia’s first low carbon zinc boasting a 75% lower carbon footprint as compared to global average, across galvanised steel production, facilitating transition to lower Scope 3 emissions. 
• Our Business Responsibility and Sustainability Report (BRSR) was selected as the best BRSR report under manufacturing large-cap category at the 4th ICAI Sustainability Reporting Awards.
• Hindustan Zinc’s Sustainability Report FY2025 has won Platinum award at the League of American Communications Professionals (LACP) Vision Awards 2024-25, reaffirming our commitment to strong governance, transparency and global best-in-class reporting practices.
• Successfully implemented collision avoidance system, covering 30 equipment across Sindesar Khurd Mine, enhancing safety through prevention of man-machine interactions.
• Commenced all women driven leaching & purification unit in Chanderiya Smelting Complex
• Introduced tele-remote drilling in two long-hole production drills in Rajpura Dariba Mine.
• Hindustan Zinc has emerged as the overall winner at 36th Mines Environment and Mineral Conservation (MEMC) Week, organised by Indian Bureau of Mines, securing all top 3 positions.

“We are proud to deliver a record-breaking performance this quarter and for the full year, by crossing a key milestone of 1.1 million tonnes of mined metal production. We also delivered a record quarterly refined metal production at the lowest cost of production of $ 903 per tonne despite the ongoing geopolitical challenges. These milestones reflect the resilience of our business, strong execution, and unwavering focus on value creation. As we step into our 2.0 growth phase, we are strengthening our strategic roadmap. With our move into critical minerals, we are aligning with future-facing sectors while contributing meaningfully to India’s growth and long-term stakeholder value." - Arun Misra, Chief Executive Office, Hindustan Zinc Ltd

“Hindustan Zinc delivered a record quarter and full year financial performance, with quarterly net profit surging by 68% YoY to a historic high of ₹ 5,033 crore, driven by an all-time high quarterly EBITDA of ₹ 7,747 crore, up by 61% YoY. Further, we have marked the historic full year net profit of ₹ 13,832 crore, up 34% YoY, backed by disciplined capital allocation and strong free cash flow, reinforcing our balance sheet strength as we enter the next phase of growth – HZL 2.0. With continued strength in cost leadership and industry-leading margins, underpinned by disciplined execution, we are well positioned to translate growth opportunities into sustained value creation." - Sandeep Modi, Chief Financial Officer

Financial Summary
(In ₹ crore or as stated)

Note: all numbers reported are consolidated numbers unless otherwise mentioned 
1.    Including other operating income
2.    ₹, not annualised
3.    Silver occurs in Lead & Zinc ore and is recovered in the smelting and silver-refining processes
4.    Includes 16 MT, 21 MT and 37 MT of Silver equivalent in 4QFY26, 3QFY26, and FY26, respectively
5.    Includes 6 Kt, 5 Kt and 11 Kt of refined Lead equivalent in 4QFY26, 3QFY26, and FY26, respectively
6.    Cost of production (CoP) wherever referred is excluding royalty

Financial Performance

Revenue:

• Revenue stood at ₹ 13,544 crore during the quarter, up 49% YoY and 23% QoQ, driven by higher zinc and silver prices, increased production, lead concentrate sale, higher by-product realisation, and a stronger dollar. 
• It was ₹ 40,844 crore on a full year basis, up 20% YoY, in line with higher zinc and silver prices, lead concentrate sale, higher by-product realisation, and a stronger dollar.

EBITDA:

EBITDA stood at ₹ 7,747 crore during the quarter, up 61% YoY and 27% QoQ, driven by increased production, higher zinc and silver prices, lower cost of production, lead concentrate sale, and a stronger dollar.

For the full year, the Company recorded an EBITDA of ₹ 22,162 crore, up 27% YoY, driven by higher zinc and silver prices, lower cost of production, lead concentrate sale, and a stronger dollar, partly offset by lower production.

The Company continues to maintain an attractive industry leading EBITDA margin of 57% during the quarter, up c.420 bps YoY and c.180 bps QoQ. It recorded an EBITDA margin of 54% in FY26, up c.300 bps YoY.

Net Profit:

• During the quarter, net profit stood at ₹ 5,033 crore, up 68% YoY and 29% QoQ in line with record EBITDA. For the full year, it was ₹ 13,832 crore, up 34% YoY. The effective tax rate for the quarter was 25.45% and it was 25.26% for the full year. 

Zinc Cost of Production (COP):

Zinc COP excluding royalty stood at $ 903 per tonne during the quarter, better by 9% YoY and 4% QoQ on account of lower power cost driven by higher domestic coal usage and softened coal prices, higher by-product realization, better mined grades, and increased metal production.

For the full year, Zinc COP excluding royalty was $ 959 per tonne, better 9% YoY driven by lower power cost through higher domestic coal usage, softened coal prices and increased renewable energy usage, higher by-product realization, and better mined grades, partly offset by higher mine development

Reserves & Resources (R&R)

Record ore reserves & resources of 468.6 Mnt as on March 31, 2026, with metal R&R of 29.2 Mnt and silver R&R of 24.2 Kt. At current mining rates, the R&R underpins a mine life of more than 25 years.
Surpassed 13.9 Mnt of metal reserves and 10.9 Kt of silver reserves (net of production) for the first time since underground transition.

Ore Reserves

Liquidity and Investment

As on March 31, 2026, the Company had healthy gross investments and cash and cash equivalents of ₹ 13,846 crore invested in high quality debt instruments. Total borrowings outstanding as on March 31, 2026, was ₹ 8,252 crores.
Company has consistent Investment grade credit rating of AAA from CRISIL, demonstrating the strength of the balance sheet. 
 

Contribution to Exchequer

During the full year, the Company has contributed around ₹ 19,000 crore to the national exchequer. This includes a contribution of over ₹ 6,000 crore to the Rajasthan state exchequer, including mining royalties.

Project Update

• The 510 Ktpa Fertiliser plant is under progress and is expected to be completed by 2QFY27.
• The innovative hot acid leaching technology for recovery of lead and silver from smelting waste at Dariba is expected to be completed by 2QFY27. 
• For the 250 Ktpa integrated refined zinc capacity expansion, site mobilisation is completed, and detailed engineering and mining partner deployment at site are currently underway, with expected completion by 2QFY29. 
• For India’s first 10 Mtpa tailings reprocessing plant at Rampura Agucha, detailed engineering is completed, major orders have been placed, and activities started at site, with expected completion by 4QFY28.

Outlook for FY27

Notes: 

• Quarterly zinc cost of production is excluding royalty and is the lowest since underground transition
• Record metal reserves and silver reserves are since underground transition
• Free cash flow is before growth capex and renewable energy investments

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