Hindustan Zinc
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Hindustan Zinc (500188) investor relations material

Hindustan Zinc Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary19 Jan, 2026

Executive summary

  • Achieved record third-quarter and nine-month mined and refined metal production, with the lowest zinc cost of production in five years, reinforcing cost leadership and operational discipline.

  • Silver production rose 10% quarter-on-quarter to 158 tons, contributing 44% of profits, and sustainability leadership was recognized with top global rankings and awards.

  • Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025, were approved by the Board and reviewed by statutory auditors with an unmodified opinion.

  • India’s strong macroeconomic environment and robust commodity prices, especially for zinc and silver, supported performance.

  • Maintained industry-leading EBITDA margin of 55%, ROCE of 79%, and ROE of 86%.

Financial highlights

  • Record quarterly revenue of ₹10,980 crore, up 28% quarter-on-quarter and 27% year-over-year; nine-month revenue reached ₹27,300 crore.

  • Highest-ever quarterly EBITDA of ₹6,087 crore, up 36% quarter-on-quarter and 34% year-over-year, with a 55% EBITDA margin.

  • Profit after tax surged 48% sequentially to ₹3,916 crore, with nine-month PAT at ₹8,799 crore.

  • Cash & cash equivalents at ₹9,342 crore; net cash position of ₹329 crore at December 2025.

  • Basic and diluted EPS for Q3 FY26 was ₹9.27, up from ₹6.34 in Q3 FY25.

Outlook and guidance

  • Sustained zinc cost of production expected between $950-$1,000 per ton, with FY 2026 performance expected below guided levels.

  • Silver production guidance for FY 2026 maintained at 680 ±10 tons, with Q4 expected to be strong due to operational improvements.

  • Renewable energy power mix targeted to reach 35%-40% in FY 2027 and 70% after next year, with $20-$25 per ton cost savings expected.

  • Management continues to monitor regulatory changes, especially regarding new Labour Codes, and will adjust accounting as needed.

  • Committed to expanding refined metal capacity to 1,379 ktpa and mined metal to 1,510 ktpa, with significant investments planned.

Zinc COP sustainability outlook?
2X growth project funding strategy?
FY27 silver hedging strategy?
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Q4 25/2623 Apr, 2026
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Frequently asked questions

Hindustan Zinc Limited is an Indian mining and resources company specializing in the production of zinc, lead, and silver. The company operates several mines and smelting facilities, producing refined metals that are essential for various industrial applications, including construction, automotive, and electronics. Hindustan Zinc focuses on sustainable mining practices and is one of the largest integrated producers of zinc and lead in India, contributing to the global supply of these critical metals. The company is headquartered in Udaipur, India, and its shares are listed on the BSE and NSE.

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