Hindustan Zinc (500188) Investor presentation summary

Asset base and market position

• As of Mar. 31, 2025, smelting capacity was 913 ktpa for zinc and 210 ktpa for lead; silver refining capacity was 800 tpa, with total metal capacity of 1.12 Mt.

• Total resources and reserves were 453.2 Mt, FY25 ore production was 16.33 Mt, and captive power capacity was 603.16 MW.

• India’s only integrated zinc and lead producer held c.77% of the domestic primary zinc market, with a consistent c.51% EBITDA margin and AAA ratings from CRISIL.

• FY25 contribution to the exchequer was ₹18,734 crore, up 42% YoY.

• The asset base includes the world’s largest underground zinc mine at Rampura Agucha and smelting, refining and renewable power facilities across Rajasthan and Pantnagar.

Reserves, production and financial performance

• Resources and reserves increased by over 40% net of production in five years; FY25 metal reserves exceeded 13 Mt for the first time, supporting 25+ years of mine life.

• FY25 silver production was 687 t; output grew over 20x in two decades, and silver contributed c.38% of FY25 EBIT.

• Mined and refined metal production each grew at an industry-leading c.4% CAGR over CY20–CY24.

• FY25 zinc cost of production excluding royalty was $1,052/t, the lowest in four years; cost drivers included improved efficiency, renewable energy use and automation.

• FY26 guidance: mined metal 1,125 ± 10 ktpa, refined metal 1,100 ± 10 ktpa, silver 700–710 t and zinc cost of production of $1,025–$1,050/t.

Growth plans and diversification

• A 160 ktpa Debari roaster is targeted for commissioning in Q1 FY26, supporting long-term operations for 1.2+ Mt of refined metal.

• The 510 ktpa DAP/NPK fertilizer project at Chanderiya is targeted for completion in Q4 FY26; a techno-commercial study for growth to 2+ Mtpa metal is at an advanced stage.

• The 30 ktpa zinc alloy facility was commissioned in FY24; value-added product portfolio expansion targets growth of over 60% in three years.

• Silver initiatives include hot acid leaching and fumer capacity ramp-up, with a target of 750 t by FY27; longer-term targets are 1,000 t via the intermediate fumer route and 1,500 t with 2 Mtpa metal.

• Three critical mineral blocks were won: tungsten in Andhra Pradesh, potash in Rajasthan and rare earth elements in Uttar Pradesh.