Hindustan Zinc (500188) Investor presentation summary

Business position and asset base

• World’s largest integrated zinc producer and among the top five silver producers globally; India’s only integrated zinc and lead producer and only primary zinc producer.

• FY25 capacity: 913 ktpa zinc smelting, 210 ktpa lead smelting, 800 TPA silver refining and 625.16 MW captive power; total reserves and resources of 453.2 Mt.

• Operates five mines and major smelting complexes in Rajasthan; FY25 ore production included 5.47 Mt at Sindesar Khurd and 4.79 Mt at Rampura Agucha.

• Holds the world’s second-largest zinc reserves and resources base, with 25+ years of mine life; metal reserves exceeded 13 Mt for the first time after underground transition.

• Holds c.77% of India’s primary zinc market; rated AAA by CRISIL and contributed over ₹13,000 crore to the national exchequer in 9MFY26.

Market and operating performance

• Domestic zinc demand is supported by steel demand; steel production is projected at 300 Mtpa by 2030, while manufacturing PMI remained in expansionary territory through Dec-25.

• Mined and refined metal production each recorded ~4% five-year CAGR through CY24, leading the global peer comparison shown in the presentation.

• 9MFY26 zinc cost of production excluding royalty was $980/t, the lowest in five years and 9% lower YoY; drivers included grades, coal mix, efficiency, renewables and automation.

• Silver production grew over 20x in two decades; silver contributed over 40% to profitability, and output reached 687 MT in 2025.

• Shareholder returns since disinvestment exceeded 1,600x, including ₹611.89 per share in capital appreciation and ₹285.55 per share in dividends; exchequer contributions exceeded ₹195,000 crore.

Growth projects and guidance

• Board-approved first phase of expansion adds 250 ktpa integrated metal capacity; total project cost is ~₹12,000 crore, with completion expected by 2QFY29.

• Phase I would raise total smelting capacity to 1,379 ktpa and ore production capacity to 23.9 Mtpa; the proposed longer-term plan targets 2,000 ktpa smelting and 35 Mtpa ore capacity.

• India’s first 10 Mtpa zinc tailings reprocessing plant has a ₹3,823 crore investment and is expected to complete by 4QFY28; project groundwork and partner appointments have begun.

• Other projects include a 510 ktpa fertilizer plant targeted for 1QFY27 and hot-acid leaching to recover 27 MT silver and 6 ktpa lead, expected by 4QFY26.

• FY26 guidance: mined metal 1,125 ±10 ktpa, refined metal 1,075 ±10 ktpa, silver 680 ±10 MT and zinc cost of production ~ $1,000/t.