Hindustan Zinc (500188) Investor presentation summary

Asset base and market position

• FY25 reserves and resources totaled 453.2 Mt; metal capacity was 1.12 Mt, including 913 ktpa zinc and 210 ktpa lead smelting capacity.

• Rampura Agucha is the world's largest underground zinc mine; total metal reserves and resources were 29.6 Mt, with 25+ years of mine life.

• India's only integrated zinc and lead producer and primary zinc producer, with c.77% domestic primary zinc market share and c.51% EBITDA margin.

• Ranked among the top five global silver producers and India's only silver producer; silver contributed c.38% of EBIT in FY2025.

• Primary zinc demand is expected to benefit from steel production growth; domestic crude steel output is projected at 300 Mtpa by 2030.

Operating and financial performance

• Mined and refined metal production each grew at a 4% CAGR over CY20-CY24, leading the global peer comparison shown.

• FY25 revenue was ₹34,083 crore; EBITDA was ₹17,465 crore and PAT was ₹10,353 crore.

• Zinc cost of production ex royalty was ₹1,052/t in FY25; FY26 guidance is $1,025-$1,050/t, supported by operational efficiency and renewable energy.

• FY25 contribution to the exchequer was ₹18,963 crore; cumulative contribution since disinvestment exceeded ₹185,000 crore.

• Total shareholder returns exceeded 1,300x since disinvestment; share-price CAGR was c.34% through FY25.

Growth plans and projects

• The board-approved first phase adds 250 ktpa integrated metal capacity, taking refined metal capacity to 1,379 ktpa; total project cost is c.₹12,000 crore, with a 36-month timeline from zero date.

• Longer-term 2x growth plan targets 2 Mtpa smelting capacity and 35 Mtpa ore production capacity; growth plan remains under development.

• FY26 guidance includes 1,100 ± 10 kt refined metal, 700-710 t saleable silver and $1,025-$1,050/t zinc cost of production.

• Silver output target is 750 t by FY27; a longer-term target is 1,500 t alongside 2 Mtpa metal capacity.

• Key projects include a 160 ktpa Debari roaster targeted for mid-Q2 FY26 and a 510 ktpa Chanderiya fertilizer plant targeted for Q1 FY27.