Hindustan Zinc (500188) Q2 25/26 earnings summary

Executive summary

• Achieved record Q2 and H1 mine metal production, with Q2 FY26 revenue of ₹8,549 crore, EBITDA of ₹4,467 crore, and PAT of ₹2,649 crore, driven by operational excellence and cost leadership.

• Silver contributed about 40% of overall profit, with prices at all-time highs (~$50/oz).

• Maintained fatality-free operations, advanced ESG initiatives, and expanded renewable energy use.

• Included in Nifty 100 and Nifty Next 50 indices, with total shareholder returns of 7% in Q2, outperforming the Nifty 100.

• Unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2025, were approved by the Board on October 17, 2025.

Financial highlights

• Q2 FY26 revenue from operations was ₹8,549 crore, up 10% QoQ and 4% YoY; H1 FY26 revenue was ₹15,873 crore.

• Q2 FY26 EBITDA was ₹4,467 crore (up 16% QoQ, 7% YoY), with a margin of 52%; PAT was ₹2,649 crore (up 19% QoQ, 14% YoY).

• H1 FY26 EBITDA was ₹8,328 crore (up 3% YoY), and PAT was ₹4,883 crore (up 5% YoY).

• Basic EPS for H1 FY26 was ₹11.56 (consolidated); cash and cash equivalents stood at ₹8,155 crore.

• Interim dividend of ₹10/share (₹4,225 crore) declared in June 2025.

Outlook and guidance

• FY 2026 refined metal guidance revised to 1,075 ± 10,000 tons; silver guidance at 680 ± 10 tons.

• Full-year zinc COP guidance revised down to ~$1,000/ton, ahead of earlier FY 2027 target.

• Growth CapEx for FY 2026 set at $350–400 million; maintenance CapEx at $400 million.

• Management maintains that recent short seller allegations are baseless and require no adjustments to financials.