Hindustan Zinc (500188) Q4 24/25 earnings summary

Executive summary

• Achieved record-high mined and refined metal production and financial performance in FY25, reinforcing global leadership in integrated zinc production.

• Second-highest annual revenue, EBITDA, and profit after tax, with EBITDA up 28% and PAT up 33% year-over-year.

• Maintained industry-leading cost efficiency, with the lowest cost of production in four years and a 6% YoY reduction in zinc COP.

• Strengthened sustainability leadership, ranking 1st in S&P Global CSA 2024, launching Asia's first green zinc product, and achieving a 55% reduction in injury frequency.

• CSR initiatives impacted 2.3 million lives, up from 1.9 million last year.

Financial highlights

• FY25 revenue was ₹34,083 crore, up 18% year-over-year; Q4 revenue at ₹9,087 crore, up 20% YoY.

• FY25 EBITDA at ₹17,465 crore, up 28% YoY; Q4 EBITDA at ₹4,816 crore, up 32% YoY.

• FY25 PAT at ₹10,353 crore, up 33% YoY; Q4 PAT at ₹3,003 crore, up 47% YoY.

• Free cash flow from operations at ₹13,784 crore; dividend payout of ₹12,253 crore.

• EPS for FY25 stood at 24.5, up 33% YoY.

Outlook and guidance

• FY26 guidance: mined metal production at 1,125 (±10) Ktpa, refined metal at 1,100 (±10) Ktpa, silver at 700–710 MT.

• Zinc cost of production expected at $1,025–$1,050 per ton, with further reductions anticipated from increased renewable energy use.

• Capex for approved growth projects projected at $225–$250 million; sustaining capex expected at ₹3,000–3,200 crore.

• Board approved a 25-year power delivery agreement for 530 MW renewable power, requiring an equity infusion of approximately ₹327 crore.