Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Hindustan Zinc Limited (HINDZINC)
Large CapMetals stocks · Large cap · NSE
Hindustan Zinc Limited is the world's largest integrated zinc producer and India's only integrated producer of zinc, lead, and primary silver. It holds the world's second-largest zinc & lead metal reserves with a 25+ year mine life, positioning it as a low-cost producer globally.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result19 Oct, 03:33 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -5.7% / mo · MACD −
Stock trend: 21
Sector RS: 50
Sector 3M: -4.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HINDZINCD candles · FIT view-8.5%Latest close ₹538.40 on 2026-10-19
Bar
-1.2%
RSI
40
MACD hist
-1.93
52W pos
30%
2026-10-19O ₹545.00H ₹547.40L ₹536.10C ₹538.40Vol 30.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HINDZINCNifty MetalNifty 500
- HINDZINC
- +3.0%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- +8.6 pp
Chart stats
19 Oct 2026- From 52W high
- -26.5%
- 52W range position
- 30%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.97x
- Avg traded value
- ₹165 Cr
- 20D price channel
- ₹524.5 - ₹602.8
₹733
₹453.5 - ₹733
₹14.5
Latest completed session
20-session average
23.7% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE77
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +76.5% · PAT +142.1% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model+73.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 100/100Rev +77% YoY · PAT +142% YoY · margin expansion · +10% QoQ · operating leverage
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15,093 Cr | +76.5% | +9.8% |
| EBITDA | ₹9,248 Cr | +108.1% | +14.9% |
| Operating margin | 61.3% | +927 bps | +271 bps |
| PAT | ₹6,412 Cr | +142.1% | +17.2% |
| PAT margin | 42.5% | +1149 bps | +270 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.92
- P/B
- 10.09
- EV/EBITDA
- 7.89
- Market Cap
- 227474.00Cr
Profitability
- ROE
- 76.60%
- ROCE
- 69.50%
- ROA
- 40.28%
- Dividend Y
- 2.04%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.39
- Interest Coverage
- 33.97×
- Altman Z
- 9.67
- Book Value
- 53.60
Cash Flow
- FCF Yield
- 3.55%
- FCF Positive Y
- 6/5
- OCF
- 17008.00 Cr
- EPS TTM
- 49.30
Shareholding
- Promoter Hold
- 60.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 15.1k+9.8% vs prev
Net Profit
₹ CrLatest: 6,412+17.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 40.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 27% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
72
RS percentile
Stage 1 Base / Transition
1M return
-9.7%
3M return
+3.0%
6M return
-11.0%
1Y return
+14.3%
RS 1D
+2
RS 20D
-2
Sector rank
#11
Industry rank
-
Stage evidence
- Price is within 5.8% of the 30-week proxy.
- The 30-week proxy changed -0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 123.54+0.74%
RS vs Nifty 500124
Valuation & peers
U-Score 77 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 77 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation19/30
Growth16/25
Quality20/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
77
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
77/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 3.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 73.8%.
Main drags
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
- Valuation is weaker at 19/30; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
10.9
PB
10.1
EV/EBITDA
7.9
ROE
76.6%
ROCE
69.5%
FCF Yield
3.5%
Debt/Equity
0.4
MoS
+73.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
77
Previous: 77
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+73.8%
Previous: +73.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
71
71
71
74
74
74
74
74
74
77
77
77
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹243.84
-120.8% MoS
Growth-justified P/E
41.8
Growth-justified Value
₹2,058.77
+73.8% MoS
PEG
0.98
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HINDALCO
Large
Hindalco Industries Limited
Metals
match 68
64
9.5
13.0%
+65%
UNDERVALUED
HINDCOPPER
Small
Hindustan Copper Limited
Metals
match 59
63
36.7
32.9%
-8%
UNDERVALUED
IMFA
Micro
Indian Metals & Ferro Alloys Limited
Metals
match 54
69
12.2
16.8%
+67%
UNDERVALUED
NILE
Small
Nile Limited
Metals
match 53
88
7.6
19.0%
+75%
DEEP VALUE
GOYALALUM
Small
Goyal Aluminiums Limited
Metals
match 51
36
17.4
12.9%
+49%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:41:35.703Z
Management commentary snapshot
HZL reported record 4QFY26 performance with highest-ever mined metal (315 Kt, +14% QoQ) and refined metal (282 Kt, +5% QoQ) production, alongside lowest-ever zinc cost of production ($903/MT, -4% QoQ). Revenue surged 49% YoY to ₹13,544 crore, with Net Profit up 68% YoY to ₹5,033 crore.
HZL delivered record quarterly and annual performance, driven by highest-ever production volumes and lowest zinc cost of production. Strategic capacity expansions and diversification into critical minerals, coupled with significant precious metal contribution, reinforce its market leadership and long-term value creation potential.
Current business mix
Profitability Contribution
Latest issuer-disclosed distribution across 2 reported categories.
Base Metal55.0%
Precious Metal45.0%
Growth engines
Doubling Capacity
Company is moving towards 2x growth, doubling capacity for long-term value creation.
Critical Mineral Diversification
Building a multi-metal ecosystem under India’s Critical Mineral Mission, diversifying into Potash, Tungsten, REEs.
Exploration Activities
Focused exploration to expand reserves and resources base to support future growth, targeting 30 Mnt metal reserves.
Silver Upcycle
Uniquely positioned to capture the upcycle in silver, which contributed significantly to profitability in FY26.
Capacity and execution
Integrated Refined Metal Capacity Expansion
250 Ktpa expansion at Debari, increasing capacity from 1,129 Ktpa to 1,379 Ktpa. Target completion: 2QFY29. Total approved investment: c.₹ 12,000 crore.
Mined Metal Capacity Expansion
Expansion from 1,180 Ktpa to 1,510 Ktpa across mines. Target completion: 2QFY29. Total approved investment: c.₹ 12,000 crore.
Zinc Tailings Reprocessing Plant
India’s first 10 Mtpa feed capacity plant. Target completion: 4QFY28. Total approved investment: ₹ 3,823 crore.
Hot Acid Leaching Technology
Implementing technology for recovery of 27 TPA silver and 6 Ktpa lead from jarosite at Dariba. Expected completion by 2QFY27.
Tailwinds
Indian Economic Growth
India’s economic outlook remains strong, with the manufacturing PMI consistently reflecting sectoral expansion, supported by upbeat consumer sentiment & robust demand.
Domestic Zinc Demand
Strengthening domestic zinc demand on back of consistently growing domestic steel production, which will grow further to 300 Mtpa by 2030.
Global Energy Transition
Global energy transition accelerates zinc demand structurally. Silver's unmatched conductive and reflective properties are in unprecedented demand for clean energy.
Risk radar
Commodity Price Volatility
Uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange.
Exchange Rate Fluctuations
Fluctuations in interest and or exchange rates and metal prices can materially impact future results.
Broader Market Uncertainties
Numerous matters of national, regional and global scale, including environmental, climatic, natural, political, economic, business, competitive or regulatory nature.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation highlights strong sequential operational momentum in production and cost (QoQ), indicating effective execution. Simultaneously, robust year-on-year financial growth (YoY) demonstrates sustained business expansion and improved profitability.
Sector KPIs management disclosed
Mined Metal Production
4QFY26: 315 Kt, up 14% QoQ, up 2% YoY. FY26: 1,114 Kt, up 2% YoY.
Refined Metal Production
4QFY26: 282 Kt, up 5% QoQ, up 5% YoY. FY26: 1,048 Kt, down 0.4% YoY.
Zinc Cost of Production (ex-royalty)
4QFY26: $903/MT, down 4% QoQ, down 9% YoY. FY26: $959/MT, down 9% YoY (5-year lowest full year COP).
EBITDA Margin
4QFY26: 57%, up 420 bps YoY, up 180 bps QoQ. FY26: 54%, up 300 bps YoY.
Management forward view
2x Growth Ambition
Management aims to achieve 2x growth by doubling capacity and creating long-term value.
Sustainability Commitment
Commitment to audacious Sustainability Goals 2030, with efforts in GHG emissions reduction, water stewardship, circular economy, biodiversity conservation and waste management.
Cost Leadership
Management aims to maintain cost below $1,000/MT via proactive cost saving initiatives, increased scale of production, and operational efficiencies.
Diversified Product Portfolio
Plans to scale capacities for minor metal recovery, enhance VAP share to 50%, and expand critical mineral portfolio (Potash, Tungsten, REEs).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Mined metal production | 1,114 Kt (FY26) | 1,150 (±10) Ktpa (FY27 Guidance) |
| Refined metal production | 1,048 Kt (FY26) | 1,100 (±10) Ktpa (FY27 Guidance) |
| Silver production | 627 MT (FY26) | 680 (±10) metric tonnes (FY27 Guidance) |
| Zinc Cost of Production (ex-royalty) | $959/MT (FY26) | $975 - $1,000 per tonne (FY27 Guidance) |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 98th percentile within Metals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
99 docs text-extracted · 38 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Metals: 98th pctile, median 70 · Large: 90th pctile, median 73
Evidence depth
Financial-only
99 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 60.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.6%.
- ▸6 years of positive FCF.
Trust risks
- ▸Promoter holding fell 1.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hindustan Zinc Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Sep - Hindustan Zinc signs six-year pact with MFL for 30 electric trucks and charging infrastructure.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Aug - Renewable power consumption rises to 22%; target 70% by FY28, with 530 MW round-the-clock arrangement.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.