Hindustan Zinc Limited, the world’s largest integrated zinc producer, reported record financial and operational performance for the second quarter and half year ended September 30, 2026, driven by higher metal prices, increased production, improved cost efficiency and stronger by-product realisations. The company recorded its highest-ever quarterly revenue from operations of ₹15,093 crore, an increase of 77% year-on-year. Quarterly EBITDA rose 108% to ₹9,285 crore, with an industry-leading EBITDA margin of 62%, up approximately 900 basis points from the corresponding period last year. Net profit increased 142% year-on-year to ₹6,412 crore.
Quarterly mined metal production reached a record 271,000 tonnes, up 5% year-on-year, while refined metal production rose 7% to a best-ever 264,000 tonnes. Silver production increased 20% to 173 tonnes, contributing significantly to profitability. Zinc cost of production, excluding royalty, improved 29% year-on-year to US$703 per tonne, supported by better mined grades, higher production, increased renewable power consumption and stronger by-product realisations.
For the first half of FY27, Hindustan Zinc recorded mined metal production of 539,000 tonnes, marking its sixth consecutive year of record first-half output and a 3% annual increase. Refined metal production reached a best-ever 524,000 tonnes, up 6%, while silver production rose 10% to 321 tonnes.
First-half revenue from operations increased 77% year-on-year to a record ₹28,840 crore. EBITDA reached an all-time high of ₹17,359 crore, up 108%, with a margin of 60%. Net profit rose 143% to a record ₹11,881 crore. Free cash flow before growth capital expenditure stood at ₹11,642 crore, while silver contributed approximately 45% towards overall profitability. Zinc cost of production, excluding royalty, improved 23% year-on-year to US$776 per tonne.
Commenting on the results, Amarendu Prakash, Chief Executive Officer of Hindustan Zinc, said the record quarterly production reflected the strength of the company’s operations, assets and workforce. He added that the company would focus on disciplined growth, artificial intelligence-led innovation and expansion of its critical minerals portfolio to support India’s energy transition.
Chief Financial Officer Amit Gupta said record quarterly EBITDA and net profit reflected the company’s operating performance, cash generation and financial discipline. He added that Hindustan Zinc would continue investing in growth while maintaining financial resilience and creating long-term shareholder value.
As of September 30, 2026, the company held gross investments and cash of ₹17,439 crore, against total borrowings of ₹6,171 crore. It also maintained a CRISIL AAA credit rating. Free cash flow before growth capital expenditure for the quarter stood at ₹6,389 crore.
During the quarter, renewable energy accounted for 27% of total power consumption, while the company’s zinc alloy plant began sourcing 100% of its power from renewable sources. Hindustan Zinc also introduced an electric vehicle crane at Rajpura Dariba and an electric cherry-picker at Rampura Agucha. A partnership with MFL India will support the deployment of 30 electric trucks at Rampura Agucha. The company also signed a memorandum of understanding with the Arid Forest Research Institute to develop scientifically planned, high-density plantations and a sustainable greenbelt at its Chanderiya Lead Zinc Smelter.
Hindustan Zinc contributed ₹13,027 crore to the national exchequer during the first half, including ₹3,724 crore to Rajasthan through taxes, duties and mining royalties. The company reported total shareholder returns of 15% over the period specified in its results announcement.
A Vedanta Group company, Hindustan Zinc supplies customers in more than 30 countries and holds approximately 74% of India’s primary zinc market. It is also among the world’s top 10 silver producers. Its sustainability initiatives include EcoZen, an Asia-first low-carbon zinc brand produced using renewable energy, and a commitment to achieve net-zero emissions by 2050 or sooner.
