Hindustan Zinc Limited (HINDZINC)

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Hindustan Zinc Limited (HINDZINC) · mywealthgrid

About

Hindustan Zinc Limited operates in zinc production, a core business in India's non-ferrous metals sector. With a ₹2.37 lakh crore market cap and recent quarterly revenues of ₹8.5–13.7 crore, the company demonstrates strong profitability through 54% operating margins and exceptional capital efficiency (ROE 76.94%). Its low leverage (D/E 0.36) positions it as a stable, cash-generative business.

Founded: 1966
Face value: ₹2

Market cap

₹2,34,525 Cr

P/E

13.7×

P/B

10.4×

Dividend yield

3.8%

ROE

76.9%

ROCE

71.2%

Debt / equity

0.36

OPM

54%

EPS (TTM)

₹40.4

Book value

₹53.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Commodity cycle exposure: quarterly revenues range ₹8.5–13.7 Cr, indicating sensitivity to zinc prices and demand cycles; verify how the business performs in lower-price environments given the 54% OPM

Stock price volatility: 52-week range ₹417–₹727 (74% swing) suggests underlying cyclicality; verify if this reflects zinc price movements, demand shocks, or other factors

Low institutional ownership (FII 2.2%, DII 4.95%) and high promoter concentration (60.71%): verify minority shareholder protections and if low institutional interest signals governance or liquidity concerns

Single-commodity concentration in zinc: verify if byproducts, value-added processing, or adjacent segments diversify revenue

Generated analysis · source review pending

Growth drivers

EPS grew 106% in nine months (₹6.23 in Sep 2025 to ₹12.84 in Jun 2026); verify sustainability and if driven by volume growth, margin expansion, or commodity pricing
Operating margins expanded from 51.92% to 58.56% over the same period; verify if from production efficiency or commodity price tailwinds
Strong ROE (76.94%) with low debt (D/E 0.36) enables self-funded growth; verify capex and capacity expansion strategy
Regular dividends signal robust cash generation; verify if payout sustainability holds across commodity price cycles

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹555.1-1.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 68.2% (3-yr avg)
+High return on capital employed of 63.2%
+Healthy operating margin of 54%
+Comfortable interest coverage of 22×
+Dividend yield of 3.8%
+Dividend payout of 52% of profit
+High promoter holding of 60.7% with no pledge

Cons

−Trading at 10.4× book value

Research score

Structured signal from quality, growth, valuation and momentum.

75/100

Business quality: 96
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hindustan Zinc LimitedHINDZINCHINDZINC	₹2,34,525 Cr	₹2,42,777 Cr	₹46,820 Cr	₹26,255 Cr	54%	₹17,067 Cr	33.9%	71.2%	76.9%	-16
Vedanta Aluminium Metal LimitedVAMLVAML	₹1,57,491 Cr	₹1,57,491 Cr	₹0 Cr	₹-0 Cr	—	₹-0 Cr	—	—	—	—
National Aluminium Company LimitedNATIONALUMNATIONALUM	₹61,508 Cr	₹61,508 Cr	₹19,338 Cr	₹9,162 Cr	44.5%	₹6,751 Cr	32.5%	36.8%	29.4%	152
Hindustan Copper LimitedHINDCOPPERHINDCOPPER	₹44,690 Cr	₹44,800 Cr	₹3,498 Cr	₹1,662 Cr	47.5%	₹1,137 Cr	29.8%	40.5%	30.6%	59
Augmont Enterprises LimitedAUGMONTAUGMONT	₹10,921 Cr	—	₹5,567 Cr	₹30 Cr	0.5%	₹24 Cr	0.4%	—	—	—
Deccan Gold Mines LimitedDECNGOLDDECNGOLD	₹3,888 Cr	₹4,036 Cr	₹4 Cr	₹-63 Cr	—	₹-33 Cr	—	-26.8%	-14.2%	15,216
Arfin India LimitedARFINARFIN	₹1,472 Cr	₹1,601 Cr	₹722 Cr	₹50 Cr	7.5%	₹18 Cr	2.5%	22.2%	9.4%	135
Bhagyanagar India LimitedBHAGYANGRBHAGYANGR	₹1,288 Cr	₹1,547 Cr	₹2,597 Cr	₹128 Cr	4.5%	₹63 Cr	2.1%	34.1%	21.6%	65
Onix Solar Energy LtdONIXSOLARONIXSOLAR	₹1,253 Cr	₹1,254 Cr	₹29 Cr	₹1 Cr	3.8%	₹1 Cr	4.9%	—	—	—
Maan Aluminium LimitedMAANALUMAANALU	₹596 Cr	₹650 Cr	₹829 Cr	₹21 Cr	2.5%	₹14 Cr	1.6%	9.5%	5.8%	64
Msafe Equipments LtdMSAFEMSAFE	₹540 Cr	—	₹104 Cr	₹41 Cr	39.5%	₹22 Cr	21.7%	—	—	—
Sizemasters Technology LtdSIZEMASTERSIZEMASTER	₹419 Cr	₹422 Cr	₹36 Cr	₹6 Cr	15.5%	₹2 Cr	12.1%	32.9%	26.9%	114

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	22,629	29,440	33,272	28,932	34,083	40,844
COGS	239	-278	-143	-157	-64	-195
Gross profit	22,390	—	—	—	—	—
	10,718	13,493	16,735	15,433	16,759	18,975
	11,672	16,225	16,680	13,656	17,388	22,064
OPM %	51.6%	55.1%	50.1%	47.2%	51%	54%
Depreciation	2,531	2,917	3,264	3,468	3,640	3,790
Interest	386	290	333	955	1,095	881
	1,819	1,082	2,205	1,074	900	1,115
Profit before tax	10,574	14,100	15,288	10,307	13,553	18,508
Tax	2,594	4,471	4,777	2,548	3,200	4,676
Tax %	24.5%	31.7%	31.3%	24.7%	23.6%	25.3%
	7,980	9,629	10,511	7,759	10,353	13,832
PAT margin %	35.3%	32.7%	31.6%	26.8%	30.4%	33.9%
EPS (₹)	18.9	22.8	24.9	18.4	24.5	32.7
EPS adjusted (₹)	18.9	22.8	24.9	18.4	24.5	32.7
	200.1%	79%	303.5%	70.8%	118.4%	—
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	845	845	845	845	845	845	845
Reserves	—	31,468	33,436	12,087	14,350	12,481	21,784
	—	6,473	2,120	11,881	8,456	10,651	8,252
	—	6,941	8,269	10,654	10,244	10,513	11,489
Total equity & liabilities	—	45,727	44,670	35,467	33,895	34,490	42,370
	16,469	16,808	17,396	17,622	18,151	18,543	19,889
CWIP	—	1,922	2,075	2,237	1,696	2,606	3,409
Investments	—	12,957	15,052	10,107	10,452	9,972	14,468
	—	14,040	10,147	5,501	3,596	3,369	4,604
Total assets	—	45,727	44,670	35,467	33,895	34,490	42,370

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Zinc, Lead and others	29,216	10,127	26,963	8,765	18,198	55.65
Silver metal	9,841	8,377

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	98.9%	—	—	—	—	—
EBITDA margin %	51.6%	55.1%	50.1%	47.2%	51%	54%
EBIT margin %	40.4%	45.2%	40.3%	35.2%	40.3%	44.7%
PAT margin %	35.3%	32.7%	31.6%	26.8%	30.4%	33.9%
Working capital
Receivable days	7	9	4	2	1	4
Inventory days	2,176	54	41	46	41	40
Payable days	2,360	56	53	60	48	60
NWC days	-177	7	-8	-12	-6	-16
Leverage
Current ratio	3.12	3.94	0.85	1.16	1.04	1.47
Debt to EBITDA	0.55	0.13	0.71	0.62	0.61	0.37
Debt to equity	0.2	0.06	0.92	0.56	0.8	0.36
Interest coverage	28.4	50.1	46.9	11.8	13.5	22
Asset turnover	0.49	0.66	0.94	0.85	0.99	0.96
Return ratios
Return on assets %	17.5%	21.6%	29.6%	22.9%	30%	32.6%
Return on capital employed %	29%	38%	55.2%	54.8%	63.6%	71.2%
Return on equity %	24.7%	28.1%	81.3%	51.1%	77.7%	61.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.92%	64.92%	64.92%	64.92%	63.42%	63.42%	63.42%	61.84%	61.84%	61.84%	60.71%	60.71%
	0.75%	0.69%	0.6%	0.75%	1.01%	1.39%	1.42%	1.36%	1.31%	1.54%	2.39%	2.2%
	2.98%	2.96%	2.98%	3.02%	3.12%	4.12%	4.14%	4.82%	4.92%	4.69%	4.85%	4.95%
	0%	0%	0%	0%	0%	0%	0%	0%	27.92%	27.92%	27.92%	27.92%
	31.35%	31.43%	31.5%	31.31%	32.45%	31.07%	31.02%	31.98%	4.01%	4.01%	4.13%	4.22%
No. of shareholders	—	—	—	—	—	—	—	—	7,99,768	7,93,882	8,97,257	9,18,245

Promoter holding down 4.21 percentage points since Sep 2023.

3 deals · 7 Mar 2024 – 18 Jun 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
18 Jun 2025	VEDANTA LIMITED	Bulk	NSE	Sell	6,67,00,000	₹454.05	₹3,028.51 Cr
7 Mar 2024	SEB FUND 3 SEB PENSION FUND	Block	NSE	Sell	3,27,175	₹307.55	₹10.06 Cr
7 Mar 2024	SEB ASIENFOND EX JAPAN	Block	NSE	Buy	3,27,175	₹307.55	₹10.06 Cr

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Ms. Priya AgarwalNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Navin AgarwalNon-Executive - Nominee Director
Mr. Vivek Kumar BajpaiNon-Executive - Nominee Director
Mr. Arun MisraExecutive Director
Mr. Sandeep Vasant KadamNon-Executive - Nominee Director
Mr. Anoop Kumar MittalNon-Executive - Independent Director
Mr. Ashim Kumar ModiNon-Executive - Nominee Director
Mr. Thomas Mathew TNon-Executive - Independent Director
Ms. Aruna SharmaNon-Executive - Independent Director
Mr. Amarendu PrakashExecutive Director & Chief Executive Officer
Mr. Amit GuptaChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹566.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹566.3	-4.8	-0.8%	₹566.3	20,105	-382	2,318	1225
23 Nov 2026	₹569.3	-5	-0.9%	₹569.3	481	+29	88	1225
29 Dec 2026	₹571.8	+0.1	+0%	₹571.8	3	+3	5	1225

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

23

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
—	—	—	—	440

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 19 fund houses

Held by these funds

0.82%

of the company's equity

All mutual funds

1.41%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

98 schemes · 19 fund houses

		Shares
VALUE FUND	Tata Mutual Fund	45 L	267.95	3.1%	0.107%	-0
Focused Fund	Old Bridge Mutual Fund	31.56 L	187.92	4.32%	0.075%	-0
Natural Resources & New Energy Fund	DSP Mutual Fund	26.53 L	157.99	6.14%	0.063%	+3.33 L
Portfolio of Kotak Multi Asset Allocation FundNEW	Kotak Mahindra Mutual Fund	25 L	148.86	0.97%	0.059%	—
Arbitrage Fund	Nippon India Mutual Fund	20.7 L	123.27	0.7%	0.049%	+4.26 L
Nifty Next 50 Index Fund	ICICI Prudential Mutual Fund	19.14 L	113.99	1.13%	0.045%	+30,558
ETF NIFTY NEXT 50 JUNIOR BEES	Nippon India Mutual Fund	16.97 L	101.07	1.13%	0.04%	+54,630
Arbitrage FundNEW	SBI Mutual Fund	16.38 L	97.52	0.21%	0.039%	—

1–8 of 98

1 / 13

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

46 announcementsExport CSV

16 Sept 2026, 1:01 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Notice of Postal Ballot

Postal Ballot PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	98.9%	—	—	—	—	—
EBITDA margin %	51.6%	55.1%	50.1%	47.2%	51%	54%
EBIT margin %	40.4%	45.2%	40.3%	35.2%	40.3%	44.7%
PAT margin %	35.3%	32.7%	31.6%	26.8%	30.4%	33.9%
Working capital
Receivable days	7	9	4	2	1	4
Inventory days	2,176	54	41	46	41	40
Payable days	2,360	56	53	60	48	60
NWC days	-177	7	-8	-12	-6	-16
Leverage
Current ratio	3.12	3.94	0.85	1.16	1.04	1.47
Debt to EBITDA	0.55	0.13	0.71	0.62	0.61	0.37
Debt to equity	0.2	0.06	0.92	0.56	0.8	0.36
Interest coverage	28.4	50.1	46.9	11.8	13.5	22
Asset turnover	0.49	0.66	0.94	0.85	0.99	0.96
Return ratios
Return on assets %	17.5%	21.6%	29.6%	22.9%	30%	32.6%
Return on capital employed %	29%	38%	55.2%	54.8%	63.6%	71.2%
Return on equity %	24.7%	28.1%	81.3%	51.1%	77.7%	61.1%

Calls	Strike	Puts
—	—	—	—	440

Date	Category	Subject	Filing
16 Sept 2026, 1:01 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
9 Sept 2026, 3:51 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
9 Sept 2026, 3:45 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
3 Sept 2026, 3:28 pm	Company Update General	Intimation Under SEBI Listing Regulations-ESG Rating(S)	PDF
3 Sept 2026, 3:23 pm	Company Update General	Issuance Of Letter Of Intent In Favor Of The Preferred Bidder	PDF
2 Sept 2026, 5:34 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
25 Aug 2026, 3:31 pm	Others	Disclosure under Regulation 30A of LODR	PDF
18 Aug 2026, 4:19 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10,567	12,691	15,129	13,346	14,160	17,008
	-2,435	846	6,562	-3,406	-2,706	-8,906
	-9,697	-12,258	-23,224	-9,946	-11,411	-7,901
Net cash flow	-1,565	1,279	-1,533	-6	43	201
Free cash flow	8,086	9,693	11,568	9,480	10,154	11,733
CFO / Operating profit %	90.5%	78.2%	90.7%	97.7%	81.4%	77.1%

Hindustan Zinc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

23

Fund holders

Documents

Announcements

Events

Announcements

3

23

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

35

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Silver metal · revenue

Hindustan Zinc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain23

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain23

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends35

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Silver metal · revenue

3

23

3

23

35

1

1