Highlights

• Hindustan Zinc recorded its highest-ever second-quarter EBITDA of ₹4,467 crore with a margin of 52%.
• Silver accounted for approximately 40% of overall profit amid a sharp rise in global prices.
• The company reported superior total shareholder returns of 7% in Q2 compared with a decline of 3% in the Nifty 100.

Hindustan Zinc Limited (NSE:HINDZINC) recorded notable market and operational developments during the ongoing financial year, supported by a sharp rise in silver prices, improved cost metrics, and higher production levels. As of 30 December 2025, the company’s stock was trading at ₹623.30, marking a 0.77% rise during the session. The broader performance reflects increased investor attention amid favourable commodity trends and company-specific milestones achieved during the second quarter of FY26.

Stock Performance Shows Upward Trend

Hindustan Zinc’s share price has delivered consistent gains across timeframes. Over the past month, the stock has risen by 28.46%, while the year-to-date return stands at 40.37%. On a one-year basis, the stock has gained 44.15%, supported by improved financial outcomes and sector tailwinds. The company was also included in the Nifty 100 and Nifty Next 50 indices with effect from 30 September 2025, adding to its market visibility.

Silver Prices Continue to Influence Earnings

Silver prices have seen a sharp rise over the past month, with a monthly return of 29.08%. The metal is currently trading at USD 74.865. Despite near-term price fluctuations, silver remains on track for an annual gain of approximately 158%, marking one of its best yearly performances since 1979. Industrial demand, supply limitations, exchange-traded fund inflows, central bank purchases, and three interest rate cuts in the US have supported prices. Silver contributes nearly 40% of Hindustan Zinc’s overall profit, placing it among key earnings drivers.

Record Production and Cost Efficiency in Q2FY26

During the second quarter of FY26, Hindustan Zinc achieved its highest-ever second-quarter mined metal production at 258 kilotonnes, registering a 1% year-on-year increase. Zinc cost of production declined to a five-year low of $994 per tonne, reflecting a 7% year-on-year and 2% quarter-on-quarter improvement. These operational metrics were accompanied by the commissioning of a 160 Ktpa roaster at Debari and the completion of debottlenecking activities at the Dariba Smelting Complex.

Revenue, Profitability, and Growth Projects

Revenue from operations reached a record ₹8,549 crore during the quarter, rising 10% quarter-on-quarter. EBITDA increased to ₹4,467 crore, up 16% sequentially, with margins at 52%. Profit after tax stood at ₹2,649 crore, reflecting a 19% rise quarter-on-quarter and 14% year-on-year. The board also approved India’s first zinc tailings reprocessing plant with a capacity of 10 million tonnes per annum at Rampura Agucha, marking a significant step in resource utilisation.

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