India’s largest silver producer Hindustan Zinc on Friday announced its results for the April-June quarter of the current fiscal year 2027. Revenue from its operations increased by nearly 77% to Rs. 13,747 crore which during the quarter under review was Rs. 7,771 crore, which was recorded in the same period last year. Total expenses during the quarter ended June 30, 2026 increased by 33% year-on-year to Rs. 6,749 crores.
The Vedanta group company’s net profit margin stood at 40% in the April-June quarter of FY27, up from 37% in the previous quarter (Q4 FY26) and 29% in the year-ago period (Q1 FY26). Operating margin, meanwhile, rose to 52% during the quarter under review.
The metal major’s net worth also more than doubled year-on-year, rising nearly 108% to Rs. 23,587 crores. Its debt-to-equity ratio was 0.32 times, up from 1.19 times in Q1 FY26.
Nuwama on Hindustan Zinc share price
Nuwama Institutional Equities noted that Hindustan Zinc’s Rs. 7,990 crore Q1 EBITDA was roughly in line with estimates amid higher prices, partially offset by seasonally lower volumes. . Refined zinc product cost (ex-royalty) remained low at $851/tonne (down $52/tonne QoQ) amid the benefit of higher sulfuric acid prices and rupee depreciation, it said.
Silver EBIT was down 2% sequentially due to lower volumes and comprised 46% of EBIT in Q1, the brokerage added. “A tight supply market is likely to keep zinc prices relatively high while silver prices are likely to remain stable. We forecast 3% volume CAGR for refined metal and 4% volume CAGR for silver during FY26-28E. Higher prices and cost containment will drive EBITDA at 20% CAGR over FY26-2058-2020. Launched by Q2 of FY29,” it added.
Nuwama on shares of Hindustan Zinc at Rs. 700 per share with a ‘buy’ call, which is Rs. This indicates roughly 32% upside potential from the previous close of 531.95.
Also Read | Hindustan Zinc names Amarendu Prakash as new CEO; Quarterly profit more than doubled on strong metal prices
JM Financial on Hindustan Zinc share price
JM Financial said Hindustan Zinc’s Q1 EBITDA beat its estimates, driven by lower production costs. “We remain positive on HZL given its industry-leading pricing position, strong balance sheet and long-term growth pipeline,” it said.
The local brokerage maintained its ‘buy’ call on the stock, with each at Rs. With a target price of 660 showing 24% upside potential.
Motilal Oswal on Hindustan Zinc share price
Motilal Oswal Financial Services said Hindustan Zinc slightly beat estimates, with earnings boosted by favorable commodity prices, higher by-product recoveries and a stronger dollar.
EBITDA impact on forecast was primarily due to favorable metal prices and lower cost of production. “Hindustan Zinc continues to report strong earnings, driven primarily by favorable metal prices and better grades. The company continues to focus on increasing production output with strict cost-control measures, which can sustain margins. The recently announced expansion plan is aligned with its long-term objective, although earnings are tied to the near-term objective of doubling existing capacity and increasing earnings. Limited capacity headroom is limited, LME/silver price inflation emerges as key catalyst for upside in the near term We maintain our FY27/28 estimates and believe higher price volatility could be a potential risk or reward to earnings visibility.
Motilal Oswal however noted that the current valuation has priced in all the positive factors. He paid Rs. Reiterated its ‘neutral’ call on the stock with a target price of 570.
Also Read | Hindustan Zinc Q1 Results: Net profit up 145% YoY to Rs. 5,469 crore, a jump of 77% in revenue
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