Hindustan Zinc Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Hindustan Zinc Ltd filed with BSE on 28 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Hindustan Zinc reported record quarterly revenue of Rs 13,544 crore, highest ever EBITDA of Rs 7,747 crore, and record net profit of Rs 5,033 crore for Q4 FY26, driven by higher production, better by-product realization, and a supportive commodity environment. For the full year, the company crossed Rs 40,000 crore in revenue and Rs 20,000 crore in EBITDA for the first time, while achieving a five-year low zinc cost of production of $959 per ton. Management also outlined FY27 guidance for mined and refined metal production, cost of production, and capital expenditure, alongside updates on growth projects including the Debari smelter and fertilizer plant.
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Numbers mentioned
Revenue: Rs 13,544 crore (Q4 FY26)
p. 5
“we delivered record revenue of INR13,544 crores, highest ever EBITDA of INR7,747 crores, and record net profit of INR5,033 crores, marking a new milestone for the company.”
Arun Misra, page 5 of the filed PDF · View the filing
EBITDA: Rs 7,747 crore (Q4 FY26)
p. 5
“we delivered record revenue of INR13,544 crores, highest ever EBITDA of INR7,747 crores, and record net profit of INR5,033 crores, marking a new milestone for the company.”
Arun Misra, page 5 of the filed PDF · View the filing
Net profit: Rs 5,033 crore (Q4 FY26)
p. 5
“we delivered record revenue of INR13,544 crores, highest ever EBITDA of INR7,747 crores, and record net profit of INR5,033 crores, marking a new milestone for the company.”
Arun Misra, page 5 of the filed PDF · View the filing
Mined metal production: 1.1 million tons (FY26)
p. 4
“This led to historic full year performance with mined metal at 1.1 million tons and second highest refined metal of 1,048 KT.”
Arun Misra, page 4 of the filed PDF · View the filing
Zinc cost of production ex-royalty: $903 per ton (Q4 FY26)
p. 4
“we achieved the lowest quarterly zinc cost of production excluding royalty since underground transition at $903 per ton, reflecting a decline of 9.0% year-on-year and 4.0% quarter-on-quarter.”
Arun Misra, page 4 of the filed PDF · View the filing
Zinc cost of production ex-royalty: $959 per ton (FY26)
p. 5
“we delivered a five-year low cost of production at $959 per ton, well below our guidance of $1,000 per ton.”
Arun Misra, page 5 of the filed PDF · View the filing
Silver production: 176 tons (Q4 FY26)
p. 5
“Our quarterly silver production stood at 176 tons, up 11.0% sequentially.”
Arun Misra, page 5 of the filed PDF · View the filing
Silver production: 627 tons (FY26)
p. 5
“For the full year, silver production stood at 627 tons, impacted by change in mining sequence.”
Arun Misra, page 5 of the filed PDF · View the filing
Full year revenue: Rs 40,844 crore (FY26)
p. 6
“For the full year, we achieved record revenue of INR40,844 crores, EBITDA of INR22,162 crores, and a net profit of INR13,832 crores.”
Sandeep Modi, page 6 of the filed PDF · View the filing
Full year net profit: Rs 13,832 crore (FY26)
p. 6
“For the full year, we achieved record revenue of INR40,844 crores, EBITDA of INR22,162 crores, and a net profit of INR13,832 crores.”
Sandeep Modi, page 6 of the filed PDF · View the filing
Free cash flow before growth capex and renewable investment: Rs 13,337 crore (FY26)
p. 6
“Free cash flow before growth capex and renewable investment for the year was INR13,337 crores.”
Sandeep Modi, page 6 of the filed PDF · View the filing
Net cash position: Rs 5,594 crore (as of March 2026)
p. 6
“Our strong cash generation enabled us to close the year with a net cash position of INR5,594 crores as of March '26, compared to a net debt position of INR1,169 crores at the close of the last year.”
Sandeep Modi, page 6 of the filed PDF · View the filing
Contribution to national exchequer: around Rs 19,000 crore (FY26)
p. 6
“During FY26, we also contributed around INR19,000 crores to national exchequer, including more than INR6,000 crores to the state of Rajasthan, underscoring our role as a significant contributor to the economy and the state.”
Sandeep Modi, page 6 of the filed PDF · View the filing
Total capex: Rs 3,600 crore (FY26)
p. 14
“Total capex was INR3,600 crores for the full year and growth capex was INR2,000 crores.”
Sandeep Modi, page 14 of the filed PDF · View the filing
Brand and strategic services fee: Rs 1,300 crore (FY26)
p. 12
“This year is around INR1,300 crores.”
Sandeep Modi, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Mined metal production — 1,150 KTPA, plus or minus 10 KT · FY27
stated firmly by Arun Misra
p. 5
“we are confident in sustaining this strong performance in the year ahead with an expected mined metal production of 1,150 KTPA, plus or minus 10 KT, and a refined metal production of 1,100 KTPA, plus or minus 10 KT, with an expected refined silver production of 680 tons, plus or minus 10 tons.”
Arun Misra, page 5 of the filed PDF · View the filing
Zinc cost of production excluding royalty — $975 to $1,000 per ton · FY27
stated conditionally by Sandeep Modi
p. 6
“For FY27, we have guided zinc cost of production excluding royalty at $975 to $1,000 per ton, reflecting prevailing global uncertainties.”
Sandeep Modi, page 6 of the filed PDF · View the filing
Capital expenditure — $500 million to $600 million · FY27
stated firmly by Sandeep Modi
p. 6
“Planned capital expenditure for FY27 is in the range of $500 million to $600 million towards announced growth projects.”
Sandeep Modi, page 6 of the filed PDF · View the filing
Renewable energy consumption — 30% to 35% · FY27
stated firmly by Sandeep Modi
p. 9
“So FY26 we closed for the full year around 18% renewable energy and for the full year in FY'27, we should be between 30% to 35%.”
Sandeep Modi, page 9 of the filed PDF · View the filing
Renewable energy consumption — 70% round the clock · FY28
stated firmly by Sandeep Modi
p. 15
“70% is by FY28 as we committed earlier as well as part of our sustainability goals. By FY28 we'll be 70% round the clock.”
Sandeep Modi, page 15 of the filed PDF · View the filing
Hot Acid Leaching process commissioning — 2Q FY27
stated conditionally by Arun Misra
p. 5
“Given its complexity as a first-of-its-kind project in India, commissioning is now expected in 2Q FY '27.”
Arun Misra, page 5 of the filed PDF · View the filing
Fertilizer project commissioning — early 2Q FY27
stated firmly by Arun Misra
p. 5
“The fertilizer project is also on track for commissioning in early 2Q FY '27.”
Arun Misra, page 5 of the filed PDF · View the filing
Silver production — crossing 800 tons
stated as an aspiration by Arun Misra
p. 7
“Altogether if you look, it will be crossing 800 tons of silver by that time.”
Arun Misra, page 7 of the filed PDF · View the filing
Silver production spike — 700 tons plus
stated conditionally by Arun Misra
p. 11
“If the zinc prices fall, then and silver remains at say $60 at troy ounce, it will make much sense to produce more lead and silver than production of zinc. And when we do that, then we'll surely see the numbers going up to 700 tons plus.”
Arun Misra, page 11 of the filed PDF · View the filing
Hedging policy — 10% to 20% of annual volume · rolling 12 months
stated firmly by Sandeep Modi
p. 13
“We will not be going beyond 12 months. That is very sure.”
Sandeep Modi, page 13 of the filed PDF · View the filing
1 million ton smelter plan announcement — July
stated conditionally by Sandeep Modi
p. 15
“by the quarter one end we should be ready with the complete conceptual plan and layout of the plant and engineering and then we can see in the July or some that time we can have a board announcement after the full feasibility.”
Sandeep Modi, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave the hedged quantities and average prices for both zinc and silver for Q1 and full year FY27.
Answered by Sandeep Modi
Asked by Manav Gogia: What is the hedge quantity for zinc and silver for Q1 FY27 and full year FY27?
p. 7
“For the Q1, for the zinc, it is a hedge at 20 KT spread between the April to June at a average price of $3,100, and silver is hedged 25 tons at a average price of $57.”
Sandeep Modi, page 7 of the filed PDF · View the filing
Management explained it relates to an ancillary waste-to-wealth business arrangement where sale and purchase transactions are booked separately as other operating income and other expenditure.
Answered by Sandeep Modi
Asked by Manav Gogia: What drove the 35% sequential jump in other expenses?
p. 8
“HZL has entered into the various agreements with -- we have set up the various ancillary business.”
Sandeep Modi, page 8 of the filed PDF · View the filing
Management attributed Q4's low cost to a favorable mining grade and said the guidance factors in commodity input cost uncertainty.
Answered by Sandeep Modi
Asked by Pallav Agarwal: Will the FY27 cost guidance of $975-$1,000 be a steep increase from Q4's $900, and when will it play out?
p. 9
“So I think Q1 historically we have been around 7.3%, 7.4%, that should be there.”
Sandeep Modi, page 9 of the filed PDF · View the filing
Management said the plan was reworked to consolidate into a single large smelter location, with orders being placed progressively.
Answered by Arun Misra
Asked by Ashish Kejriwal: What is the status of the second phase smelter expansion plan?
p. 10
“now the designers have confirmed that in one location about a 600, 700 KTPA smelter can be put.”
Arun Misra, page 10 of the filed PDF · View the filing
Management said silver production would rise only if zinc prices fall, making it more attractive to shift toward lead and silver production.
Answered by Arun Misra
Asked by Pinakin: Why does silver production guidance look conservative, and can it spike to 700-725 tons?
p. 11
“That can happen when the zinc prices fall to say $2,800 to $3,000 per ton.”
Arun Misra, page 11 of the filed PDF · View the filing
Management said they primarily expect to fund growth from operating cash flow but would use debt opportunistically if it made economic sense.
Answered by Arun Misra
Asked by Sumangal Nevatia: Will growth capex be funded by cash or debt going forward?
p. 13
“primarily we are earning enough to fund our growth. That is for sure.”
Arun Misra, page 13 of the filed PDF · View the filing
Management explained hedging stopped after reaching their 10% target and defended it as a deliberate strategy rather than a misstep.
Answered by Sandeep Modi
Asked by Vikas Singh: Why did average hedged silver price not reflect the higher spot prices seen during the quarter?
p. 16
“we as earlier said 10% to 20% annual volume we will hedge and accordingly we hedge the 10% for this year and last year 20%.”
Sandeep Modi, page 16 of the filed PDF · View the filing
Management detailed the domestic versus imported coal mix for the year and Q4, noting domestic coal remains cheaper.
Answered by Sandeep Modi
Asked by Prateek Singh: What was the coal sourcing mix and outlook on e-auction prices given gas shortages?
p. 18
“during the whole year we were around 53% domestic coal materialization and 18% was the renewable energy.”
Sandeep Modi, page 18 of the filed PDF · View the filing
Risks flagged
Fatality at Zawar mines due to man-machine interaction
p. 3
“it is with deep sorrow that I share an unfortunate incident at our Zawar mines on 25th of January 2026, wherein we lost an employee of our business partner due to an unexpected man-machine interaction.”
Arun Misra, page 3 of the filed PDF · View the filing
Geopolitical volatility impacting input commodity costs
p. 9
“the current geopolitical environment where you see the input cost commodity coming impact of the diesel, propane gas, chemical, explosive.”
Sandeep Modi, page 9 of the filed PDF · View the filing
Natural gas shortage causing marginally higher costs
p. 9
“It is a marginally higher cost in the Q4, maybe around $11 per ton, but on the production point of view, no impact.”
Sandeep Modi, page 9 of the filed PDF · View the filing
Global macro environment uneven growth and geopolitical volatility
p. 5
“The global macro environment continues to be marked by uneven growth and geopolitical volatility.”
Sandeep Modi, page 5 of the filed PDF · View the filing
Commodity market sensitivity in the near term
p. 6
“Commodity markets remain sensitive in the near term.”
Sandeep Modi, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.