Hindustan Zinc LimitedQ2 FY27 Results & Financial Update
Hindustan Zinc Limited: Q2 FY27 consolidated results and company financials – revenue ₹76.38 Cr, PAT ₹5.01 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Hindustan Zinc Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Hindustan Zinc Limited delivered its highest-ever quarterly financial performance in Q2 FY27, underpinned by robust production volumes across all key metals and favourable commodity pricing dynamics.
Total consolidated revenue from operations expanded by 77% year-on-year to reach ₹15,093 crore, compared with ₹8,549 crore in the corresponding period of the previous year. Sequentially, revenue advanced by 9.8% from ₹13,747 crore reported in Q1 FY27.
Operating profitability expanded significantly, with EBITDA surging 108% year-on-year to ₹9,285 crore, translating into an industry-leading EBITDA margin of 62% for the quarter, an expansion of approximately 900 basis points over the year-ago period.
Operating efficiencies were supported by a 29% year-on-year reduction in zinc cost of production (excluding royalty) down to $703 per tonne, benefiting from higher mined grades, increased metal production, and improved renewable power absorption.
The company maintained strong liquidity and a conservative capital structure, ending the quarter with gross investments and cash of ₹17,439 crore against total borrowings of ₹6,171 crore, while retaining an AAA credit rating from CRISIL.
01 · Business model
What does Hindustan Zinc do?
Hindustan Zinc Limited operates as the world's largest integrated zinc producer and ranks among the top ten global silver producers, holding a primary market share of approximately 74% within India.
The company's core operations encompass mining and smelting of zinc, lead, and silver, alongside wind energy generation, supplying value-added metal products across more than 30 international markets.
Revenue generation is driven by primary metal sales, silver extraction, and allied by-products, supported by fully integrated captive mining assets primarily located in the state of Rajasthan.
02 · Historical context
What shaped the business before this quarter
Hindustan Zinc was recognized as the world's most sustainable company in the metals and mining category for the third consecutive year by the S&P Global Corporate Sustainability Assessment 2025 and joined the ICMM in 2025.
The company launched EcoZen, Asia's first low-carbon green zinc brand, and systematically increased its renewable energy consumption to 27% of overall power usage by Q2 FY27.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹76.38 Cr | ₹13,033.00 Cr |
| Profit after tax | ₹5.01 Cr | ₹5,469.00 Cr |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was driven by higher London Metal Exchange (LME) metal prices, a stronger US dollar, and robust mined metal output of 271 KT alongside refined metal production of 264 KT.
Silver production rose 20% year-on-year to 173 tonnes, contributing significantly to overall profitability and top-line expansion.
Higher realisations from allied by-products and other operating revenues contributed to total operating income reaching ₹15,093 crore.
What drove margins
Higher production volumes and strong operating leverage pushed EBITDA margins to an industry-leading 62%.
Lower domestic coal usage and higher input commodity prices arising from global geopolitical tensions partially offset cost efficiencies.
05 · Demand, customers & order book
Where demand is coming from
The company maintained steady off-take across domestic and international markets, supported by long-term customer relationships and high-purity metal offerings.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Segment revenue reached ₹14,525 crore during Q2 FY27 compared with ₹8,235 crore in Q2 FY26, with segment results increasing to ₹8,329 crore from ₹3,602 crore.
Wind energy operations generated revenue of ₹57 crore in Q2 FY27, with segment results contributing ₹36 crore.
Geography and market mix
The company supplies its metals to over 30 countries globally while maintaining a dominant 74% market share in the Indian primary zinc market.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Mined metal production for Q2 FY27 stood at a record 271 KT (up 5% YoY), while refined metal production reached a best-ever second-quarter volume of 264 KT (up 7% YoY).
Silver production registered 173 tonnes for the quarter, marking a 20% increase year-on-year.
Projects, capex and execution
Capital expenditure continued toward underground mine development, shaft deepening, and operational automation to sustain higher volume run-rates.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company flagged off its first electric vehicle crane at Rajpura Dariba and an EV cherry-picker at Rampura Agucha, alongside partnering with MFL India for 30 EV transport trucks.
The company's zinc alloy plant transitioned to source 100% of its power from renewable energy sources.
09 · Reported developments
What changed operationally
Achieved record second-quarter mined metal production of 271 KT and refined metal production of 264 KT.
10 · Pressure points & risks
What is not going smoothly
The company disclosed that the Enforcement Directorate conducted a search and seizure operation at its premises between June 1 and June 3, 2026, under FEMA, to which full cooperation was extended with no further communication received.
Management noted ongoing administrative and regulatory monitoring regarding past related-party transaction observations from SEBI, for which corrective measures have been implemented.
11 · Items worth noticing
The line items that can distort a quick read
No exceptional items were reported for Q2 FY27, compared to environmental and health cess and gratuity provisions recorded in prior financial periods.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company generated strong free cash flow pre-growth capex of ₹6,389 crore during Q2 FY27, supported by robust operating cash inflows.
Capital allocation & funding
Total outstanding borrowings stood at ₹6,171 crore as of September 30, 2026, against gross investments and cash of ₹17,439 crore.
The company retained its consistent AAA investment-grade credit rating from CRISIL.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG and Renewable Energy Progress
Renewable power consumption increased to 27% of overall power consumption, and the zinc alloy plant achieved 100% renewable power sourcing.
Reported update
Exchequer Contribution
The company contributed ₹13,027 crore to the national exchequer in 1HFY27, including ₹3,724 crore to the Rajasthan exchequer through taxes, duties, and mining royalties.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 9.8% sequentially from ₹13,747 crore in Q1 FY27 to ₹15,093 crore in Q2 FY27.
Net profit increased by 17.2% sequentially from ₹5,469 crore in Q1 FY27 to ₹6,412 crore in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Hindustan Zinc do?
Hindustan Zinc Limited operates as the world's largest integrated zinc producer and ranks among the top ten global silver producers, holding a primary market share of approximately 74% within India.
What is the clearest takeaway from Q2 FY27?
Hindustan Zinc Limited delivered its highest-ever quarterly financial performance in Q2 FY27, underpinned by robust production volumes across all key metals and favourable commodity pricing dynamics.
What drove revenue or demand?
Revenue expansion was driven by higher London Metal Exchange (LME) metal prices, a stronger US dollar, and robust mined metal output of 271 KT alongside refined metal production of 264 KT.
What mattered most for margins or profitability?
Higher production volumes and strong operating leverage pushed EBITDA margins to an industry-leading 62%.
What changed operationally beyond the headline numbers?
Mined metal production for Q2 FY27 stood at a record 271 KT (up 5% YoY), while refined metal production reached a best-ever second-quarter volume of 264 KT (up 7% YoY).
What are the main pressure points disclosed for the quarter?
The company disclosed that the Enforcement Directorate conducted a search and seizure operation at its premises between June 1 and June 3, 2026, under FEMA, to which full cooperation was extended with no further communication received.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Cost and Realisation Trends: Monitor London Metal Exchange (LME) metal price movements and US dollar exchange rate fluctuations alongside zinc cost of production per tonne.
- 02
Green Energy Transition Milestones: Track further progress on the company's target to achieve net-zero emissions by 2050 and increase renewable energy absorption across smelting operations.
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