Hindustan Zinc (500188) Q4 25/26 earnings summary

Executive summary

• Achieved record mined metal production of 1.1 million tons and refined metal production of 1,048 KT for FY 2026, with Q4 marking all-time highs for both metrics.

• Maintained industry leadership as the world's largest integrated zinc producer and India's only primary silver producer, with significant market share and robust profitability.

• Advanced sustainability and ESG initiatives, earning top global rankings, multiple awards, and certifications for responsible mining, safety, and diversity.

• Audited standalone and consolidated financial results for Q4 and year ended March 31, 2026, were approved, with auditors issuing an unmodified opinion.

• Interim dividend of ₹11 per share (₹4,648 crore) declared for FY 2026-27, with record date April 30, 2026.

Financial highlights

• Q4 FY 2026 revenue reached ₹13,544 crore, up 49% YoY and 23% QoQ; full-year revenue was ₹40,844 crore, up 20% YoY.

• Q4 EBITDA was ₹7,747 crore (up 61% YoY, 27% QoQ) with a margin of 57%; full-year EBITDA was ₹22,162 crore, up 27% YoY.

• Q4 net profit was ₹5,033 crore (up 68% YoY, 29% QoQ); full-year net profit was ₹13,832 crore, up 34% YoY.

• Free cash flow for FY26 stood at ₹13,337 crore.

• Dividend payout of ₹10 per share, totaling ₹4,225 crore for FY26; interim dividends totaling ₹8,873 crore declared in FY 2025-26 and FY 2026-27.

Outlook and guidance

• FY 2027 guidance: mined metal production of 1,150 KTPA ±10 KT, refined metal production of 1,100 KTPA ±10 KT, and refined silver production of 680 tons ±10 tons.

• Zinc cost of production (ex-royalty) guided at $975-$1,000/ton for FY 2027.

• Renewable energy share targeted to rise from 18% in FY 2026 to 30%-35% in FY 2027, aiming for 70% by FY 2028.

• CapEx planned at $500-$600 million for FY 2027, focused on growth projects.

• Company continues to invest in renewable energy, with ₹278 crore invested in a 530 MW power delivery agreement as of March 31, 2026.