Hindustan Zinc Ltd — Q4 FY25 / Recent Performance & Outlook

Q4 FY25 Performance • Revenue for the quarter rose ~20% YoY to ~₹9,087 crore. • Profit after tax (PAT) was ~₹3,003 crore, up ~47% YoY. • EBITDA in Q4 was ~₹4,816 crore, ~32% higher YoY, with margins of ~53%, up ~500 basis points. FY25 Full Year Highlights • Annual revenue ~₹34,083 crore, up ~18% YoY. • Full-year EBITDA ~₹17,465 crore (up ~28% YoY) with margin ~51%. • PAT for FY25 ~₹10,353 crore, up ~33% YoY. • Highest ever return on capital employed (ROCE) of ~58%. • Free cash flow (pre-capex) of ~₹13,784 crore. • Metal production was strong: mined metal ~1,095 KT, refined metal ~1,052 KT. Q1 FY26 Snapshot & Recent Trends • In Q1 FY26, net profit dropped ~4.7% YoY to ~₹2,234 crore. • Revenue for the same quarter fell ~4.4% YoY to ~₹7,771 crore. • Decline attributed to lower zinc & lead prices and lower volumes, partially offset by higher by-product (silver) realizations. • Zinc cost of production in Q1 ~US$1,010/tonne, ~9% better YoY. Strengths & Strategic Moves • Dominant footprint in India’s primary zinc market (~75-80% share). • Very low production costs and improving metal output volumes. • Strong exchequer contributions and consistent returns to shareholders. • Increasing value-added product share (~22%) and high domestic zinc sales (~603 KT). • Healthy reserves & resources, mine life over 25 years. Risks & Challenges • Prices of zinc / lead highly cyclical — global and domestic demand fluctuations matter. • Input cost inflation, energy, fuel, etc., can drag margins. • Revenue downturns in Q1 FY26 indicate sensitivity to commodity price movement & production volumes. • Capex funded partly via debt – funding & execution risks for new expansion projects. Outlook Hindustan Zinc is very well-positioned with cost competitiveness, strong production, and high margins. If zinc/lead prices remain favorable, the company should continue delivering strong profits and cash flows.