Hindustan Zinc Q1 FY27: Record Profit Up 145%, EBITDA

Hindustan Zinc Limited reported Q1 FY27 results for the June 2026 quarter on 24 July. Q1 FY27 numbers (consolidated), all records: Revenue: Rs 13,747 crore, up 77% YoY; up 1% QoQ EBITDA: Rs 8,074 crore, up 109% YoY; margin 59% PAT: Rs 5,469 crore, up 145% YoY; up 9% QoQ Silver revenue Rs 3,839 crore, up 169%; zinc up 48% Zinc cost $851 a tonne, down 16%; net cash Rs 5,572 crore; interim dividend Rs 11 Also disclosed: a SEBI warning on related-party deals, an ED search, a new CEO from 1 August, and a $2.25 billion promoter-group facility. Since then, DIPAM said it has no immediate plan to sell the government's 27.92%, Jefferies raised its target to Rs 750, and zinc hit $3,890 a tonne, a four-year high. Hindustan Zinc [][***** shares trade at Rs 584.36 on the linked page (NSE near Rs 590) (4 Sep 2026, 09:33 AM IST), up 41 percent in a year, flat on the month, 20 percent under the Rs 733 high. P/E 14.5; about 12x on Q1 annualised. My view: the best operating quarter in its history, priced as a cyclical should be. Fourteen times trailing looks cheap only because zinc is at a four-year high and silver drove the growth; that is price, not volume, and the flat month says the market knows it. Three overhangs cap the multiple: the government stake, deferred, not gone; the promoter's financing needs, which lean on this dividend stream; and the SEBI and ED disclosures. Hold; fresh entry is a metal-price call, best made on sector dips to the Rs 552 to 578 August base. Levels: Rs 552 to 578 support; Rs 620 to 624, the 26 August spike, to clear; Rs 733 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.