Hindustan Zinc, India's largest integrated zinc-lead-silver producer, heads into its Q2 FY27 print with record production momentum and zinc prices running well above the prior quarter's average. The print will speak to whether zinc cost of production stays near Q1's $851/MT despite a coal-driven power cost squeeze, and how the lower quarter-average silver price weighs on a metal that contributed ~46% of Q1 profitability.
| Results date | October 19, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 13,747 Cr |
| Previous quarter PAT | Rs. 5,469 Cr |
| Previous quarter EBITDA margin | 59% |
| Net debt (latest quarter) | Net cash of Rs. 5,572 Cr (Jun'26) |
| Market cap | Rs. 229,815.08 Cr |
| CMP | Rs. 543.9 |
The board meets on October 19, 2026, to consider the audited financial results for Q2 and H1 FY27. The intimation was filed on October 13, 2026, with the trading window closed October 1 and reopening October 22.
The earnings call is scheduled for October 19, 2026, at 16:00 hours IST. Playback of the call will be available from October 19 to October 26, 2026.
This is new CEO Amarendu Prakash's first results call since taking charge on August 1, 2026, and the quarter comes with record Q2 production already disclosed — mined metal 271 kt (+5% YoY), refined zinc 212 kt (+5%), refined lead 51 kt (+14%) and silver 173 t / 5.6 Moz (+20%). Zinc averaged $3,466/MT in Q1FY27 and month-end LME prints climbed through the quarter from $3,593.78 (31 Jul) to $4,020.55 (30 Sep), while the rupee traded weaker than Q1's 94.58 average for most of the window — both tailwinds on realizations, with management having done no hedging in FY27 and 80% of volumes left open. The offset is silver, which printed in the low-to-mid-$60s versus Q1FY27's $73.2 average on a metal that was ~46% of Q1 profitability, and coal/power costs, where e-auction premiums rose to 59% in August, Newcastle coal hit $132.76/t and September spot power prices more than doubled after Q1 already saw power and fuel costs rise sequentially on just 36% domestic coal in linkages. Against FY27 guidance of mined metal 1,150 (±10) KTPA, refined metal 1,100 (±10) KTPA, silver 680 (±10) tons and zinc CoP of $975–1,000/ton, H1 production of 539 kt mined and 321 t silver tracks the path, and Q1's $851/MT CoP sits far below the guided band — the call will show how much of that beat is given back to coal and whether the 650 KT expansion Board approval, expected by Q3 of FY27, sees progress.
FY27 guidance scorecard: Where H1 FY27 stands against the full-year targets set in April 2026 and reiterated in July.
Project commissioning timelines: Several near-term project milestones fall due in or around this quarter.
New CEO's first call and governance overhangs: Leadership and governance items analysts are likely to press on.
Costs, hedging and concentrate sales: Margin watch-items for the quarter.
Renewables and new metals: Energy transition and diversification updates.
No. The CFO confirmed the minimum 30% of profit after tax (or 5% of opening net worth, whichever is higher) policy 'stays as of now regardless of capex — Absolutely', reconfirming it at Q1FY27 with future dividends subject to board approval.
FY27 guidance was set at $975–1,000 per ton (excluding royalty) 'reflecting prevailing global uncertainties', even though Q1FY27 CoP came in at $851/MT — the lowest since the underground transition. Management has said the low CoP is largely sustainable at $950–1,000 per unit, and the quarter's coal crunch is the plausible force pulling costs back toward the guided band.
The plan targets almost doubling metal production from 1.1 million tonnes to 2 million tonnes over the next 5 years, supported by a capex programme of approximately Rs. 40,000 to Rs. 50,000 crore. The Board approved Phase 1 of Rs. 17,000 crore in FY26, including a 250,000 tpa integrated zinc smelter at Debari (completion 2QFY29) and India's first zinc tailings reprocessing plant at Rampura Agucha (completion 4QFY28).
Board approval is expected by Q3 of the current financial year (FY27), with construction taking about 36 months thereafter. The total 650 KT expansion including mines is estimated at ~Rs. 24,000–25,000 crores, with the company's capacity roadmap showing refined metal capacity reaching 2,000 KTPA by FY30.
The October 3, 2026 production release reported record Q2 mined metal of 271 kt (+5% YoY), saleable metal of 264 kt (+7%), refined zinc of 212 kt (+5%), refined lead of 51 kt (+14%) and silver of 173 t / 5.6 Moz (+20%). H1 FY27 mined metal of 539 kt marks the sixth consecutive record H1, with growth driven by debottlenecking at Chanderiya and Dariba and the 160 ktpa Debari roaster.