Quarter Ended: March 2026

Hindustan Zinc Limited – Q4 FY26 Financial Results Analysis

NSE

hindzinc

BSE

500188

The company delivered strong YoY and QoQ growth in both revenue and profitability, supported by higher realizations and cost efficiency, leading to margin expansion.

key financial highlights

Revenue from Operations:
- Total Income (Q4 FY26): ₹12,692 Cr
  - QoQ Change: +19.43%
  - YoY Change: +43.74%
- Previous Quarter (Q3 FY26): ₹10,627 Cr
- Previous Year (Q4 FY25): ₹8,829 Cr
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹5,033 Cr
  - QoQ Change: +28.53%
  - YoY Change: +67.60%
- Previous Quarter (Q3 FY26): ₹3,916 Cr
- Previous Year (Q4 FY25): ₹3,003 Cr
QoQ Performance
- Revenue Trend: Strong sequential growth
- Profit Trend: Sharp expansion

Margin Analysis

Key Drivers:

Revenue growth outpaced expense growth
Favorable inventory adjustments
Stable power & fuel costs
Operating leverage from higher volumes

Key Signal: Margins expanded significantly, indicating strong operational efficiency and pricing power

Segment performance

Segment: Zinc, Lead & Silver

Revenue: ₹12,672 Cr

Insights:

Core contributor to revenue
Growth driven by metal prices and volume

Segment: Wind Energy

Revenue: ₹20 Cr

Insights:

Negligible contribution
Non-core segment

Segment insight

Summary:

The business remains highly dependent on Zinc, Lead & Silver with minimal diversification

Characteristics:

Commodity-driven earnings
High exposure to metal price cycles
Dominant core segment

Earning quality check

Drivers:

Core operational growth
No reliance on exceptional income
Strong cash flow backing
Controlled finance costs

Interpretation:

Earnings quality is high and sustainable with strong operational backing

balance sheet Analysis

Total Assets: ₹42,370 Cr
Total Liabilities: ₹19,741 Cr

Insight:

Strong balance sheet with high equity base and controlled leverage

key risks

Dependence on global metal prices
Commodity cycle volatility
Segment concentration risk
Regulatory/environmental risks

management strategy signals

Focus Areas:
- Cost optimization
- Production efficiency
- Maximizing core asset output
- Strong cash flow generation

Financial Metrics

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹13,824 Crore	+22.64%	+48.43%
PBT	₹6,751 Crore	+29.08%	+78.50%
PAT	₹5,033 Crore	+28.53%	+67.60%

Hindustan Zinc delivered a strong quarter with robust revenue and profit growth, margin expansion, and high-quality earnings. The performance reflects strong operational efficiency, though dependency on commodity prices remains a structural risk.

Official Exchange Filing: Hindustan Zinc Ltd

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

56%

NET PROFIT AS % OF REVENUE

39.66%

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED