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
- Total Income (Q4 FY26): ₹12,692 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
- PAT (Q4 FY26): ₹5,033 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