Hindustan Zinc Limited

BSE

HINDZINC

Stock

Yield per half year: +13.16%
Dividend yield: 6.33%
Sector: Materials

Reporting Hindustan Zinc Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹		848.77	1 216.11					1 390	1 380		1 956.53	1 956.53	1358.28	18.18
Revenue, bln ₹			187.98	225.19	211.18	185.61	226.29	294.4	340.98	289.32	340.83	340.83	298.36	8.54
Net profit, bln ₹			83.16	92.76	79.56	68.05	79.8	96.29	105.11	77.59	103.53	103.53	92.46	5.34
EV, bln ₹					1 193.24		1 253.46	1 370.83	1 513.19	1 340.31	2 063.34	2 063.34	1508.23	10.48
EBIT, bln ₹	68.55	59.51	80.24	107.8	88.54	66.18	91.7	133.45	142.42			142.42	104.46	9.97
EBITDA, bln ₹				142.48	124.19	107.47	134.56	172.82	188.85			188.85	145.58	8.74
OIBDA, bln ₹						105.33	146.17	208.55	226.41				171.62	21.08
Book value, bln ₹			308.05	359.32	336.05	403.1	323.13	342.81	129.32	151.95	133.26	133.26	216.09	-16.23
FCF, bln ₹				71.04	53.81	29.84	80.86	96.93	115.68	94.8	101.54	101.54	97.96	4.66
Operating Cash Flow, bln ₹			75.88	98	87.81	66.21	105.67	126.91	151.29	133.46	141.6	141.6	131.79	6.03
Operating profit, bln ₹			79.28	110.27	87.87	65.91	91.41	132.02	142.67	102.08	137.36	137.36	121.11	8.49
Operating expenses, bln ₹			92.49	109.87	119.97	117.41	129.3	153.19	190.3	178.94	192.93	192.93	168.93	8.33
CAPEX, bln ₹			20.08	27.33	34	36.37	24.81	29.98	35.61	38.66	40.06	40.06	33.82	10.06

	2016Q4	2017Q3	2017Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
Capitalization, bln ₹	1 100.95		1 304.07																								1202.51	8.83
Revenue, bln ₹																	85.09	72.82	67.91	70.67	72.85	78.93	82.52	86.14	90.87	77.71	83.23	-0.31
Net profit, bln ₹																	25.83	19.64	17.29	20.28	20.38	23.45	23.27	26.78	30.03	22.34	25.17	-0.97
EV, bln ₹									1 252.15		1 325.4		1 370.83		1 178.71		1 513.19		1 438.89		1 338.93		2 349.07		2 065.5		1741.12	6.42
EBIT, bln ₹		26.3	27.63	15.22	16.92	14.61	10.32	26.9								29	33.27		23.14								24.53	17.53
EBITDA, bln ₹									34.39	31.15	29.44	39.08	43.98	47.16	39.76	32.48	36.81	28.28									36.90	-9.72
Book value, bln ₹								366.41	323.13		363.3		342.81		312.76		129.32		136.55		151.95		76.2		133.26		125.46	0.60
Operating Cash Flow, bln ₹						66.21		34.47	105.67		50.12		126.91		84.64		151.29		70.46				72.14		141.6		104.03	10.84
Operating profit, bln ₹																	33.27	25.46	23.14	26.16	29.11	31.02	31.63	35.94	38.06	29.46	33.22	-1.03
Operating expenses, bln ₹																	49.54	45.65	43.05	44.51	43.74	47.91	47.58	47.21	50.23	46.45	47.88	-0.62
CAPEX, bln ₹						36.37		11.45	24.81		13.68		29.98		20.4		35.61		19.94				19.86		40.06		27.17	14.45

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹			1.89	1.73	0.02	18.28	1.33	0.82	0.59	0.53	0.96	0.96	0.8460	-6.31
Short-Term Investments ₹			237.83	202.22	194.88	203.29	220.44	192.29	98.5	99.67	92.71	92.71	140.72	-15.91
Long-Term Investments ₹	0.0281												0.0281	0.00
Accounts Receivable ₹			2.05	2.64	2.23	3.79	4.06	7.16	3.8	1.55	1.17	1.17	3.55	-22.03
Total Current Assets ₹			346.49	241.43	215.72	248.13	245.68	239.82	148.04	126.25	116.26	116.26	175.21	-13.90
Net assets, bln ₹			129.36	144.01	169.22	187.06	183.69	192.4	197.67	196.67	210.91	210.91	196.27	2.80
Assets, bln ₹			517.95	429.32	424.58	469.75	457.27	446.7	354.67	338.95	344.9	344.9	388.50	-5.48
Short-Term Debt ₹			79.08		25.38	6.11	21.61	0.09	82.3	15.12	19.39	19.39	27.70	-2.14
Long-Term Debt ₹						0.22	43.12	21.17	15.19	44.24	61.68	61.68	37.08	7.42
Liabilities, bln ₹			209.9	70	88.53	66.65	134.14	103.89	225.35	187	211.64	211.64	172.40	9.55
Net debt, bln ₹					25.36	-11.95	68.64	15.11	120.89	88.02	111.24	111.24	80.78	10.14
Debt, bln ₹						6.11	64.73	21.26	97.49	59.36	81.07	81.07	64.78	4.60
Interest Income ₹		27.21	21.75	14.41	16.32	18.01	13.37	8.05	9.19				12.99	-10.85
Interest Expense, bln ₹					0.8	0.78	3.51	2.65	3.33	9.55	10.95	10.95	6.00	25.55
Net interest income, bln ₹			1.98	1.77	6.88	8.76	5.54	5.48	-3.33	7.58		9.19	4.81	-2.85
Cost of production, bln ₹			66.28	77.32	73.28	68.31	78.73	97.57	123.16	105.88	114.21	114.21	103.91	7.72
Inventory ₹			20.63	16.3	16.08	19.2	14.93	20.59	18.62	20.19	18.89	18.89	18.64	4.82

	2017Q2	2017Q3	2017Q4	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
Cash, bln ₹					58.11	93.76		71.46		15.92		0.54		0.59		5.56		0.53		0.71		0.96		1.67	10.23
Short-Term Investments ₹					218.55	130.1		165.9		150.85		137.9		99.39		107.17		99.67		76.93		91.9		95.01	-1.55
Accounts Receivable ₹					5.06	4.06		4.55		7.16		3.71		12.55		2.37		1.55		2.7		1.17		4.07	-37.78
Total Current Assets ₹					299.98	245.68		262.54		239.82		213.52		148.04		140.88		126.25		104.66		116.26		127.22	-4.72
Net assets, bln ₹				187.06	185.08	183.69		185.51		192.4		195.11		197.67		198.67				201.73		210.91		200.82	1.57
Assets, bln ₹					517.49	457.27		464.3		446.7		425.47		354.67		353.57		338.95		325.52		344.9		343.52	-0.56
Short-Term Debt ₹	79.08	5.93	5.93	6.11	47.78	21.61								106.48				46.09		100.42		52.3		65.38	19.34
Long-Term Debt ₹					43.16	43.12		21.11		21.11		0.04		15.19		43.45		42.46		44.6		61.68		41.48	32.35
Liabilities, bln ₹					151.08	134.14		101		103.89		112.71		225.35		217.02		187		249.32		211.64		218.07	-1.25
Net debt, bln ₹					32.83	68.64		31.82		15.11		28.37		120.89		114.04		88.02		142.19		111.24		115.28	-1.65
Debt, bln ₹					90.94	64.73		21.18										88.55		142.9		112.2		85.91	11.63
Interest Income ₹							0.92	0.82	0.5	0.66	0.44	0.51	0.62	1.76	2.18	2.32								1.48	35.39
Interest Expense, bln ₹														1.76	2.18	2.32	2.43	1.92	2.56	3.03	2.85	2.51	2.4	2.67	-1.28
Net interest income, bln ₹								-0.82	-0.5	7.72	-0.44	-0.51	-0.62	-1.76	-2.18	-2.32	-2.43							-1.8620	31.41
Cost of production, bln ₹														17.1	17.59	14.39	17.51	60.78	18.72	18.18	16.53	15.77	15.29	16.90	-3.97
Inventory ₹					15.08	14.25		17.33		19.53		25.4		18.62		17.88		19.26		17.03		18.89		18.34	0.29

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS		19.68	21.1	18.82	16.11	18.89	22.76	24.85	18.34	24.5	24.5	21.87	5.34
Share price		309	277.8	209.7	238.9	316.8	322.4	318	443.7	463.05	463.05	372.79	7.89
Number of shares, mln	4225.3	4223.48		4225.32	4225.32	4230	4230	4230	4230	4225.32	4225.32	4229.06	-0.02
FCF/share				12.74	7.06	19.12	22.91	27.35	22.41	24.03	24.03	23.16	4.68

	2016Q4	2017Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS			7.32	6.34	5.1	6.11	4.65	4.09	4.8	4.82	5.51	7.1			5.26	11.66
Share price			301.23	276.54	302.26	326.63	310.12	318.86	308.32			442.15	514.4	463.05	409.36	7.75
Number of shares, mln	4225.3	4223.48													4224.39	-0.02

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %		27	25.82	23.68	16.88	24.7	28.92	81.28	51.06	77.69	77.69	12.67	52.73	25.76
ROA, %		16.06	21.61	18.74	14.49	17.45	21.3	29.64	22.89	30.02	30.02	7.53	24.26	11.46
ROIC, %					55.63	61.75	114.07	70.56	94.7		83.21	23.03	79.34	11.23
ROS, %		44.24	41.19	37.67	36.66	35.26	32.71	30.83	26.82	30.38	30.38	9.33	31.20	-2.94
ROCE, %	15.92	26.05	30	26.35	16.42	28.38	34.59	110.13		106.87	106.87	11.06	59.28	45.44
EBIT margin					35.66	40.52	45.33	41.77		41.79	41.79	60.13	41.01	3.22
EBITDA margin			63.27	58.81	57.9	59.46	58.7	55.38		55.41	55.41	85.85	57.37	-0.88
Net margin		44.24	41.19	37.67	36.66	35.26	32.71	30.83	26.82	30.38	30.38	9.42	31.20	-2.94
Operational efficiency, %		42.17	48.97	41.61	35.51	40.4	44.84	41.84	35.28	40.3	40.3	12.08	40.53	-0.05
FCF yield, %										5.19	5.19	1.95	5.19	0.00

	2017Q1	2017Q3	2019Q3	2020Q1	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %					5.29	7.68	5.55		8.54		8.57		10.39		9.87		13.41		30.54		22.53			12.67	17.35	16.74
ROA, %					3.75	5.43	4.34		6.55		6.3		14.57		4.88		6.01		7.15		8.71			7.53	8.26	-9.78
ROIC, %					19.48	47.58																		23.03	33.53	56.29
ROS, %														26.97	25.46	28.7	27.98	29.71	28.2	31.09	33.05	28.75	30.38	9.33	30.29	1.50
ROCE, %	10.75	7.48	4.07	3.62	7.34								10.99		9.42							93.73	106.87	11.06	45.67	70.86
EBIT margin															34.07							50.72	41.79	60.13	42.19	7.05
EBITDA margin							48.09	48.91	49.99	50.24	47.7	41.29	43.26	38.84								67.25	55.41	85.85	49.21	6.06
Net margin													30.36	26.97	25.46	28.7	27.98	29.71	28.2	31.09	33.05	28.75		9.42	30.16	-0.65
Operational efficiency, %														34.96	34.07	37.02	39.96	39.3	38.33	41.72	41.88	37.91	40.3	12.08	40.03	1.01

Coefficients

IFRS

Reporting Annual Quarterly

	2016	2017	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	10.38	14.62	14.68	10.02	14.85	14.08	13.25	16.12	18.9	18.9	161.71	15.44	4.94
P/BV	2.27	3.95	3.48	1.69	3.67	3.95	10.77	8.23	14.68	14.68	5.23	8.26	31.95
P/S	5.49	6.47	5.53	3.68	5.24	4.61	4.08	4.45	5.74	5.74	15.45	4.82	1.84
P/FCF							11.5	14.03	19.27	19.27	12.65	14.93	18.78
E/P	0.0963	0.0684					0.079	0.0583	0.0529	0.0529	0.03	0.0710	-11.29
EV/EBIT					13.56	10.27	10.62	9.4	14.49	14.49	8.11	11.67	1.34
EV/EBITDA			9.61		9.32	7.93	8.01			8.01	13.11	8.72	-4.45
EV/S					5.5	4.66	4.44	4.63	6.05	6.05	13.20	5.06	1.92
EV/FCF					15.38	14.14	13.08	14.14	20.32	20.32	6.87	15.41	5.73
Debt/EBITDA				0.002	0.481	0.123	0.5162	0.4689	0.4293	0.4293	1.50	0.4037	-2.25
Netdebt/Ebitda			0.2042	-0.1112	0.5101	0.0874	0.6401	0.4661	0.589	0.589	1.28	0.4585	2.92
Debt/Ratio				0.0135	0.1416	0.0476	0.2749	0.1751	0.2351	0.2351	0.14	0.1749	10.67
Debt/Equity				0.0157	0.2003	0.062	0.7539	0.3907	1.59	1.59	0.64	0.5994	51.34
Debt/Net Income				0.093	0.8112	0.2208	0.9275	0.765	0.7831	0.7831	6.71	0.7015	-0.70
PEG									1.05	1.05	-114.52	1.05	0.00
Beta						0	0.0078	1.81	0.7802	0.7802	0.57	0.8660	364.20
Altman Index						0	8.01	8.25	10.64	10.64	21.36	8.97	9.93

	2016Q4	2017Q4	2020Q3	2021Q1	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E		58.48		47.7	28.76	18.24	20.52	26.44	18.96	19.71	25.44	21.46			161.71	22.40	-4.09
P/BV		3.71		3.66	3.56	3.95	3.68	10.77	9.7	8.23	28.96	14.65			5.23	14.46	6.35
P/S		22.02		17.04	9.9	6.2	6.72	8.26	5.61	5.54	7.22	6.32			15.45	6.59	-5.21
P/FCF													14.03	19.27	12.65	16.65	17.20
E/P	0.0211	0.0171											0.0583	0.0529	0.03	0.0374	25.83
EV/EBIT									62.18				9.4	14.49	8.11	28.69	-38.46
EV/EBITDA						9.54	6.98	9.69							13.11	8.74	0.52
EV/S									21.19	18.38	28.47	22.73	4.77	6.05	13.20	16.08	-19.93
EV/FCF													14.12	20.32	6.87	17.22	19.96
Debt/EBITDA			3.38	1.88									0.4689	0.4293	1.50	1.54	-40.30
Netdebt/Ebitda			1.22	2	1.08	0.3436	0.7135	3.28					0.4661	0.589	1.28	1.08	11.38
Debt/Ratio			0.1757	0.1416						0.2612	0.439	0.3253	0.2612	0.2351	0.14	0.3044	-2.08
Debt/Equity			0.2482	0.2003						0.5828	1.88	0.842	1.23	1.59	0.64	1.22	22.23
Debt/Net Income			4.69	2.61						4.34	6.14	3.74	1.14	0.7831	6.71	3.23	-29.00
PEG													4.75	1.05	-114.52	2.90	-52.98
Beta												2.78	1.4	0.7802	0.57	1.65	-34.53
Altman Index												8.25	8.25	10.64	21.36	9.05	8.85

	Industry average	Average for 5 quarters	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Dividend payout, bln	32.04	80.28	104.69	17.69	159.72	159.72	319.01	54.93	122.53		122.53		163.18	-5.16
Dividend	25.9	29.5	26		37.8	18	49.5	13	29	10	10		23.90	-11.09
Dividend yield, %		10.25	8.88	9.66	18.94	5.7	14.91	20.46	3.55	6.33	6.33	0.85	10.19	2.12
Dividends / profit, %		96.54	112.86	22.23	234.71	200.15	78.99	303.5	70.8	118.35	118.35	68.90	154.36	-9.98
Dividend coverage ratio						1.05	0.3018	1.91	0.6332	0.8449	0.8449	193.24	0.9480	-4.25

	2018Q1	2018Q4	2020Q2	2020Q3	2020Q4	2021Q1	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q3	2023Q4	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend payout, bln				69.69		159.72		76.06	88.73		319.01	29.58		122.53	122.53				136.48	6.67
Dividend	6	2	16.5		21.3		18		21	15.5	39	7	6						17.70	-22.16
Dividend yield, %	1.93	7.33	9.45		9.44		5.48		7.59	5.13	11.94	2.2	1.95					0.85	5.76	-23.80
Dividends / profit, %				359.23		643.77		259.77	331.08		1235.04	171.08		526.56	408.03			68.90	534.36	4.27
Dividend coverage ratio														0.1899	0.2451	1.41	0.8449	193.24	0.6725	45.23

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Other

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	19.59	10.96	10.18	10.44	13.36	11.75	11.75	1.40
Total Debt	54.13	78.76						20.62
Staff, people				3 463	3 463			0.00

	2024Q3	2025Q1	CAGR 5
CAPEX/Revenue, %	24.07	44.08	35.33

	CAGR 5