StrengthTalking point
Profit outpacing revenue
Profit grew 33.6% while revenue grew 19.8%, so the company kept more of each rupee of revenue as profit.
Importance 63 / 95 · growth
Hindustan Zinc · Research view
Hindustan Zinc Ltd.
NSE: HINDZINCBSE: 500188ISIN INE267A01025Face value ₹2consolidated
₹557
−1.44% · 2026-10-01 · 52-wk ₹454–₹727
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
More profitable than peers
ROE of 76.9% is well above the non ferrous metals median of 30.0%.
Importance 63 / 95 · profitability
StrengthTalking point
Returns at a multi-year high
ROE of 76.9% is the highest in 4 years (prior range 28.1% to 72.6%).
Importance 58 / 95 · profitability
WatchTalking point
Stock has run ahead of the business
Over 4 years the stock returned 21.7% a year while profit compounded at 9.5% a year.
Importance 56 / 95 · business vs stock
Section 03 · The company
Who is this company?
Classified by the exchange under Commodities › Metals & Mining › Non - Ferrous Metals › Zinc.
- Market cap
- ₹2.35 L cr
- FY2026 revenue
- ₹40,844 cr
- FY2026 net profit
- ₹13,832 cr
- Net worth
- ₹22,629 cr
- Total debt
- ₹8,252 cr
- EPS (basic)
- ₹32.74
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 5 non - ferrous metals.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 33.6% while revenue grew 19.8%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +8.5%over 4 years
- Revenue growth
- +19.8%vs last year
- Net profit growth
- +33.6%vs last year
- Change in net profit since FY22
- +44%
Net profit grew 33.6% year on year (FY2025 → FY2026).
Revenue grew 19.8% year on year (FY2025 → FY2026).
Revenue has compounded at 8.5% a year over 4 years (₹29,440 → ₹40,844) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹13,747 cr, up 76.9% from ₹7,771 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹5,469 cr, up 144.8% from ₹2,234 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 144.8% while revenue grew 76.9% vs the same quarter last year — a gap of 67.9 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 8,252 | — | 2,327 | — | 28.2% |
| Q3 FY25 | 8,614 | +17.8% | 2,678 | +32.1% | 31.1% |
| Q4 FY25 | 9,087 | +20.4% | 3,003 | +47.4% | 33.0% |
| Q1 FY26 | 7,771 | −4.4% | 2,234 | −4.7% | 28.7% |
| Q2 FY26 | 8,549 | +3.6% | 2,649 | +13.8% | 31.0% |
| Q3 FY26 | 10,980 | +27.5% | 3,916 | +46.2% | 35.7% |
| Q4 FY26 | 13,544 | +49.0% | 5,033 | +67.6% | 37.2% |
| Q1 FY27 | 13,747 | +76.9% | 5,469 | +144.8% | 39.8% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹46,820 crTTM
- EBITDA
- ₹27,382 crTTM
- EBIT
- ₹23,585 crTTM
- PBT
- ₹22,837 crTTM
- Net profit
- ₹17,067 crTTM
C. Corporate actions
30 Apr 2026DividendInterim Dividend - Rs. - 11.0000 — ₹11.00/share
17 Jun 2025DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
28 Aug 2024DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
15 May 2024DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
14 Dec 2023DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
14 Jul 2023DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share
29 Mar 2023DividendInterim Dividend - Rs. - 26.0000 — ₹26.00/share
30 Jan 2023DividendInterim Dividend - Rs. - 13.0000 — ₹13.00/share
23 Nov 2022DividendInterim Dividend - Rs. - 15.5000 — ₹15.50/share
20 Jul 2022DividendInterim Dividend - Rs. - 21.0000 — ₹21.00/share
14 Dec 2021DividendInterim Dividend - Rs. - 18.0000 — ₹18.00/share
27 Oct 2020DividendInterim Dividend - Rs. - 21.3000 — ₹21.30/share
19 May 2020DividendInterim Dividend - Rs. - 16.5000 — ₹16.50/share
31 Oct 2018DividendInterim Dividend - Rs. - 20.0000 — ₹20.00/share
23 Mar 2018DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
1 Nov 2017DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
29 Mar 2017DividendSpecial Dividend - Rs. - 27.5000 — ₹27.50/share
4 Nov 2016DividendInterim Dividend - Rs. - 1.9000 — ₹1.90/share
6 Apr 2016DividendSpecial Dividend - Rs. - 24.0000 — ₹24.00/share
23 Oct 2015DividendSpecial Dividend - Rs. - 1.9000 — ₹1.90/share
23 Oct 2015DividendInterim Dividend - Rs. - 1.9000 — ₹1.90/share
12 May 2015DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
22 Sept 2014DividendInterim Dividend - Rs. - 1.9000 — ₹1.90/share
19 May 2014DividendFinal Dividend - Rs. - 1.9000 — ₹1.90/share
28 Oct 2013DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 76.9% is well above the non ferrous metals median of 30.0%.
Rule ROE_ABOVE_PEER_MEDIAN
- EBITDA margin now
- 56.7%
- 5-year range
- 50.9–59.2%
- ROE FY2026
- 76.9%
- ROCE FY2026
- 70.6%
ROE of 76.9% is the highest in 4 years (prior range 28.1% to 72.6%).
ROE improved from 72.6% to 76.9% year on year.
EBITDA margin improved from 53.9% to 56.7% of revenue.
EBITDA margin has ranged from 50.9% to 59.2% over 4 years and sits at 56.7% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 1.23×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹8,252 cr
- Operating cash flow ÷ net profit
- 1.23×FY2026
- Free cash flow
- ₹11,746 cr
- Current ratio
- 1.47×
Free cash flow has been positive in 5 of the last 5 years.
Debt-to-equity fell from 0.80× to 0.36× year on year.
Section 08 · Relative position
How does it compare with peers?
Ranked against 5 non - ferrous metals (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
HINDZINC · 2nd of 4 · set median 17.6%
EBITDA margin
HINDZINC · 1st of 4 · set median 49.1%
Return on equity
HINDZINC · 1st of 5 · set median 30.6%
P/E ratio
HINDZINC · 3rd of 4 · set median 13.3×
- P / E
- 13.8×TTM to Jun 26
- P / B
- 10.4×latest book
- P / S
- 5.0×TTM sales
- Earnings yield
- 7.3%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 17.0× · P/S 5.6× · ROE 76.9%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Watch
Over 4 years the stock returned 21.7% a year while profit compounded at 9.5% a year.
Rule STOCK_RAN_AHEAD
- 1-year return
- +15.7%
- 3-year return
- +80.4%
- 5-year return
- +81.9%
- From 52-wk high
- −23.4%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹575
- vs 200-day avg
- Below₹586
- RSI (14)
- 39.1neutral
- MACD histogram
- -4.5
- From 52-wk high
- −23.4%
- From 52-wk low
- +22.7%
- 30-day volatility
- 34.1%ann.
- 6-month return
- +12.0%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchStock has run ahead of the businessOver 4 years the stock returned 21.7% a year while profit compounded at 9.5% a year.STOCK_RAN_AHEAD · conviction 56
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 29,440 | 33,272 | 28,932 | 34,083 | 40,844 |
| Total income | 30,656 | 35,477 | 30,006 | 35,066 | 41,934 |
| EBITDA | 17,441 | 18,885 | 14,730 | 18,371 | 23,154 |
| Profit before tax | 14,100 | 15,288 | 10,307 | 13,553 | 18,508 |
| Net profit | 9,629 | 10,511 | 7,759 | 10,353 | 13,832 |
| EPS (₹) | 22.8 | 24.9 | 18.4 | 24.5 | 32.7 |
| Net worth | 34,281 | 12,932 | 15,195 | 13,326 | 22,629 |
| Total debt | 2,843 | 11,881 | 8,456 | 10,651 | 8,252 |
| Operating cash flow | 12,691 | 15,129 | 13,346 | 14,160 | 17,008 |
| Free cash flow | 9,723 | 11,587 | 9,531 | 10,161 | 11,746 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 13.0 | -13.0 | 17.8 | 19.8 |
| Profit growth YoY | — | 9.2 | -26.2 | 33.4 | 33.6 |
| Profitability | |||||
| EBITDA margin % | 59.2 | 56.8 | 50.9 | 53.9 | 56.7 |
| Net margin % | 31.4 | 29.6 | 25.9 | 29.5 | 33.0 |
| Return on equity % | 28.1 | 44.5 | 55.2 | 72.6 | 76.9 |
| Return on capital % | 39.1 | 50.4 | 46.5 | 61.9 | 70.6 |
| Leverage & cash | |||||
| Debt to equity | 0.08 | 0.92 | 0.56 | 0.80 | 0.36 |
| Cash flow ÷ profit | 1.32 | 1.44 | 1.72 | 1.37 | 1.23 |
| Current ratio | 3.94 | 0.85 | 1.16 | 1.04 | 1.47 |