Udaipur, 25th April 2025: Hindustan Zinc Limited (BSE: 500188 & NSE: HINDZINC), India’s only and the world’s largest integrated zinc producer, reported its results for the fourth quarter and full year ended 31st March 2025. The company recorded its ever-highest annual production of mined metal of 1,095 KT and refined metal of 1,052 KT respectively. The company delivered robust financials with FY25 revenue soaring 18% to INR 34,083 crores and recorded best-ever fourth quarter revenue of INR 9,087 crores, up 20% YoY. Hindustan Zinc also registered a robust FY25 EBITDA of INR 17,465 crores, up 28% YoY with industry leading EBITDA margin of c. 51%, up 400 bps YoY. For the fourth quarter, the company recorded a strong EBITDA of INR 4,816 crores, up 32% YoY. Hindustan Zinc delivered robust full year profit after tax (PAT) of INR 10,353 crores, up 33% YoY, driven by the 4-year lowest cost of production (COP) at US$ 1,052/MT. The company recorded its best-ever fourth quarter profit after tax (PAT) of INR 3,003 crores, up 47% YoY.
The company holds 77% market share in India’s primary zinc market and has registered ever-highest domestic market sales of 603 KT. During the year, the company also registered its highest ever value-added products share of c. 22%. Hindustan Zinc recorded the highest ever Return on Capital Employed (ROCE) of 58%, best in the industry. Hindustan Zinc generated strong Free Cash Flow from operations (pre-capex) of INR 13,784 crores. It contributed INR 18,734 crores to the exchequer during the year, up 42% YoY. The company also surpassed 13.1 Mt metal reserves (net of 1.2 Mt production) for the first time with total metal resources and reserves of 29.6 Mt and continue to maintain 25+ years of mine life. Hindustan Zinc is among the Top 3 companies in Nifty Metal Index with market capitalization of INR 195k crores and delivered total shareholder returns of c.68% in FY25. The company has also been recently included in the Futures & Options (F&O) segment on the National Stock Exchange.
Commenting on Hindustan Zinc’s performance, Arun Misra, Chief Executive Officer, said:
“Hindustan Zinc achieved its highest-ever mined and refined metal production this year. This milestone was driven by improved operational efficiencies, AI integration, and a strong focus on digitalization and automation, resulting in sustainable cost reductions and industry-leading margins. With the renewable energy arrangement with Serentica, we reinforce our commitment to clean energy and solidify our role in the global energy transition. As the world’s largest integrated zinc producer, we aim to meet rising domestic demand while maintaining our position as one of the lowest-cost producers globally and most resilient producers in the industry.”
Sandeep Modi, Chief Financial Officer, said:
“This year marks another milestone in Hindustan Zinc’s legacy of financial excellence, as we delivered our best-ever fourth quarter profit after tax and recorded our 2nd highest revenue and EBITDA for the full year, driven by driven by structural cost reductions initiatives reflected by the 4-year lowest cost of production, operational excellence, and a deep-rooted commitment to sustainability. Despite the global uncertainties, including recent market volatility from the ongoing trade war, our fundamentals remain robust. With a strong balance sheet, structurally leaner cost base and clear strategic direction, Hindustan Zinc is well-positioned to navigate external headwinds and continue delivering consistent, industry-leading returns.“
Financial Summary
(In INR Crores or as stated)
| Particulars | 4Q | 3Q | FY | ||||||||||||||
| FY 2025 | FY 2024 | Change | FY 2025 | Change | FY 2025 | FY 2024 | Change | ||||||||||
| Sales1 |
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| Zinc | 5,856 | 4,858 | 21% | 5,628 | 4% | 21,887 | 18,061 | 21% | |||||||||
| Lead | 1,027 | 961 | 7% | 1,008 | 2% | 4,227 | 4,076 | 4% | |||||||||
| Silver | 1,688 | 1,360 | 24% | 1,465 | 15% | 6,130 | 5,368 | 14% | |||||||||
| Others | 517 | 370 | 40% | 513 | 1% | 1,840 | 1,427 | 29% | |||||||||
| Total | 9,087 | 7,549 | 20% | 8,614 | 5% | 34,083 | 28,932 | 18% | |||||||||
| EBITDA | 4,816 | 3,637 | 32% | 4,539 | 6% | 17,465 | 13,677 | 28% | |||||||||
| EBITDA Margin | 53% | 48% | – | 53% | – | 51% | 47% | – | |||||||||
| Profit After Taxes (after exceptional items) | 3,003 | 2,038 | 47% | 2,678 | 12% | 10,353 | 7,759 | 33% | |||||||||
| Earnings per Share2 | 7.11 | 4.82 | 47% | 6.34 | 12% | 24.50 | 18.36 | 33% | |||||||||
| Mined Metal Production (‘000 MT) | 310 | 299 | 4% | 265 | 17% | 1,095 | 1,079 | 1% | |||||||||
| Refined Metal Production (‘000 MT) |
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| Total Refined Metal (Zinc & Lead) | 270 | 273 | -1% | 259 | 4% | 1,052 | 1,033 | 2% | |||||||||
| Zinc | 214 | 220 | -3% | 204 | 5% | 827 | 817 | 1% | |||||||||
| Lead | 56 | 53 | 6% | 55 | 2% | 225 | 216 | 4% | |||||||||
| Silver3 (in MT) | 177 | 189 | -7% | 160 | 10% | 687 | 746 | -8% | |||||||||
| Wind Power (in million units) | 63 | 61 | 3% | 47 | 33% | 348 | 394 | -12% | |||||||||
| Refined Metal Sales (‘000 MT) |
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| Total Refined Metal (Zinc & Lead) | 274 | 274 | 0% | 256 | 7% | 1,053 | 1,033 | 2% | |||||||||
| Zinc | 218 | 221 | -1% | 201 | 8% | 827 | 817 | 1% | |||||||||
| Lead | 56 | 53 | 6% | 55 | 2% | 225 | 216 | 4% | |||||||||
| Silver (in MT) | 177 | 189 | -7% | 160 | 10% | 687 | 746 | –8% | |||||||||
| Zinc CoP ($/MT) 4 | 994 | 1,051 | -5% | 1,041 | -5% | 1,052 | 1,117 | -6% | |||||||||
| Zinc LME ($/MT) | 2,838 | 2,450 | 16% | 3,050 | -7% | 2,875 | 2,475 | 16% | |||||||||
| Lead LME ($/MT) | 1,970 | 2,077 | -5% | 2,007 | -2% | 2,046 | 2,122 | -4% | |||||||||
| Silver LBMA ($/oz.) | 31.9 | 23.3 | 37% | 31.4 | 2% | 30.4 | 23.6 | 29% | |||||||||
| USD-INR (average) | 86.60 | 83.04 | 4% | 84.46 | 3% | 84.55 | 82.78 | 2% | |||||||||
Note: all numbers reported are consolidated numbers unless otherwise mentioned
- Including other operating income
- INR, not annualised
- Silver occurs in Lead & Zinc ore and is recovered in the smelting and silver-refining processes
- Cost of production (CoP) wherever referred is excluding royalty
Financial Performance
Revenue:
EBITDA:
- Recorded 2nd best fourth quarter EBITDA of INR 4,816 crores, up 32% YoY driven by higher zinc and silver prices, increased lead production, softened input commodity prices and higher by-product sales. The company recorded an industry leading EBITDA margin of c.53%.
- On annual basis, achieved 2nd highest EBITDA of INR 17,465 crores, up 28% YoY in line with record metal volume, lower cost of production, higher zinc and silver prices and stronger dollar. This was partly offset by lower silver volume and lower lead prices. The company recorded a strong EBITDA margin of c.51%.
Profit after taxes (PAT):
- Profit after tax for the quarter stood at INR 3,003 crores (Best 4Q), up 47% YoY in line with the higher EBITDA.
- Achieved 2nd highest full year Profit after tax of INR 10,353 crores, up 33% YoY in line with the EBITDA.
Zinc Cost of Production (COP):
- Zinc COP for the quarter stood at its 16-quarter best of US$ 994 per MT, lower by 5% YoY on account of improved metal grades and recovery, better domestic coal availability, better by-product sales, softened coal and input commodity prices and operational efficiencies.
- Zinc COP for the full year was at its 4-year lowest of US$ 1,052 per MT, lower by 6% YoY on account of record production volumes, better mined metal grades and recovery, increased domestic coal and renewable energy usage and by-product sales, further supported by softened coal and input commodity prices and operational efficiencies.
Liquidity and Investment
- As on March 31, 2025, the company had healthy gross investments and cash & cash equivalents of INR 9,482 crores invested in high quality debt instruments. Total borrowings outstanding as on March 31, 2025, was INR 10,651 crores. Net debt reduced to INR 1,169 crores as against INR 4,117 crores as on December 31, 2024.
- Company has consistent Investment grade credit rating of AAA from CRISIL, demonstrating the strength of the balance sheet.
Reserves & Resources (R&R)
- Surpassed 13.1 Mt of metal reserves (net of production) for the first time. Total metal R&R as on March 31, 2025, stood at 29.6 million tonnes (net of production of 1.2 Mt in FY25). At current mining rates, the R&R underpins a mine life of more than 25 years.
| Ore Reserves | %Zn | %Pb | Silver (ppm) | Metal Reserves (Mt) | Mineral Resources (Mt) | %Zn | %Pb | Silver (ppm) | Metal Resources (Mt) | Total R&R (Mt) | Total Metal R&R | ||||||||||||
| 189.1 | 5.5 | 1.5 | 50 | 13.1 | 264.1 | 4.4 | 1.9 | 59 | 16.5 | 453.2 | 29.6 |
Ongoing Projects Update
- 160 Ktpa roaster at Debari will be commissioned in mid of 1Q FY26.
- Completion of the cellhouse debottlenecking is targeted by 2Q FY26 for Dariba Smelting Complex and 3Q FY26 for Chanderiya Lead Zinc Smelter.
- The 510 Ktpa Fertiliser plant is under progress as per the schedule to be completed by 4Q FY26.
- Implementing an innovative technology for recovery of lead and silver from smelting waste at Dariba.
- Bamnia Kalan project is progressing well. The peripheral boundary wall work is completed and excavation work for portals is currently under progress.
Outlook for FY26
| Particulars | FY26 Guidance | ||
| Production |
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| 1,125 (±10) kt | ||
| 1,100 (±10) kt | ||
| 700-710 MT | ||
| Zinc CoP | US$ 1,025-1,050 per MT | ||
| Growth Capex | US$ 225-250 million |
- Benefitting c.2.3 million lives across 2,362 villages through c.50 initiatives across 7 verticals in FY25
- 1,969 Nandghars completed in Rajasthan, taking the Nandghars to 8,000 at the Vedanta Group level
- Secured the Top 1% ranking in S&P Global Sustainability Yearbook 2025 in metals & mining sector globally, for the second consecutive year, featuring for the 8th consecutive year
- Signed the 530 MW renewable energy power delivery agreement with Serentica, increasing our renewable energy portfolio to up to 70% of our overall power requirement
- Hindustan Zinc’s Integrated Annual Report 2023-24 and Sustainability Report 2023-24 ranked 1st globally in Materials category