'Buy' Hindustan Zinc Shares, Maintains Dolat Capital Post Q1 Results — Here's Why

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Dolat Capital Report

Hindustan Zinc Ltd. reported Q1 FY26 standalone revenue of Rs 77.2 billion (down 15% QoQ/5% YoY), ~5% below consensus, impacted by lower production volume and softer zinc/lead prices, partially offset by higher silver prices, stronger dollar and improved by-product realization.

Q1 FY26 witnessed highest-ever first quarter mined metal output of 265 KT, but refined output fell due to planned maintenance at smelters. Ebitda/PAT declined 3.4%/6.5% YoY to Rs 38.2 billion/Rs 22.3 billion, primarily impacted by lower top-line.

We retain our FY26E/FY27E EPS estimates supported by favorable industry trends and Hindustan Zinc’s strong competitive positioning.

Maintain ‘Buy’ rating with a target price of Rs 564 valued at 10x FY27E EV/Ebita.

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