Hindustan Zinc's Q3 FY26 revenue of Rs 106.27 billion (+27.8%/+28.3% YoY/QoQ) was 5% above brokerage's estimate driven by higher commodity prices, increased production, and a stronger dollar. Ebitda of Rs 60.54 billion (+34.6%/+36.2% YoY/QoQ) was 9% above estimate primarily due to better realisations, and lower cost of production.

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Systematix Report

Systematix has maintained its Buy rating on Hindustan Zinc Ltd. after the company delivered a strong performance in Q3 FY26, supported by favourable commodity prices, higher production and disciplined cost management. 

The company reported revenue of Rs 106.27 billion, up 27.8% YoY, while Ebitda surged 34.6% YoY to Rs 60.54 billion, exceeding Systematix's estimates by 9%. The brokerage attributed the earnings beat primarily to better realisations in zinc and silver, improved grades and a reduction in production costs. Ebitda margin strengthened to 55%, expanding by more than 290 bps YoY. 

Systematix highlighted that silver remains the key value driver amid sharp price gains through 2025, fueled by industrial demand and constrained inventories, keeping the precious metal in deficit for 5th straight year. 

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