Hindustan Zinc Ltd (HINDZINC) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 500188 | NSE: HINDZINC | Metal - Non Ferrous | Large Cap

Hindustan Zinc Share Price

498.90 2.40 0.48%
as on 05-Dec'25 13:52

Hindustan Zinc Ltd (HINDZINC) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 500188 | NSE: HINDZINC | Metal - Non Ferrous | Large Cap

DeciZen - make an informed investing decision on Hindustan Zinc

Based on:

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Hindustan Zinc stock performance -

Key Ratios
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P/E Ratio (SA):
20.06
Market Cap:
2,09,787.1 Cr.
52-wk low:
378.7
52-wk high:
547

Is Hindustan Zinc Ltd an attractive stock to invest in?

1. Is Hindustan Zinc Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Hindustan Zinc Ltd is a good quality company.

2. Is Hindustan Zinc Ltd undervalued or overvalued?

The key valuation ratios of Hindustan Zinc Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Hindustan Zinc Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Hindustan Zinc Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Hindustan Zinc:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Hindustan Zinc Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 21.4%27.3%34.1%29.3%22.1%27.3%37.4%50%46%60%-
Value Creation
Index
0.91.42.01.61.01.42.33.53.14.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 14,18117,27322,08221,11818,56122,62929,44034,09828,93433,96932,843
Sales YoY Gr.-21.8%27.8%-4.4%-12.1%21.9%30.1%15.8%-15.1%17.4%-
Adj EPS 18.71921.318.315.818.322.724.818.424.424.8
YoY Gr.-1.4%12.3%-14.1%-13.8%15.8%23.9%9.6%-26.1%33%-
BVPS (₹) 88.572.985.179.595.476.581.130.636.131.532.2
Adj Net
Profit
7,9108,0269,0077,7386,6737,7299,57310,4917,75310,31510,458
Cash Flow from Ops. 6,4517,5889,8008,7816,62110,56712,69115,16613,34314,127-
Debt/CF from Ops. 0100.30.10.70.20.80.70.8-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 10.2%12.9%4.9%17.4%
Adj EPS 3%9.1%2.5%33%
BVPS-10.9%-19.9%-27.1%-12.7%
Share Price 13% 15.6% 16.7% -0.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
19.623.52722.318.121.328.844.45572.377.7
Op. Profit
Mgn %
46.956.455.650.847.851.655.251.447.351.153.2
Net Profit
Mgn %
55.846.540.836.63634.232.530.826.830.431.8
Debt to
Equity
00.300.100.20.10.90.60.80.4
Working Cap
Days
11162646978615046503761
Cash Conv.
Cycle
-0-4-0-4-3-10-14-13-15-18-4

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 77.70%

Debt to equity has declined versus last 3 years average to 0.84

Sales growth has been subdued in last 3 years 4.89%

Net Profit has been subdued in last 3 years 2.51%

Sales growth is not so good in last 4 quarters at 9.07%

Latest Financials - Hindustan Zinc Ltd.

Standalone Consolidated
TTM EPS (₹) 24.8 25
TTM Sales (₹ Cr.) 32,843 33,017
BVPS (₹.) 32.2 32.4
Reserves (₹ Cr.) 12,770 12,852
P/BV 15.41 15.32
PE 20.06 19.86
From the Market
52 Week Low / High (₹) 378.65 / 546.95
All Time Low / High (₹) 0.42 / 807.00
Market Cap (₹ Cr.) 2,09,787
Equity (₹ Cr.) 845.1
Face Value (₹) 2
Industry PE 22.3

Management X-Ray of Hindustan Zinc:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *99.3798.3598.3598.3599.0495.4293.5093.5011.249.27
* Pledged shares as % of Promoter's holding (%)

Valuation of Hindustan Zinc - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

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Key Ratios of Hindustan Zinc

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales14,18117,27322,08221,11818,56122,62929,44034,09828,93433,969
Operating Expenses 7,5297,5349,81210,4489,71410,95713,21416,58615,27316,673
Manufacturing Costs5,8926,4877,8818,7918,6619,25211,90414,93313,77014,842
Material Costs235-314498-64-291239-278-143-156-62
Employee Cost 774722776905689760717843826878
Other Costs 6286396578166557068719538331,015
Operating Profit 6,6529,73912,27010,6708,84711,67216,22617,51213,66117,296
Operating Profit Margin (%) 46.9%56.4%55.6%50.5%47.7%51.6%55.1%51.4%47.2%50.9%
Other Income 2,7632,4741,7161,7821,9341,8191,2161,3821,103996
Interest 172022461131123862903339551,111
Depreciation 7451,8111,4831,8832,2792,5312,9173,2643,4663,634
Exceptional Items -300240000-13400-83
Profit Before Tax 8,62310,20012,49710,4568,39010,57414,10115,29710,34313,464
Tax 4481,8843,2212,5001,5852,5944,4714,7772,5563,185
Profit After Tax 8,1758,3169,2767,9566,8057,9809,63010,5207,78710,279
PAT Margin (%) 57.6%48.1%42.0%37.7%36.7%35.3%32.7%30.9%26.9%30.3%
Adjusted EPS (₹)19.419.722.018.816.118.922.824.918.424.3
Dividend Payout Ratio (%)144%149%36%106%102%113%79%303%71%119%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 37,38530,80535,93233,60540,31032,31334,28212,94215,23313,290
Share Capital 845845845845845845845845845845
Reserves 36,54029,96035,08732,76039,46531,46833,43712,09714,38812,445
Minority Interest0000000000
Debt07,90802,5386116,4732,40010,0376,1578,498
Long Term Debt000004,3122,1111,5004,2465,990
Short Term Debt07,90802,5386112,1612898,5371,9112,508
Trade Payables9318249471,1741,4881,5452,0382,0862,1022,208
Others Liabilities 12,3819,5103,8453,2162,7444,3385,95110,38910,41210,422
Total Liabilities 50,69749,04740,72440,53345,15344,66944,67135,45433,90434,418

Fixed Assets

Gross Block16,52417,90420,65725,84129,61132,29235,36438,08941,78145,617
Accumulated Depreciation6,1397,9119,35511,06313,14215,48417,96820,52723,83527,202
Net Fixed Assets 10,3859,99311,30214,77816,46916,80817,39617,56217,94618,415
CWIP 2,4283,0713,2202,2542,4891,9222,0752,1651,6382,625
Investments 35,22123,78320,22219,48820,32912,95715,05210,10710,4529,971
Inventories1,0581,9361,3791,5441,8351,4251,9531,8621,9241,882
Trade Receivables107136184196379406716380161112
Cash Equivalents 538,3801,964231,9189,3765,7631,412173175
Others Assets 1,4451,7482,4532,2501,7341,7751,7161,9661,6101,238
Total Assets 50,69749,04740,72440,53345,15344,66944,67135,45433,90434,418

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 6,4517,5889,8008,7816,62110,56712,69115,16613,34314,127
PBT 8,62310,20012,49710,4568,39010,57414,10115,29710,34313,464
Adjustment -1,982-382-1862144831,1102,1802,4533,3583,924
Changes in Working Capital 1632108517671-1117638-11995561399115
Tax Paid -1,822-2,338-3,028-2,560-1,135-1,755-2,391-3,140-1,757-3,376
Cash Flow From Investing Activity -3,23612,0072,396-1,092-2,648-2,4358466,525-3,405-2,658
Capex -1,533-1,987-2,723-3,341-3,618-2,427-2,968-3,470-3,488-4,313
Net Investments -2,21213,6674,6201,996447-1,5152,8788,665-133630
Others 5093274992535231,5079361,3302161,025
Cash Flow From Financing Activity -3,214-11,266-18,612-9,630-2,098-9,697-12,258-23,224-9,946-11,426
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 000005,016-2,2047963,3301,764
Interest Paid -10-194-243-208-170-244-332-287-1,045-1,253
Dividend Paid -3,204-18,972-10,469-11,9580-15,972-7,606-31,901-5,493-12,253
Others 07,900-7,9002,536-1,9281,503-2,1168,168-6,738316
Net Cash Flow 18,329-6,416-1,9411,875-1,5651,279-1,533-843

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)20.2524.3927.822.8818.4121.9828.9244.5555.2872.08
ROCE (%)21.427.3434.1429.3322.0627.2637.4450.0445.9559.98
Asset Turnover Ratio0.310.380.50.520.430.50.660.850.830.99
PAT to CFO Conversion(x)0.790.911.061.10.971.321.321.441.711.37
Working Capital Days
Receivable Days9233667631
Inventory Days27292725332621202420
Payable Days1,213-1,020649-6,048-1,6692,316-2,352-5,263-4,8990

Hindustan Zinc Ltd Stock News

Hindustan Zinc Ltd FAQs

The current trading price of Hindustan Zinc on 05-Dec-2025 13:52 is ₹498.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Dec-2025 the market cap of Hindustan Zinc stood at ₹2,09,787.1.
The latest P/E ratio of Hindustan Zinc as of 04-Dec-2025 is 20.06.
The latest P/B ratio of Hindustan Zinc as of 04-Dec-2025 is 15.41.
The 52-week high of Hindustan Zinc is ₹547.0 and the 52-week low is ₹378.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hindustan Zinc is ₹32,843 ( Cr.) .

About Hindustan Zinc Ltd

Hindustan Zinc Ltd. was incorporated in 1966. It is the world’s largest and India’s only integrated zinc producer. It gives highest priority to safety of its people and conservation of scarce natural resources through technology and innovation. It is a subsidiary of Vedanta Limited. It is listed on the NSE and BSE. 

Hindustan Zinc’s operations comprise lead-zinc mines, hydrometallurgical zinc smelters, lead smelters, pyro metallurgical lead-zinc smelter as well as sulphuric acid and captive power plants in northwest India. It has facilities located in Rampura Agucha, Chanderiya, Dariba, Kayad and Zawar in the state of Rajasthan, along with zinc-lead processing and refining facilities and a silver refinery at Pantnagar in the state of Uttarakhand.

It is India’s largest and the world’s second largest integrated zinc-lead producer; and also one of the lowest cost zinc-lead producers in the world. It has mining, smelting and power operations in multiple locations throughout India. Its principal products are refined zinc metal and refined lead metal. In addition, it also recovers silver and cadmium as by products.

Zinc and lead metal produced at its world class Chanderiya Smelting complex are registered brands on the London Metal Exchange (LME). The LME brands are recognized worldwide as one of the most demanding standards, signifying highest product quality, uniform physical characteristics and consistency of ingots. This re-emphasizes its capability and commitment to meet the world class standards. It also has Quality Management Systems in place for all its products which complies with the requirements of ISO 9001:2008 standards. 

Business area of the Company

Hindustan Zinc, a Vedanta Group company, is the world’s largest integrated zinc producer and among the top silver producers globally. It is a global leader in critical minerals and metals, with one of the largest and most diversified portfolios. It is recognised globally for its scale and operational excellence, technological and innovation capabilities, and pioneering sustainability efforts.

Its operations are driven by synergistic integration, right from mining to marketing of products. This seamless presence across the value chain drives efficiency, provides scalability and enables the production of high-quality zinc, lead, silver, and value-added products. It continues to invest in advanced technologies, safety and sustainability practices and capacity expansion across these processes to scale operational efficiencies, enable innovation and support the nation’s mineral self-reliance.

Products of the company

Zinc: The company produces refined zinc metal, which is used in a number of applications including galvanising, oxides, die castings and alloys.

Lead: The company produces Lead ingots with min 99.99% purity which are registered with LME under following brand names: Vedanta 99.99 and Vedanta Pb 99.99.

Silver: The company is India’s largest and one of the world’s leading integrated silver producer. It produces refined silver; recovered as a by-product of zinc-lead facility. Its high quality silver bullion having a minimum purity 99.9% of silver is listed on LBMA Good delivered List (LGD) - Hindustan Zinc Pantnagar Unit. 

Sulphuric Acid: It produces 98% concentrated Sulphuric Acid at its production facilities in Chanderia, Debari and Dariba in the state of Rajasthan.

Awards

FY20

  • Ranked 1st in the Asia-Pacific region and 5th globally in the metal and mining sector by the Dow Jones Sustainability Index 2019.
  • Featured in The Sustainability Yearbook 2020 by S&P Global and RobecoSAM as one of the Sustainability Leaders.
  • Member of FTSE4 Good Emerging Index based on Environment, Social and Governance.
FY21

  • Ranked globally at 7th position in Metal and Mining Sector and 1st in Asia Pacific Region in DJSI.
  • Selected as Member in Sustainability Year Book 2021 by S & P Global in association with RobecoSAM.
  • Selected as Member of FTSE4Good Emerging Index.
  • Included in the list of ‘A’ rated companies for climate change - Carbon Disclosure Rating (CDP).
  • “Significant Achievement in HR Excellence” in CII – HR Excellence Award 2020-21.
  • “People First HR Excellence Award” Leading Practice in Technology Deployment in HR.
FY22

  • Green Leaf Platinum Award in Energy Efficiency From Apex Green India Foundation for Zawar Mines for reducing carbon emission and achieving ESG common goal.
  • ‘5 STAR RATED MINES’ Award - From the Ministry of Mines, Government of India, for Rampura Agucha and Kayad Mines for efforts towards sustainable mining.
  • ‘FIMI Award of Excellence in Environment’, Safety & Health - To Kayad Mine for best practices in economics, social, environmental, quality and safety in mining sector.
  • ‘Rajasthan Energy Conservation Awards - 2021’ Rampura Agucha becomes the only mine in the industry to win this accolade.
  • 12th CII National HR Excellence Award 2021-22 - Leadership in HR Excellence, as per the scoring in the 600+ Band Barrier on a rigorous CII Assessment.
  • Skillsoft Perspectives 2021 Awards - Won the ‘Digital Dexterity’ prize for leveraging technology to become a future-ready company.
  • National Award for Manufacturing Competitiveness - 2021 - ‘Gold Medal’ for SK Mine from International Research Institute for Manufacturing, India.
FY23

  • Hindustan Zinc certified as a ‘Great Place to Work’ for the fifth consecutive year.
  • Hindustan Zinc recognised as ‘Kincentric Best Employer India’.
  • Awarded with the CII EXIM Business Excellence Award 2022 in its maiden attempt reflecting its commitment towards excellence across the value chain including all stakeholders.
  • Prestigious People First HR Excellence Award for leading practices in diversity and inclusion initiatives and talent management.
  • Dariba Smelting Complex awarded with Five Star Grading by British Safety Council Occupational Health and Safety Audit.
  • CII ITC Sustainability Award received by CLZS on Corporate Excellence and by ZSD on Environment Management.
  • Hindustan Zinc’s Kayad mine bagged 5-Star Rating Award at the 6th National Conclave of Mines and Minerals.
  • Awarded in the ‘Oriented Award’ category at the 3rd edition of the CII Climate Action Programme (CAP) 2.0.
  • Four mines won 5-Star Rating under ‘A’ list category of mines by Indian Bureau of Mines.
FY24

  • Received ‘Leadership in HR Excellence’ prize from the CII National HR Excellence Award, highlighting its industry-leading people practices.
  • Won the prestigious PeopleFirst HR Excellence Awards in the categories of “Leading Practices in Talent Management” & “Leading Practices in Employee Relations (Industrial Relations)”.
  • Zinc Smelter Debari recognised at National 5S Excellence Awards 2023.
  • Zawar Mines won the award for Environment Best Practices under the category of Innovative Project at CII National Award 2023.
  • Hindustan Zinc won Tax Transparency Award at 7th edition of Tax Strategy & Planning Summit & Awards 2024.
  • Recognised at ET Edge Times Group 6th Edition of the Iconic Brands of India Conclave.
  • Hindustan Zinc’s digital annual report won the 3rd consecutive Platinum Award at AVA Digital Awards 2024, being one of the only 4 Indian companies winning a Platinum.
  • Rampura Agucha Mine became the first mine in India to receive GreenCo Rating & Zawar Mines received Silver Rating.
FY25

  • Ranked 1st in the Metals & Mining sector for the 2nd consecutive year in the S&P Global Corporate Sustainability Assessment 2024.
  • Placed in Top 1% in S&P Global Sustainability Yearbook 2025, featuring for the 8th consecutive year.
  • Integrated Annual Report 2023-24 and Sustainability Report 2023-24 ranked 1st globally in Materials category with Platinum in LACP Vision Awards 2023-24. Integrated Annual Report was also recognised as the Most Creative Report Worldwide for 2023-24.
  • India’s First Gen AI for Annual Reports ‘Zincky’ has been recognised globally bagging a Platinum at AVA Digital Awards 2025.
  • Prestigious awards of ‘Best Risk Practice’ and ‘Masters of Risk in ESG’, in large cap category at the India Risk Management Awards by CNBC TV18
  • Recognised as an Employees’ Choice Workplace at the W.E. Matter Global Employees’ Choice Awards 2024.
Milestones

2010
  • The company started metal production from its Hydro-Zinc Smelter situated at Dariba Smelting Complex, Dariba - Rajasthan.
  • The company’s exploration activities yielded significant success with an increase of 33.7 million tonnes to its reserves and resources containing 3.4 million tonne of zinc-lead metal, prior to depletion in FY10.

2011

  • The company acquires the zinc unit of the UK’s Anglo American for $1.3 billion (Rs 5,850 crore).
  • The company inked pact with Suzlon for setting up 150 MW wind projects.

2012

  • The company is set to become one of the top producers of silver in the world, with an estimated output of 500 tonnes by March 2011, more than double its production at present.

2013

  • Hindustan Zinc’s CEO Akhilesh Joshi has been awarded with the MEAI-Adheraj Baldota Memorial Gold Medal Award-2012.

2014

  • Hindustan Zinc Limited Commissions Sewage Treatment Plant at Udaipur.
  • Hindustan Zinc awarded with Significant Achievement in HR Excellence by CII

2015

  • Hindustan Zinc and Cairn India signed MoUs with Rajasthan Government.
  • Hindustan Zinc (HZL) has installed refuge chambers inside its underground mines in the state of Rajasthan.

2016

  • 50 years of incorporation.
  • Hindustan Zinc Board declares Special Golden Jubilee Dividend.
  • Hindustan Zinc gets EC amended to scale up production.

2017

  • Sindesar Khurd Mine ore production capacity ramped up from 3.0 million MT to 3.7 million MT per annum.
  • Chanderiya Hydrometallurgical Zinc Smelter capacity enhanced from 4,20,000 MT to 4,30,000 MT per annum.
  • Dariba Hydrometallurgical Zinc Smelter capacity enhanced from 2,10,000 MT to 2,20,000 MT per annum.
  • 1.5 million MT pa capacity mill commissioned at Sindesar Khurd in record 14 months.
  • Successfully commissioned 16 MW of captive solar farms.

2020

  • Hindustan Zinc has signed a Memorandum of Understanding with Gujarat government to set up 300 KTPA (kilo tonnes per annum) greenfield zinc smelter at Doswada, GIDC (Gujarat Industrial Development Corporation).
  • Hindustan Zinc has set up an additional 10 million litres per day (MLD) sewage treatment plant to make Udaipur's lake and river free from pollution.
  • Hindustan Zinc has launched an online buying platform, EVOLVE, for non-ferrous metals.
2021

  • Hindustan Zinc commissions ZERO LIQUID DISCHARGE RO-ZLD Plant at Debari.
  • Hindustan Zinc achieves Integrated ISO Systems certification for its IT Systems.
  • Hindustan Zinc inks pact with Epiroc India.
  • Hindustan Zinc forms wholly-owned subsidiary in Rajasthan.
2022

  • Hindustan Zinc signs MoU with Sandvik AB.
  • Hindustan Zinc inks agreement with SPV for renewable power supply.
  • Hindustan Zinc incorporates wholly owned subsidiary at Rajasthan.
2023

  • Hindustan Zinc emerges as 5th largest silver producer globally in World Silver Survey 2023.
  • Hindustan Zinc inks MoU with CSIR-CIMFR.
2024

  • Hindustan Zinc signs MoU with VEXL Environ Projects.
  • Hindustan Zinc inks MoU with AEsir Technologies.
  • Hindustan Zinc launches EcoZen.
  • Hindustan Zinc wins auction to mine critical mineral blocks.
  • Hindustan Zinc declared preferred bidder for Dugocha Gold Block in Rajasthan.
2025

  • Hindustan Zinc gets LoI from Government of Andhra Pradesh.
  • Hindustan Zinc emerges as Preferred Bidder for Critical and Strategic Mineral Blocks.
  • Hindustan Zinc gets nod to expand integrated refined metal capacity by 250 ktpa.
  • Hindustan Zinc bags potash block in Rajasthan.
  • Hindustan Zinc’s Board approves establishment of India’s first Zinc Tailings Reprocessing Plant in Rajasthan.
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