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Hindustan Zinc reported a flattish volume print for Q1FY27

ICICIdirect Research 03 Jul 2026 DISCLAIMER

News: Hindustan Zinc reported a flattish volume print for Q1FY27. Mined metal production reported a growth of 1% YoY to 268kt. Refined metal production increase by 4% YoY to 260kt. Within this, Refined zinc production increase by 6% YoY to 213kt, and lead production reported a decline of 2% YoY to 47kt. Saleable silver production was flat YoY to 149 tonnes.

View: The company’s refined metal production remained steady during the quarter, driven by capacity unlocked through debottlenecking at Chanderiya & Dariba, along with the commissioning of the 160 ktpa roaster at Debari. However, silver production remained sluggish due to planned maintenance activities at the lead operation. Nonetheless, steady zinc production and robust non-ferrous prices are expected to support the company’s performance in Q1FY27. That said, we prefer playing Hindustan Zinc through its promoter company Vedanta, given valuations turning rich at Hindustan Zinc.

Impact: Neutral

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