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World's second-largest zinc-mining and smelting company, also producing lead and silver, majority-owned by Vedanta and the Indian government.
World's second-largest zinc-mining and smelting company, also producing lead and silver, majority-owned by Vedanta and the Indian government.
Sells zinc, lead and silver at prices that follow London Metal Exchange benchmarks, with zinc the main revenue and silver recovered from the same ore. It mines in Rajasthan and pays large dividends, with the biggest share flowing to parent Vedanta.
In one line: India's Teck Resources for zinc.
Moat: wide (scale, cost advantage, installed base). Among the world's lowest-cost integrated zinc-lead-silver producers, with large captive mines in Rajasthan.
Headquarters: Udaipur, India · Founded: 1966 · Employees: 24,448
Size Hindustan Zinc (HINDZINC.NS) is an India Materials company (Other Metals/Minerals) with a market value of $25.4B, the 38th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹568.10 on 6 Nov 2026.
Performance Over six months the shares fell 10.8%, against -19.7% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 56.9% over the last twelve months (peer median +22.5%); the operating margin is 50.9% (peer median 16.7%).
Valuation It trades at 11.8× forward earnings against a peer median of 13.4× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 92.6 points above its cost of capital (12.4% WACC).
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹534B | ₹378B | ₹328B | ₹301B | ₹329B |
| Revenue growth | — | +15% | +9% | -8% | — |
| Gross profit | ₹398B | ₹173B | ₹141B | ₹128B | ₹143B |
| EBITDA | ₹311B | ₹193B | ₹164B | ₹152B | ₹165B |
| Net income | ₹208B | ₹138B | ₹104B | ₹77.6B | ₹105B |
| Free cash flow | n/a | ₹115B | ₹96.1B | ₹89.9B | ₹127B |
| Capital expenditure | n/a | ₹52.8B | ₹40.1B | ₹38.7B | ₹35.6B |
| Total debt | ₹66.5B | ₹88.3B | ₹115B | ₹91.2B | ₹122B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hindustan Zinc HINDZINC.NS | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% |
| Vedanta VEDL.NS | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% |
| Teck Resources TECK-B.TO | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% |
| Korea Zinc 010130.KS | $14.4B | -39% | +53% | 8% | 16.2× | n/a |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Boliden BOL.ST | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% |
| Nexa Resources NEXA | $1.51B | -20% | +27% | 22% | 3.0× | -17.4% |
| Zijin Mining 601899.SS | $109B | -15% | +16% | 30% | 9.6× | -10.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HINDZINC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | -14.3% | 2nd highest of 21 |
| 6-month return | -10.8% | -19.7% | 9th highest of 21 |
| Distance from 52-week high | -22.5% | -35.8% | 5th highest of 21 |
| Revenue growth (TTM) | +56.9% | +22.5% | 2nd highest of 21 |
| Operating margin | 50.9% | 16.7% | highest of 21 |
| Forward P/E | 11.8× | 13.4× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 1.4% | 8.5% | 4th least demanding of 14 |
| Growth delivered (Del g) | +11.7% | +10.3% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | -10.3 pp | +1.2 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +92.6 pp | +3.5 pp | highest of 21 |
| EV / EBITDA | 7.4× | 9.2× | 6th cheapest of 16 |
| Net debt / EBITDA | -0.3× | 1.0× | least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hindustan Zinc HINDZINC.NS | India | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% | +11.7% |
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| Teck Resources TECK-B.TO | Canada | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% | +3.7% |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| Antofagasta ANTO.L | United Kingdom | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% | +10.3% |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| Anglo American AAL.L | United Kingdom | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% | -6.7% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |