Hindustan Zinc Ltd Q2 FY26 Concall Decoded – Silver’s Shiny Ego Trip Meets Zinc’s Powerplay

1. Opening Hook

When silver hit $50/oz, investors started polishing their family cutlery hoping it might be “strategic reserves.” Meanwhile, Hindustan Zinc showed up like that kid who aces every exam and tops sports day—highest-ever mined metal, record EBITDA, and cost discipline that could make even CFOs tear up with pride. Oh, and they just joined an exclusive global mining club—because being profitable wasn’t elite enough. 🧂

Keep reading, because somewhere between EV trucks, acid leaching, and 7,000 people running for “Zero Hunger,” this zinc story turns into a full-blown India metals Marvel movie.

2. At a Glance

• Revenue up 10% QoQ to ₹8,549 Cr – CFO insists it’s “real metal,” not Excel macros.
• EBITDA ₹4,467 Cr, +16% QoQ – Margin muscles flexing at 52%, 5-year best.
• PAT ₹2,649 Cr, +19% QoQ – Silver prices clearly paying the bills.
• Zinc COP at $994/ton – CFO’s dream achieved: sub-$1,000 club before FY27 target.
• ROCE at 65% – Because why not outperform your own balance sheet.
• Stock in Nifty 100 & Next 50 – Validation unlocked, investor ego boosted.

3. Management’s Key Commentary

“We achieved our highest-ever mined metal and lowest cost in 5 years.”
(Translation: We dug more, spent less, and still made it look easy 😎)

“Silver contributes 40% of our profit; we’re doubling production by FY29.”
(Translation: Move over gold bugs, silver’s the new crypto.)

“We signed MOUs for 100 EV trucks and LNG fleet expansion.”
(Translation: Even our trucks are greener than most ESG funds.)

“Renewable energy now 19%, heading to 25% by FY-end.”
(Translation: Every gust of Rajasthan wind now trims our power bills.)

“We joined the International Council on Mining and Metals.”
(Translation: Mining’s version of the Met Gala—HZL finally got the invite.)

“Capex for smelter and tailings plant totals ₹16,000 Cr.”
(Translation: We’re building the Hogwarts of Zinc, but it’s all business.)

“ROCE at 65% is our new normal.”
(Translation: Beat that, Dalal Street.)

4. Numbers Decoded