Hindustan Zinc Limited · NSE:HINDZINC
Hindustan Zinc — Q2 FY2026 Earnings Presentation
42 slides from Hindustan Zinc's earnings presentation, Oct 17, 2025
Slide 1: Exchange filing cover letter: Investor Presentation
HZL/2025-26/SECY/109 October 17, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor Plot No., C/l, G Block Dalal Street, Fort Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Kind Attn: General Manager – Department Kind
Slide 2: Hindustan Zinc Limited Earnings Presentation 2QFY26
HINDUSTAN ZINC LIMITED World’s Largest Integrated Zinc Producer EARNINGS PRESENTATION 2QFY26
Slide 3: Cautionary Statement and Disclaimer
Cautionary Statement and Disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness, or reliability of this information. Any forw
Slide 4: Index of Contents
Index of Contents Unique positioning in Metals & Mining and Energy Transition Space 05 Sustainability Update 08 Market Update and Operational Review 15 Project Update 21 Financial Review 25 Appendix 31 3 HINDUSTAN ZINC LIMITED – 2Q FY26 INVESTOR PRESENTATION Sensitivity: Internal (C3)
Slide 5: Key Highlights of 2QFY26
Key Highlights of 2QFY26 ESG ▪ 1st Indian company to join International Council on Mining and Metals (ICMM) ▪ Best-ever second quarter Mined metal production of 258 Kt, up 1% YoY Operational ▪ 5-year lowest 2Q Zinc cost of production of $994 per tonne, better 7% YoY and 2% QoQ ▪ Silver drives c.40%
Slide 6: Unique Positioning in Metals & Mining and Energy Transition Space Globally
Unique Positioning in Metals & Mining and Energy Transition Space Globally World’s Largest Integrated Zinc Producer World’s 2nd Largest Zinc Reserves & Resources with 25+ years of mine life Hindustan Zinc Ranked 1st in Metals & Mining sector in S&P Peer 2 Global CSA 2024 for the 2nd consecutive year
Slide 7: Our Unique Leadership Positioning In India
Our Unique Leadership Positioning In India Well Positioned to Capitalize on the Country’s Strong Growth Trajectory India’s only c.77% domestic Consistently India’s only India’s only integrated primary zinc integrated primary Zinc rated AAA by market share with producer of Zinc Alloy and listed Silve
Slide 8: Invested in Metals Of Future | Enabling the Energy Transition needs
Invested in Metals Of Future | Enabling the Energy Transition needs Rising deployment of clean energy technologies is set to supercharge demand for critical minerals Zinc building a greener future Silver’s crucial role in achieving the net zero world Silver plays a dual role as an industrial metal a
Slide 9: Sustainability Update
SUSTAINABILITY UPDATE Mr. Arun Misra CEO
Slide 10: Hindustan Zinc Is Now An ICMM Member
Hindustan Zinc Is Now An ICMM Member First Indian Company to join International Council on Mining and Metals (ICMM), a global industry body that brings together leading mining & metals companies and associations to improve sustainable development performance in the sector Global gold standard for en
Slide 11: Key ESG Highlights During The Quarter
Key ESG Highlights During The Quarter Fatality free operations Health & Pond Supply Chain Pond Safety deepening 2 MoUs with deepening Initiatives at S.A.F.E Greenline Initiatives at villages near Leadership People Practices Mobility villages near a pura ariba Workshop with a pura ariba Special sessi
Slide 12: Sustainability Goals 2030 | ESG Action in Next 5 Years
Sustainability Goals 2030 | ESG Action in Next 5 Years Climate Change & Circular Economy & Water Biodiversity Decarbonization Material Stewardship Stewardship Conservation 2030 Targets 2030 Targets 2030 Targets 2030 Targets ▪ Reduction of emissions: ▪ Achieve near to Zero waste ▪ 50% reduction in fr
Slide 13: Sustainability Goals 2030 | ESG Action in Next 5 Years
Sustainability Goals 2030 | ESG Action in Next 5 Years Ensuring Diversity & Responsible Social Zero Harm Inclusion Sourcing Performance 2030 Targets 2030 Targets 2030 Targets 2030 Targets ▪ Zero Fatality and 100% ▪ Increase gender diversity to ▪ 100% active supplier evaluation ▪ Management plans bas
Slide 14: India's Most Beautiful Marathon | A Nand Ghar Initiative
India’s Most Beautiful Marathon | A Nand Ghar Initiative | #RunForZeroHunger 2nd edition c.40% 7,000 Finisher Medal of the Vedanta Zinc City Half Increase in participation runners from 27 states in Crafted from Hindustan Marathon over previous edition India and across the globe Zinc’s finest zinc 13
Slide 15: Empowering Communities, Changing Lives
Empowering Communities, Changing Lives c.2.3 million 2,362 c.50 7 1,969 Lives Benefitted Villages Covered CSR Initiatives Verticals Nand Ghars Education Health, Water & Sanitation 7 Initiatives 14 Initiatives 3,80,000+ Beneficiaries 4,60,000+ Beneficiaries Sustainable Livelihood Sports & Culture 3 I
Slide 16: Market Update and Operational Review
MARKET UPDATE AND OPERATIONAL REVIEW Mr. Arun Misra CEO
Slide 17: Well Placed to Harness India's Growth Momentum
Well Placed to Harness India’s Growth Momentum Indian Steel Production and Zinc Demand Zinc Demand 168-172 144 152 Outlook 120 127 104 774 814 851 875-925 • Strengthening domestic zinc 649 655 demand on back of consistently growing domestic steel production, FY21 FY22 FY23 FY24 FY25 FY26e which will
Slide 18: Global Market Update - Base Metal | Zinc & Lead
Global Market Update - Base Metal | Zinc & Lead Despite a volatile global economic scenario, zinc & lead Zinc & Lead prices are forecasted to stay resilient prices closed at $3,010/MT & $1,957/MT, respectively despite some expected surplus Zinc and Lead Prices Zinc Price Outlook 3,484 3,050 2,838 2,
Slide 19: Sustainable Operational Performance | Among Lowest Cost Producers Globally
Sustainable Operational Performance | Among Lowest Cost Producers Globally Mined Metal Refined Metal Zinc COP ($/t)* Production (kt) Production (kt) 5-year lowest 2Q and 1H cost 519 523 524 496 1,071 1,089 256 265 258 262 250 246 1,010 994 1,002 2QFY25 1QFY26 2QFY26 1HFY25 1HFY26 2QFY25 1QFY26 2QFY2
Slide 20: Global Market Update - Precious Metal | Silver
Global Market Update - Precious Metal | Silver Silver surged to an all-time high of $50/toz, driven by Sustained deficit in near future from growing industrial supply constraints, gold momentum, increased industrial use, supported by renewable energy & other emerging use, and perceived undervaluatio
Slide 21: India's Only Primary Silver Producer | Uniquely Positioned to Ride the Silver Wave
India’s Only Primary Silver Producer | Uniquely Positioned to Ride the Silver Wave As silver shines globally, HZL is uniquely positioned to capture the upcycle Silver contributing over 40% to profitability and growing stronger Significant value unlock potential exists, as the current rally’s impact
Slide 22: Project Update
PROJECT UPDATE Mr. Arun Misra CEO
Slide 23: Progress We Made in Growth Projects
Progress We Made in Growth Projects 160 Ktpa Roaster at Debari 510 Ktpa Fertilizer Plant • Essential part of the process of producing • Fertilizer Plant at Chanderiya aims to saleable zinc in hydrometallurgical support farmers’ needs through production smelters and sale of DAP fertilizers currently
Slide 24: Moving Towards 2x Growth | Board Approved Phase-1 Expansion
Moving Towards 2x Growth I Board Approved Phase-1 Expansion to Capture the Strong Demand Outlook in India 250 Ktpa Integrated Metal Capacity Expansion Refined Metal Capacity Expansion^ c.₹ 12k Cr Mined Metal Capacity Expansion Investment 330 1510 250 1379 1129 1180 Across Smelter Expected the mines
Slide 25: Building A Resilient, Future Ready Multi-Metal Enterprise
Building A Resilient, Future Ready Multi-Metal Enterprise Maintaining a Expansion of Strengthening Building a Progressing Portfolio of Capacities Cost Leadership Diversified towards a Mines with Long Product Portfolio Sustainable Life Future Achieve UG mining Maintain cost below Scale capacities for
Slide 26: Financial Review
FINANCIAL REVIEW Mr. Sandeep Modi CFO
Slide 27: 2QFY26 Financial Highlights
2QFY26 Financial Highlights Revenue EBITDA EBITDA Margin Highest-ever 2Q Best-ever 2Q ₹ 8,549 crore ₹ 4,467 crore 52% Up 4% YoY Up 7% YoY Up c.180 bps YoY Up 10% QoQ Up 16% QoQ Up c.260 bps QoQ Profit after Tax Cash & Cash Earning Equivalents per share ₹ 2,649 crore ₹ 8,155 crore ₹ 6.3 Up 14% YoY Up
Slide 28: 1HFY26 Financial Highlights
1HFY26 Financial Highlights Revenue EBITDA EBITDA Margin ₹ 16,320 crore ₹ 8,328 crore c.51% Almost flat YoY Up 3% YoY Up c.150 bps YoY Profit after Tax Cash & Cash Earning Equivalents per share ₹ 4,883 crore ₹ 8,155 crore ₹ 11.6 Up 5% YoY 27 HINDUSTAN ZINC LIMITED – 2Q FY26 INVESTOR PRESENTATION Sen
Slide 29: Index Inclusion Underscores Hindustan Zinc's Leadership and Shareholder Value Creation
Index Inclusion Underscores Hindustan Zinc’s Leadership and Shareholder Value Creation Superior Total Shareholder Returns of 7% in 2Q compared to Nifty 100 of (3)% Strengthening Market Amongst India’s Shareholder Value Presence Biggest* Creation Included in Nifty 100 and Top 5 in Nifty Metal Index i
Slide 30: World Class Assets Driving Growth and Long-Term Value for all Stakeholders
World Class Assets Driving Growth and Long-Term Value for all Stakeholders Invested in High quality & World’s largest Metals of Life – low-cost integrated Zinc Zinc and Silver premium asset producer Irreplaceable base with strong Will be in high margins, Precious metal Around 77% of Robust balance d
Slide 31: Driving Sustainable Growth For The Future: FY2026 Guidance
Driving Sustainable Growth For The Future Production Mined metal: 1,125 (±10) Ktpa Refined metal: 1,075 (±10) Ktpa Silver: 680 (±10) metric tonnes FY2026 Zinc Cost of Production* Guidance c.$ 1,000 per tonne Growth capex^ $ 350 - 400 million * Excluding royalty; ^including recently announced 250 Ktp
Slide 32: Appendix
a hel | APPENDIX:
Slide 33: EBITDA Bridge QoQ (2Q FY26 vs 1Q FY26)
EBITDA Bridge QoQ (2Q FY26 vs 1Q FY26) (All figures in ₹ Cr unless stated otherwise) 140 4,475 2 1 4,467 475 (11) 3,860 Market & regulatory 1Q FY26 Prices Fx Adj. EBITDA Volume Cost Marketing 2Q FY26 & others Note: All figures are at consolidated level 32 HINDUSTAN ZINC LIMITED – 2Q FY26 INVESTOR PR
Slide 34: EBITDA Bridge YoY (2Q FY26 vs 2Q FY25)
EBITDA Bridge YoY (2Q FY26 vs 2Q FY25) (All figures in ₹ Cr unless stated otherwise) 284 4,821 373 74 4,467 4,164 (343) (85) Market & regulatory 2Q FY25 Prices Fx Adj. EBITDA Volume Cost Marketing 2Q FY26 & others Note: All figures are at consolidated level 33 HINDUSTAN ZINC LIMITED – 2Q FY26 INVEST
Slide 35: Consolidated Performance Summary (1/2)
Consolidated Performance Summary (1/2) Quarter Half Year Production (in ’000 tonnes, or as stated) 2QFY26 2QFY25 % YoY 1QFY26 % QoQ FY26 FY25 % YoY Mined metal content 258 256 1% 265 (3%) 523 519 1% Refined metal 246 262 (6%) 250 (1%) 496 524 (5%) Refined Zinc – Integrated1 202 198 2% 202 (0%) 403 4
Slide 36: Consolidated Performance Summary (2/2)
Consolidated Performance Summary (2/2) Quarter Half Year Financials (₹ crore, except as stated) 2QFY26 2QFY25 % YoY 1QFY26 % QoQ FY26 FY25 % YoY Revenue 8,549 8,252 4% 7,771 10% 16,320 16,382 (0%) Zinc 5,354 5,078 5% 4,935 8% 10,289 10,403 (1%) Lead 840 1,194 (30%) 872 (4%) 1,712 2,192 (22%) Silver
Slide 37: Commodity, Currency and COP Sensitivities
Commodity, Currency and COP Sensitivities Impact of change in Commodity Prices on annual EBITDA Commodity Change Impact on EBITDA (₹ Cr) Zinc $100/MT 660-690 Lead $100/MT 130-150 Silver $1/toz 170-190 Impact of exchange rate change on annual EBITDA Currency Change Impact on EBITDA (₹ Cr) INR/USD ₹1
Slide 38: ESG Performance Score Card
ESG Performance Score Card Climate GHG intensity (Scope 1 + 2)/MT Climate Zero Harm TRIFR 2.67 2.57 Change Change 2.22 1.93 1.84 1.59 5.44 5.15 4.97 4.85 1.20 4.44 4.66 4.61 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 Water Water Withdrawal (mn m3) Social CSR Outreach (
Slide 39: Awards and Recognition | 2QFY26
Awards and Recognition | 2QFY26 SUSTAINABILITY PEOPLE PRACTICES ▪ Honored with the ‘Outstanding Accomplishment in ▪ Won two Gold Awards at the 9th CII HR Circle Awards for Corporate Excellence’ at the CII-ITC Sustainability Awards Diversity & Inclusion, Employee Wellness & Mental Health Support ▪ Ra
Slide 40: Strong Corporate Governance - Leading Reporting Practices
Strong Corporate Governance - Leading Reporting Practices Integrated Tax Sustainability Annual Report Transparency Report Report Digital Climate Action Taskforce On Integrated Report Nature-related Annual Report Financial Disclosures (TNFD) Report 39 HINDUSTAN ZINC LIMITED – 2Q FY26 INVESTOR PRESENT
Slide 41: Group Structure of Hindustan Zinc Limited
Group Structure of Hindustan Zinc Limited Vedanta Limited Government of India Public 61.84% 27.92% 10.24% Hindustan Zinc Limited Wholly-owned Subsidiaries Vedanta Zinc Hindmetal Hindustan Zinc Hindustan Zinc Football and Zinc India Exploration Alloys Private Fertilizers Sports Foundation Services Li
Slide 42: Thank You
THANK YOU Email: hzl.ir@vedanta.co.in www.hzlindia.com