Hindustan Zinc Limited · NSE:HINDZINC
Hindustan Zinc — Q4 FY2026 Earnings Presentation
48 slides from Hindustan Zinc's earnings presentation, Apr 24, 2026
Slide 1: Exchange filing cover letter - Investor Presentation
HZL/2026-27/SECY/13 April 24, 2026 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 At
Slide 2: Hindustan Zinc Limited Earnings Presentation 4QFY26
HINDUSTAN ZINC LIMITED World’s Largest Integrated Zinc Producer EARNINGS PRESENTATION 4QFY26
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 FY26 Key Highlights And Unique Positioning 04 Sustainability Update 12 Market Update and Operational Review 18 Project Update 25 Financial Review 30 Appendix 36 3 HINDUSTAN ZINC LIMITED – 4Q FY26 INVESTOR PRESENTATION Sensitivity: Internal (C3)
Slide 5: Record Volumes with Lowest-ever Cost underpin Margin Resilience
Record Volumes with Lowest-ever Cost underpin Margin Resilience Record Quarterly Performance Historic Full Year Performance Highest-ever Mined & Refined Metal Production Continued Production Growth 01 Mined metal production at 315 Kt, ↑ 14% QoQ ↑ 2% YoY 01 Highest-ever mined metal production of 1,11
Slide 6: Milestones that Defined the Year
Milestones that Defined the Year EXPLORATION SMELTING Highest-ever ore resources & reserves at Second-best refined metal production Zawar Mine Rajpura Dariba Mine Kayad Mine Bamnia Kalan Mine Record 2nd half refined metal production of 552 Kt 166.4 Mnt 95.8 Mnt 11.6 Mnt 42.1 Mnt Chanderiya pyro plan
Slide 7: India's #1 — Setting the Industry Benchmarks in FY26
India’s #1 — Setting the Industry Benchmarks in FY26 Driving Industry-First Innovations across Operations and Workforce Driving Efficiency Benchmark-Setting Advancing through NextGen Advancing Inclusion Achievements Advancing Inclusion Advancing Inclusion Inclusion Technology ▪ 1st Indian company to
Slide 8: 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 & Lead Metal Reserves & Resources with 25+ years of mine life Hindustan Zinc Ranked 1st in Metals & Mining sector in S&P Peer 2 Global CSA 2025 for the 3rd con
Slide 9: 2nd Highest Zinc & Lead Metal R&R Globally with 25+ Years of Mine Life
2nd Highest Zinc & Lead Metal R&R Globally with 25+ Years of Mine Life Focused exploration to expand our reserves and resources base to support our future growth ▪ Disciplined exploration ensuring: ▪ Achieved record ore R&R of ▪ Record metal reserves* ✓ Addition of more R&R than 468.6 Mnt of 13.9 Mn
Slide 10: 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.74% 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 11: Invested in Metals Of Future | Enabling the Energy Transition
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 12: Building A Multi-metal Ecosystem Under India's Critical Mineral Mission
Building A Multi-metal Ecosystem Under India’s Critical Mineral Mission ▪ Central government plans to auction 24 critical minerals - Lithium, Cobalt, Tungsten, REEs, Potash, etc., aiming for clean energy, electronics, EV, and defence sector support ▪ This enables reduction in India’s dependence on i
Slide 13: Sustainability Update
SUSTAINABILITY UPDATE Mr. Arun Misra CEO
Slide 14: Key ESG Highlights During The Quarter
Key ESG Highlights During The Quarter Hindustan Zinc is featured in Top 1% in S&P Global Sustainability Yearbook 2026 Chanderiya Lead in metals & mining category Zinc Smelter has become India’s first site to receive the Zinc Mark and Copper Mark certification Health & Safety Environment Human Rights
Slide 15: India's First, Among the World's Best in Sustainability
India’s First, Among the World’s Best in Sustainability Reflecting Exceptional ESG Performance, Transparent Governance, And Responsible Growth Practices Ranked 1st in S&P Global CSA 2025 First Indian Company to join ICMM for the 3rd consecutive year Part of exclusive global league of 26 in metals &
Slide 16: 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 17: 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 18: Empowering Communities, Changing Lives
Empowering Communities, Changing Lives c.2.6 million 4,000+ 38 districts 7 Lives Benefitted Villages Covered Across 3 states Verticals Education Health, Water & Sanitation 6 Initiatives 6 Initiatives 3,37,000+ Beneficiaries 3,20,000+ Beneficiaries Sustainable Livelihood Sports & Culture 4 Initiative
Slide 19: Market Update and Operational Review
MARKET UPDATE AND OPERATIONAL REVIEW Mr. Arun Misra CEO
Slide 20: Well Placed to Harness India's Growth Momentum
Well Placed to Harness India’s Growth Momentum Indian Steel Production and Zinc Demand Zinc Demand Outlook 182 195 152 168 • Strengthening domestic zinc 144 120 127 demand on back of consistently 953 1025 814 851 893 655 774 growing domestic steel production, which will grow further to 300 Mtpa CY22
Slide 21: Global Market Update - Base Metal | Zinc & Lead
Global Market Update - Base Metal | Zinc & Lead In a volatile global economic scenario, Zinc touched Zinc & Lead prices are forecasted to stay resilient FY26’s highest of $3,487/MT while Lead peaked to despite some surplus $2,040/MT during the quarter Zinc and Lead Prices Zinc Price Outlook 3,241 3,
Slide 22: Record Operational Performance | Amongst Lowest Cost Producers Globally
Record Operational Performance | Amongst Lowest Cost Producers Globally Mined Metal Production (Kt) Refined Metal Production (Kt) Lowest Zinc COP ($/t)* 1,052 1,048 Better by 4% 1,052 1,095 1,114 994 940 959 Up by 14% Up by 5% 903 310 315 270 270 282 276 4QFY25 3QFY26 4QFY26 FY25 FY26 4QFY25 3QFY26
Slide 23: Global Market Update - Precious Metal | Silver
Global Market Update - Precious Metal | Silver Silver surged to an all-time high of $118.45/toz during Global energy transition, increased Industrial use mainly the quarter, driven by continued supply constraints and in solar panels, electric vehicles, electronics etc and improved demand for industr
Slide 24: 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, Hindustan Zinc is uniquely positioned to capture the upcycle Significant value unlock potential exists, as the current rally’s impact is yet to be fully reflected Silver Production (MT) Grew
Slide 25: Collaborations Advancing Our Strategy
Collaborations Advancing Our Strategy Virginia Tech CSIR-NML Tata Steel Signed an MoU to advance research Collaboration for concentrate grade Partnership to scale the adoption of focused on improving silver recovery improvement via fine particle flotation our low carbon zinc, EcoZen, across our lead
Slide 26: Project Update
PROJECT UPDATE Mr. Arun Misra CEO
Slide 27: Moving Towards 2x Growth | Doubling Capacity | Long Term Value Creation
Moving Towards 2x Growth | Doubling Capacity | Long Term Value Creation Silver Capacity (TPA) 800 830 1,500 At Conceptualization Stage 200 2,000 400 Zinc: 1,590 Ktpa Integrated 250 smelter at Lead: 410 Ktpa Existing 1,129 21 Integrated locations Integrated smelter at Zinc: 919 Ktpa zinc smelter Exis
Slide 28: Moving Towards 2x Growth: Status Update
Moving Towards 2x Growth: Status Update 1 2 3 250 Ktpa Integrated Refined India’s First Zinc Tailings Exploration Activites towards Metal Capacity Expansion Reprocessing Plant 2x Growth ▪ Refined metal capacity expansion: Transforming waste into valuable ▪ Target increase in metal reserves: 1,129 Kt
Slide 29: Progress We Made in Other Projects
Progress We Made in Other Projects Hot Acid Leaching 510 Ktpa Fertilizer Technology Plant ▪ Implementing an innovative ▪ Fertilizer Plant at technology for recovery of Chanderiya aims to support silver and lead from the farmers’ needs through smelting waste – jarosite at DAP fertilizers currently Da
Slide 30: 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 31: Financial Review
FINANCIAL REVIEW Mr. Sandeep Modi CFO
Slide 32: 4QFY26 Financial Performance: A Quarter of Record Milestones
4QFY26 Financial Performance: A Quarter of Record Milestones Best-ever Highest-ever Industry Leading Revenue EBITDA EBITDA Margin ₹ 13,544 crore ₹ 7,747 crore 57% Up 49% YoY Up 61% YoY Up c.420 bps YoY Up 23% QoQ Up 27% QoQ Up c.180 bps QoQ Record Healthy Cash & Earning Net Profit Cash Equivalents p
Slide 33: FY26 Financial Performance: Strongest Year on Record
FY26 Financial Performance: Strongest Year on Record Best-ever Highest-ever Industry Leading Record Revenue EBITDA EBITDA Margin Net Profit ₹ 40,844 crore ₹ 22,162 crore c.54% ₹ 13,832 crore Up 20% YoY Up 27% YoY Up c.300 bps YoY Up 34% YoY Strong Return on Capital Strong Earning Free Cash Flow* Emp
Slide 34: Sustaining Shareholder Value in Dynamic Market
Sustaining Shareholder Value in Dynamic Market 01 Inclusion in Nifty 02 Inclusion in ESG 03 Amongst India’s Indices Indices Largest* Nifty 100 and Nifty Next 50 Nifty100 ESG, Nifty100 Nifty Metal: Amongst Top 5 Enhanced ESG, and Nifty100 Also, included in the F&O ESG Sector Leaders Nifty 100: Amongs
Slide 35: 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 c.74% of Robust balance demand
Slide 36: Driving Sustainable Growth For The Future: FY27 Guidance
Driving Sustainable Growth For The Future Production Mined metal: 1,150 (±10) Ktpa Refined metal: 1,100 (±10) Ktpa Silver: 680 (±10) metric tonnes FY27 Zinc Cost of Production* Guidance $ 975 - $ 1,000 per tonne Growth capex $ 500 - 600 million 35 HINDUSTAN ZINC LIMITED – 4Q FY26 INVESTOR PRESENTATI
Slide 37: Appendix
a hel | APPENDIX:
Slide 38: EBITDA Bridge QoQ (4Q FY26 vs 3Q FY26)
EBITDA Bridge QoQ (4Q FY26 vs 3Q FY26) (All figures in ₹ Cr unless stated otherwise) 524 30 7,747 295 7,229 (36) 847 6,087 Market & regulatory 3Q FY26 Prices Fx Adj. EBITDA Volume Cost Marketing 4Q FY26 & others Note: All figures are at consolidated level 37 HINDUSTAN ZINC LIMITED – 4Q FY26 INVESTOR
Slide 39: EBITDA Bridge YoY (4Q FY26 vs 4Q FY25)
EBITDA Bridge YoY (4Q FY26 vs 4Q FY25) (All figures in ₹ Cr unless stated otherwise) 452 68 7,747 620 7,364 (137) 1,928 4,816 Market & regulatory 4Q FY25 Prices Fx Adj. EBITDA Volume Cost Marketing 4Q FY26 & others Note: All figures are at consolidated level 38 HINDUSTAN ZINC LIMITED – 4Q FY26 INVES
Slide 40: Consolidated Performance Summary (1/2)
Consolidated Performance Summary (1/2) Quarter Full Year Production (in ’000 tonnes, or as stated) 4QFY26 4QFY25 % YoY 3QFY26 % QoQ FY26 FY25 % YoY Mined metal content 315 310 2% 276 14% 1,114 1,095 2% Refined metal 282 270 5% 270 5% 1,048 1,052 (0.4%) Refined Zinc1 227 214 6% 221 3% 851 827 3% Refi
Slide 41: Consolidated Performance Summary (2/2)
Consolidated Performance Summary (2/2) Quarter Full Year Financials (₹ crore, except as stated) 4QFY26 4QFY25 % YoY 3QFY26 % QoQ FY26 FY25 % YoY Revenue 13,544 9,087 49% 10,980 23% 40,844 34,083 20% Zinc 6,997 5,856 19% 6,485 8% 23,771 21,887 9% Lead 1,153 1,027 12% 1,036 11% 3,901 4,227 (8%) Silver
Slide 42: Commodity, Currency and COP Sensitivities
Commodity, Currency and COP Sensitivities Impact of change in Commodity Prices on annual EBITDA Commodity Change Impact on EBITDA (₹ crore) Zinc $100/MT 675-700 Lead $100/MT 125-150 Silver $1/toz 175-200 Impact of exchange rate change on annual EBITDA Currency Change Impact on EBITDA (₹ crore) INR/U
Slide 43: ESG Performance Score Card
ESG Performance Score Card Climate GHG intensity (Scope 1 + 2)/MT Climate Zero Harm TRIFR Fatalities Change Change 2.67 2.57 2.22 1.93 1.84 7 5.44 5.15 4.97 4.44 4.66 4.61 4.63 1.20 1.57 4 4 2 0 0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Wat
Slide 44: Awards and Recognition | 4QFY26
Awards and Recognition | 4QFY26 SUSTAINABILITY PEOPLE PRACTICES BUSINESS ▪ Sustainability Report FY2025 has won ▪ Certified as a Great Place to Work, ▪ Legal team has been honored Platinum award at the LACP Vision with a trust index score of 89%, with the ‘Excellence in Awards 2024-25 higher than th
Slide 45: 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 44 HINDUSTAN ZINC LIMITED – 4Q FY26 INVESTOR PRESENT
Slide 46: Group Structure of Hindustan Zinc Limited
Group Structure of Hindustan Zinc Limited Vedanta Limited Government of India Public 60.71% 27.92% 11.37% 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 47: Earnings Call Dial-In Details
Earnings Call Dial-In Details Earnings Call on Friday, April 24, 2026, at 16:00 hours (IST) The Company will hold an earnings conference call on Friday, April 24, 2026, at 16:00 hours IST, where senior management will discuss the Company’s results and performance. Conference Dial-In Information: For
Slide 48: Thank You
THANK YOU Email: hzl.ir@vedanta.co.in www.hzlindia.com