Hindustan Zinc

HINDZINC · NSE · Mega Cap

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Specialty Chemicals·Listed·Directness 15/100

Hindustan Zinc

Zinc and silver; minor solar input linkage via silver pastes.

Specialty Chemicals
Hold
Last price
₹636.00
52W: ₹413 – ₹733
-13.2% from 52W high
Mkt Cap
₹2.69 L Cr
P/E
19.4x
EV/EBITDA
12.6x
ROCE
69.6%
ROE
76.8%
Book Value
₹53.6
Promoter
60.7%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B+
Fundamental (30%)
78
Valuation (20%)
66
Technical (20%)
68
Solar exposure (10%)
15
Policy beneficiary (7.5%)
40
Project pipeline (5%)
40
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹413Current: ₹636₹733
P/E
19.4x
P/B
11.9x
Div Yield
1.73%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Hindustan Zinc: ancillary solar input exposure via fluoropolymers / soda ash / silver pastes.

Bull case

Bull case for Hindustan Zinc: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Hindustan Zinc: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentSpecialty Chemicals
Directness15/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)19.4x—
Forward P/E——
EV/EBITDA12.6x—
EV/Sales6.8x—
P/B11.9x—
FCF Yield3.0%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker HINDZINC · last updated 2026-05-11

Open on Screener.in
Market Cap
₹2.69 L Cr
Price
₹636.00
Stock P/E
19.4x
Book Value
₹53.6
ROCE
69.6%
ROE
76.8%
Div Yield
1.73%
52W Range
₹413 – ₹733

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y19.8%
Sales 3Y CAGR6.2%
Sales 5Y CAGR8.5%
PAT 1Y33.6%
PAT 3Y CAGR9.6%
PAT 5Y CAGR9.5%
Profitability
OPM latest54.0%
PAT margin latest33.9%
PAT margin 3Y avg30.4%
ROE76.8%
ROCE69.6%
Asset turnover0.96x
Leverage & cash
D / E0.39x
Net Debt / EBITDA0.40x
Borrowings / Assets20.6%
CFO / EBITDA0.77x
CFO / PAT1.23x
FCF (TTM proxy)₹8.10K Cr
Valuation
P/E19.4x
EV/EBITDA12.6x
EV/Sales6.79x
P/B11.87x
FCF Yield3.02%
Div Yield1.73%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales29,44034,09828,93234,08340,844
Operating Profit16,22517,51513,67617,43122,064
OPM %55%51%47%51%54%
Net Profit9,62910,5117,75910,35313,832
EPS (₹)22.7924.8818.3624.5032.74

Quarterly results · last 4 quarters

₹ Crore.

MetricDec 2024Mar 2025Jun 2025Sep 2025
Sales8,6149,0877,7718,549
OPM %52%53%50%52%
Net Profit2,6783,0032,2342,649

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital845845845845845
Reserves33,43612,08714,35012,48121,784
Borrowings2,84411,8818,72210,9678,728
Fixed Assets—————
Total Assets44,67035,46733,89534,49042,370

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating12,69115,16213,34614,16017,008
Investing8466,529-3,406-2,706-8,906
Financing-12,258-23,224-9,946-11,411-7,901
Net Cash Flow1,279-1,533-643201

Shareholding pattern

Latest disclosed

Promoters
60.71%
FII
2.39%
DII
4.84%
Public
4.12%
Government
27.92%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.