Hindustan Zinc rides silver surge to cap strong FY2026

Indian integrated miner, Hindustan Zinc Ltd. (NSE: HINDZINC) is on track to deliver a robust close to fiscal 2026, with Visible Alpha consensus estimates showing a 16% year-on-year rise in revenue to INR394 billion for the year ending March 31. The performance is set to be driven largely by a sharp upswing in silver.

Silver prices rallied strongly over the past year, buoyed by rising demand and tightening supply dynamics linked to industrial usage, energy transition, and geopolitical uncertainty. Although prices have moderated in recent months, they remain well above prior-year levels, supporting elevated realizations across the sector and providing a meaningful boost to miners’ top lines.

For Hindustan Zinc, silver revenues are expected to climb 59% year-on-year to INR97.6 billion, accounting for roughly a quarter of total group revenue. The gains are primarily price-led, with analysts forecasting a 70% increase in average realized silver prices to INR151,819, even as volumes are projected to fall 7% to 640,191 tons.

By contrast, growth in the company’s core zinc business is expected to be more measured, rising 9% to INR238.6 billion. Lead revenues, contributing about 10% of the total, are forecast to decline 5% to INR40 billion, driven by softer pricing and falling sales volume.

Hindustan Zinc is scheduled to report fourth-quarter results on Friday, April 24, with consensus estimates pointing to Q4 revenue of INR115.2 billion. The anticipated strength reflects continued gains in silver alongside steady contributions from zinc and lead, rounding off a year in which commodity price tailwinds have reshaped the company’s revenue profile.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.