Hindustan Zinc Q4 FY26 Results: PAT ₹5,033 Crore (+68% YoY), Revenue ₹13,544 Crore, Dividend ₹11/Share

Fri Apr 24 2026

Hindustan Zinc Q4 FY26 results are outstanding, with the world’s second-largest integrated zinc producer reporting a 67.6% year-on-year surge in consolidated net profit to ₹5,033 crore — versus ₹3,003 crore in Q4 FY25. On a sequential basis, Hindustan Zinc Q4 PAT rose 28.5% from ₹3,916 crore in Q3 FY26. Hindustan Zinc Q4 results are powered by elevated LME zinc and silver prices, record operational volumes, and a best-in-class cost structure.

Hindustan Zinc Q4 revenue from operations surged 49% year-on-year to ₹13,544 crore from ₹9,087 crore in Q4 FY25. Hindustan Zinc Q4 EBITDA margin was an industry-leading 57% — up approximately 420 basis points year-on-year — reflecting the extraordinary operating leverage in Hindustan Zinc Q4’s integrated mining and smelting model. For the full year, Hindustan Zinc posted FY26 PAT of ₹13,832 crore (+33.6% YoY) and FY26 revenue of ₹40,844 crore (+19.8% YoY).

Hindustan Zinc Q4 board declared the first interim dividend of FY27 at ₹11 per equity share (face value ₹2 per share), amounting to ₹4,648 crore in total payout. Hindustan Zinc Q4 dividend record date has been fixed as April 30, 2026. The Hindustan Zinc Q4 FY27 interim dividend of ₹11 per share compares to ₹10 per share declared in FY26 — a 10% increase reflecting the company’s strong cash generation.

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Hindustan Zinc Q4 FY26 Results Date and FY27 Dividend

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Hindustan Zinc Q4 FY26 results were declared at the board meeting held on April 24, 2026. Hindustan Zinc Q4 board also declared the first interim dividend of FY27 at ₹11/share (record date April 30, 2026). Hindustan Zinc is a Vedanta Group company — Vedanta Limited holds 64.9% and the Government of India holds 29.5%. Hindustan Zinc Q4 operates from the Zawar, Rajpura Dariba, Kayad, Rampura Agucha, and Sindesar Khurd mines in Rajasthan.

Company	Q4 Results Date	Status
TCS	April 9, 2026	Declared
HCL Technologies	April 21, 2026	Declared
Hindustan Zinc	April 24, 2026	Declared
Reliance Industries	April 24, 2026	Declared

TCS Q4 FY26 results were declared April 9. Full analysis at Univest Blogs — TCS Q4 FY26 Results.

Why Hindustan Zinc Q4 FY26 Results Matter

Hindustan Zinc Q4 is critical for the Indian metals sector because it directly reflects global zinc and silver pricing dynamics. Hindustan Zinc Q4 results validate that higher LME zinc prices — driven by tight global supply from mine closures in Europe, North America, and South America — are flowing through to Indian earnings. Hindustan Zinc Q4 57% EBITDA margin at elevated prices demonstrates a cash generation machine with the ability to pay record dividends while funding mine expansion.

Hindustan Zinc Q4 silver production is an increasingly important narrative — with silver prices rallying above $30/troy ounce on strong solar, electronics, and investment demand globally. Hindustan Zinc Q4 silver revenue now accounts for approximately 20–25% of total revenue and carries near-zero incremental cost. Hindustan Zinc Q4 silver upside is a structural earnings catalyst that investors are increasingly pricing in.

Hindustan Zinc Q4 FY26: Actual Financial Results

Hindustan Zinc Q4 FY26 consolidated results beat all analyst estimates. Pre-results, the street estimated PAT of ₹4,200–4,500 crore — the actual ₹5,033 crore exceeded the top end. Hindustan Zinc Q4 revenue of ₹13,544 crore also beat estimates of approximately ₹12,000–12,500 crore. The key positive surprise was higher-than-expected silver realisations and a favourable product mix in the zinc segment.

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Metric	Q4 FY25	Q3 FY26	Q4 FY26 Actual	YoY Change
Revenue (₹ Cr)	9,087	10,980	13,544	+49%
PAT (₹ Cr)	3,003	3,916	5,033	+68%
EBITDA Margin	%	~52%	~55%	57%	+420 bps YoY
EPS (₹/share)	7.11	9.27	11.91	+68%
FY26 Full-Year PAT (₹ Cr)	10,353	—	13,832	+33.6%
FY26 Full-Year Revenue (₹ Cr)	34,083	—	40,844	+19.8%
FY27 Interim Div (₹/share)	—	—	11	Rec. date Apr 30

Hindustan Zinc Q4 product-wise volume data — refined zinc, mined metal, silver in kilogrammes, and lead — will be released in the detailed quarterly report. Hindustan Zinc Q4 cost of production per tonne of zinc (COP) is the most closely tracked efficiency metric. Hindustan Zinc Q4 total expenses rose 27.86% YoY to ₹7,073 crore, driven by higher royalties (scaled with metal prices) and mining costs.

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5 Key Factors That Will Drive Hindustan Zinc Q4 FY26 Performance

LME Zinc Price Rally — Core Revenue Driver

Hindustan Zinc Q4 revenue growth of 49% YoY is primarily driven by LME zinc prices rising approximately 20–25% versus Q4 FY25. Hindustan Zinc Q4 every $100/tonne increase in LME zinc price flows almost entirely to EBITDA given the company’s fixed-cost mining and smelting structure. Hindustan Zinc Q4 global zinc supply tightness — from major mine closures in Europe and the Americas — is the structural driver underpinning this price tailwind.

Silver at Multi-Year Highs, Near-Zero Cost Byproduct

Hindustan Zinc Q4 silver production is approximately 200+ tonnes per quarter (approximately 750 MTPA annually). Hindustan Zinc Q4 silver is produced as a natural byproduct of zinc-lead ore processing at minimal additional cost. With silver prices above $30/troy ounce in Q4 FY26 — driven by solar panel manufacturing, electronics, and investment demand — Hindustan Zinc Q4 silver revenue represents essentially pure profit contribution. This silver leverage is a structural earnings amplifier.

57% EBITDA Margin, World-Class Efficiency

Hindustan Zinc Q4 EBITDA margin of 57% places it among the most profitable mining companies globally. Hindustan Zinc Q4 cost advantage stems from: Rampura Agucha’s rich ore grades (among the world’s highest), fully captive power from its own thermal plant, complete integration from mine to refined metal, and decades of operational learning. Hindustan Zinc Q4 full-year FY26 EBITDA margin of 54% (up 300 bps YoY) confirms this is not a one-quarter fluke.

India’s Renewable Energy Infrastructure Driving Zinc Demand

Hindustan Zinc Q4 benefits from India’s solar and transmission infrastructure boom. Zinc is used to galvanise steel for solar mounting structures, transmission towers, and construction rebar. Hindustan Zinc Q4 domestic zinc sales — approximately 60% of production — are growing as India builds out 500 GW of renewable capacity by 2030. Hindustan Zinc Q4 domestic demand growth is structural and multi-year.

Record FY26 PAT of ₹13,832 Crore, Cash Generation Machine

Hindustan Zinc Q4 caps a landmark FY26 with full-year PAT of ₹13,832 crore (+33.6% YoY) and revenue of ₹40,844 crore (+19.8% YoY). Hindustan Zinc Q4 cash generation allows the company to simultaneously pay record dividends (₹4,648 crore in first FY27 interim alone) and fund the mine expansion programme targeting 1.3 MTPA zinc production by FY28.

5 Risks to Watch in Hindustan Zinc Q4 FY26

LME Metal Price Cyclicality

Hindustan Zinc Q4 exceptional 68% PAT growth is significantly amplified by elevated commodity prices. Hindustan Zinc Q4 inherent operating leverage works both ways — if LME zinc prices correct to $2,200–2,400/tonne (prior cycle trough levels), PAT could decline 35–40% even with no change in volumes or costs. Hindustan Zinc Q4 commodity price risk is the dominant investment risk.

Vedanta Group Governance and Dividend Extraction

Hindustan Zinc Q4 largest dividend beneficiary is Vedanta Limited (receiving ₹2,821 crore from the ₹4,648 crore FY27 interim dividend). Hindustan Zinc Q4 investors must assess whether Vedanta extracts dividends at the expense of reinvestment. The historical relationship between Vedanta’s debt needs and Hindustan Zinc Q4 dividend payout is a governance watchpoint.

Government Disinvestment Overhang

Hindustan Zinc Q4 Government of India’s 29.5% stake could be subject to disinvestment — the government has periodically explored stake sales. Hindustan Zinc Q4 potential open-market government disinvestment could create near-term stock supply overhang and price pressure.

Higher Royalty Costs Scaling with Metal Prices

Hindustan Zinc Q4 total expenses rose 27.86% YoY, partly due to higher royalties paid to the Rajasthan government (which are calculated as a percentage of metal value). Hindustan Zinc Q4 royalty costs are a cost that scales with revenue — when prices are high, royalty drag increases. Hindustan Zinc Q4 cost of production per tonne of zinc must be monitored to ensure royalty inflation doesn’t erode the margin advantage.

Mine Expansion Execution Risk

Hindustan Zinc Q4 ambitious mine expansion plan — targeting 1.3 MTPA zinc production — requires sustained capital investment and mining execution. Any delays in shaft deepening, ore development, or smelter upgrades could push out the production growth timeline. Hindustan Zinc Q4 underground mine expansions face geological and technical risks inherent in deep-level mining.

Conclusion

Hindustan Zinc Q4 FY26 results are exceptional — 68% PAT growth, 49% revenue growth, 57% EBITDA margin, and ₹11/share FY27 interim dividend totalling ₹4,648 crore. Hindustan Zinc Q4 is the beneficiary of perfect alignment: world-class cost efficiency, elevated zinc and silver prices, and India’s structural zinc demand from infrastructure and renewable energy. FY26 full-year PAT of ₹13,832 crore cements Hindustan Zinc Q4 as one of India’s most profitable and cash-generative listed companies.

Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only and does not constitute investment advice. All financial data is sourced from publicly available NSE/BSE filings. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.

For more Q4 FY26 results analysis, visit Univest Blogs.

Frequently Asked Questions

What was Hindustan Zinc Q4 FY26 net profit?

Hindustan Zinc Q4 FY26 consolidated PAT was ₹5,033 crore, up 67.6% year-on-year from ₹3,003 crore in Q4 FY25. Sequentially it rose 28.5% from ₹3,916 crore in Q3 FY26.

What was Hindustan Zinc Q4 FY26 revenue?

Hindustan Zinc Q4 FY26 revenue from operations was ₹13,544 crore, up 49% year-on-year from ₹9,087 crore in Q4 FY25. Full-year FY26 revenue was ₹40,844 crore (+19.8% YoY).

What dividend did Hindustan Zinc declare?

Hindustan Zinc declared the first interim dividend of FY27 at ₹11 per equity share (face value ₹2), amounting to ₹4,648 crore. The record date is April 30, 2026.

What was Hindustan Zinc Q4 FY26 EBITDA margin?

Hindustan Zinc Q4 FY26 EBITDA margin was 57%, up approximately 420 basis points year-on-year. Full-year FY26 EBITDA margin was 54% — world-class for the global mining industry.

What metals does Hindustan Zinc produce?

Hindustan Zinc is India’s only integrated zinc-lead-silver producer. It mines and refines zinc (primary product), lead (secondary product), and silver (valuable byproduct). It is the world’s second-largest integrated zinc-lead miner by production.

What were Hindustan Zinc Q3 FY26 results?

Hindustan Zinc Q3 FY26 consolidated PAT was ₹3,916 crore and revenue was ₹10,980 crore. Hindustan Zinc Q4 showed strong sequential PAT growth of 28.5% QoQ.