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Motilal Oswal's research report on Hindustan Zinc

4QFY25 revenue stood at INR90.9b (+20% YoY/+6% QoQ) vs. our estimate of INR85.5b. Revenue growth was driven by high metal production, strong zinc and silver prices, stronger dollar, and strategic hedging gains. EBITDA stood at INR48.2b (+32% YoY/+7% QoQ) vs. our est. of INR44.4b. Growth was mainly led by better volumes and prices and lower input costs. EBITDA margin stood at 53% vs. 52.2% in 3QFY25 and 48.3% in 4QFY24. The cost of production (CoP) for Zinc fell 5% YoY to USD994/t in 4Q, led by better grades and recovery and lower costs with operational efficiencies. APAT stood at INR30b (+47% YoY/+12% QoQ) against our est. of INR25.8b. Mined metal production stood at 311kt (+4% YoY/+17% QoQ), driven by better metal grades and an increase in production at Agucha/Zawar mines. Refined metal production rose 4% QoQ (-1% YoY) to 270kt, in line with plant availability. Refined zinc production was up 5% QoQ (-3% YoY) at 214kt and lead production grew 2% QoQ (+6% YoY) to 56kt.

Outlook

At CMP, HZ trades at 7.7x FY27E EV/EBITDA, and we believe the current valuation prices in all positive factors. We reiterate our Neutral rating with a TP of INR460 (premised on 8x EV/EBITDA on FY27 estimates).

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Hindustan Zinc - 28042025 - moti

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