Hindustan Zinc Q4 FY26: Revenue hits ₹13,544 cr record

Key takeaway from the earnings call

Hindustan Zinc Ltd (NSE: HINDZINC) reported a milestone quarter and full year for FY26, as management highlighted record production, strong commodity realisations and a sharp focus on cost control. In the Q4 FY26 earnings call dated April 24, 2026, the company said it delivered record quarterly mined metal production of 315 kt and refined metal production of 282 kt. The operating outperformance translated into all-time high financial results for both the quarter and the year.

Management linked the performance to higher ore output, improved mined metal grades, and a set of plant-side initiatives including debottlenecking, better utilisation and higher throughput. Silver also featured prominently in the quarter’s narrative, with silver-equivalent sales of 37 tonnes, which the company said improved silver’s overall contribution to financial performance.

Operational performance: record mined and refined output

The company said Q4 FY26 mined metal production came in at 315 kt, while refined metal production stood at 282 kt, marking a record quarter on both measures. For the full year, Hindustan Zinc reported mined metal of 1.1 million tonnes, alongside refined metal of 1,048 kt, described as the second-highest refined metal performance.

On the mining side, management attributed growth to higher ore production and better grades. On the refining side, the company cited debottlenecking at Chanderiya and Dariba, improved plant utilisation, and operational efficiency improvements that lifted throughput and asset performance.

Q4 FY26 financials: revenue, EBITDA and profit at new highs

In Q4 FY26, Hindustan Zinc reported record revenue of ₹13,544 crore, record EBITDA of ₹7,747 crore, and record net profit of ₹5,033 crore. The company also quantified the growth rates in the call, stating revenue was up 49% year-on-year and 23% quarter-on-quarter, while EBITDA rose 61% year-on-year and 27% quarter-on-quarter. Net profit increased 68% year-on-year and 29% quarter-on-quarter.

Management listed the key drivers as higher production, a supportive commodity environment, improved by-product realisation, and rupee depreciation. The company also said the quarter reflected “industry-leading” profitability, with an EBITDA margin of 57%.

Cost leadership: zinc cost of production at historic lows

Costs were a central theme of the quarter. Hindustan Zinc said its quarterly zinc cost of production was in the range of $100 to $103 per tonne, describing it as the lowest ever since the underground transition. Management pointed to higher domestic coal usage at 64%, softer imported coal prices, higher production volumes, strong by-product realisation, and better mine grades.

For the full year FY26, the company reported zinc cost of production of $159 per tonne, described as the lowest in the last five years and below its guided range.

Silver and by-products: rising contribution to earnings

Hindustan Zinc reported total silver equivalent sales of 37 tonnes for the period discussed in the call, which it said improved silver’s contribution to the overall financial performance. Separately, management commentary during the call also referenced a jump in “revenue of others” from ₹783 crore to ₹1,362 crore in Q4, indicating higher by-product or other income streams in the quarter.

The company positioned the combination of low costs, high output and commodity tailwinds as the reason it delivered all-time high performance for the quarter and the full year.

FY26 milestones: ₹40,844 crore revenue and ₹22,162 crore EBITDA

For FY26, Hindustan Zinc reported record revenue of ₹40,844 crore, record EBITDA of ₹22,162 crore and net profit of ₹13,832 crore. Management said FY26 marked the first time the company crossed ₹40,000 crore in revenue and ₹20,000 crore in EBITDA for a full year.

The company linked the full-year outcomes to record volumes and “lower ever costs”, and described the results as reflecting margin resilience supported by cost leadership and disciplined growth capex.

Board meeting and dividend consideration

The company also disclosed that a board meeting was scheduled on April 24, 2026, to discuss Q4 financial results and consider a potential interim dividend declaration. It said investors can access results and related documents on the company’s website.

Market metrics and additional line items cited in the call

Hindustan Zinc said its market capitalisation stood at approximately ₹212,000 crore at the end of March 2026, and that it touched a peak market cap of ₹310,000 crore during the year.

In another disclosure during the call, management referred to around ₹600 crore on both sides of the profit and loss under other operating income and other expenditure for the full year. A separate call remark also referenced Q4 revenue of around ₹500 crore and EBITDA of around ₹330 crore for a discussed item, without further detail in the provided text.

Context: Q3 FY26 and FY25 reference points

The provided material also referenced Q3 FY26 performance, when Hindustan Zinc reported quarterly revenue of ₹10,980 crore and profit after tax of ₹3,916 crore, along with a five-year low zinc cost of production of $140 per tonne. For FY25, the material cited revenue of ₹34,083 crore and net profit of ₹10,353 crore, alongside a zinc production cost of $1,052 per metric tonne.

These reference points underline the step-up into Q4 FY26 and the full-year FY26 milestone figures shared in the call.

Summary table: key reported metrics

Analysis: why the FY26 print matters for investors

The call’s key investor takeaway is the combination of record operating throughput and a sharply lower cost base, which together expanded profitability to a 57% EBITDA margin in Q4 FY26. Management’s focus on debottlenecking at key complexes, coupled with higher domestic coal usage and better by-product realisations, indicates how operational levers translated into financial outcomes.

Also notable is the scale of the FY26 step-up, with revenue crossing ₹40,000 crore and EBITDA crossing ₹20,000 crore for the first time, based on the numbers cited. The commentary also reinforces silver’s role in the profit mix, with silver-equivalent sales and higher “other” revenue referenced as supportive factors.

Conclusion and what to track next

Hindustan Zinc’s Q4 FY26 earnings call framed FY26 as a benchmark year, combining record mined and refined output with record quarterly and annual financial results. The immediate next milestone for shareholders is the board’s consideration of results and a potential interim dividend at the April 24, 2026 meeting. Subsequent management commentary on cost trajectory, debottlenecking progress, and commodity-linked realisations will remain central to how investors assess sustainability of the reported margins.