HINDZINC · Metals & Mining
Hindustan Zinc Ltd. reported revenue of ₹8,525 cr for July to September 2025, +3.4% on the year and +10.4% on the quarter. Over the last four quarters revenue comes to ₹33,845 cr, +8.4% on the four before.
Operating profit (EBITDA) was ₹4,426 cr, a margin of 51.9%, +212 bps on the year and +251 bps on the quarter. Over the last 8 quarters the margin has ranged from 48.2% to 52.9%, averaging 50.2%. Operating costs grew −0.9% against revenue growth of +3.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹2,632 cr, +14.5% on the year and +19.4% on the quarter, with earnings per share of ₹6.23. Profit before other income, one-offs and tax grew 12.9%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹10,459 cr, +19.7% on the four before.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹24.75 over the last four quarters, the stock at ₹576.45 trades at 23.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹7,310 cr | ₹7,550 cr | ₹8,130 cr | ₹8,242 cr | ₹8,556 cr | ₹9,041 cr | ₹7,723 cr | ₹8,525 cr | ₹10,922 cr | ₹13,488 cr | ₹13,687 cr | ₹14,961 cr |
| YoY | — | — | +12% | +21% | +17% | +20% | −5% | +3% | +28% | +49% | +77% | +75% |
| EBITDA margin | 48.2% | 48.4% | 48.6% | 49.8% | 52.1% | 52.9% | 49.4% | 51.9% | 55.0% | 56.8% | 58.4% | 61.1% |
| Other income, % of PBT | 11% | 10% | 9% | 6% | 6% | 6% | 10% | 7% | 6% | 4% | 4% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 25% | 25% | 26% | 24% | 21% | 25% | 25% | 25% | 25% | 25% | 25% |
| Net profit | ₹2,038 cr | ₹2,042 cr | ₹2,358 cr | ₹2,298 cr | ₹2,647 cr | ₹2,976 cr | ₹2,204 cr | ₹2,632 cr | ₹3,879 cr | ₹4,997 cr | ₹5,425 cr | ₹6,317 cr |
| YoY | — | — | +20% | +32% | +30% | +46% | −7% | +15% | +47% | +68% | +146% | +140% |
| Core profit YoY | — | — | +22% | +40% | +38% | +43% | −7% | +13% | +49% | +83% | +160% | +146% |
| EPS | ₹4.82 | ₹4.83 | ₹5.58 | ₹5.44 | ₹6.26 | ₹7.04 | ₹5.22 | ₹6.23 | ₹9.18 | ₹11.83 | ₹12.84 | ₹14.95 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hindustan Zinc Ltd. reported revenue of ₹8,525 cr (+3.4% on the year) and net profit of ₹2,632 cr (+14.5% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +12.9% on the year, against +14.5% for reported profit.
None of the 7 checks that could run raised a question.
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