Hindustan Zinc Limited (NSE: HINDZINC, BSE: 500188) has been one of the standout names in India’s metal space this month—and it’s doing it with a very specific tailwind: a relentless rally in silver.
On Thursday, December 25, 2025, Indian stock markets are closed for Christmas, so the latest actionable pricing is from Wednesday, December 24. [1]
Hindustan Zinc stock: latest price and levels investors are tracking
In the most recent session (Dec 24, 2025), Hindustan Zinc closed at ₹624.85, up 2.47% on the day, and traded in a ₹617.95–₹631.90 range. Its 52-week range now spans ₹378.15–₹631.90, putting the stock at/near fresh annual highs. [2]
That’s a sharp turnaround from the early-March trough: from the 52-week low ₹378.15 to ₹624.85, the stock is up roughly 65% (not a typo—metals can be dramatic). [3]
What’s driving HINDZINC right now: silver, silver, and… silver
A broad-based global metals rally has lifted sentiment across the sector, but the near-term trigger for Hindustan Zinc has been increasingly linked to silver prices—a key by-product that can materially move the company’s profitability. [4]
Market coverage this week highlighted that Hindustan Zinc’s latest push higher came as silver extended its record run, with commentary pointing to silver’s growing industrial use (solar, electronics, EVs) alongside investment demand. [5]
Equity research-style commentary has also framed Hindustan Zinc as a uniquely positioned listed “silver proxy” in India, given its integrated operations and meaningful silver contribution to profits. [6]
Fundamentals check: what Hindustan Zinc reported in 2Q FY26
To separate “price action” from “business performance,” the company’s 2Q FY26 (quarter ended Sept 30, 2025) investor presentation is a useful anchor.
Key 2Q FY26 financial highlights (company-reported)
Hindustan Zinc reported for 2Q FY26:
- Revenue from operations:₹8,549 crore
- EBITDA:₹4,467 crore
- EBITDA margin:52%
- Profit after tax:₹2,649 crore [7]
It also flagged cost competitiveness, citing zinc cost of production (without royalty) at $994/MT in the quarter (company presentation data). [8]
Operational snapshot (production and mix)
For the same quarter (2Q FY26), the presentation shows:
- Mined metal content:258 kt
- Refined metal:246 kt
- Refined saleable silver (integrated):144 tonnes [9]
The numbers matter because Hindustan Zinc’s current “story” in markets is part macro (metals cycle), part mix (silver), and part cost curve (operating leverage when realized prices move).
FY26 guidance: what management is targeting (and why the market cares)
One reason HINDZINC has stayed on traders’ radar is that the company has provided clear FY26 operating and cost guidance. In its 2Q FY26 deck, Hindustan Zinc guided for FY26:
- Mined metal:1,125 (±10) Ktpa
- Refined metal:1,075 (±10) Ktpa
- Silver:680 (±10) metric tonnes
- Zinc cost of production: ~$1,000/tonne
- Growth capex:$350–400 million [10]
Also notable: the presentation includes an EBITDA sensitivity table that quantifies how exposed earnings are to commodity prices and FX—for example, it indicates that a $1/oz move in silver can meaningfully impact annual EBITDA (as per the company’s approximations). [11]
Dividends, index inclusion, and “why institutions keep it on the screen”
Two additional, market-relevant data points from company disclosures/presentation:
- The company noted being included in Nifty 100 and Nifty Next 50 indices effective Sept 30, 2025 (per its investor presentation). [12]
- It also referenced a ₹10/share dividend with a ₹4.23k crore payout in June 2025 (presentation disclosure). [13]
For many investors, Hindustan Zinc remains a “metals + cash returns” blend—though dividends are always a board decision, not a law of physics.
December 2025 filings you shouldn’t ignore (because markets don’t)
While the silver story is grabbing headlines, December also brought several formal updates via filings/communications that long-term investors typically track for governance and risk.
ESG rating intimation (Dec 23, 2025)
Hindustan Zinc informed exchanges that ESG Risk Assessments and Insights Limited assigned the company an ESG rating of ‘62’ as part of an annual assessment process, noting that the company did not engage the firm and that the assessment was based on public information. [14]
Postal ballot results (Dec 21, 2025)
The company declared postal ballot voting results, including shareholder approval for:
- Appointment of an independent director (special resolution), and
- Appointment of a government nominee director (ordinary resolution). [15]
GST penalty disclosure (Dec 14, 2025)
In a regulatory disclosure, Hindustan Zinc reported receipt of an order confirming a penalty of ₹45,98,335 (along with tax demand and applicable interest) related to input tax credit matters for FY 2018–19 and 2019–20. The company stated it intends to appeal and does not expect material financial impact. [16]
Compounding fee / DIN disclosure matter (Dec 17, 2025)
Another disclosure covered an order relating to compounding under the Companies Act, noting a ₹63.90 lakh compounding fee connected to DIN-related disclosure requirements in prior years, with the company stating no impact on financials/operations. [17]
None of these are necessarily thesis-breaking by themselves—but in aggregate, they’re the kinds of items that influence governance narratives and risk premia.
Analyst forecasts and price targets: why the Street is split
Here’s where things get spicy (in a numbers-not-Netflix way): price targets diverge widely.
Consensus-style targets (TradingView)
TradingView’s analyst aggregation shows:
- Average 1-year target:₹520.06
- High estimate:₹660
- Low estimate:₹380 [18]
Given the stock’s latest close around ₹624.85, that average target implies the Street (in aggregate) is not unanimously chasing the rally at current levels—even if the top-end bull case remains very bullish. [19]
Investing.com consensus table (named firms and calls)
Investing.com’s analyst table (as displayed on its consensus estimates page) lists, among others:
- Jefferies: Buy, ₹660 (new coverage, Dec 15, 2025)
- HSBC: Hold, ₹470 (new coverage, Nov 20, 2025)
- BofA Securities: Sell, ₹380 / ₹350 (maintained in Oct 2025 entries shown)
- Kotak: Sell, ₹415 (maintained Oct 20, 2025) [20]
What the “bull case” is leaning on
A widely circulated broker narrative (as reported by Moneycontrol) argues that Hindustan Zinc is a major beneficiary of rising silver and zinc prices, supported by cost position and cash generation—while also flagging risks like commodity pullbacks, mine grades/renewals, and related-party events. The same report notes hedging in silver volumes that could affect how quickly higher spot prices flow through to earnings. [21]
The Vedanta angle: why group structure chatter still matters
Hindustan Zinc is majority-owned by Vedanta, and group-level restructuring talk can influence sentiment—particularly around capital allocation, disclosures, and how investors value “cleaner” business structures.
A Dec 25 analysis piece discussing Vedanta’s demerger framework described a structure in which Vedanta Limited would retain Hindustan Zinc and silver exposure, and it mentioned a timeline expectation around March 2026 pending approvals. [22]
This doesn’t automatically change Hindustan Zinc’s operations—but it can change how investors think about the ecosystem around it.
What to watch next for Hindustan Zinc stock heading into 2026
If you’re tracking HINDZINC into the new year, the “important variables” are refreshingly concrete:
- Silver price direction and volatility
The stock has been trading like a levered read-through on silver momentum in December. [23] - Realized commodity prices vs. hedges
Broker commentary has highlighted hedging considerations that can shift the timing of earnings upside from higher spot prices. [24] - Costs and INR/USD moves
The company itself quantifies EBITDA sensitivity to commodity prices and FX—meaning macro can hit earnings even if volumes stay steady. [25] - Progress on growth capex and capacity initiatives
Management has given a capex range and production guidance; delivery versus expectations tends to matter most when commodity cycles cool. [26] - Next earnings cycle and any dividend updates
With dividends part of the investor narrative, any board signals can move expectations quickly. [27]
Bottom line
As of Dec 25, 2025, Hindustan Zinc stock is being priced less like a sleepy base-metals producer and more like a high-quality, cost-advantaged “silver-linked” cash generator—with the market rewarding that profile as silver prices hit new highs and metals sentiment improves. [28]
But the analyst spread (roughly ₹380 to ₹660) is telling: investors aren’t debating whether Hindustan Zinc is relevant—they’re debating how much of the silver upside is already in the price and what happens if commodities mean-revert. [29]
References
1. m.economictimes.com, 2. www.investing.com, 3. www.investing.com, 4. m.economictimes.com, 5. m.economictimes.com, 6. www.equitymaster.com, 7. www.hzlindia.com, 8. www.hzlindia.com, 9. www.hzlindia.com, 10. www.hzlindia.com, 11. www.hzlindia.com, 12. www.hzlindia.com, 13. www.hzlindia.com, 14. www.hzlindia.com, 15. www.hzlindia.com, 16. www.hzlindia.com, 17. www.hzlindia.com, 18. www.tradingview.com, 19. www.tradingview.com, 20. www.investing.com, 21. www.moneycontrol.com, 22. upstox.com, 23. m.economictimes.com, 24. www.moneycontrol.com, 25. www.hzlindia.com, 26. www.hzlindia.com, 27. www.hzlindia.com, 28. m.economictimes.com, 29. www.tradingview.com
