of Hindustan Zinc's EBITDA rise came from metal prices and the rupee
Prices, not output, drove Hindustan Zinc's 142% profit jump
Hindustan Zinc, a Vedanta Group company and among the world's top 10 silver producers, reported a record September quarter on 19 October: net profit up 142% to ₹6,412 crore and revenue up 77% to ₹15,093 crore. That sounds like a company digging out far more metal. It sold only 8% more refined metal than a year ago.
Its own profit bridge shows where the rest came from. EBITDA (profit before interest, tax and depreciation) rose ₹4,818 crore. Higher metal prices added ₹2,899 crore and a weaker rupee ₹987 crore, together 81% of the rise. Selling more metal added ₹627 crore and lower costs ₹322 crore.
Silver shows it best. Silver sales rose 141% to ₹4,111 crore on 17% more silver sold, as the London silver price averaged $62.6 an ounce against $39.4 a year earlier. Zinc sales rose 54% on 6% more zinc sold, with the zinc price up 35%.
The company says silver gave about 45% of half-year profit. That share is not new: in the segment results silver earned ₹6,936 crore of ₹15,502 crore this half, or 44.7%, against 41% a year earlier. Both metals rode higher prices, so the mix barely moved.
The record was made mostly by metal prices and the rupee, which Hindustan Zinc does not set. By its own table, every $1 an ounce on silver moves yearly EBITDA by ₹200-225 crore, and silver already averaged 14% less this quarter than in April to June.
Prices and the rupee gave Hindustan Zinc 81% of its EBITDA rise
How quarterly EBITDA got from July to September 2025 to the same months of 2026, in ₹ crore. More metal and lower costs added under a fifth.
Hindustan Zinc, earnings presentation 2QFY27, NSE filing of 19 October 2026 · Jul-Sep 2025 and 2026
Hindustan Zinc sold a little more metal for far more money
Change from July to September 2025 to the same months of 2026, in %. Silver sales rose 141% on 17% more silver.
% CHANGE, YEAR ON YEAR
Metal soldSales in ₹
₹4,111 crore, against ₹1,706 crore
Whole company: refined zinc and lead sold against revenue from operations. Silver in tonnes, zinc and lead in thousand tonnes.
Hindustan Zinc, press release and earnings presentation, 19 October 2026 · Jul-Sep 2025 and 2026
Silver's share of Hindustan Zinc's profit barely moved
Segment profit before interest and tax, April to September, in ₹ crore. Silver was 41% of it a year ago and 44.7% now.
₹ CRORE, SEGMENT PROFIT
SilverZinc and lead
Zinc and lead is the filing's 'Zinc, Lead, others' segment; wind energy is left out.
Hindustan Zinc, segment results, BSE filing of 19 October 2026 · Apr-Sep 2025 and 2026
Sources
- Hindustan Zinc, BSE filing of 19 October 2026: press release on results for the quarter and half year ended 30 September 2026 (PDF)
- Hindustan Zinc, NSE filing of 19 October 2026: earnings presentation 2QFY27 (PDF)
- Hindustan Zinc, BSE filing of 19 October 2026: unaudited consolidated and standalone results for the quarter ended 30 September 2026, with the auditor's review reports (PDF, scanned)