Hindustan Zinc Q2 Results October 19, 2026: Profit Up 142% to ₹6,412 Crore on Record Output

Hindustan Zinc Q2 results came in big. The Vedanta group miner reported a consolidated net profit of ₹6,412 crore for the July-September quarter, up 142% from ₹2,649 crore a year earlier, according to its Q2 FY27 press release issued on Monday, October 19, 2026. It is the company’s highest quarterly profit on record, and it came on the back of record production, lower costs and much richer metal prices.

The shares closed at ₹538.40 on the NSE, down 0.30%, before the numbers came out, as CNBC-TV18 reported.

Hindustan Zinc Q2 results: the key numbers

• Revenue from operations: ₹15,093 crore, up 77% year on year from ₹8,549 crore, and up 10% from ₹13,747 crore in the June quarter.
• EBITDA: ₹9,285 crore, up 108% from ₹4,467 crore a year ago.
• EBITDA margin: 62%, against 52% a year earlier, an improvement the company puts at about 900 basis points.
• Net profit (after exceptional items): ₹6,412 crore, up 142% year on year and 17% on the quarter.
• Earnings per share: ₹15.2 for the quarter, against ₹6.3 a year ago (not annualised).
• Free cash flow before growth capex: ₹6,389 crore.

All of these are consolidated figures from the press release. On the street’s expectations, CNBC-TV18 said profit beat its poll estimate of ₹5,821 crore and revenue beat the ₹13,967 crore estimate, while EBITDA was ahead of the ₹8,520 crore the poll had pencilled in.

Silver is doing a lot of the work

Zinc is still the biggest line. Zinc sales rose 54% to ₹8,224 crore. But look at silver: sales jumped 141% to ₹4,111 crore, from ₹1,706 crore a year ago. By our maths that is about 27% of quarterly revenue. Lead sales grew 35% to ₹1,130 crore, and other sales, including other operating income, rose 151% to ₹1,628 crore.

Volumes helped too, though they explain a much smaller slice of the jump. Mined metal production hit a second-quarter record of 271 kilotonnes, up 5%, and refined metal output was 264 kilotonnes, up 7%. Silver production rose 20% to 173 tonnes. The company credits the revenue growth to higher metal prices, more production, better by-product realisation and a stronger dollar.

The cost side is the part we’d watch most closely. Zinc cost of production, excluding royalty, fell to $703 a tonne from $994 a year ago, a 29% drop, and from $851 in the June quarter. Hindustan Zinc points to better mined grades, higher output, more renewable power and higher by-product credits. It also flags that costlier inputs and lower domestic coal use partly offset those gains.

Balance sheet and the rare-earth bet

As of September 30, 2026, the company held gross investments and cash of ₹17,439 crore against total borrowings of ₹6,171 crore.

One non-financial item stood out. Hindustan Zinc said it secured a Letter of Intent for the Gundlupet Rare Earth Element and Yttrium Block in Karnataka, which it describes as part of its push into critical minerals. That is an early-stage step, not a revenue line yet.

For the first half of FY27, revenue was ₹28,840 crore, up 77%, and net profit was ₹11,881 crore, up 143%. Silver contributed roughly 45% of overall profitability in the half, the company said.

What it means for the stock

The growth here came from the core business: more metal, lower unit costs and better prices. The catch is that a company this geared to zinc and silver prices will see its earnings swing with them. A record quarter tells you what the mines can do at today’s prices. It doesn’t tell you where prices go next. Lower unit costs are the part that tends to stick.

For background on the group’s growth plans, see our earlier post on Vedanta’s zinc expansion. Our Q2 results line-up for October 19 covers the rest of Monday’s earnings, and our guide on how to analyse quarterly results walks through reading margins and segment numbers like these.

Disclaimer: This article is for information only and is not investment advice or a recommendation to buy or sell any security. Figures are from Hindustan Zinc’s Q2 FY27 press release and CNBC-TV18’s results report, both linked above. Please consult a SEBI-registered investment adviser before making any investment decision.