Hindustan Zinc shares rise 4% ahead of Q3 results; check previews, ratings & more

HindZinc Q3 results preview: Vedanta Ltd-backed Hindustan Zinc (HZL) is set to announce its financial results for the three-months and nine-months ended on December 31, 2025. The company will also host a conference call with the investors, analysts and market participants from 4 pm onwards today itself.

Shares of Hindustan Zinc jumped nearly 4 per cent to Rs 662.50 on Monday, commanding a total market capitalization of 2.8 lakh crore. The stock hit its 52-week high at Rs 670 last week on January 14. The stock has surged nearly 75 per cent in the last 10 months, while it has gained 50 per cent in the last six months period.

Brokerage firms tracking the company believe that Hindustan Zinc is expected to deliver a strong Q3 performance, led by firm zinc and record silver prices, higher metal volumes and stable costs. Revenue is seen rising 11–22 per cent on both year-on-year (YoY) and quarter-on-quarter (QoQ) basis.

Ebitda may grow 22–32 per cent on both early and sequential comparison, with margins expanding to 53–54 per cent the reported quarter. Profit is projected to jump 25–38 per cent, supported by improved realizations, record prices of silver and operating leverage, said the analysts.

YES Securities is expecting HZL's revenue to come in at Rs 10,017 crore, up 17-17.5 per cent YoY and QoQ, while ebitda is seen at Rs 5,416.4 crore, up 21.5 per cent YoY and 22.4 per cent QoQ, with Ebitda margins improving to 54.1 per cent for the quarter. Net profit stood at Rs 3,282.3 crore, up 24-25 per cent YoY and QoQ.

"HZL is set to deliver a strong Q3FY26, supported by higher zinc and silver prices. Silver prices reached record highs, providing a strong offset to any volume volatility. With both silver and refined metal volumes reported to increase sequentially and costs remaining largely stable, margins are likely to expand meaningfully on improved realizations and operating leverage, it added.

Antique Stock Broking sees HZL's revenue at Rs 9,500.2 crore, up 11 per cent YoY and 11.4 per cent QoQ. Ebitda is seen at Rs 5,668.8 crore, up 27.2 per cent YoY and 28.1 per cent QoQ. Net profit is seen at Rs 3,532.4 crore, up 33.4 per cent YoY and 34.2 per cent QoQ. Antique currently has a 'hold' rating on the stock.

"Q3FY26 average LME spot aluminum, zinc, and copper prices have strengthened QoQ and YoY. We forecast a revenue to grow aided by firm zinc, silver and lead prices, higher zinc volume, and rupee depreciation, partly subdued by hedging loss and YoY lower silver volume. Ebitda is expected to increase aided by lower cost," it added.

Nuvama Institutional Equities is expecting HZL's revenue to come in at Rs 10,239.1 crore, up 20 per cent on both YoY and QoQ basis. Ebitda is seen at Rs 5,832.1 crore, up 31-32 per cent on both YoY and QoQ basis. Core PAT is seen at Rs 3,636.1 crore, up 37-38 per cent YoY and QoQ basis.

"HZL’s EBITDA is likely to report strong growth on back of higher zinc prices (up 11.9 per cent QoQ) and silver prices (up 40 per cent QoQ). The sales volume of zinc, lead and silver increased by 9.4 per cent, 8.9 per cent per cent and 7.5 per cent QoQ respectively. CoP ex-royalty for zinc is expected to marginally increase by 0.6 per cent QoQ to $1,000 per tonne," it added.

Systematix Institutional Equities is expecting HZL to report a revenue of Rs 10,120 crore, up 22 per cent on both YoY and QoQ. Ebitda is seen at Rs 4,420 crore, up 24-25 per cent YoY and QoQ, with margins expanding to 53.2 per cent for the quarter. PAT is seen at Rs 3,490 crore, up 30 per cent YoY and 32 per cent QoQ. It currently has a 'buy' rating on the stock.

Hindustan Zinc (HZ) are likely to see higher profitability growth and margin expansion. Growth and margin expansion to be driven by higher commodity prices, especially silver, added Systematix, citing the nature of contracts for silver sales and outlook, expansion timelines and volume guidance as key things to monitor.