Hindustan Zinc shares: Time to buy? As silver loses sheen, metal stock falls 30% from record high | Price targets

Hindustan Zinc share price today: Shares of Hindustan Zinc, a subsidiary of Anil Agarwal-led Vedanta, have slipped 30% from their record high in two months. The decline is primarily led by a 49% fall in silver prices from their all-time high of Rs 4.39 lakh per kilogram reached in January end this year. Hindustan Zinc is India's largest primary silver producer. The firm produces refined silver with a purity of at least 99.9%, primarily extracted from Sindesar Khurd mine in Rajasthan. A rally in silver prices improves investor sentiment in Hindustan Zinc and a fall in rates usually leads to a decline in the stock price.

In Q3 of the previous fiscal, silver production came at 158 MT, rising 10% QoQ and contributing 44% to profits, uniquely positioned for riding the silver wave, according to the company's website.

Meanwhile, Hindustan Zinc shares were trading 1.84% lower at Rs 514.70 in the current session. Later, the metal stock ended 1.53% lower at Rs 516.45. The stock is down 30% from its record high of Rs 732.50 hit on January 28 this year.

Hindustan Zinc share price targets 

Ventura Securities has initiated a buy call on Hindustan Zinc Ltd (HZL) with a target price of Rs 829 in 24 months.

That's an upside of 61% from the current market price. The bullish stance of the brokerage captures the next phase of growth, supported by strong future growth visibility, improving price realisations, and rising demand for zinc and silver across key sectors.

"We expect revenue to grow at a CAGR of 11.5 per cent to Rs 56,698 crore over FY25– 28E, driven by higher volumes and a favorable demand outlook. Segment-wise, revenue from zinc, lead, silver, and other segments is projected to grow at a CAGR of 8 per cent, 8 per cent, 14 per cent, and 3 per cent, reaching Rs 26,460 crore, Rs 5,085 crore, Rs 21,447 crore, and Rs 1,736 crore, respectively, by FY28," Ventura Securities said.

B&K Securities has a BUY call on the stock with a target price of Rs 668. According to the brokerage, HZL shares have corrected meaningfully. B&K expects silver production to rise by 10% sequentially in Q4FY26, combined with attractive valuation of HZL.

Hindustan Zinc Q3 earnings show

In Q3 of the previous fiscal, net profit of the subsidiary of Vedanta rose 46% year-on-year. Hindustan Zinc's net profit rose to a record high of Rs 3916 crore in Q3 against Rs 2678 crore in the year ago period. The company's revenue climbed 27.80% to a record Rs 10,627 crore in Q3 against Rs 8315 crore on a year on year basis. Revenue rose 28% on a QoQ basis.