Record profit, execution solid; silver target tightens

Delivered ₹13,747 Cr, YoY growth 76.9%

Delivered ₹5,469 Cr, YoY growth 144.8%

Delivered cost beat guidance of $975-1,000/ton by $124-149/ton due to better grades, higher output, renewable power, by-product realization

Achieved 260 KT. Straight-line to 1,040 KT; need only 60 KT additional for 1.1 MT target

Delivered 149 tons; only 22% of 680-ton FY27 target. Requires ~175 tons/qtr average for Q2-Q4 to hit target

Achieved 22%, materially below 30-35% target; gap of 8-13 percentage points

Maintained 1.1 MT. Q1 at 260 KT (23.6% of target) on track; management confident Q2-Q4 higher as typical.

Maintained 680 tons. Q1 149 tons (22% of target). Tight: requires ~175 tons/qtr average Q2-Q4 vs historical ~100-150 range. Management cites better grades ahead.

Guidance $975-1,000/ton; Q1 delivered $851/ton ($124-149 beat). Drivers: better grades, higher output, renewable power +2pp, by-product realization.

Target 30-35%; Q1 at 22% (8-13pp gap). Sequential progress but still below goal; no remedial actions outlined.

Linkage coal materialization fell to 36% (from 54% prior year, 64% Q4) due to mine conditions. Imported coal at premium offset RE gains.

One-time sale of old inferior-grade inventory from 1 MT mill stabilization. Won't repeat unless smelter starved. Realized 9 tons silver value + 6 KT metal.

No revision. 260 KT Q1 extrapolates to 1,040 KT on straight-line. Guidance 1.1 MT only. Q2-Q4 historically higher, Q4 near 280-290 KT.

Better silver grades this quarter. Q1 data: 10-15 tons locked in WIP; plus 9 tons from concentrate = 158-167 tons value extracted. Q2-Q4 higher PPM ore planned; Q4 maximized.

48 KT zinc at $3,162/ton; 34 tons silver at $63/oz (carried from prior year, not Q1). No new hedges Q1 due to volatility. Will opportunistically hedge later.

Only phosphoric acid in Q2 (environmental clearance pending for full plant). Full fertilizer by Q1 FY28. Some sulfuric acid to be converted to phosphoric acid for better realization.

Just got G2 level approval. Exploration 2-3 years, mining & metalization 5-6 years. First production expected 2031-32. Yttrium used in red LEDs, medical applications.

Construction started; 24 months to complete. Expect 30-35 KT zinc output. Ramp-up 6-8 months (only one other like this in Australia).

Hedge losses ₹200 Cr (48 KT zinc at $3,162 vs $3,466 LME avg). Capex guidance $500-600M (growth projects). Q1 spent ₹800 Cr.

Correct. Sulfuric acid (by-product) has no royalty per law (not a mineral). Mineral royalty is % of LME-set price, not revenue in absolute terms.

1.1 MT refined metal target; zinc avg ~$3,400-3,600 range assumed. Q1 ₹13,747 Cr; if maintained/modest growth = ~₹54-56K Cr FY27 possible.

Q1 achieved $851/ton — $124-149 beat. Benefits: better grades, higher output, +2pp renewable power, by-product realization. Guidance reaffirmed; current trajectory suggests sustained beat if inputs/commodity mix holds.

Q1 59% driven by cost beat and commodity tailwinds. FY27 likely 55-60% range dependent on Zn/Ag prices and cost sustainability.

Q1 spent ₹800 Cr (~$97 million). Key projects: Debari 250 KT smelter, tailings 35 KT plant, fertilizer (partial). Board approval for 600+ KT project expected Q3 (further $24-25K Cr capex, 36-month timeline).

Q1 149 tons is only 22% of 680-ton FY27 target. Requires ~175 tons/qtr for Q2-Q4 (historically 100-150 range). If grades miss or prices soften, ramp may slip.

Q1 benefited from high Zn ($3,466 avg), Ag ($73/oz), and especially sulfuric acid (+200% YoY). Near-term outlook flagged as sensitive to geopolitical uncertainties. Margin compression if prices weaken.

Q1 achieved 22% vs 30-35% FY27 target. 8-13pp gap widening. No remedial plan disclosed; may signal infrastructure/grid constraint or lower priority allocation.

600+ KT integrated zinc & lead smelter still in conceptualization. Board approval expected Q3 FY27. Estimated ₹24-25K Cr capex over 36 months. Execution risk high; tender process ongoing; cost/timeline inflation possible.

Media reports on potential government divestment of Hindustan Zinc stake. Management declined to comment. Uncertainty on timing, terms, and post-sale governance/strategy.