Hindustan Zinc Q2 Results 2026 effect: The Vedanta Group company Hindustan Zinc Ltd delivered strong Q2 results on Monday, beating the market estimates with Q2 EBITDA of ₹9,290 crore, up 14.20% QoQ. The QoQ EBITDA growth is robust, with the consensus market estimate at 6.90% for Hindustan Zinc Ltd during Q2FY27.
According to experts, Hindustan Zinc's strong EBIDTA growth was mainly driven by lower zinc cost of production ($703/t vs $851/t in 1Q), which was supported by higher sulfuric acid realisations during 2Q; this was further backed by the sequentially higher volumes across silver and lead, which increased 16.1% and 8.5% QoQ, respectively, and the Indian National Rupee (INR) depreciation.
Decoding the Hindustan Zinc Q2 results, Shweta Dikshit, Deputy Vice President – Metals and Mining at Systematix Institutional Equities, said, “Hindustan Zinc (HZ) reported strong 2QFY27 revenue of ₹14,582 crore (+76% YoY/+12% QoQ), 12% above our estimate, driven by higher metal production, higher by-product realisations, and a stronger dollar.”
The Systematix Institutional Equities expert said that the company's EBITDA grew by around 108% YoY, whereas EBITDA margin improved by 928bps YoY and 272bps QoQ to 61.3% in Q2FY27.
Giving a ‘buy’ tag to Hindustan Zinc shares after strong Q2 results 2026, Shwetta Dixit of Systematix Institutional Equities, said, "We raise our FY27E/FY28E EBITDA estimates by 23%/9%, reflecting stronger 1HFY27 performance, lower CoP assumptions and higher zinc prices, and introduce FY29 estimates. We value the zinc and lead businesses at 9x 1HFY29E EV/EBITDA and arrive at a revised SoTP-based TP of ₹677/share ( ₹669 earlier), implying 26% upside from CMP."