HZHindustan Zinc500188Quarterly results

Board approves Q2 and H1 FY27 results; auditor's review conclusion unmodified

The Board met on Monday, October 19, 2026 and approved the unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2026.

By ScoutQuest · Mon 19 Oct 2026, 3:35 PM IST · 3 min read

Profit after tax YoY growth

+142%

Period

Quarter ended 30.09.2026

What the board approved

The Board of Directors met on Monday, October 19, 2026, from 12:00 noon to 03:20 p.m. IST, and approved the unaudited consolidated and standalone financial results for the second quarter and half year ended September 30, 2026. The results, along with the auditors' Limited Review Report, are to be made available on the company's website.

Auditor's conclusion

MSKA & Associates LLP, the statutory auditors, issued a Limited Review Report with an unmodified opinion on the results. The statement covers the holding company and five subsidiaries: Hindustan Zinc Alloys Private Limited, Vedanta Zinc Football & Sports Foundation, Zinc India Foundation, Hindustan Zinc Fertilisers Private Limited and Hindmetal Exploration Services Private Limited.

The auditors did not review the interim financial results of four subsidiaries; those were reviewed by other auditors. For those entities, total assets were Rs. 56.26 Crores as at September 30, 2026, and total revenues were Rs. 76.38 Crores and Rs. 47.76 Crores for the quarter and for the period April 1, 2026 to September 30, 2026. The auditors state that their conclusion is not modified on this account.

Key consolidated numbers (₹ in Crore)

• Revenue from operations: 15,893 in Q2 FY27, against 13,747 in the preceding quarter and 8,549 in Q2 FY26
• Total income: 15,467
• Net profit: 6,412, against 5,469 in the preceding quarter and 2,649 in Q2 FY26
• Half year net profit: 11,681
• Basic earnings per share: 15.18 for the quarter (6.27 in Q2 FY26)
• Operating margin (EBITDA): 55%, against 52% in the preceding quarter and 42% in Q2 FY26
• Net profit margin: 42%
• Net worth: 29,966

Balance sheet as at September 30, 2026: total assets 47,470, non-current borrowings 3,099, current borrowings 3,072, cash and cash equivalents 128. Debt-equity ratio was 0.21 times against 0.78 times a year earlier.

Cash flow for the half year: net cash inflow from operating activities 13,287, investing outflow 6,364, financing outflow 7,027, and net increase in cash and cash equivalents of 169.

Segment view

• Zinc, Lead and Silver segment revenue was 14,525 for the quarter; Wind Energy contributed 57
• Segment result for Zinc, Lead and Silver was 8,329; Wind Energy 36

Other disclosures in the notes

• The Group had recognised a provision of ₹ 56 Crore on account of Environment and Health Care (FH cess) in the year ended March 31, 2025; on reassessment, supported by an independent legal opinion, the provision was not required and was reversed.
• Consequent to the introduction of the New Labour Codes, an incremental impact of ₹ 31 Crore was disclosed as an exceptional item in the consolidated statement of profit and loss for the year ended March 31, 2026.
• A short seller had published reports alleging certain matters against some Vedanta Group entities, including Hindustan Zinc Limited. Management continues to believe these allegations are baseless and that the transactions had appropriate commercial substance.
• During the previous quarter, based on a detailed investigation of allegations received by SEBI, observations on certain non-compliances relating to related party transactions were communicated. These pertained to approval and disclosure aspects, did not result in any financial penalty, restriction or sanction, and corrective measures were taken.
• The Enforcement Directorate conducted a search and seizure operation under the Foreign Exchange Management Act, 1999, at the premises of Hindustan Zinc Limited from June 1, 2026 to June 3, 2026. The Group extended full cooperation and has not received any further communication.
• The Board, on April 24, 2026, had declared an interim dividend of ₹ 11/- per equity share amounting to ₹ 4,648 Crore, with record date April 30, 2026, for the financial year 2026-27.

What a retail investor can take away

The update's main content is the results approval with an unmodified review conclusion. Quarterly and half year revenue from operations and net profit are higher than the year-ago figures, and the operating margin rose to 55% from 42%. These are unaudited, limited-review numbers rather than full-year audited results. The notes also carry ongoing regulatory matters, including the FEMA-related operation and SEBI's observations on related party transaction approvals and disclosures, which are worth tracking for any further communication.

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