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Business Model

Business model built for tomorrow’s opportunities

INPUTS

NATURAL CAPITAL

Inputs deployed

  • Ore R&R: 453.2 Mnt
  • Zinc-Lead Metal R&R: 29.6 Mnt
  • Silver R&R: 808.4 Moz
  • Energy consumption: 47.99 GJ per tonne of metal
  • Water consumption: 24.69 m3 per tonne of metal
  • Electricity consumption: 4,843 MU
  • Share of RE: c.13%

Key focus areas

  • Increasing the share of RE, ZLD capacity and EV/LNG trucks
  • Reducing waste and optimising the use of natural resources
  • Make mining minimally invasive to prevent ecological degradation
MANUFACTURED CAPITAL

Inputs deployed

  • Mines: 8 (at 5 locations)
  • Smelters: 3 locations
  • Captive power plants: 625.16 MW
  • Automation and technology-driven operations
  • Fixed assets: ₹ 48,425 crore
  • Investments in capacity expansion: ₹ 1,271 crore
  • Participated in critical mineral blocks auctions

Key focus areas

  • Timely commissioning and development of expansion projects
  • Reducing energy costs through RE, alternative fuels, and domestic fuel usage
  • Maintaining long mine life and R&R base for secured raw material availability
  • Modernise facilities with advanced technologies and build capability to enable the production of diverse products
INTELLECTUAL CAPITAL

Inputs deployed

  • Collaborations/memberships with technical institutes: 11
  • Investments in technology, innovation and automation: ₹ 18.77 crore
  • Patents awarded: 2
  • Entered zinc supply agreement for zinc-nickel batteries

Key focus areas

  • Investments in digital technologies, like autonomous systems and advanced analytics for safer, smarter and efficient operation
  • Investments in R&D for value-added products
  • Strengthening the team of geologists, geophysicists, and data analysts
HUMAN CAPITAL

Inputs deployed

  • Total workforce: 25,531
  • Employee benefit expenses: ₹ 886 crore
  • Investment in skill development: ₹ 1.36 crore
  • Learning & Development: 190,479 hours
  • HSE training: 647,624 hours

Key focus areas

  • Safety-first culture with a focus on zero harm
  • Promoting diversity, equity and inclusion
  • Building a future-ready workforce skilled in digital technologies, AI, and advanced mining to address emerging industry demands
SOCIAL AND RELATIONSHIP CAPITAL

Inputs deployed

  • CSR spending: ₹ 273.45 crore
  • Sustained engagements and healthy relations with stakeholders
  • People-led institutions at the grassroots: 13

Key focus areas

  • Building resilient social licence through sustainable practices and meaningful community partnerships
  • Focus on local economy development through job creation and business opportunities
  • Maintain strong customer relationships, positive connections with local communities, regulatory bodies and stakeholders to mitigate reputational risks
FINANCIAL CAPITAL

Inputs deployed

  • Equity Capital: ₹ 845 crore
  • Net Debt: ₹ 1,169 crore
  • Reserves & Surplus: ₹ 12,481 crore

Key focus areas

  • Judiciously managing funds for key projects without straining the balance sheet and optimising costs amidst volatility in base metals
  • Delivering attractive returns to shareholders

OUR VALUE CHAIN ACTIVITIES

Shaping tomorrow with an integrated business model

OUTPUTS

Zinc

826,812 tonnes

(817,059 tonnes)

Lead

225,470 tonnes

(215,984 tonnes)

Silver

687 tonnes

(746 tonnes)

OUTCOMES DELIVERED

NATURAL CAPITAL

Outcomes

  • Certifications (all units)
    • ISO 140001: Environmental Management
    • ISO 50001: Energy Management System
    • Environment Product Declaration for Zinc
  • GHG emissions (Scope 1 & 2): 4.85 mn tCO2e
  • Zero liquid discharge: All sites
  • Waste generation:
    • Total: 19.76 Mnt
    • HVLT: 1.48 Mnt
    • Flyash: 0.48 Mnt
  • Waste recylced/reused: 6.05 Mnt
  • Water recycled: 21.82 mn m3
  • Mine life (average): 25 years+

Actions to improve outcomes

  • Increase RE share and the use of efficient coal to reduce emissions
  • Build additional capacities for tail gas treatment, effluent treatment and zero liquid discharge plants
  • Transition to dry tailing disposal
  • Reduce emissions in line with SBTi - Scope 1 and 2 by 50% and Scope 3 by 25% by 2030, and net zero emissions by 2050 or sooner
  • Increase R&R to 500+ Mnt with c.35 Mnt metal

UN SDGs impacted

MANUFACTURED CAPITAL

Outcomes

  • Mined metal/Refined metal production: 1,095 kt/1,052 kt
  • 4-year lowest zinc cost of production: US$ 1,052 per MT
  • Launched Asia’s first low-carbon zinc, EcoZen
  • New mineral blocks: won 3 (Tungsten, Potash and Rare Earth Elements)

Actions to improve outcomes

  • Complete ongoing lead-zinc-silver recovery and other projects to expand mining and smelting capacities
  • Participate in base metal and other critical mineral blocks auctions
  • Use AI/ML algorithms for enhancing exploration and discovery outcomes
  • Focus on increasing the share of RE and domestic coal usage to reduce zinc COP

UN SDGs impacted

INTELLECTUAL CAPITAL

Outcomes

  • Product offerings: 14
  • Value-added portfolio: c.22%
  • Minor metal extraction capabilities
  • Strong brand recall

Actions to improve outcomes

  • Enhance VAP share through new product areas like Zinc Aluminium Magnesium, die-casting alloy applications
  • Initiate research on zinc-nickel and zinc-based batteries
  • Sustained innovation for metal recovery and advancing sustainability objectives of net zero, zero harm and circular economy

UN SDGs impacted

HUMAN CAPITAL

Outcomes

  • Revenue per employee: c. ₹ 10 crore
  • Executive diversity ratio: 25.5%
  • Attrition rate: 14.50%
  • Total recordable injury frequency rate (TRIFR): 1.21
  • India’s first all women underground mine rescue teams
  • Transgenders: 22

Actions to improve outcomes

  • Investing in a high-performance, safe and digitally-empowered workforce
  • Attracting industry best talent and bringing global expertise through collaboration with leading players
  • Ensure continuous learning and development of a strong leadership pipeline
  • Prioritise diversity and merit in recruitment, establishing as an equal-opportunity employer

UN SDGs impacted

SOCIAL AND RELATIONSHIP CAPITAL

Outcomes

  • CSR beneficiaries: c.2.3 million
  • Contribution to the exchequer: ₹ 18,963 crore
  • Average MSME payment cycle: 20 days
  • Increased free float post offer for sale: 3.13%
  • Local spending (Rajasthan and Uttarakhand): 67%

Actions to improve outcomes

  • Sustained focus on local employment and economic development, with emphasis on supporting MSMEs
  • Facilitate improved water security, commit to zero land acquisition for waste storage, and protect biodiversity
  • Ensure strict compliance with community, environmental, and statutory regulations
  • Contribute to nation-building through resource self-sufficiency and supporting India’s critical mineral mission

UN SDGs impacted

FINANCIAL CAPITAL

Outcomes

  • Revenue: ₹ 34,083 crore
  • EBITDA: ₹ 17,465 crore
  • EBITDA margin: c.51%
  • Earnings per share: ₹ 24.50
  • Industry-leading ROE/ROCE: 73%/58%
  • Total interim dividend: ₹ 12,253 crore (₹ 29 per share )
  • Total shareholder returns: c.68%

Actions to improve outcomes

  • Pursue cost efficiency and digital transformation projects to deliver consistent, industry-leading returns
  • Maintaining liquidity and sustained funds availability for growth projects
  • Invest in high IRR projects, value-added products and emerging business areas for enhanced profitability across commodity cycles
  • Monitor geopolitical situation to manage cost risks

UN SDGs impacted