Key Performance Indicators
Accelerating momentum across the years
In a year marked by economic, currency and commodity price volatilities, Hindustan Zinc ensured disciplined investments and fiscal prudence to strengthen efficiency levers. Amidst firm commodity prices, our efforts to enhance volumes, increase by-product sales and undertake strategic hedging contributed to healthy topline growth.
We achieved the lowest cost in four years, supported by systemic operational efficiency initiatives, higher domestic coal and renewable energy usage, and softened coal and input commodity prices. This resulted in robust profitability growth. With a fortified liquidity and balance sheet position to maintain an investment-grade credit rating.
CONSOLIDATED BUSINESS PERFORMANCE
Revenue from Operations
(₹ crore) (including other operating income)
Revenue Mix
(%)
| 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 | |
|---|---|---|---|---|---|
| Zinc and Lead | 78 | 81 | 82 | 77 | 77 |
| Silver | 20 | 14 | 13 | 19 | 18 |
| Wind Energy | 1 | 1 | 1 | 1 | 0 |
| Others | 1 | 4 | 4 | 3 | 5 |
EBITDA
(₹ crore)
PAT
(₹ crore)
Zinc Cost of Production Excluding Royalty
(US$ per MT)
Free Cash Flow from Operations*
(₹ crore)
Earnings Per Share
(₹)
Dividend Per Share
(₹)
Net Worth
(₹ crore)
Gross Cash and Cash Equivalent**
(₹ crore)
*Free cash flow from operations before growth capex and investments in renewable energy
**Includes cash and cash equivalents, investments as applicable and other bank balances excluding dividend account balance
SEGMENT-WISE PERFORMANCE
Base Metal Performance
Mined Metal
(kt)
| 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 | |
|---|---|---|---|---|---|
| Zinc (tonnes) | 7,55,849 | 8,01,035 | 8,39,051 | 8,55,001 | 8,62,978 |
| Lead (tonnes) | 2,16,127 | 2,16,023 | 2,23,038 | 2,24,052 | 2,31,553 |
Total Refined Metal*
(kt)
| 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 | |
|---|---|---|---|---|---|
| Zinc (tonnes) | 7,15,445 | 7,75,808 | 8,20,898 | 8,17,059 | 8,26,812 |
| Lead (tonnes) | 2,14,399 | 1,91,185 | 2,10,690 | 2,15,984 | 2,25,470 |
Precious Metal Performance
With the global shift toward clean energy, silver has become increasingly important in the production of photovoltaic cells used in solar panels, making it a key component in the transition to renewable energy sources. Its unique characteristics make it irreplaceable in many modern and sustainable technologies. Over last 2 decades, Hindustan Zinc grew its silver portfolio by 20 times from 35 tonnes to 687 tonnes in FY2025 and is among the top 5 silver producers globally.
Refined Silver*
(tonnes)
*Excludes captive consumption
Contribution of Precious Metal in EBIT
(%)
KEY PERFORMANCE RATIOS
EBITDA Margin
(%)
Description
Earnings before interest, tax, depreciation and amortisation (EBITDA) is a factor of volume, prices and cost of production. This measure is calculated by adjusting operating profit for special items and adding depreciation and amortisation and dividing it by revenue from operations.
Management Statement
EBITDA margin increased from 47% in FY2024 to 51% in FY2025 in line with record metal volume, lower cost of production, higher zinc and silver LME, further supported by a stronger dollar.
Net Profit Margin
(%)
Description
This is a measure of the profitability of the company. It is calculated as a ratio of net profit (before exceptional items) to revenue from operations (including other operating income).
Management Statement
Net profit margin is higher on account of 2nd ever highest revenue from operations in line with an increase in zinc and silver prices, record metal volumes and lower cost of production.
Return on Net funds for Business Operations
(%)
Description
This is calculated on the basis of operating profit net of tax expenses, as a ratio of net funds for business operations.
The objective is to earn a post-tax return consistently above the weighted average cost of capital.
Management Statement
Increase in return on net funds for business operations is mainly on account of higher operating profit net of taxes partially offset by higher net funds employed for business operations.
Debtor Turnover Ratio
(in times)
Description
The debtors’ turnover ratio is an accounting measure used to quantify a company’s effectiveness in collecting its receivables. This is calculated as a ratio of revenue from operation (including other operating income) to average trade receivables.
Management Statement
Increase in debtor turnover ratio is primarily on account of lower trade receivables as compared to the previous year.
Inventory Turnover Ratio
(in times)
Description
The inventory turnover ratio is an efficiency ratio that shows how effectively inventory is managed. This is calculated as a ratio of cost of goods sold to average inventory.
Management Statement
Inventory turnover ratio was marginally higher on account of higher cost of goods sold.
Current Ratio
(in times)
Description
The current ratio is a liquidity ratio that measures a company’s ability to pay short-term obligations or those due within one year. This is calculated as a ratio of current assets to current liabilities.
Management Statement
Current ratio is lower mainly on account of decrease in current assets and increase in current liabilities.
Interest Coverage Ratio
(in times)
Description
The ratio is a representation of the ability of the Company to service its debt. It is computed as a ratio of EBITDA divided by finance costs.
Management Statement
The interest coverage ratio is marginally higher on account of higher EBITDA, partially offset by higher finance cost.
Return on Net Worth
(%)
Description
Return on net worth is a measure of the profitability of the Company. This is calculated as a ratio of net profit (before exceptional items) to average net worth (share capital + reserves).
Management Statement
Return on net worth is higher mainly on account of higher net profits after tax and lower net worth.
Debt Equity Ratio
(in times)
Description
The debt-to-equity ratio reflects the Company’s ability to meet its short-term and long-term obligations in proportion to the net worth of the Company.
Management Statement
Debt Equity Ratio is higher on account of higher borrowings and lower shareholder’s equity.
Return on Capital Employed
(%)
Description
Return on capital employed is calculated as a ratio of earnings before interest and taxes (EBIT) to average capital employed (capital employed = net worth + total debt).
Management Statement
Return on capital employed has increased due to higher EBIT and lower average capital employed.
ECONOMIC VALUE ADDED
Economic value added (EVA) is a measure of a company’s financial performance based on income generated post charging for the cost of capital provided by lenders and shareholders. It represents the value added for the shareholders by generating operating profits in excess of the cost of capital employed in the business.
(₹ crore)
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Equity | 13,326 | 15,195 | 12,932 | 34,281 | 32,313 |
| Capital employed | 14,495 | 13,464 | 14,712 | 16,315 | 17,183 |
| Average capital employed | 13,980 | 14,088 | 15,513 | 16,749 | 17,948 |
| Economic Value added | |||||
| Net operating profit after taxes (NOPAT) | 10,666 | 7,828 | 9,925 | 9,205 | 7,031 |
| Cost of capital (COC) | 2,113 | 1,817 | 2,444 | 1,950 | 2,131 |
| Economic Value added (EVA) | 8,553 | 6,011 | 7,481 | 7,255 | 4,900 |
| NOPAT/Average capital employed (%) | 76.3% | 55.6% | 64.0% | 55.0% | 39.2% |
| Weighted average COC (%) | 15.1% | 12.9% | 15.8% | 11.6% | 11.9% |
| EVA/ Average capital employed (%) | 61.2% | 42.7% | 48.2% | 43.3% | 27.3% |
Additional Information
NOPAT: Net operating profit after tax (NOPAT) is a financial measure that shows how well a company performed through its core operations, net of taxes. It is calculated as profit after depreciation and tax, but before interest.
Cost of Capital: Cost of capital is the return expected by investors to compensate them for the variability in return caused by fluctuating earnings and share prices.
Capital Employed: Capital employed is the total amount of funds deployed in the business in order to generate profit exclusive of net cash and cash equivalents.
ESG OUTCOMES
Our Environmental, Social and Governance (ESG) focus has enabled us to deliver sustained performance and growth across key ESG metrics. We are continuously working towards reducing our carbon footprint and lowering the impact of our business on environment through our concerted efforts. These efforts are aimed at improving operational efficiencies, ensuring optimal utilisation of natural resources, and increasing the use of renewable energy in our plants and processes. Safety and health of our workforce, and at our workplace, is central to our ESG strategy.
Metal Recovery Performance
Mill Recovery
(%)
Smelter Recovery
(%)
Lost Time Injury Frequency Rate (LTIFR)
(number per mn hours worked)
Employee Trainings
(person-hours)
CSR Spend
(₹ crore)
Contribution to Exchequer*
(₹ crore)
Water Recycled
(mn m3 )
Waste Recycled
(mn MT)
GHG Emission: Scope1 + Scope2
(mn tCO2e)
Renewable Power Consumption
(MGJ)
Specific Water Consumption
(m3 per tonne of metal)
Specific Energy Consumption
(GJ per tonne of metal)
