Hind Zinc at a new high

Shares of Hindustan Zinc were trading firm in morning trade today, up about 2.91% at Rs. 584.25 versus the previous close of Rs. 567.75. The stock touched an intraday high of Rs. 587.65, which also marks its new 52-week high, with the 52-week low at Rs. 378.65; the day’s traded band was Rs. 575.10–587.65 (open: Rs. 575.10, VWAP: Rs. 582.26), with turnover of about Rs. 41.65 crore on the screen you shared.

The immediate trigger remains the sustained surge in silver prices, with international spot silver recently pushing up to/near $65 per ounce, as the metal extends a strong uptrend that has played out over many months and, per market commentary, has more than doubled through 2025 in some measures.

Operationally, the silver linkage is meaningful for Hindustan Zinc’s financials. In Q2FY26, the company reported revenue from operations of Rs. 8,549 crore, EBITDA of Rs. 4,467 crore (52% margin) and PAT of Rs. 2,649 crore; within this, silver sales were Rs. 1,706 crore (about one-fifth of the quarter’s revenue mix), and the company highlighted that silver drove 40% of overall profit.

For Q3FY26 (Oct–Dec 2025), the set-up stays supportive: Hindustan Zinc’s own disclosure shows the LBMA silver average rose to $39.4/oz in 2Q FY26 (from $33.7/oz in 1Q FY26), while spot prices have since moved materially higher into December, which could lift realisations and by-product credits if elevated levels sustain through the quarter, aided by a low zinc cost of production backdrop (2Q zinc CoP of $994/tonne). Offsetting factors to monitor would be normal commodity volatility and any hedging/realisation timing effects versus spot.