Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

HINDZINC – ₹12,000 Cr Smelter Expansion Approved Amid Long-Term Growth Push

Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

Shining Silver Set To Go Parabolic Powered by Gold, Supply Deficit, & Weak Dollar

Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

Equity Bottom-Up

<ul>
<li>Hindustan Zinc’s Q4 FY25 PAT rose 47% YoY to Rs3,003 crore; EBITDA grew 32% YoY; zinc cost of production hit a 16-quarter low at $994/t.</li>
<li>FY26 guidance targets 1.12 Mt mined metal, 700–710 MT silver, and zinc cost of production between $1,025–1,050/t, slightly higher due to ore grade normalization.</li>
<li>HZL trades at ~21.5x P/E and ~12x EV/EBITDA, at a premium to some global peers, with valuations sensitive to commodity prices, cost trends, and execution on expansion plans.</li>
</ul>


Hindustan Zinc’s Q4 FY25 PAT rose 47% YoY to Rs3,003 crore; EBITDA grew 32% YoY; zinc cost of production hit a 16-quarter low at $994/t.
FY26 guidance targets 1.12 Mt mined metal, 700–710 MT silver, and zinc cost of production between $1,025–1,050/t, slightly higher due to ore grade normalization.
HZL trades at ~21.5x P/E and ~12x EV/EBITDA, at a premium to some global peers, with valuations sensitive to commodity prices, cost trends, and execution on expansion plans.


HZ IN: Operational Targets and Valuation Framework