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Hindustan Zinc Limited (HINDZINC) Fair Value & Analysis

Basic Materials · IN · Market cap ₹2.2T

HZ Hindustan Zinc Limited HINDZINC · NSE
Price₹561.90
Fair Value₹501.98
Upside-10.7%
Quality76/100
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Healthy Growth
Highly profitable · 35.1% net margin
Low debt · generates free cash flow
1.89% dividend yield
Ranks above peers (10/14)
Wide moat 90/100
Evidence: High Range ₹319.24 – ₹749.84 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from ₹576.80 to ₹501.98 (−13.0%) since Jul 16, 2026. Share price +6.5% over the past month.

A strong business, but screening 11% overvalued on our models.

What matters now

  • A fairly wide model range (₹319.24 to ₹749.84) leaves room in how you read the outcome.
  • Our model range runs from ₹319.24 (bear) to ₹749.84 (bull), base ₹501.98. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 76/100 (high quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

₹717.12 ₹169.07 Fair Value ₹501.98 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹169.07 – ₹717.12 · fair‑value band ₹319.24 – ₹749.84 · the ₹561.90 price screens above the ₹501.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Hindustan Zinc Limited (HINDZINC) currently trades at ₹561.90, while our model-based Fair Value estimate is ₹501.98, implying the stock looks roughly 10.7% overvalued today. The Quality Score stands at 76/100 (high quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Hindustan Zinc Limited generated revenue of ₹392B at a net margin of 35.3%. Revenue grew 40.8% year over year. It earns a return on equity of 76.9%. Net debt stands at ₹85.4B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹319.24 (bear case) to ₹749.84 (bull case); at ₹561.90, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 38% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -40% fair-value upside, at -11%, HINDZINC screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹372.31 ₹692.27 ₹1,277 80
Residual Income ₹332.87 ₹585.08 ₹15,681 76
Rev-Margin DCF ₹174.45 ₹273.11 ₹403.07 74
All 26 models by family
DCF Models
FCF DCF ₹375.32 ₹722.34 ₹1,366 38
Owner Earnings ₹395.49 ₹760.68 ₹1,438 31
5Y Revenue Exit ₹174.45 ₹271.34 ₹395.88 39
5Y EBITDA Exit ₹360.67 ₹660.58 ₹1,040 41
5Y P/E Exit ₹377.36 ₹695.46 ₹1,064 38
10Y Revenue Exit ₹232.42 ₹348.70 ₹515.51 36
10Y EBITDA Exit ₹362.99 ₹642.82 ₹1,075 37
10Y P/E Exit ₹374.37 ₹669.17 ₹1,095 35
Earnings-Based
Graham-Dodd ₹222.60 ₹1,081 ₹1,490 54
Lynch FV ₹289.65 ₹413.78 ₹537.92 50
PEG = 1.0 ₹289.65 ₹413.78 ₹537.92 46
EPV ₹311.60 ₹368.40 ₹418.88 59
Dividend Discount
Gordon GGM ₹96.18 ₹209.98 ₹353.31 70
DDM Multi-Stage ₹96.18 ₹172.01 ₹218.84 61
Multiples
P/E Multiple ₹417.38 ₹556.51 ₹695.64 63
P/S Multiple ₹104.35 ₹139.13 ₹173.92 58
P/B Multiple ₹120.50 ₹160.67 ₹200.83 55
EV/EBIT ₹443.90 ₹595.27 ₹746.64 53
EV/EBITDA ₹381.42 ₹511.97 ₹642.51 54
EV/Revenue ₹87.18 ₹128.92 ₹170.66 43
Asset-Based
NCAV (Graham) ₹26.78 ₹35.88 ₹53.56 50
Growth DCF
Growth DCF ₹372.31 ₹692.27 ₹1,277 80
Rev-Margin DCF ₹174.45 ₹273.11 ₹403.07 74
Economic Profit
Residual Income ₹332.87 ₹585.08 ₹15,681 76
ROIC Compounder ₹343.92 ₹447.62 ₹571.39 72
Growth Earnings
Growth-Adj P/E ₹403.76 ₹576.80 ₹749.84 68

Widest divergence: DCF Models (₹660.58) versus Asset-Based (₹35.88). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹392B
Revenue growth (YoY) +40.8%
Net margin 35.3%
Return on equity 76.9%
Free cash flow ₹117B FY2026
P/E ratio 17.2
More key figures
Operating margin 52.5%
EPS (TTM) ₹32.76
Dividend yield 1.7%
EPS growth (YoY) +67.5%
Net debt ₹85.4B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 75 · Market factors (momentum, volatility) 54

Profitability 94
Margins and returns on capital today
Quality Growth 76
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 35
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 60
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Hindustan Zinc Limited explores for, extracts, and processes minerals in India, rest of Asia, and internationally. It operates through two segments, Zinc, Lead, Silver & Others; and Wind Energy. The company produces refined zinc and lead, precious metals, and silver; sulphuric acid; rock-phosphate; and metals and related alloys.

Full company description

Hindustan Zinc Limited explores for, extracts, and processes minerals in India, rest of Asia, and internationally. It operates through two segments, Zinc, Lead, Silver & Others; and Wind Energy. The company produces refined zinc and lead, precious metals, and silver; sulphuric acid; rock-phosphate; and metals and related alloys. It also operates captive thermal, wind and solar power, and waste heat recovery boiler power plants. In addition, the company offers di ammonium phosphate/nitrogen, phosphorus, and potassium fertilizers. The company was incorporated in 1966 and is based in Udaipur, India. Hindustan Zinc Limited is a subsidiary of Vedanta Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Hindustan Zinc Limited reported revenue of ₹392B in FY2026 versus ₹288B in FY2022, a compound +8.0%/yr. Reported net income was ₹138B in FY2026, compounding +9.5%/yr from FY2022.

Growth Quality 96/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹392B
Latest YoY
+18.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.2%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.7%
Revenue +8.0%/yr
FY22 ₹288B
FY23 ₹333B
FY24 ₹281B
FY25 ₹330B
FY26 ₹392B
Net income +9.5%/yr
FY22 ₹96.3B
FY23 ₹105B
FY24 ₹77.6B
FY25 ₹104B
FY26 ₹138B
Character of growth · EPS growth decomposed (2015-2026) +2.9 % p.a.
Revenue per share +8.8 pp

of which total revenue +8.8 pp · buybacks/dilution +0.0 pp

EBIT margin −0.5 pp
Tax rate −1.6 pp
Residual (interest, one-offs) −3.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

HINDZINC screens 11% overvalued. Compare with BHP Group →

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Cite: Fair Value Calculator (2026). "Hindustan Zinc Limited Fair Value". https://www.fairvalue-calculator.com/stock/HINDZINC

Peer Group

Other Industrial Metals & Mining · 479 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 76 · Top 25%
Fair Value upside −11% · Above median
Return on equity (TTM) 77% · Top 25%
Return on assets 30% · Top 25%
Net margin (TTM) 35% · Top 25%
Operating margin (TTM) 53% · Top 25%
Revenue growth 43% · Above median
Dividend yield (TTM) 1.9% · Above median
Debt / equity 0.20× · Higher than median

Valuation Multiples vs Other Industrial Metals & Mining median · lower = cheaper

P/E (TTM) 17.2× · Cheaper than median
P/B 9.85× · Pricier than 75% of peers
P/S (TTM) 5.66× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 10.3× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 19 · sector 0
FUTURE 100 · sector 24
PAST 100 · sector 0
HEALTH 90 · sector 96
DIVIDEND 38 · sector 21

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
BHP Group BHPN 1,425 MXN 745.46 MXN -48%
Rio Tinto Group RIO A$179.43 A$81.76 -54%
Grupo México, S.A. GMEXICOB 222.38 MXN 172.99 MXN -22%
Vale S.A VALE $14.89 $8.95 -40%
Saudi Arabian Mining Company 1211 58.05 SAR 33.87 SAR -42%
CMOC Group 603993 ¥19.00 ¥19.80 +4%
China Tungsten And Hightech Materials Co 000657 ¥70.43 ¥9.55 -86%
China Northern Rare Earth (Group) High-Tech Co 600111 ¥41.02 ¥10.59 -74%
Boliden AB BOL kr 527.80 kr 461.48 -13%
Western Mining Co 601168 ¥38.36 ¥25.99 -32%

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Frequently asked questions

Is Hindustan Zinc Limited (HINDZINC) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹501.98 versus a price of ₹561.90, about −11% (overvalued).
What is the fair value of HINDZINC?
Our model-based fair value for Hindustan Zinc Limited is ₹501.98 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹561.90.
What is the quality score of HINDZINC?
Hindustan Zinc Limited has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Hindustan Zinc Limited (HINDZINC)?
Hindustan Zinc Limited reported trailing-twelve-month revenue of about ₹392B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of HINDZINC?
The net profit margin of Hindustan Zinc Limited is about 35.3%, meaning it keeps roughly 35.3% of revenue as net income. Based on the latest reported figures.
Does Hindustan Zinc Limited pay a dividend?
Hindustan Zinc Limited currently shows a dividend yield of about 1.66% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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