Volume cap
For now, HZL investors are reaping a bonanza. Average silver realization grew 140% year-on-year to ₹2.3 lakh per kg in Q4FY26, buoyed by strong industrial demand and supply constraints. Zinc realization rose by 13% year-on-year in Q4, with strong demand led by sustained steel production and the global energy transition. Thus, HZL’s consolidated revenue increased by 49% to ₹13,544 crore in Q4, while Ebitda jumped 60% to about ₹7,700 crore. FY26 revenue and Ebitda growth were 20% and 27%, respectively.
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