Hindustan Zinc Limited (HINDZINC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+26.8%

₹666.19

vs ₹525.30 price

Levered DCF

₹681.47

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

10.91

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	16.02×	18.52×	16.67×	11.8×	13.61×	14.46×	9.66×	15.07×
P/B	9.79×	14.4×	8.51×	9.58×	3.82×	3.57×	1.63×	3.57×
P/S	5.65×	5.81×	4.61×	3.72×	4.55×	5.22×	3.58×	5.76×
EV / EBITDA	9.93×	11.19×	9.44×	7.22×	7.67×	9.08×	5.99×	9.86×
Gross margin	71.7%	62.6%	60.1%	64.3%	64.5%	60.7%	59.7%	64.3%
Operating margin	46.6%	42.4%	37.0%	43.4%	46.8%	42.0%	35.9%	42.4%
Net margin	35.3%	31.3%	27.6%	31.6%	33.4%	36.2%	37.1%	38.2%
Current ratio	1.47×	1.04×	1.16×	0.85×	3.94×	3.12×	4.58×	2.79×
Debt / equity	0.39×	0.87×	0.6×	0.94×	0.09×	0.22×	0.02×	0.08×
Interest coverage	20.74×	12.78×	11.01×	44.25×	50.26×	24.76×	59.91×	92.05×
Dividend yield	1.9%	6.4%	4.2%	25.7%	5.8%	13.9%	0.0%	10.0%
Payout ratio	30.5%	118.4%	70.8%	303.5%	79.0%	200.2%	0.0%	150.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	61.1%	77.7%	51.1%	81.3%	28.1%	24.7%	16.9%	23.7%
Return on invested capital	39.0%	37.3%	28.2%	34.6%	23.2%	17.2%	12.7%	18.9%
Return on assets	32.6%	30.0%	22.9%	29.6%	21.6%	17.5%	14.5%	18.7%
Free cash flow yield	5.3%	5.3%	7.3%	9.3%	7.4%	7.0%	4.5%	4.5%
Earnings yield	6.2%	5.4%	6.0%	8.5%	7.3%	6.9%	10.4%	6.6%
Enterprise value	₹2.3T	₹2T	₹1.4T	₹1.4T	₹1.3T	₹1.2T	₹644B	₹1.2T
Net debt / EBITDA	0.37×	0.63×	0.62×	0.64×	0.09×	0.51×	-0.12×	0.2×
Cash conversion cycle (days)	-29	-8	-0	-3	11	3	86	22