HZL, among the world’s top five silver producers, achieved silver revenue of Rs 1,706 crore in the quarter, a 10% jump quarter-on-quarter (QoQ) and 20% rise year-on-year (YoY). This silver bonanza comes as global market prices soared and the company delivered strong operational performance. Silver, which occurs naturally alongside lead and zinc ores mined and refined by HZL, forms a rising share of the mining giant’s earnings profile.
HZL Chief Financial Officer Sandeep Modi emphasized that “with silver contributing around 40% to profits, we are well-positioned to leverage commodity tailwinds while strengthening our sustainable value creation through disciplined cost management”.
Hindustan Zinc posted its highest-ever second-quarter revenue from operations, a robust Rs 8,549 crore, up 10% QoQ, and an EBITDA margin of 52%. The company also achieved a 5-year lowest zinc production cost, thanks to technology upgrades and operational efficiencies.
CEO Arun Misra said, “We have delivered the best-ever second quarter mined metal production, reflecting continuous operational excellence… our inclusion in the International Council on Mining and Metals (ICMM) as the first-ever from India reiterates our deep commitment to responsible mining”.
Also Read | Silver’s great disconnect: MCX prices soar but ETFs crash 8%. What’s really happening?Silver has been one of the biggest gainers in 2025 so far with ETFs already doubling money. In the futures market, the white industrial metal has gone up by around 70% while in the spot market prices have gone as much as Rs 2 lakh a kg in some cities amid supply crunch.MCX Silver prices have crossed Rs 1.7 lakh with this month alone seeing 20% jump in prices.
However, HZL shares have gone up by only about 13% in the year so far and were trading 1.3% lower at Rs 500 on BSE in the afternoon session.