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Hindustan Zinc Rallies For Fifth Straight Session, Hits New 52-Week High; Jefferies Sees 18% Upside
Shares of Hindustan Zinc climbed over 2% on December 15, extending their strong rally to a fifth consecutive session
Hindustan Zinc Share Price: Shares of Hindustan Zinc climbed over 2 per cent on December 15, extending their strong rally to a fifth consecutive session, supported by a sharp surge in silver prices. Jefferies has initiated coverage on the stock with a ‘Buy' rating.
The Vedanta Group company touched a fresh 52-week high of Rs 571.80 per share in early trade before trimming some gains. With this move, the stock has jumped around 17 per cent over the past five straight gaining sessions.
Jefferies initiated coverage on Hindustan Zinc with a ‘Buy' call and set a target price of Rs 660 per share, indicating an upside potential of over 17.5 per cent from the previous closing price of Rs 561.65.
The brokerage said the company stands to benefit significantly from rising silver and zinc prices, as it operates in the first decile of the global zinc mining cost curve. Jefferies expects earnings per share to grow strongly at 22 per cent and 29 per cent in FY26 and FY27, respectively, followed by 7 per cent growth in FY28.
“Silver price has doubled in 2025 to USD 62 at spot. HZ expects the global silver market to remain in deficit in 2025; we assume silver prices of USD 56–60 in 2HFY26–FY28 (3–10 per cent below spot). With HZ hedging 37 per cent of its 2HFY26 silver volumes at USD 37, the full price benefit will come in FY27, providing a big EBITDA boost,” Jefferies said.
The brokerage expects robust cash flows and return on equity for the company, adding that Hindustan Zinc's valuation is supported by the rising contribution of silver to EBIT. The stock is currently trading at 9.2 times FY27 enterprise value to EBITDA, higher than its long-term average of 7.3 times.
Jefferies flagged key risks to its bullish stance, including a decline in silver or zinc prices, lower mine grades, uncertainties around mine renewals beyond 2030, and any adverse related-party events.
A sharp surge in silver prices has largely driven the recent rally in Hindustan Zinc shares. Silver futures on the Multi-Commodity Exchange of India (MCX) rose over 2 percent on Monday, after hitting fresh record highs in the previous session.
Silver futures with March expiry crossed the Rs 2 lakh per kg mark for the first time on Friday. In the spot market, silver breached the USD 60 per ounce milestone for the first time last week.
Hindustan Zinc is India's largest producer of silver and manufactures refined silver with a minimum purity of 99.9 per cent. The sharp rise in bullion prices is expected to further support the stock.
After hitting a 52-week low of Rs 378.15 per share in March this year, the stock has rebounded more than 51 per cent over the past nine months to reach a new record high.
However, Hindustan Zinc shares are still over 60 per cent below their all-time high of Rs 1,443 per share, recorded in January 2011.
Source: News18
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