Phillip Capital Research

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					159
Target					196
Reco					BUY
Net Sales	99,121	112,551	125,257	134,590	140,442
Growth (%)		14	11	7	4
EBIDTA	56,077	60,695	65,084	69,615	71,828
EBITDA Margin		54	52	52	51
Net Profit	49,216	55,692	69,170	69,663	71,227
Growth (%)		13	24	1	2
EPS, Rs	12	13	16	16	17
PER, x	13.7	12.1	9.7	9.6	9.4
EV/EBIDTA, x	9	8	7	6	5
P/BV, x	3	2	2	2	2
ROE, %	22	21	21	19	17
Total debt/Equity (%)	-66.3	-66.8	-66.6	-68.3	-70.0

Latest Reports
Date	Description	Country	Analyst	Download

19-Apr-2024	Hindustan Zinc Q4FY24: Subdued volume growth; Higher LME and silver to drive earnings (Maintain Neutral)	India	Vikash Singh
19-Jan-2024	Hindustan Zinc Q3FY24: Silver may shine amid lackluster zinc LME (Maintain Neutral)	India	Vikash Singh
20-Oct-2023	Hindustan Zinc Q2FY24: No Near-term trigger; Volume growth is priced in (Maintain Neutral)	India	Vikash Singh
24-Sep-2023	Hindustan Zinc Company Update: Positives largely priced in (Maintain Neutral)	India	Vikash Singh
21-Jul-2023	Hindustan Zinc Q1FY23: Outlook improving but valuations stretched; Dividend story concluded (Upgrade to Neutral)	India	Vikash Singh
21-Jul-2023	Hindustan Zinc Q1FY23: Outlook improving but valuations stretched; Dividend story concluded (Upgrade to Neutral)	India	Vikash Singh
22-Apr-2023	Hindustan Zinc Q4FY23: Dividend story largely over; Moderate volume growth guidance (Maintain Sell)	India	Vikash Singh
20-Jan-2023	Hindustan Zinc Q3FY23: Dividend story may be over if Zinc international purchase succeed (Downgrade to Sell)	India	Vikash Singh
21-Oct-2022	Hindustan Zinc Q2FY23: Outlook clouded; Stock reaching near attractive dividend yield (Maintain Neutral)	India	Vikash Singh
21-Jul-2022	Hindustan Zinc Q1FY23: Hold on possible Govt stake sale and good dividend yield (Maintain Neutral)	India	Vikash Singh
22-Apr-2022	Hindustan Zinc Q4FY22 - In-line performance; Dividend yield story intact (Maintain Neutral)	India	Vikash Singh
21-Jan-2022	Hindustan Zinc Q3FY22: Hold for improving LME and potential good dividend yields (Maintain Neutral)	India	Vikash Singh
22-Oct-2021	Hindustan Zinc Q2F22: Fairly valued; Hold for high dividend expectations (Maintain Neutral)	India	Vikash Singh
22-Jul-2021	Hindustan Zinc Q1FY22: lacking near term triggers (Maintain Neutral)	India	Vikash Singh
22-Jul-2021	Hindustan Zinc Q1FY22: lacking near term triggers (Maintain Neutral)	India	Vikash Singh
27-Apr-2021	Hindustan Zinc Q4FY21: Positives priced in (maintain Neutral)	India	Vikash Singh
20-Jan-2021	Hindustan Zinc Q3FY21: Upside limited now; Dividend yield only reason to hold (Downgrade to Sell)	India	Vikash Singh
20-Oct-2020	Hindustan Zinc Q2FY21: Dividend came through; Upside potential limited now (Downgrade to Neutral)	India	Vikash Singh
21-Jul-2020	PC - Hindustan Zinc 1QFY21: Outlook improving; High dividend yield to provide comfort (Upgrade to Buy)	India	Vikash Singh
21-May-2020	Hindustan Zinc 4QFY20 result: High dividend yield story may stage a comeback (Maintain Neutral	India	Vikash Singh
21-Jan-2020	Hindustan Zinc 3QFY20- In-line quarter; volume ramp-up wait gets longer… (Maintain Neutral)	India	Vikash Singh
29-Oct-2019	Hindustan Zinc 2QFY20: Lacklustre quarter; 2H to be better despite lower guidance	India	Vikash Singh
22-Jul-2019	Hindustan Zinc (HZ N) Q1FY20 result: Waiting for volume growth to kick in…	India	Vikash Singh