Anyone else watching Hindustan Zinc absolutely rip lately?
If you’ve been sitting out of metals, this stock basically slapped everyone with a reminder of what silver momentum can do.
Hind Zinc is up 15% in just four sessions, jumping from around ₹490 on Dec 8 to an intraday high of ₹567 today. It’s now inching right up toward its 52-week high and the way silver is moving, you kind of get why the Street is suddenly paying attention again.
The whole move feels purely silver-driven. Silver broke past $64/oz, and with the Fed already cutting rates three times + the market pricing in more cuts, precious metals are having a moment. Gold is up ~65% this year… silver has more than doubled.
No surprise that India’s only listed “pure silver play” is riding that wave hard — silver accounts for 40-45% of Hind Zinc’s EBIT, so every tick in silver basically pulls the stock along.
What’s interesting is that brokerages were calling this out way back in September. Emkay literally said the market was underestimating how much silver-leverage Hind Zinc actually has. Global names like Fresnillo and Grupo Mexico rerated, but HZ didn’t get the same treatment… and now that silver has gone parabolic, you can see that gap closing.
Their math was something like:
– FY25 EBITDA ~ ₹17,400 cr (53% margins)
– If silver & zinc stay where they are → EBITDA could hit ₹22,000 cr with margins ~57% by FY27
And that flows straight through to Vedanta too, since HZ contributes ~40% of its EBITDA.
Plus, Hind Zinc isn’t some tiny player — they produce 22.5 million ounces of silver a year. That’s ahead of Grupo Mexico, and not that far behind big names like Newmont. Long mine life, low cost curve, strong leverage- all the things that metals investors love when a commodity is trending.Stock is now up 25% YTD, and this four-day burst just reinforces how sensitive it is to silver. If silver keeps doing silver things… this run probably isn’t done.Anyone playing this move? Or taking a call on silver directly?
