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HZL Expansion Plan Not Enough
Mint Mumbai
|June 20, 2025
Mixed bag Continued buoyancy in silver prices should support Hindustan Zinc's FY26 earnings despite dull prospects for other metals.
Hindustan Zinc Ltd (HZL)'s capacity expansion plan failed to cheer investors, with the stock sliding about 10% after the promoter group offloaded 1.6% of its shareholding. The company has announced plans to invest ₹12,000 crore in the first phase between FY26 and FY28, with total capex reaching ₹32,000-35,000 crore by FY31.
Despite a healthy balance sheet, with net debt-to-equity of 0.1x at FY25-end, and steady operating cash flows, the scale of expansion raises questions over future dividend payouts. But the management has indicated it may tap the balance sheet to maintain dividend payouts.
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