Stock analysts largely remained positive on Hindustan Zinc Ltd (HZL) following its higher-than expected Ebitda in the March quarter, thanks to higher prices and volumes along with lower cost. Amid expectations of a deficit in both zinc and silver, they revised upwards their price assumptions and suggested 'buy' on the HZL stock. Tracking the company's Q4 results and dividend announcement, the stock rose 2.91 per cent to hit a high of Rs 606 on BSE in Monday's trade.

Hindustan Zinc share price targets, Q4 review
Nuvama said HZL’s earnings depend primarily on commodity prices until H1FY29 and the tight supply market is likely to keep commodity prices high. It forecast a 3 per cent volume growth for refined metal and a 7 per cent volume growth for silver, compounded annually, over FY26–28. 

"Higher prices along with cost control shall drive Ebitda at a 20 per cent CAGR over FY26–28E. The next phase of expansion (250ktpa) shall be commissioned by Q2FY29," it said while upgrading the stock to 'Buy' and a revised target of Rs 700 per share against Rs 591 per share earlier.  

MOFSL said HZL delivered a strong earnings performance in 4QFY26, primarily driven by favorable metal pricing and a recovery in volumes. The company continued to focus on increasing production output with tighter cost-control measures, which could lead to margin sustenance, it said.

"The recently announced expansion plans are aligned with its long-term objective of doubling existing capacity and enhancing long-term earnings visibility. Although near-term earnings growth is capped due to limited capacity headroom, the LME/silver price inflation emerges as the key catalyst for incremental upside in the near term. We maintain our FY27/28 estimates and believe further price volatility could remain a potential risk or reward for the earnings visibility," it said. MOFSL suggested a target of Rs 630 on the stock.

JM Financial said HZL reported net cash of Rs 5,600 crore versus Rs 300 crore at end-December 2025. HZL declared an interim dividend of Rs 11 per share and JM Financial said it remains positive on the Vedanta-promoted firm given its presence in the lower end of the global cost curve, facilitated by high grade captive mines sufficient to meet requirements for decades, 100 per cent captive power plants, sizeable scale, diversified revenue stream with increasing contribution from silver sales. It suggested a 12-month target of Rs 765 on the stock. 

Hindustan Zinc dividend history (Full table)
HZL declared its first interim dividend of Rs 11 per share, worth Rs 4,648 crore for FY27. For FY26, the company paid a dividend of Rs 10 per share, equivalent to Rs 4,225 crore in dividend payout. Data showed HZL announced R 29 per share or Rs 12,253 crore in dividends in FY25. Its FY24 dividend payout stood at Rs 5,493 crore (Rs 13 per share), FY23 at Rs 31,901 crore (Rs75.50 per share) and FY22 at Rs 7,606 per share (Rs 18 per share). Except for FY20, HZL declared dividend in successive years.