Greater Noida: Leading brokerages Jefferies, JM Financial, and Systematix have raised their target prices on Hindustan Zinc Limited following the company’s strong Q3 FY26 performance. These three brokerages raised the target on the back of Hindustan Zinc’s sharp profit growth, margin expansion and improved earnings visibility. The company benefited from higher zinc and silver prices, a structurally lower cost of production and sustained operational execution during the quarter, prompting analysts to upgrade earnings estimates and valuation.
JM Financial, Jefferies and Systematix reiterated BUY ratings with revised target prices of Rs 770, Rs 750 and Rs 755 respectively. Global broking firm HSBC also maintained its BUY rating with a target price of Rs 750, citing strong earnings momentum, rising silver contribution and continued cost discipline. YES Securitiesmaintained its ADD rating with a revised target price of Rs 725, while Motilal Oswal retained a Neutral stance with a higher target price of Rs 720. Antique Stock Broking, despite remaining valuation-conscious, also raised its target price after factoring in upward revision in its zinc and silver price estimates.
Brokerage firms’ recent rating and target price on Hindustan Zinc
| Brokerage Firm | Rating | Target Price (₹) | Potential Upside (%)* |
| JM Financial | Buy | 770 | 16.6% |
| Systematix | Buy | 755 | 14.3% |
| HSBC | Buy | 750 | 13.6% |
| Jefferies | Buy | 750 | 13.6% |
| YES Securities | Add | 725 | 9.8% |
| Motilal Oswal | Neutral | 720 | 9.0% |
| B&K | Hold | 668 | 1.2% |
| Antique | Hold | 621 | -6.0% |
* Potential upside calculated basis the closing stock price on 19th January, 2026.
According to JM Financial factors supporting Hindustan Zinc’s margins include higher LME zinc and silver prices, and lower zinc cost of production. This is further driven by lower power cost as a result of higher domestic coal usage & softened coal prices. Hindustan Zinc expects zinc cost of production to remain in USD 950–1,000 per tonne range, supporting sustained profitability.
Jefferies and Systematix reiterated that Hindustan Zinc remains a key beneficiary of the silver price rally, with silver’s share in EBIT rising materially. Both brokerages highlighted strong operating leverage, disciplined cost control and robust cash generation as supporting medium-term earnings visibility.
Adding to the bullish call, HSBC anticipates a robust Q4 for Hindustan Zinc on back of higher volumes and higher silver prices. “We expect 4Q to be even stronger on higher volumes and sharply higher silver prices. Seasonally, 4Q has the highest volumes and this year silver volumes are likely going to be higher q/q as the company has broadly maintained its guidance,” the brokerage said.
YES Securities emphasised sharp sequential recovery in volumes, while Motilal Oswal acknowledged the earnings beat and margin expansion at Hindustan Zinc as the key positive factors.
