CITI ON HINDUSTAN ZINC ; SELL | TP ₹495 (EARLIER ₹480)

• Q2 performance ahead of estimates; current zinc and silver prices limit further upside. • Zinc prices could moderate going forward. • Citi estimates LME zinc at $3,700/tonne in CY28, in line with spot prices. • Silver contributes ~50% of EBITDA; further upside depends on easing macro conditions. • Citi expects the physical zinc market to remain relatively balanced into 2027.

HINDUSTAN ZINC LIMITED

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