JEFFERIES ON HINDUSTAN ZINC ; BUY | TP ₹650 (EARLIER ₹750)

• Q2 EBITDA UP 15% QoQ, beating estimates by 8%. • Zinc prices benefiting from supply disruptions; silver prices volatile since June 2026. • Jefferies raises FY27 EPS estimates by 5%, but cuts FY28–FY29 EPS estimates by 4% due to lower silver prices. • Stock trades below its long-term average EV/EBITDA valuation. • Jefferies prefers JSW Steel and Welspun Corp in the Indian metals sector.

HINDUSTAN ZINC LIMITED

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