New Delhi: Shares of billionaire industrialist Anil Agarwal-led Hindustan Zinc Ltd have been on a sharp upward trajectory, driven by a strong rally in silver prices. Over the last six trading sessions, the company’s stock has surged by nearly 15%, adding around ₹32,000 crore to its market capitalization.
The sharp rise comes amid a historic jump in silver prices. On the MCX, silver recently crossed ₹2,00,000 per kilogram, while in global markets it climbed close to ₹5,400 per ounce (around $65 per ounce converted into Indian rupees). As one of the world’s leading silver producers, Hindustan Zinc has emerged as a direct beneficiary of this price boom.
On Tuesday, the company’s shares ended almost flat at ₹567.75 on the BSE, but the broader trend remains strongly positive. Year-to-date in 2025, silver prices have nearly doubled, and riding on this momentum, Hindustan Zinc shares have gained over 28% so far this year.
Dual Advantage of Silver and Zinc
Hindustan Zinc is benefiting not only from rising silver prices but also from higher zinc prices. The company enjoys one of the lowest zinc production costs globally, which significantly boosts profitability during commodity upcycles. It also ranks among the top five silver producers in the world, making it well-positioned to capitalize on sustained demand for the precious metal.
With silver increasingly in demand due to industrial uses—especially in renewable energy, electronics, and electric vehicles—investors are now questioning whether this rally could extend into 2026.
What Do Experts Say?
Akash Shah, Technical Research Analyst at Choice Equity Broking, said the stock has delivered a strong technical breakout. According to him, Hindustan Zinc has decisively crossed its earlier resistance zone of ₹525–₹530 with heavy trading volumes, indicating strong buying interest.
“Technically, the stock is trading well above its key moving averages. Sustaining above the EMAs suggests a strong uptrend and a medium-term trend reversal,” Shah said.
He added that the earlier resistance range of ₹540–₹545 is now likely to act as a support level during any correction. On the upside, ₹600 remains a major psychological and technical resistance where some profit-booking could be seen. “If the stock manages to sustain above ₹600, it could move towards ₹620 or higher,” he noted.
Long-Term Growth Outlook Remains Strong
Global brokerage firm Jefferies has maintained a ‘Buy’ rating on Hindustan Zinc, with a target price of ₹660 per share. In a report dated December 14, Jefferies projected strong earnings growth for the company over the next few years.
According to the report, Hindustan Zinc’s earnings per share (EPS) are expected to grow by 22% in FY26, 29% in FY27, and a further 7% in FY28. The brokerage highlighted the company’s robust cash generation, strong balance sheet, and healthy return on equity as key strengths.
With silver prices at multi-decade highs and fundamentals firmly in place, Hindustan Zinc has emerged as one of the biggest winners of the ongoing commodity rally, firmly capturing investor attention in the Indian stock market.