Motilal Oswal's research report on Hindustan Zinc
HZL’s Board has approved a growth capex of ~INR120b (funded through internal accruals and debt) to expand the zinc smelting capacity by 250ktpa at Debari, along with a mines capacity expansion of 330ktpa (Rajpura Dariba - 2.5ktpa and Zawar - 0.8ktpa).
Outlook
At CMP, HZL trades at 8.5x FY27E EV/EBITDA, and we believe the current valuation prices in all positive factors. We reiterate our Neutral rating with a TP of INR480 (premised on 8.5x EV/EBITDA on FY27 estimates).
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