Hindustan Zinc Ltd (BSE: 500188, NSE: HINDZINC) — Business Report / Investor Feed

Business & Distribution Evaluation: Hindustan Zinc Limited

1. Business Identity

Hindustan Zinc Limited (HZL) is the world's largest integrated zinc producer and among the top 5 silver producers globally, engaged in exploring, extracting, processing minerals and manufacturing zinc, lead, silver and their alloys — primarily for B2B industrial customers in India and 40+ countries [2][54][81]. It is a Vedanta Group company [2], positioning itself as an "energy transition metals company" providing critical metals for a sustainable future [54][71]. HZL is described as "India's largest and only integrated producer of zinc, lead and silver" [109][84] and "India's only listed integrated precious metal company" [99].

Note on global ranking: Earlier filings (FY24) describe HZL as the "world's 2nd largest" integrated zinc producer [52][98][147]; post-FY25 filings consistently state "world's largest" [54][81][84][124]. This appears to reflect either a reclassification or production milestone rather than a discrepancy.

Subsidiaries & Group Entities [FY25]

2. Revenue Architecture

Revenue Model Type

Product sales — commodity metals, with pricing linked to London Metal Exchange (LME) for zinc/lead and London Bullion Market Association (LBMA) for silver. Sales include provisionally priced contracts marked to market at forward LME rates, with final settlement based on a specified future period price [4][60]. Revenue is recognised at the point of dispatch/delivery, net of discounts and volume rebates [4][60]. Credit terms range from 0–180 days; majority of sales are against advance payment, letters of credit, or bank guarantees [4][116]. Volume discounts are based on aggregate sales over 12-month periods [60]. Contract liabilities: ₹1,155 crore [FY25] vs ₹1,538 crore at beginning of year [116].

Revenue from Operations (₹ crore)

Sources: [50][116] for FY25/FY24; [47] for FY23. Total revenue including other income: ₹34,083 crore [FY25] [121][124]. Standalone revenue from operations: ₹33,969 crore [FY25] [87]; standalone sale of products: ₹32,789 crore + wind energy ₹138 crore = ₹32,927 crore (S) [90]. FY24 gross income including GST: ₹39,079 crore [132].

Source: [116][90].

Revenue grew 18% YoY in FY25 driven by record metal production, higher zinc (+16%) and silver (+29%) prices, strategic hedging gains, and a favourable exchange rate [14][106][76][121]. EBITDA: ₹17,465 crore (+28% YoY); PAT: ₹10,353 crore (+33% YoY) [FY25] [40][103][121][124]. EBITDA margins expanded by 400 bps to an industry-leading ~51% [121].

Disaggregated Revenue from Contracts with Customers (₹ crore)

Source: [50] for FY25/FY24; [47] for FY23. BRSR-reported turnover split [FY24]: Zinc 62%, Lead 14%, Silver 19% [138].

Revenue Mix Trend (% of revenue from contracts)

Source: [100].

Segment Revenue (₹ crore)

Source: [50]. Segment reporting per CODM (CEO): two reportable segments — (i) Zinc, Lead, Silver & Others and (ii) Wind Energy [118].

Silver contributed ~41% of overall profitability in Q1 FY26, over 40% in Q2 FY26, and 44% in Q3 FY26 [82][129] — far exceeding its ~18% revenue share, reflecting high margins on this by-product. This disproportionate profit contribution makes HZL's earnings highly sensitive to silver price movements and mine operating mode decisions at Sindesar Khurd.

CRISIL notes a concentration risk: zinc accounts for >75% of revenue and profitability [36].

Quarterly Revenue Trend [Q3 FY26]

Source: [63][117][129]. Q3 FY26 was the highest-ever quarterly revenue [117]. EBITDA: ₹6,087 crore (+34% YoY), margin 55% [Q3 FY26]; 9M FY26 EBITDA margin: 53% [63][129]. PAT: ₹3,916 crore (+46% YoY) [129].

Q1 FY26: Revenue ₹7,771 crore (down 4% YoY on lower zinc/lead prices and volumes, partly offset by higher silver prices and stronger dollar); EBITDA ₹3,860 crore (down 2% YoY); margin ~50% [142].

Revenue Mix by Geography (₹ crore)

Source: [20] for FY25/FY24; [68] for FY23.

The domestic sales mix has shifted sharply from ~59% in FY23 to ~80% in FY25, a deliberate strategic pivot. With minimal direct EU/US exposure and export focus on Southeast Asia and the Middle East [62][115][123], HZL is largely insulated from Western tariff and CBAM risks while capitalising on India's structural infrastructure-led zinc demand growth.

Exports as % of total turnover: ~23% per CRISIL [FY25] [36]; 23.07% [FY24] [105]; 19.53% per BRSR [FY25] [27]. The company has minimal direct exposure to the EU and US markets [62]. Export focus is on Southeast Asia and the Middle East [62][115][123]. Management: "We are completely focused in domestic India. Maybe our nearby growth centres in Southeast Asia, up till Middle East" [131].

Customer Type

Exclusively B2B [3][105]. ~70% of zinc produced in India is consumed by the galvanised steel industry [36]. End-use industries include galvanising/steel, pipes, structural, tyres, speciality chemicals, batteries, alloys, automotive, infrastructure, defence, solar PV, electronics, 5G networks, die-casting, construction, railways, power transmission, telecom towers [34][101][110][123].

Pricing Mechanism

LME-linked provisional pricing with volume discounts over 12-month periods [4][60]. The company has limited pricing power as a commodity producer, but mitigates this through:

• Selling silver on MCX for better realisation [10]
• Transitioning toward value-added products (VAPs) that command premiums over SHG ingots [30]
• Digital auction platforms — 100% of silver and 70% of zinc sold via digital auctions [30][106]
• EcoZen (green zinc) fetches higher premiums — with LME announcing a green premium for sustainable metals [58][126]; customer value: "just by galvanisation, they are able to get the similar reduction in CO₂ by using our EcoZen" at a fraction of the capex cost [139]
• Strategic hedging: sold forward 90 kt zinc in Q1 FY25 (~10% annual production) [122]; open positions of 99 kt zinc and 83 MT silver for H2 FY25 [113]

Source: [107] for FY25/FY24; [63] for Q3/9M FY26. Silver surged to all-time high of >$93/toz in Jan 2026 [130].

Expansion-Linked Revenue/EBITDA Projections (at June 2025 LME/FX rates)

Source: [128]. Revenue and EBITDA estimated at LME and exchange rate of June 13, 2025.

Exchequer Contributions [FY25]

HZL contributed ₹18,963 crore to the exchequer, representing 56% of revenue from operations — a 44% increase YoY. This includes income tax of ₹4,652 crore and royalty of ₹4,154 crore to the Rajasthan State Government (35% of state's total royalty income) [84][102][121]. Cumulative exchequer contribution over the past 5 years: ₹87,616 crore [84][102].

3. Product & Service Portfolio

Core Offerings [FY25]

Value-Added Products (VAPs)

VAP share trend: 15% [FY23] → 20% [FY24] → 22% [FY25] → ~24% [Q1 FY26] [59][17][94][37]. Highest-ever annual VAP sale of 179 kt (including zinc dust) [FY25] [94][123].

VAP roadmap: 22% [FY25] → 27% [FY26E] → 35% [mid-term] → 50% by FY2030 [94]. Key initiatives:

• Commission dedicated ZAM line [94]
• Start new CGG and Jumbo SHG lines for global demand [94]
• Commission zinc dust plant for pharma, paints and mechanical plating [94]
• Target new die-casting alloy customers (automotive, appliances, faucets) [94][135]
• Cater to custom ZAM requirements of all Indian steel mills [94]
• Explore incorporating VAP capability in 250 ktpa expansion through value engineering [127]

The 30 ktpa zinc alloy plant (HZAPL) generated ₹93 crore EBITDA against a ₹190 crore investment — payback period of <2 years; "should get doubled as it runs at full capacity" [30][135]. ZAM alloy trials successfully conducted with new customers [94].

Key Differentiators

• Cost leadership: First decile of global zinc mines cost curve; first quartile of global zinc smelting cost curve; consistent cost optimisation of 6% during FY25 [1][99][124].

Sources: [36][63][75][57][107][121][130][142].

COP has declined 25% from US$1,257/MT in FY23 to US$940/MT in Q3 FY26, driven by higher domestic coal usage, renewable energy ramp-up, better metal grades, and higher by-product realisations. With LME zinc at ~$3,165/MT, HZL's margin of over $2,200/MT per tonne provides an extraordinary buffer against commodity downturns.

COP targets: FY2027: US$1,025-1,050/MT; Design COP: US$1,000/MT; FY2030: Below US$1,000/MT [94][125]. COP improvement driven by higher domestic coal usage, renewable energy ramp-up (13% → 19% of power [FY25 → Q1 FY26]), better metal grades, softened input prices, and higher by-product realisations [121][130][142].

• Integrated operations: Mine-to-metal, India's sole integrated zinc-lead-silver producer [109][101][124]. Company policy: "we always want to remain integrated player" — has never sold mined metal/concentrate in at least the last decade [67].
• ESG/brand: #1 globally in S&P Global CSA in metals & mining for 3 consecutive years [54][81][141]; first Indian company in ICMM [54]; first in India to publish Climate Action Report aligned with IFRS S2 [135]; EPD and LCA certifications per ISO 14025/14040/14044/14067 [48][58]; first in India to be EPD-verified [119].
• LME/LBMA listed brands [21]; REACH registered for European market access [31]; Zinc Mark certification underway [70].
• Green premium: EcoZen enables customers to comply with CBAM and reduce Scope 3 emissions (~400 kg CO₂ avoided per tonne of galvanised steel); first commercial delivery to Tata Steel's Sahibabad plant [140]; LME green premium announcement positions EcoZen for stronger value realisation [58][123][126].
• Customer Technical Services team and Centre of Excellence — collaborates closely with customers on specific needs [119].

Pipeline & Growth Projects

Fertiliser plant economics: Expected revenue of ₹2,000-2,500 crore and EBITDA of ₹400-450 crore at steady state; DAP fertilisers currently being imported — fetches right margins and better utilisation of sulphuric acid [96][130].

Detailed Capacity Expansion Roadmap

Source: [128]. Silver expansion linked with doubling lead metal capacity.

Post-expansion production targets: Refined metal capacity 1,379 ktpa; mining capacity 1,510 ktpa [51][130]. Silver target: 1,000 MT intermediate (fumer route), 1,500 MT with 2 Mtpa metal [44][110][143].

4. Value Chain Position

Fully integrated: Exploration → Mining & Beneficiation → Smelting & Refining → Marketing [89][109][147]. HZL spans the entire upstream-to-midstream value chain — from mineral exploration and underground mining through ore processing, smelting (hydro- and pyro-metallurgical), refining, and sale of finished metal products [13][101]. Operations are "driven by synergistic integration, right from mining to marketing of products" [101].

Operational Footprint [FY25]

Note on captive thermal power capacity discrepancy: Annual report states 625.16 MW [12], FY24 integrated report states 603.16 MW [147], and CRISIL rating report states 514 MW [36] — likely due to different definitions (gross vs operating capacity or exclusion of certain units).

All mines certified ISO 9001, ISO 14001, OHSAS 18001 & SA-8000 [91]. Mining depth ranges from near-surface to 1,000 metres below surface [144].

Direction of Integration

• Backward: Own mines (8 underground mines at 5 locations + 1 under development); dedicated exploration subsidiary (Hindmetal); captive power (thermal + wind + solar + WHRB); critical mineral blocks (potash, REE, tungsten) [7][88][125]; ₹1,100 crore exploration investment over last decade [88]; 450 MW renewable power delivery agreement with Serentica for cost insulation from commodity price variations [147].
• Forward: Zinc alloy plant for automotive/die-casting (HZAPL, 30 ktpa) [30][135]; 510 ktpa fertiliser plant using sulphuric acid waste [17][96][135]; Fumer plant for waste-to-wealth [1]; tailings reprocessing (10 Mtpa) [103]; Zinc Park — India's first integrated downstream industrial hub for zinc-based value chains at Bhilwara, Rajasthan, with MoUs signed with Tripura Group and CMR Green Technologies [92][93].

Mine-wise Production Data [FY24]

Source: [97]. FY25: ore production 16.33 Mt [124]; average metal grade improved from 7.37% to 7.49% [76].

Mineral Reserves & Resources [as at March 31, 2025]

Source: [11][111][124]. Mine life: 25+ years at current mining rates. 2nd highest zinc R&R base globally with average grade ~5.5–7% [56][124]. First time since UG transition that metal reserves surpassed 13.1 Mt net of 1.2 Mt production — a 3x growth compared to FY2020 [76][80][126]. Target: R&R over 500 Mt and reserves to 200 Mt [101][147].

Mine lease expiry: Sindesar Khurd and Kayad mines till 2048; Rampura Agucha, Rajpura Dariba, and Zawar till 2030 [67]. Company holds "multiple mine licences to ensure uninterrupted continuity" [132].

Production Volumes — 6-Year Trend

*Sources: [108] for FY20-FY24; [65][107][124] for FY25. FY24 refined figures per [124]. Q3 FY26: mined 276 kt (best-ever Q3), refined 270 kt (record Q3), silver 158 MT; 9M FY26: mined 799 kt (highest-ever), refined 766 kt, silver 451 MT [63][82][129][130].

Production strategy note: Silver production fluctuates based on mine operating mode (lead-mode vs zinc+lead mode) and ore grades encountered, particularly at Sindesar Khurd — "this year, the whole year will operate in zinc plus lead mode. To that account, silver production will also be affected" [131].

Supplier Concentration & Sourcing [FY25/FY24]

Source: [29][23].

Supply chain resilience initiatives [FY25]:

• Launched comprehensive Procurement Rulebook to standardise sourcing, contracting, vendor management; integrates mandatory ESG criteria [120]
• 18 local alternate vendors developed across key material categories to reduce single-supplier dependency [120]
• HDPE pipes and fittings: onboarded 2 local vendors after 20+ years of reliance on a single OEM, yielding cost savings and lower carbon footprint [120]
• Quarterly ESG checks on high-risk business partners with on-site assessments when necessary [120]
• Capacity-building sessions for BPs on GHG targets, water targets, and ESG commitments [120]
• Three-step risk assessment framework for supply chain integrity [120]

Source: [120][146].

CRISIL risk flag: Royalty cost per tonne of mined metal has increased by more than 125% in the past six years [36]. All mines are concentrated in Rajasthan, creating regulatory concentration risk [36].

Technology & Innovation

• 40+ technology startups engaged on 60+ projects via Vedanta Spark accelerator [70]
• AI/ML-based consumable optimisation integrated across all three smelter complexes; AI integration and digitalisation driving cost discipline [58][121]
• Tele-remote operations, predictive maintenance, drone-based inspections, advanced process control [45][51]
• 100% auto booking in SAP for all products; AI-based surface quality monitoring [38]
• International tenders for AI and drone-led exploration with partners in Australia, South Africa, Chile and China [88]
• R&D expenditure [FY25]: ₹10.26 crore (0.035% of turnover) [25]; Patents awarded: 2 [28]; Technology collaborations: 11 [28]
• Exploration investment: ₹1,100 crore over last decade [88]

5. Distribution Architecture

Channel Structure

HZL operates a hybrid direct + dealer/distributor model in a B2B context:

Source: [79][55].

The ~60% direct sales go to end-use industrial customers (steel producers, battery manufacturers, automotive OEMs, etc.) and via MCX/digital auction platforms [30][34]. Dealer/distributor count has declined from 104 → 97 → 91 over three years, while top-10 dealer concentration has widened, suggesting consolidation of channel partners.

Geographic & Network Scale

All production, manufacturing, sales, and marketing operations are based in India — no overseas offices or operations [13][68].

Domestic vs Export Sales Volume [FY25]

Source: [14][91][123][136]. Zinc: "About 73% of the refined zinc produced by the Company is sold in the domestic market, and the remaining 27%, i.e. 224 kt, was exported to SouthEast Asia, the Middle East, and the rest of the world" [123]. Lead: "efforts underway to optimise sales mix toward 100% domestic consumption" [136]. Silver: "India is a net importer of silver. Hence there is no question of exporting silver from India" [110].

Digital Distribution

HZL has undertaken a dual-pronged digital strategy to overhaul sales and logistics [38]:

• E-auction platform launched in FY25: digitised metal buying process, real-time participation for buyers across India, premiums pegged to live market rates [38]
• Vedanta Metal Bazaar (powered by Moglix): e-commerce portal for product purchase, complaint tracking, and customer engagement [3][74][137][146]
• Digital auction volumes: 100% of silver and 70% of zinc sold via digital auctions [30][106]
• MSME accessibility: Live LME-benchmarked pricing with minimum 1-tonne delivery [27][105]; shared transport models for smaller buyers [38]
• Digital tools: e-negotiation, digital KYC buyer registration, customer dashboard with contract status/market analytics, live vehicle tracking, mobile-enabled Vendor Management Portal [22]
• Tech-enabled freight marketplace: optimised logistics, enhanced route efficiency and cost competitiveness, collaborative logistics for smaller buyers [38]

Logistics Model

• Own + 3PL + 4PL hybrid:
  • 180 LNG vehicles for inter-unit and finished goods transport [33][135]
  • 10 EV trucks deployed (55-tonne capacity each); new contract for 40 EV bulkers for calcine inter-unit movement with 8-year contract duration [82][120]
  • 41 LNG trucks deployed [FY24] [85]
  • Long-term contracts: 8 years for EV fleet [120], 5 years for LNG fleet [85]
  • 7% reduction in operational cost vs fossil fuel fleets [85]
  • 3 EV charging stations deployed; 3 underground battery electric vehicles (BEVs) in mines [33][135]
• Centralised warehousing (4PL): Partnered with TVS Supply Chain Solutions for 4th party logistics warehousing with 'Use & Pay' model; standardised spare parts across business units [85]
• Fulfilment metrics [FY24]: 98% inbound turnaround within 24 hours; 97% outbound orders served within 48 hours; operational cost savings of ₹85.65 lakhs p.a. [85]
• Tracking: Real-time GPS tracking for vehicles, barcode scanner-based material movement, electronic proof of delivery (e-POD) via web/mobile [85]
• Rail transport introduced for coal supply to Dariba [29]
• Pantnagar (Uttarakhand) provides an additional dispatch point beyond the Rajasthan smelter complex [13]
• CII SCALE Award under 'Green Logistics' category [82]
• Fully battery-powered logistics value chain being developed toward net-zero target [135]

Channel Economics

Distribution Moat

• ~77% domestic primary zinc market share — near-monopoly incumbency in India [14][76][123][133]
• ~74% domestic primary lead market share [FY25] (up from ~64% in FY24) [136]
• Fully integrated mine-to-metal operations with 25+ year mine life and 2nd highest global R&R base [11][56][124]
• LME/LBMA brand registration provides global market access and trust [21]
• REACH registration enables European market penetration [31]
• Digital-first sales platform with MSME accessibility lowers customer acquisition costs [38]
• High entry barriers: capital-intensive operations and lack of zinc ore mines in India [36]
• Cost position that "allows us to ensure that nobody else in the world can compete with us in any geography that we sell" [72]
• Zinc Park — building a captive downstream ecosystem with assured raw material linkage and long-term offtake arrangements, creating structural channel lock-in [92][93]
• Strategic commitment to match India's market growth: "As the market grows, we will continue to hold on to 75% to 80% of the market share" [49]; bullish on 2 Mt zinc+lead India demand by ~FY28-30 as steel capacity targets 300 Mt [131]

6. Customer Profile

Customer Type & Segments

All revenue is B2B [3][105]. ~70% of zinc produced in India is consumed by the galvanised steel industry [36].

Customer Concentration

Source: [19][79][68]. "No single customer accounted for 10% or more of revenue" in FY25, FY24, and FY23.

Trade receivables are spread over a number of customers with no significant concentration of credit risk [19].

Relationship Depth & Credit Terms

• Sales predominantly against advance payment or letters of credit/bank guarantees [4][116] — low credit risk profile
• HZL is described as a preferred vendor for SHG zinc among major Indian steel producers [15]
• Tata Steel: "strategic partner for over two decades" — won 'Best Supplier of the Year Award' at Tata Steel Annual Supplier Meet 2023 [144]; first EcoZen delivery to Tata Steel's Sahibabad plant [140]; "expanded engagement under the EcoZen initiative represents a significant evolution in this collaboration" [140]
• Partnership with AEsir Technologies as preferred zinc supplier for nickel-zinc batteries [9]
• Skipper Ltd (infrastructure): "Hindustan Zinc is a trusted supplier of top-quality zinc products" [119]
• Customer satisfaction surveys conducted biennially via Feedback Insights Agency covering product, packaging, delivery, contracting, and complaint handling across zinc, lead, silver in domestic & export regions [69][146]; FY22 survey: 137 respondents, HZL scored 76.8 on Experience Index [83]
• Quality complaints: 44 received in FY25 (vs 28 in FY24, 46 in FY22); only 2 pending at year-end; zero product recalls [3][74]
• Zinc Park offtake arrangements: assured raw material linkage with committed long-term offtake, performance-linked incentives, and renewable energy commitments for downstream investors [92]
• Customer engagement protocol: understanding current market requirements, disruptive trends, scope of new zinc/lead applications, product development guided by customer requirements, ESG/sustainability discussions [146]

Acquisition Model

Field sales / relationship-driven with digital augmentation:

• Structured customer interaction protocol: regional managers → area managers → national sales heads → CMO [32][56]
• Quarterly to biannual senior management engagement depending on customer value [6]; Chairperson/CEO with high-value target customers [146]
• Voice of Customers workshops chaired by CEO & CFO [6][137][146]
• LinkedIn campaigns for outreach and information sharing [6][146]
• Digital channels (Vedanta Metal Bazaar, e-auction platform) increasingly important for MSME acquisition [30][38]
• Market circulars and in-person interaction via emails/phone calls for service disruption communication [69][83]
• 81 value chain partner awareness programmes held [FY24]; 100% of partners trained on Supplier Code of Conduct [55]
• Safety Data Sheets provided to all customers; proactive engagement on safe/responsible usage with focus on new consumers [83]
• Engagement during new product launches like EcoZen [146]

Sector-Specific Metrics (Metals & Mining / Chemicals)

Competitive Distribution Comparison

Data limitation: Detailed competitor distribution data (for peers such as Nyrstar, Glencore zinc operations, or Boliden) is not available in the provided filings. Self-reported competitive positioning:

HZL operates as a near-monopoly in India's primary zinc market with 77% share and no domestic competitor of comparable scale. The integrated mine-to-metal model with 25+ years of mine life, first-decile cost position, and ₹30,000-35,000 crore capacity doubling programme create a moat that would require decades and billions of dollars to replicate. The Zinc Park initiative further entrenches this by locking downstream customers into HZL's ecosystem.

Key structural advantage: HZL has no domestic competitor of comparable scale in integrated zinc production, effectively operating as a near-monopoly in India's primary zinc market with 77% share and 74% lead share. High entry barriers — capital-intensive operations and lack of zinc ore mines — lend competitive edge [36]. The integrated mine-to-metal model with captive resources underpinning 25+ years of mine life creates a moat that would require decades and billions of dollars to replicate. The cost position ensures competitiveness in any geography [72]. The Zinc Park initiative and EcoZen green zinc with named customer relationships (Tata Steel) further strengthen this moat by creating structural downstream lock-in [92][93][140]. The company targets doubling capacity to 2 Mtpa with revenue potential of ₹62,000-65,000 crore and EBITDA of ₹34,000-36,000 crore [128].

Key structural risks:

• Limited international operational footprint — all production and offices are India-based [13]. The Board-approved acquisition of THL Zinc (South Africa/Namibia mines) [31] would address this.
• Business and regulatory risk concentration in Rajasthan, with royalty costs increasing >125% over 6 years [36].
• Mine lease expiry for 3 of 5 operational locations (Rampura Agucha, Rajpura Dariba, Zawar) in 2030 [67].
• CBAM and other cross-border climate regulations could impact zinc exports to the EU, though HZL's minimal EU exposure and EcoZen product provide mitigation [115].
• Secondary (recycled) lead market now accounts for >60% of lead supply, with removal of customs duties on lead scrap further driving recycling infrastructure — structural pressure on primary lead [136].
• Silver production volume flexibility constrained by mine operating mode decisions and ore grade variability at Sindesar Khurd [131].

Key Data Gaps

1. Channel margin % for dealers/distributors is not disclosed in any filing.
2. Contract type breakdown (spot vs annual vs multi-year) and average customer tenure are not disclosed beyond qualitative descriptions of "multi-decade" relationships (e.g., Tata Steel >20 years [140]).
3. Competitive benchmarking — no peer distribution data (dealer counts, digital share, geographic reach of competitors) in the filings.
4. Warehouse/depot footprint — partially addressed: centralised warehousing via TVS Supply Chain Solutions (4PL) is disclosed [85], but number and locations of warehouses/depots are not specified.
5. Online revenue share % — while 100% silver and 70% zinc are sold via digital auctions [30][106], the revenue attribution to digital vs physical channels is not separately reported.
6. Captive power capacity discrepancy: Three different figures — 625.16 MW [12], 603.16 MW [147], and 514 MW [36] — possibly due to different definitions (gross vs operating capacity or exclusion of certain units).
7. Top 5 / Top 10 customer revenue concentration % — only disclosed that no single customer exceeds 10%; granular top-5/top-10 data unavailable.
8. Zinc Park investment quantum and tenant pipeline beyond the two announced MoUs are not yet disclosed.
9. EcoZen pricing premium — qualitative statements about customer value (~400 kg CO₂ avoided) but no disclosed realised premium per tonne over conventional SHG zinc.