While the bull case has strengthened since Hindustan Zinc’s blockbuster Q1FY27 results, it comes with caveats. The company itself cited Woodmac’s projections, which placed London Metal Exchange (LME) price for zinc at $3,180/tonne by 2027 and at $3,038/tonne the next year, down from $3,379/tonne in 2026. Silver, which contributed 46% of the company’s Ebitda in Q1FY27, had fallen sharply from $84.3 to $66.7/troy ounce between Q4FY26 and June.
