Driven by a historic surge in silver prices across global and domestic markets, shares of Hindustan Zinc Limited (HZL) witnessed a robust rally. With this surge, the company’s market capitalization has crossed the ₹3.2 lakh crore mark, making it India’s most valuable metal company. On Friday, the company’s stock jumped over 6%, resulting in HZL overtaking its parent group Vedanta and industry giants like JSW Steel. Silver prices are currently nearing record levels of $100 per ounce in the international market and ₹3.40 lakh per kg on the domestic front.
Following the company’s strong performance in the third quarter of FY26, major brokerage firms including Jefferies, JM Financial, and Systematix have raised their target prices for Hindustan Zinc Limited. These upgrades reflect the company’s rapid profit growth, margin improvement, and enhanced earnings visibility. During the quarter, the company benefited from higher zinc and silver prices, a structural reduction in production costs, and consistently strong operational execution, leading analysts to upgrade their earnings estimates and valuations.
JM Financial, Jefferies, and Systematix have reiterated 'Buy' ratings with revised target prices of ₹770, ₹750, and ₹755, respectively. Global brokerage firm HSBC has also maintained its 'Buy' rating with a target price of ₹750, citing strong earnings momentum, the increasing contribution of silver, and continued cost discipline. YES Securities maintained an 'Add' rating while raising the target price to ₹725, while Motilal Oswal increased its target price to ₹720 with a 'Neutral' stance. Antique Stock Broking, despite remaining cautious on valuations, raised its target price following upward revisions in zinc and silver price estimates.