New Delhi, April 28 -- Hindustan Zinc's robust March quarter (Q4FY26) performance, aided by the sharp rally in silver and zinc prices, masks an underlying vulnerability: its limited capacity for further production growth.

Silver production at 627 tonnes was lower year-on-year in FY26, missing the guidance of 705 tonnes. FY27 guidance is 685 tonnes. Refined metals (zinc plus lead) production of 1.05 million tonnes (mt) in FY26 also missed guidance, and was lower year-on-year. While management has guided for production to reach 1.1 mt in FY27, this could be a tough task, given that output has stagnated around 1.03-1.05 mt over the past four years. A big jump in output is seen only after its 0.25 million-tonnes-per-annum (mtpa) expansion pr...