India, Sept. 13 -- Silver has had an unusual run. Demand from solar panels, electronics and electrification has strengthened its industrial importance, while its role as a precious metal continues to attract investors. Over the year, silver prices rose sharply. The average price increased from $33.7 per ounce in Q1FY26 to $73.2 in Q1FY27, although it had come down from $84.3 in Q4FY26.

For Hindustan Zinc, this has been extremely profitable. But there is a catch. The company does not operate a simple silver mine where it can increase production whenever prices rise. Silver comes through its larger zinc and lead mining and processing system, so production depends on ore grades, mine sequencing, lead output and many more things.

Silver Is...