Hindustan Zinc Limited company name appointed Amarendu Prakash as Chief Executive Officer and Whole-time Director, effective August 1, 2026. The Board of Directors approved the appointment on July 24, 2026, following a recommendation from the Nomination and Remuneration Committee. This leadership change brings a seasoned executive with over three decades of experience in the steel industry to helm the zinc major, potentially influencing its strategic direction and operational execution. The appointment remains subject to shareholder approval.

The Board meeting commenced at 12:00 noon and concluded at 2:05 p.m. IST on July 24, 2026. In addition to his executive role, Mr. Prakash will serve as a member of the Sustainability & ESG Committee, Stakeholders Relationship Committee, Committee of Directors, and Project Committee starting August 1, 2026. The company disclosed the outcome pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mr. Prakash joins Hindustan Zinc from Steel Authority of India Limited (SAIL), where he served as Chairman & Managing Director. During his tenure at SAIL, he led the organization's transformation agenda, focusing on capacity expansion, operational excellence, digitalization, and sustainability initiatives. Prior to this role, he held key leadership positions, including Director (In-Charge) of the Burnpur and Bokaro Steel Plants. A Metallurgical Engineer from BIT Sindri, he joined SAIL in 1991.

The company confirmed that Mr. Prakash is not related to any director of Hindustan Zinc and is not debarred from holding office by SEBI or any other authority. These disclosures align with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, as well as circulars from BSE and NSE regarding director appointments.

Updated Key Managerial Personnel

Effective August 1, 2026, the revised list of Key Managerial Personnel authorized to determine materiality and make disclosures under SEBI Listing Regulations includes:

• Amarendu Prakash, CEO & Whole-time Director
• Amit Gupta, Chief Financial Officer
• Aashhima V Khanna, Company Secretary & Compliance Officer

Strategic Implications

The appointment signals a shift in leadership strategy for Hindustan Zinc, leveraging Mr. Prakash’s extensive background in large-scale industrial operations and transformation. His experience in driving digitalization and sustainability at SAIL may inform Hindustan Zinc’s own ESG and operational goals. Shareholders will vote on the appointment at a future general meeting, finalizing the transition.

Hindustan Zinc is drawing significant analyst attention after two prominent brokerages — HSBC and Jefferies — maintained their Buy ratings on the stock following a better-than-expected quarterly earnings performance. The positive sentiment is underpinned by stronger zinc and sulfuric acid prices, though both firms have flagged a set of risks that investors should monitor closely.

HSBC Maintains Buy, Upgrades EBITDA Estimates

HSBC has retained its Buy rating on Hindustan Zinc with a target price of ₹770, citing Q1FY27 earnings that surpassed estimates. The outperformance was driven by higher LME zinc prices and stronger sulfuric acid prices. In response to the earnings beat, HSBC has upgraded its EBITDA estimates for FY27 through FY29 by 4.1–7.8%, reflecting improved near-term earnings visibility.

Despite the positive revision, HSBC highlighted several risks that could weigh on the stock's performance going forward:

• Weaker metal prices
• Lower mine grades
• Potential royalty hikes
• Related-party transactions

Jefferies Maintains Buy, Trims Target Price

Jefferies also maintained its Buy rating on Hindustan Zinc but revised its target price downward to ₹660 from ₹700. The brokerage noted that Q1 EBITDA beat estimates by 6%, supported by stronger zinc prices, even as silver prices came in weaker during the quarter.

Following the results, Jefferies raised its FY27–28 EPS estimates by 4–6%. The firm also pointed to attractive valuations, with the stock trading at 7.5x FY27 EV/EBITDA, which is below its long-term average.

Brokerage Ratings at a Glance

The following table summarises the key parameters from both brokerage calls:

Key Risks to Watch

Both brokerages acknowledged that while near-term earnings momentum remains strong, the investment case is not without risks. HSBC specifically flagged weaker metal prices, deteriorating mine grades, potential royalty hikes, and related-party transactions as factors that could impact performance. Investors are advised to weigh these considerations alongside the positive earnings trajectory.