Hindustan Zinc Ltd.

“Hindustan Zinc is a genuinely exceptional industrial asset — a first-quartile cost producer with a domestic zinc monopoly, irreproducible ore-grade geology, and 40-50% EBITDA margins that no global peer matches. However, the controlling shareholder (Vedanta Group) has systematically extracted cash to service parent-level debt, the attempted Zinc International acquisition confirmed minorities are structurally subordinated, and the current market price of ₹628 represents fair value with no cushion for governance drag or commodity downturns. The GoI's 29.5% blocking stake prevents the worst outcomes but does not align interests. This is a TRACK, not a BUY: wait for a 20-25% drawdown to ₹470-500 where the governance discount is adequately compensated, or for a credible governance improvement catalyst such as Vedanta debt resolution.”