THEME 01 / HINDUSTAN ZINC LTD / ENTITY OVERVIEW

Enterprise Health

Key question: Is the entity healthier today than yesterday?

Health index

74 / 100

vs yesterday

▼ 3

Actions open

On track6

Sales vs plan101.8%
ROCE31.2%
Capacity utilisation92.4%

Deteriorating3

EBITDA vs plan−2.6%
Free cash flow−₹212 Cr
Production vs plan96.2%

Improving2

Revenue vs last month+3.2%
EHS severity events1 ← 3

Requires intervention2

Cash getting stuck (FCF)ESC-0412
Dariba smelter output gapESC-0409

01.1

Financial

EBITDA / VarianceB

3,412₹ Cr

−2.6% vs plan ₹3,503 Cr

✓ CERTIFIED06:42CONF 98%Entity CFO

EBITB

2,786₹ Cr

−1.9% vs plan

✓ CERTIFIED06:42CONF 97%Entity CFO

Revenue / VarianceB

7,684₹ Cr

+1.4% vs plan ₹7,578 Cr

✓ CERTIFIED06:40CONF 99%Head Sales

Free Cash FlowB

1,148₹ Cr

−₹212 Cr vs plan

◐ PENDING05:58CONF 86%Treasurer

ROCEC

31.2%

+0.8 pts vs prior quarter

✓ CERTIFIEDSEP CLOSECONF 99%Entity CFO

01.2

Performance diagnosis

Cash ConversionFCF ÷ EBITDA

34%

₹1,148 Cr cash from ₹3,412 Cr EBITDA · target 60%

◆ BELOW TARGETDetails →

Capital EfficiencyROCE

31.2%

Minimum threshold 28% · +0.8 pts vs prior quarter

● ABOVE THRESHOLDDetails →

Overall ReadESC-0412

Cash getting stuck

Profit is healthy; ₹212 Cr held in receivables and inventory

◆ OWNER: HEAD SALESDetails →

Performance diagnosis · Hindustan Zinc Ltd

Cash getting stuck

EBITDA vs plan

97%

₹3,412 Cr of ₹3,503 Cr

FCF vs plan

84%

₹1,148 Cr of ₹1,360 Cr

ROCE

31.2%

threshold 28%

Where the cash is held · ₹212 Cr gap to plan

Overdue receivables — 2 export customers₹151 Cr Overdue receivables — other customers₹35 Cr Inventory build, net of payables₹26 Cr

How the reading is made

EBITDA	FCF	ROCE	Reading	Status
▲ High	▼ Low	—	Cash getting stuck	Current
▲ High	▲ High	▼ Low	Too much capital invested	Not met
▲ High	▲ High	▲ High	Excellent performance	Not met

Outlook

Expected return to "Excellent" once collections normalise~18 days Escalation · owner Head Sales · due 03-10 18:00ESC-0412

Open Cash & Liquidity View escalation

01.3

Operational · Strategic · Risk

Production vs PlanB

96.2%

Refined metal 71.4 kt vs 74.2 kt

✓ CERTIFIED06:35Head Ops

Sales vs PlanB

101.8%

Dispatched 70.9 kt

✓ CERTIFIED06:40Head Sales

Capex ProgressB

58% spent

Physical progress 54% · 2 delayed

✓ CERTIFIED06:20Head Projects

Transformation ProgressB

49% of target

₹223 Cr of ₹455 Cr benefits · 1 at risk

✓ CERTIFIED06:20PMO Lead

Open Red AlertsA

2 critical · EHS severity events 1 · Regulatory breaches 0

✓ LIVE07:26Head Risk

01.4

Revenue & profitability

EBITDA variance bridge · plan → actual

3,503

Plan

−118

Volume

+96

Price (LME)

−104

Cost (power, coal)

+21

Mix (silver)

+14

3,412

Actual

Forecast vs guidance

Guidance low

13,600

Guidance high

14,900

Current forecast

13,880

Prior forecast

14,310

Within guidance, lower half. Forecast moved −₹430 Cr in 7 days on power cost and Dariba output. Guidance risk assessed in Theme 03.

#	KPI	Definition	Actual	Plan	Var	Status	Certification	Owner
FIN-RP-01	Revenue	Total recognised revenue for the period	7,684	7,578	+1.4%	On track	Certified 06:40	Head Sales
FIN-RP-02	Revenue Variance	Actual vs planned revenue, by driver	+106	—	+1.4%	On track	Certified 06:40	Head Sales
FIN-RP-03	EBITDA	Operating profit before D&A, interest, tax	3,412	3,503	−2.6%	Deteriorating	Certified 06:42	Entity CFO
FIN-RP-04	EBITDA Margin	EBITDA as % of revenue	44.4%	46.2%	−180 bps	Watch	Certified 06:42	Entity CFO
FIN-RP-05	EBITDA Variance Bridge	Volume, price, cost, mix, FX contribution	−91	—	—	Explained	Certified 06:42	FP&A Lead
FIN-RP-06	Forecast vs Guidance	FY forecast against approved guidance range	13,880	13,600–14,900	in range	Watch	Forecast · unaudited	FP&A Lead