1 Includes 13.7 kt and 10.1 kt from Hindustan Zinc Alloys (100% subsidiary of Hindustan Zinc) in FY2026 and FY2025, respectively.

For the full-year, ore production was at 16.61 million
tonnes, up 2% YoY, driven by higher production at Rampura
Agucha, Zawar and Kayad mines, partly offset by lower
production at Rajpura Dariba and Sindesar Khurd mines.
FY2026 saw the best-ever mined metal production of 1,114
kt compared to 1,095 kt in the previous year, in line with
higher ore production and improved mined metal grades.

For the full year, we saw our second-best metal production
at 1,048 kt in line with the best-ever refined zinc
production at 851 kt, up 3% YoY driven by commissioning
of debottlenecking projects & 160 ktpa roaster along with
pyro operations on zinc-lead mode for full year, partly
offset by lower refined lead production at 197 kt, down
13% YoY primarily on account of pyro operations ran
partially on lead mode in the previous period & lower plant
availability. The silver production was down 9% at 627
tonnes, in line with lead production and lower silver input
from mines in accordance with the mining sequence.

The Company generated 4,114 million units of thermal
based power in FY2026. Total green power generation
was 892 million units as compared to 632 million units in
FY2025. The Company has also sourced 519 million units
of renewable energy from Serentica Renewables India Pvt.
Ltd., taking the overall renewable energy power share to
c.18% of the total power requirement during the year.

During the year, the CompanyRs.s domestic refined zinc
metal sales of 600 kt were down marginally as against
603 kt last year, while export sales for the year stood at
251 kt as compared to 225 kt a year ago. The aggregate
sales increased by 3% as compared to the previous year, in
line with the production. Lead metal sales in the domestic
market were 151 kt, while export sales were 46 kt leading
to a decrease in aggregate sales by 13% from a year
ago, in line with decrease in the refined lead production.
Silver sales were 627 tonnes in FY2026, almost all in the
domestic market.

(f in crore)

Details of the CompanyRs.s annual financial performance
as presented during the Analyst Meet (post declaration
of annual results) are available on the CompanyRs.s
website at https://www.hzlindia.com/investors/results-
and-reports.

The Company reported Rs.revenue from operationsRs.
including other operating income of f 40,844 crore on
a consolidated basis, an increase of 20% YoY primarily
on account of increased zinc and silver prices, lead
concentrate sale, higher by-product realisations, and a
favourable exchange rate, partly offset by lower metal
volume, losses from strategic hedging initiative, lower
lead prices, and lower silver volume.

The Rs.other incomeRs. was f 1,090 crore during the year
compared to f 983 crore in the previous year.

ZincRs.s cost of production (COP) excluding royalty for
FY2026 was f 84,768 (US$ 959) per tonne, lower by
5% YoY (lower by 9% in US$ terms). The full-year COP
showed significant improvement, primarily driven by
lower power cost on account of higher domestic coal
usage, softened imported coal prices, and higher
renewable energy power usage, and better mined
metal grades, and higher by-product realisation, partly
offset by higher mine development.

The above revenue and production cost resulted in
profit before depreciation, interest and tax (PBDIT) of
f 23,154 crore in FY2026, up by 26% YoY on account of
better zinc and silver prices, favourable exchange rate
and lower cost of production, partly offset by losses
from strategic hedging initiative, lower lead prices and
lower silver volume.

Net profit was f 13,832 crore, up 34% YoY mainly on
account of higher PBDIT and a lower interest expense,
offset by higher depreciation & amortisation and a
lower effective tax rate in the base period (due to one-
time reversal of tax provisions).

The EPS for the year was f 32.74 per share as compared to
f 24.50 per share in FY2025.

(Rs. in crore)

* Includes Cash & Equivalents (refer Note 11 of the Audited Financial
Statements), other bank balances excluding earmarked unpaid dividend
accounts balance (refer Note 12 of the Audited Financial Statements) and
Current & Non-Current Treasury Investments (refer Note 9 of the Audited
Financial Statements)

** Earnings before Interest, Tax, Depreciation and Amortisation expenses and
Income on investments

Gross working capital represented by inventory, trade
receivables, and other current assets increased from
f 2,257 crore to f 2,862 crore as of March 31, 2026,
primarily due to increase in trade receivables and inventory.
The working capital cycle was 26 days in FY2026 as
compared to 24 days in FY2025.

The gross block during the year increased from f 48,425
crore to f 53,910 crore. This was largely due to the ongoing
mining projects and other sustaining capex.

The total capital employed as of March 31, 2026, was
f 17,035 crore, as compared to f 14,495 crore at the end of
previous fiscal year.

+ Refer page 123 for description

As Hindustan Zinc advances in the journey towards 2 Mtpa
integrated metal expansion, several projects have been
undertaken throughout the year:

160 ktpa roaster project at Debari commissioned

Cellhouse debottlenecking completed at Dariba Smelting
Complex and Chanderiya Lead-Zinc Smelter, enhancing
the metal capacity by 21 ktpa

A lead-silver recovery plant based on hot acid leaching
technology is under progress in Dariba and is expected to
be completed by Q2 FY2027, which enables a recovery of
27 TPA additional silver and 6 ktpa additional lead

Bamnia Kalan Mine project is under progress with ongoing
excavation work for box-cut of portal

The 510 ktpa fertiliser plant is under progress and is
expected to be completed by Q2 FY2027

In June 2025, the Board has approved plans for expanding
the integrated refined zinc capacity by 250 ktpa along with
associated mining & milling capacity with an investment

of c.f 12,000 crore. Key EPC partners were locked in and
detailed engineering and site mobilisation is in progress,
with expected completion by 2Q FY2029

In August 2025, the Board has approved IndiaRs.s first zinc
tailings reprocessing plant at Rampura Agucha with a
feed capacity of 10 Mtpa and an investment of f 3,823
crore. Key EPC partners have been locked in and detailed
engineering was completed with expected completion

by 4Q FY2028

In January 2026, the Board approved a capex of f 1,100
crore for exploration activities related to the 2x growth
plan, with a target to increase the metal reserves from
current 13 Mnt to 50 Mnt, primarily through Zawar and
Rajpura Dariba clusters, thereby maintaining a strong
reserves and resource base with a mine life of over 25
years. Technical and drilling partners were locked in for
Rajpura Dariba and Zawar

While the 250 ktpa integrated refined zinc capacity
expansion and the tailings reprocessing plant fall under
Phase 1 of the overall plan towards doubling the capacity,
further projects forming the Phase 2 will be announced, as
and when they are approved by the Board.

In terms of the provisions of Regulation 43A of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ( the"Listing Regulations" or "SEBI
(LODR)"), the Company has adopted a Dividend Distribution
Policy to determine the distribution of dividends in
accordance with the applicable provisions. The policy can
be accessed on the website of the Company at Dividend
Policy.pdf

During FY2026, the Company has declared the following
dividend in compliance with the Dividend Distribution
Policy:

Pursuant to the Finance Act, 2020, dividends are taxable
in the hands of the shareholders with effect from April 01,
2020, and accordingly, the Company makes the payment
of the dividend after deduction of tax at source ("TDS") at
prescribed rates as per the Income Tax Act, 1961.

CRISIL has reaffirmed the CompanyRs.s long-term rating
of AAA/Stable and short-term rating of A1+. The ratings
continue to reflect the CompanyRs.s low-cost operations,
strong market position, efficient and integrated operations,
high reserve & resource, and a strong balance sheet.

The Company follows a conservative investment policy and
invests in high quality debt instruments. As on March 31,
2026, the CompanyRs.s gross investments and cash & cash
equivalents were f 13,846 crore.

The Company has contributed f 18,846 crore during FY2026, in terms of royalties, dividend, and taxes
to the Government treasury.

Sourcing c.18% renewable energy, including from 530
MW round-the-clock (RE-RTC) power delivery agreement

3 battery electric vehicles running in underground
operations at Sindesar Khurd Mine (SKM)

Deepened partnerships with select customers through
adoption of EcoZen, AsiaRs.s first low-carbon zinc made
with 100% renewable electricity

Deployed 180 liquified natural gas (LNG) vehicles and
52 electric vehicles (EVs)

4.79 tCO₂ per tonne of metal

Impacted around 2.6 million

lives across 4,000+ villages with

sustained CSR interventions

Total CSR spend of Rs. 278.15 crore

i

100% active suppliers assessed
for sustainability criteria

Introduced Sustainable Supply

Unfortunately, 2 fatalities
during the year (business
partner workforce).

42% reduction in TRIFR from
baseline FY2020

26.4% diversity (versus
14.4% in FY2020)

23 people from LGBTQIA+
community are now
members of the family

Achieved 3.32 times water positivity,
independently verified by a third party

13% reduction in freshwater consumption from
baseline FY2020

Filtered tailings and paste fill plants at Rajpura
Dariba Complex (RDC) enable average recycled
water usage of 8,100 KLD

Jarosite reduction of 101 kt through
fumer operation

100% fly ash usage

8.63 lakhs MT of gainful utilisation of
smelting process waste like Jarosite
and Jarofix

Setting up an innovative hot acid
leaching plant at the Dariba Smelter
Complex by Q2 FY2027, enabling
reduction in Jarosite generation

Filed two intellectual properties
(IPs) concentrating in the fields
of sustainable metal valorisation
from smelting waste and mineral
processing, and generation of pyrite
concentrate from tailings

Recycled input material in alliance
with Runaya Green Tech Private
Limited, with waste recovery of
43,448 MT

Setting up IndiaRs.s first zinc tailings
reprocessing plant at RAM, supporting
responsible mining and resilient
mineral supply chains

™T

Expanded green cover through 1,13,500 additional
plantations in FY2026

Engaged with International Union for Conservation of
Nature (IUCN) for 3 years and developed biodiversity
management plan (BMP) for all sites to support
achievement of no net loss of biodiversity

Implementation of wildlife conservation plan in
progress at Chanderiya Lead-Zinc Smelter (CLZS),
Rajpura Dariba Mine (RDM), SKM & Zawar Mine (ZM)

In August 2025, Hindustan Zinc achieved a historic
milestone by becoming the 25^th member of the
International Council on Mining & Metals (ICMM), and
notably, the first new entrant since 2021. With this
achievement, the Company also became the first Indian
company to join ICMM, a moment of great significance for
both the organisation and the Indian mining industry. As
ICMM represents the global benchmark for responsible
mining, encompassing leadership in social performance,
environmental stewardship, safety, and ethical practices,
Hindustan ZincRs.s membership marks a transformative step
that positions India prominently on the global stage of
sustainable and responsible mining.

Furthermore, for the third consecutive year, Hindustan
Zinc has been recognised as the global ESG leader in S&P
Global Corporate Sustainability Assessment 2025, being
ranked 1^st globally in metals and mining sector. With an
improvement in overall score to 90, Hindustan Zinc also
got featured in Sustainability Yearbook 2026 amongst
the top 1% most sustainable organisations globally for the
ninth consecutive year. Further, in April 2026, the Company
became the first Indian company to be included in the Dow
Jones Best in Class (DJBIC) Index (Emerging Markets),
globally benchmarked index for corporate sustainability
performance.

Hindustan ZincRs.s Rampura Agucha Mine and Chanderiya
Lead Zinc Smelter have successfully achieved Zinc Mark
certification, becoming the first mine and smelter in India,
respectively, to receive this prestigious recognition.

At Hindustan Zinc, ensuring the safety, health, and well-
being of our employees and business partners remains
a core organisational priority. Guided by our Rs.Zero
HarmRs. philosophy, we continue to strengthen systems,
leadership accountability, and risk management practices
to create a workplace where every individual return
home safely. During the year, the Company reinforced
its safety governance framework through enhanced
critical risk management systems, leadership capability
building, and structured engagement with employees and
business partners.

It is with deep regret that we acknowledge the loss of
two colleagues from our business partnersRs. workforce
in work-related incidents during the year. We extend our
sincere condolences to their families and loved ones. Such
incidents are unacceptable, and each loss reinforces the
fundamental duty we hold to prevent harm. In line with our
commitment to the Rs.Zero HarmRs. ambition and internationally
recognised standards, investigations were conducted using
incident cause analysis method (ICAM) methodology for
identification of PEEPO (people, environment, equipment,
procedure, organisation) factors and we are resolute
in implementing all learnings across our operations.
Strengthening our safety culture remains a core leadership
responsibility, with a continued focus on risk elimination,
operational discipline, and shared accountability.

A significant milestone during the year was the rollout
of a critical risk management (CRM) centric safety
management system across operations. The CRM

framework focuses on identifying high-consequence
risks and ensuring the implementation of effective critical
controls to prevent fatalities and serious incidents. As
part of this program, five additional critical risks were
launched during FY2026, including risks related to HEMM
fire, ventilation failure, corrosive substances and acids,
excavation hazards, and exposure to hazardous gases,
strengthening the organisationRs.s ability to proactively
manage high-risk operational scenarios. Hazard and
operability (HAZOP) studies were conducted across
all units to identify emerging process safety risks and
strengthen preventive measures.

To further strengthen leadership capability in safety, we
conducted S.A.F.E. (Safety Awareness For Excellence)
Leadership Workshops for 42 leaders, including 33
Hindustan Zinc employees and 9 business partners.

These workshops were designed to enhance frontline
leadership capability, strengthen risk ownership, and
reinforce behavioural safety practices across operations.

6 one-to-one coaching sessions have been completed
for 10 identified leaders for strengthening leadership
accountability and enhancing safety culture to drive
behavioural change.

Business partner engagement remained a key focus area
during the year. We conducted Business Partner CEO
Connect sessions, creating a platform to reinforce safety
accountability, strengthen partnerships, and align business
partners with Hindustan ZincRs.s safety standards and
expectations.

Hindustan Zinc also launched the Mine Safety Assurance
Program, aimed at strengthening safety governance
in mining operations through structured assurance
mechanisms, periodic reviews, and enhanced oversight
of risk controls. The Company continues to invest
in strengthening infrastructure safety through the
Infrastructure Inframatrix framework, addressing critical
infrastructure risks and enhancing operational reliability.

Occupational health management remains a key pillar
of the CompanyRs.s safety strategy. During the year,
Quantitative Exposure Assessment (QNEA), personal
protective equipment (PPE) fit assessments, and
ergonomic studies were conducted across operations
to mitigate workplace health risks. As a result of
targeted interventions, 43 high-exposure zones were
successfully converted into green zones, improving
workplace conditions and reducing employee exposure to
occupational hazards.

In line with our commitment to capacity building, the
Company launched the SAKSHAM UTKARSH campaign
in partnership with Nettur Technical Training Foundation
(NTTF), aimed at strengthening technical competencies of
operators and shopfloor employees through trade-based
skill development. In FY2026, 117 training batches covering
51 technical topics were successfully completed, enhancing
workforce capability and operational safety.

These initiatives reflect Hindustan ZincRs.s continued
commitment to strengthening safety culture, enhancing
leadership accountability, and adopting proactive risk
management practices across operations.

As part of Hindustan ZincRs.s Sustainability 2.0 movement,
ambitious, globally benchmarked sustainability goals were
set for FY2030, which were built onto the baseline
of FY2020.

The CompanyRs.s Science Based Targets include a
commitment to 50% reduction of absolute Scope 1 and
2 GHG emissions and further reduction of 25% absolute
Scope 3 GHG emissions by FY2030 from the base year
FY2020 and further achieving net-zero emissions across
the value chain by FY2050.

As part of our ongoing 530 MW round-the-clock
renewable energy (RE-RTC) power delivery agreement in

addition to captive solar and waste heat recovery boilers
(WHRB), we sourced c.18% of the renewable energy power
in FY2026 against the overall power requirement across
the plants. The 530 MW RE-RTC will help in reducing our
GHG emissions significantly by 3.5 MtCO₂e per annum by
2028. The usage of renewable energy has also enabled
Hindustan Zinc to launch AsiaRs.s first low carbon zinc,
EcoZen, which boasts a carbon footprint of less than 1
tCO₂e per tonne of zinc produced, about 75% lower than
the global average. In FY2026, we have strengthened our
long-standing partnership with several customers through
adoption of EcoZen across their manufacturing operations.

In FY2026, as part of our commitment to green logistics,
we signed two MoUs with Greenline Mobility Solutions
Ltd to accelerate decarbonisation of supply chains. The
first marks IndiaRs.s first such commercial-scale initiative
of deploying 100 electric vehicle (EV) trucks with battery
swapping for concentrate movement between mines and
smelters. The second adds liquified natural gas (LNG)
trucks to our finished goods logistics fleet, doubling our
LNG vehicle capacity, advancing cleaner, more sustainable
logistics. Hindustan Zinc, in collaboration with Enviiro
Wheels Mobility Pvt Ltd., has flagged off first 10 EV bulker
trucks at Zinc Smelter Debari, resulting in total 52 EV trucks
for interunit transport of goods.

Our other initiatives in reducing our Scope 3 emissions
include deployment of 180 LNG-powered trucks in
partnership with Greenline, for upstream & downstream
transportation.

We have effluent treatment plants (ETPs) and water
treatment plants (WTPs) at all our operations which recycle
processed water, which is then reused in operations
making the Company zero liquid discharge (ZLD). The
most recent addition is a water treatment plant at Rampura
Agucha Mine. Hindustan Zinc has two operational filtered
tailing plants, one at Zawar Mines and one at Rajpura
Dariba Mine, each of which recirculates more than 80% of
the process water present in tailings.

Ensuring effective waste management at Chanderiya, our
one-of-its-kind fumer technology is ramping up well to
effectively recover lead and silver cake from Jarosite. This
year, we advanced in gainful waste utilisation by reducing
Jarosite by 101 kt through the fumer plant and utilising
654 kt of Jarosite and Jarofix in the cement industry, road
construction, and railway infrastructure.

We have engaged with International Union for
Conservation of Nature (IUCN) to prepare biodiversity
management plans (BMPs) for all our Rajasthan-based
locations, supporting Hindustan Zinc to achieve its target
of no net loss of biodiversity against an FY2020 baseline.
The implementation plans are in place and implementation
is under progress at all sites.

In FY2026, Hindustan Zinc has filed two Indian patents
concentrating in the fields of sustainable metal valorisation
from smelter waste, automation of product quality check
while running electrowinning process and mineral
processing - generation of pyrite concentrate from tailings.
Furthermore, Hindustan Zinc has signed two MoUs with
Council of Scientific & Industrial Research (CSIR)-National
Metallurgical Laboratory (India) and Virginia Tech University
(US), focusing on strengthening processes related to metal
grade improvements in mineral processing coupled with
innovative techniques for strategic metal extraction across
the Company.

As part of our continued collaboration with Indian Institute
of Technology (IIT) Madras and Jawaharlal Nehru Centre
for Advanced Scientific Research (JNCASR), we are

working on advancing the development of next-generation
battery storage solutions. JNCASR has developed and
demonstrated a zinc-ion pouch cell prototype. In parallel,
IIT Madras is working on developing a zinc-air battery
prototype and has successfully demonstrated it at a
lab scale, with ongoing work focused on vehicle-level
demonstration as a range extender. These collaborations
aim to enhance the viability of zinc-based batteries for a
sustainable energy future.

We organised a series of training sessions called
"Wednesday for Transition", which were designed to
provide suppliers with essential knowledge on ESG
(Environmental, Social, and Governance) topics like
psychological health & safety, human rights, etc.

At Hindustan Zinc, our CSR vision is anchored in
advancing inclusive and sustainable development
for all our stakeholders. Guided by a strategic focus
on health, education, livelihoods, water security, and
the environment, we design scalable, high impact
programmes that deliver lasting social value by working
in the areas of education, sustainable livelihoods,
women empowerment, health, water & sanitation, sports
& culture, environment & safety, and community assets
creation. Please refer to the community development
chapter in the Integrated Annual Report, located on
page 236, for further information.

During the year, the Company spent f 278.15 crore on CSR programmes, more than the 2% of CSR mandate which was
f 260.58 crore. For further details, refer Annexure III and Rs.Business ReviewRs. section of this Integrated Annual Report.

With a strong focus on resource-to-reserve
conservation during the year, we have crossed the
milestone of 13.9 million tonnes of metal reserves
and 10,900 tonnes of silver reserves for the first
time since underground transition, more than
doubling the total metal reserves as compared
to FY2020 on a net of production basis. We also
achieved record ore R&R of 468.6 million tonnes
as on March 31, 2026.

On an exclusive basis, total Ore Reserves at the
end of FY2026 stood at 219.1 million tonnes
(net of depletion of 16.6 million tonnes during
FY2026) and exclusive Mineral Resources totalled

249.5 million tonnes. Total contained metal in Ore
Reserves is estimated at 10.7 million tonnes of
zinc, 3.3 million tonnes of lead, and 350.8 million
ounces of silver. The Mineral Resource contains
approximately 10.8 million tonnes of zinc, 4.4 million
tonnes of lead, and 426.0 million ounces of silver.

At current mining rates, the R&R underpins metal
production for more than 25 years.

Our workforce is the key driver to unlocking growth
and success. We create a dynamic, performance-
driven environment that nurtures talent, ensures
well-being, and offers enriching, purposeful work.
Combining the strength of a global leader with

the agility of a start-up, we empower careers, foster
innovation, and contribute to nation-building through
sustainable growth and exceptional talent development.
Embracing diverse perspectives and experiences, we
foster inclusiveness, driving creativity and excellence.
Our commitment to diversity attracts and retains top

global talent. Our comprehensive onboarding process
seamlessly integrates new team members, leveraging their
strengths to achieve exceptional results and sustainable
growth. Please refer to the human resource chapter in
the Integrated Annual Report, located on page 208, for
further information.

1. Third year of Zinclusion - Embracing Differences, celebrating diversity and fostering belongingness through
100% employee coverage under mandatory e-learning module on the newly introduced Inclusive Language
Guide, embedding respectful and inclusive communication across the organisation.

2. Integrated 23 individuals from LGBTQIA+ community into core, mainstream roles across the organisation,
reflecting our commitment to meaningful, opportunity-led inclusion and long-term career growth.

3. Increased gender diversity in executives from 12% in FY2019 to 26.4% in FY2026.

4. Launch of PRISM (Prevention, Response, Inclusion, Safety & Mindset) campaign covering 700+ employees across
locations, strengthening POSH awareness, Internal Committee readiness, and leadership accountability for
dignity and safety at work.

5. Co-partnered with Russell Reynolds Associates to launch IGNITE (Inclusive Growth for Nurturing & Inspiring
Talent to Excellence), a pioneering initiative to foster inclusive growth for 16 women leaders.

6. Established industry-first all-women operational team Rs.TejaswiniRs. at Chanderiya, setting a new benchmark for
gender integration in core operations.

1. Talent Review Councils for 234 executives across mines (142 talents) and smelters (92 talents), creating 190
talent profiles and career paths with development aspects.

2. 13 mid-senior leaders completed executive coaching with Dale Carnegie, comprising psychometrics, 360 deg
feedback, and 312 hours of tailored coaching.

3. ACT-UP, in partnership with Korn Ferry, assessed 290+ employees through data-driven evaluations with 54
ACT-UP stars being fast-tracked into larger roles with personalised mentorship.

4. SHIKHAR NextGen accelerated early-career for 25 talents through mentoring, cross-functional exposure, and
career visibility to improve retention and readiness.

5. Rs.Ambavgarh Dialogue - Engagement with a PurposeRs. enabled leadership & talent interactions, resulting in high
impact idea generation among 85 leaders.

6. V Aspire, a flagship program by Vedanta group, engaged 159 high-potential talents, strengthening visibility,
readiness, and pathways to enterprise leadership roles.

1. Delivered 2.41 lakh+ learning person-hours across employees and 2.3 lakh+ learning person-hours across
business partners.

2. SAKSHAM ViSTA achieved 100% coverage for graduate engineering trainees (GETs) and post graduate
engineering trainees (PGETs), accelerating early-career technical readiness.

3. 580+ internal subject matter experts identified, along with 154 DRONA and 66 Emerging DRONA recognitions.

4. 40 executives graduated from IIM Udaipur and BITS Pilani, with 30 executives currently pursuing masters under
work integrated learning program (WILP) and allied initiatives.

5. Scaled technology-enabled learning with LinkedIn Learning and Disprz, enabling anytime, curated capability
building.

6. Launched SAKSHAM UDBHAV, a curated e-learning program supporting retiring employees in financial
planning, health, emotional wellbeing, and life transition readiness with 100% coverage across zones.

7. Launched SAKSHAM UTKARSH, in partnership with Nettur Technical Training Foundation (NTTF), to technically
upskill the extended business partner ecosystem, covering 3,245 learners in Phase 1.

1. A.U.R.A, our flagship wellbeing initiative anchored in building a resilient and balanced workforce,

supported employees in rejuvenating and evolving through curated wellbeing interventions, creating safe
spaces for emotional expression and mental balance. The annual observance of Mental Health Month
further reinforces psychological safety, resilience, and self-care across the organisation.

2. Communication channels like Sampark, IBU Sync, etc., fostered transparency, strategic alignment, and a
shared understanding of business priorities and future direction with all employees & business partner
workforce.

3. Vartalaap, a structured dialogue platform for our extended business partner workforce, strengthened
partnerships and operational alignment.

4. Organised Aagman sessions, interactive onboarding engagements for freshers and transfer joiners,
helping them connect with the organisationRs.s culture, values, and people, enabling smoother transitions
and early engagement.

The remuneration paid to Directors, Key Managerial
Personnel, and the executive management team during
FY2026 was in accordance with the Nomination and
Remuneration Policy of the Company. The details as
required under section 197(12) of the Act, read with Rule
5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 are annexed as
Annexure 4.

In terms of the provision of Section 136 of the Act and Rule
5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Report and the
Financial Statements are being sent to the members of
the Company excluding the statement of particulars of
employees. The said information is available for inspection
through electronic mode. Any member interested in
obtaining such information may write to the Company
Secretary and the same will be furnished upon such request.

In line with the internal guidelines of the Company, no
payment is made towards commission to the Executive
Director of the Company, who is in full-time employment with
the Company.

Your Board strongly believes in providing a safe and
harassment-free workplace for every individual working for
the Company through various interventions and practices.

It is the continuous endeavour of the management of the
Company to create and provide an environment to all its
employees that is free from discrimination and harassment,
including sexual harassment.

The Company has zero tolerance for sexual harassment
at workplace and has adopted a policy on Prevention,
Prohibition and Redressal of Sexual Harassment at
workplace and has an Internal Complaints Committee

("ICC") in compliance with the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.

Members of the CorporationRs.s ICC are responsible for
conducting enquiries pertaining to such complaints. Such
policy broadly covers the viewpoints below:

Promote a workplace based on equality & respect

Provide a safe and congenial work environment

Awareness, sensitisation, and training programmes to
educate employees on the prevention, identification, and
reporting of sexual harassment at the workplace

Provide formal and informal mechanism for redressal in
case of complaint of sexual harassment at the workplace

Define the implications and outcome of sexual
harassment

Ensure protection against retaliation to complainants,
witnesses, Committee members, and other employees
involved in prevention and complaint resolution

There were six complaints received during the year, all of
which were disposed off and none of the complaints were
pending for more than 90 days.

In accordance with the Companies (Accounts) Second
Amendment Rules, 2025, notified by Ministry of Corporate
Affairs (MCA) on May 30, 2025, the Board affirms that
the Company remains fully committed to upholding its
Maternity Policy in strict compliance with applicable laws,
including the Maternity Benefit Act, 1961, and in alignment
with internal human resource protocols.

The policy is designed to support the health, well-being,
and work-life balance of women employees during and
after pregnancy.

Our business is exposed to a variety of risks, which are
inherent to a global natural resources organisation, and
we understand that it is imperative for our organisation
to manage its risk for achieving strategic goals. As part
of our governance philosophy, the Board has an Audit
& Risk Management Committee to ensure a robust risk
management system. The details of the Committee
and its terms of reference are set out in the Corporate
Governance Report, which forms part of this Integrated
Annual Report.

At Hindustan Zinc, we are determined to ensure that our
system is robust and proactive to successfully apprehend
risks and mitigate them before they play out. We, therefore,
have a strong sustainable risk management framework,
supported by SAP-based tools to allow transparent risk
reporting and escalations. Risk prioritisation criteria are
clearly defined and mapped across different functions,
categories, and activities along with the likelihood of
potential impact. Risks are continually evaluated for timely
implementation of mitigation measures.

The risk management framework provides a rationalised
approach to identify, discuss, measure, and manage vital
opportunities and risks that the enterprise faces. It details
the guidelines to enable business units and corporate
functions across the Company to manage risks, while
pursuing the CompanyRs.s strategy. Please refer to the risk
management chapter in the Integrated Annual Report,
located on page 86, for further information.

Based on the framework of internal financial controls and
compliance systems established and maintained by the
Company, the work performed by the Internal, Statutory and
Secretarial Auditors and external consultants, including the
audit of internal financial controls over financial reporting
by the Statutory Auditors and the reviews performed by the
management and the relevant Board Committees, including
the Audit & Risk Management Committee, the Board is of the
opinion that the CompanyRs.s internal financial controls were
adequate and effective during FY2026.

Your Company has established a robust Vigil Mechanism,
which is implemented through its Whistle Blower Policy,
to enable Directors and employees to report genuine
concerns regarding unethical behaviour, actual or suspected
fraud, financial irregularities, illegal or unethical practices,
or violations of the CompanyRs.s Code of Conduct in
confirmation with section 177(9) of the Act and Regulation
22 of Listing Regulations.

Your Company is committed towards retaining the highest
standards and ethical code of conduct. This policy is
available on the CompanyRs.s website on HZL whistle
blower and vigil mechanism policy 6b73d120f9.pdf. All
the Rs.ComplaintsRs. under this policy should be reported to the

Group Head - Management Assurance, who is independent
of operating management and businesses. The Company has
a dedicated email ID - hzl.whistleblower@vedanta.co.in, and
a hotline number (18-001-030-269) as well as web-based
reporting platform www.vedanta.ethicshelpline.in.

All incidents that are reported are investigated and suitable
action is taken in line with the Whistle Blower Policy. The
policy ensures that strict confidentiality is maintained whilst
dealing with concerns and also that no discrimination is
made against any person. The action taken and status
reports of the same are reported to the Audit & Risk
Management Committee on a quarterly basis.

Hindustan ZincRs.s investor relations practices are founded
on the principles of transparency, timely disclosure, and
equitable access to information. The Company follows
a robust disclosure framework in line with applicable
regulatory requirements, ensuring prompt communication
of financial results, material developments, and strategic
priorities to the investor community. Regular earnings
calls, detailed investor presentations, and a globally
recognised comprehensive integrated annual reporting,
widely regarded as a benchmark within the industry, enable
stakeholders to gain clear insights into the CompanyRs.s
operational performance, financial position, capital
allocation approach, and long-term growth strategy.

Strong disclosure standards and consistent engagement
with the capital markets have translated into tangible value
creation for shareholders. During the year, Hindustan ZincRs.s
growing market relevance and liquidity were reflected in its
inclusion in the Futures & Options (F&O) segment and key
benchmark indices, including the Nifty Next 50, Nifty 100,
Nifty 100 ESG, Nifty 100 Enhanced ESG, and Nifty 100 ESG
Sector Leaders. These inclusions broadened the CompanyRs.s
investor base, enhanced trading liquidity and strengthened
its visibility among global and ESG-focused investors.

As at the end of March 2026, Hindustan Zinc ranked
among the top 40 companies within the Nifty 100 universe
and among the top five companies in the Nifty Metal
index, with a market capitalisation of approximately f
212k crore, which also peaked during the year at around
f 310k crore, reflecting strong investor confidence in its
operational performance, capital discipline, and long-term
value proposition.

The Company actively engages with institutional and
retail investors through structured interactions, including
one-on-one meetings, investor conferences, and non-
deal road shows, while maintaining strict adherence to
fair disclosure norms. Feedback from these engagements
is shared with the senior management to strengthen
communication effectiveness and align investor
expectations with the CompanyRs.s long-term value
creation agenda. By integrating financial, operational
and sustainability narratives, Hindustan Zinc endeavours
to foster informed investor confidence and reinforce its
commitment to strong governance and responsible capital
stewardship.

During the year under review, Vedanta Limited, the
holding company had reduced its shareholding from
63.42% to 60.71%.

The Company has no material subsidiaries during the
year under review. In terms of the Listing Regulations,
as amended from time to time, the CompanyRs.s policy for
determining material subsidiary may be accessed at HZL-
Policv-for-Determing-Material-Subsidiaries.pdf.

Further, the statement on the performance and financial
position of each subsidiary and joint venture and salient
features of their financial statements in the prescribed
Form AOC-1 is annexed to this Integrated Annual Report.

Conducting our business with integrity and highest level
of governance has been core to our corporate behaviour.
For us, corporate governance goes beyond regulatory
compliance, it reflects our commitment to achieving
strategic objectives responsibly, transparently, and with
unwavering accountability to all stakeholders.

Your Company remains steadfast in its commitment to
upholding the highest standards of corporate governance
at all times. Guided by our core values of transparency and
accountability, we strive to embed these principles across
all our engagements.

We believe it is our inherent responsibility to safeguard
the interests of all our stakeholders by ensuring timely,
adequate, and accurate disclosure of information relating
to the CompanyRs.s financial performance, leadership and
governance practices of the Company.

Your Company is dedicated to enhancing long-term value
for all stakeholders while upholding integrity, fulfilling
societal obligations, protecting the environment, and
adhering to regulatory requirements. Our actions are
guided by our core values and principles, which are
consistently reinforced throughout the organisation. These
principles have always been and will continue to be our
guiding force in the future. As a Company deeply rooted in
values and commitment, we believe that profitability should
be aligned with our responsibility towards all stakeholders.

As on March 31, 2026, your Company had 5 wholly-owned subsidiaries ("WOS") and 1 joint venture ("JV") as per the
Companies Act, 2013 ("the Act") which have been classified as subsidiaries / JVs under Indian Accounting Standards
(Ind AS). Same are as follows:

Pursuant to the Listing Regulations, the Corporate
Governance Report along with the Certificate from a
Practicing Company Secretary, certifying compliance
with conditions of Corporate Governance, forms part of
this Report.

The Business Responsibility and Sustainability Report,
describing the initiatives taken by the Company from an
environmental, social and governance perspective, also
forms a part of this report.

The appointment of all members of the Board of Directors
is made by the shareholders, either at the Annual General
Meeting (AGM), or through a Postal Ballot, in accordance
with the applicable governance procedures.

Pursuant to the order received from the Ministry of Mines,
Government of India, and based on the recommendation
of the Nomination and Remuneration Committee and
approval of the Board through a circular resolution passed
on January 22, 2026, Mr. Sandeep Vasant Kadam (DIN:
08414389) was appointed as the Government Nominee
Director (Non-Executive) of the Company with effect
from January 19, 2026. The same was approved by
the shareholders of the Company through postal ballot
resolution on April 10, 2026.

Pursuant to the order received from the Ministry of Mines,
Government of India, and based on the recommendation of
the Nomination and Remuneration Committee and approval
of the Board at its meeting held on October 17, 2025,

Mr. Ashim Kumar Modi (DIN: 11342680) was appointed as
the Government Nominee Director (Non-Executive) of the
Company with effect from October 17, 2025. The same was
approved by the shareholders of the Company through
postal ballot resolution on December 20, 2025.

Based on the recommendation of the Nomination and
Remuneration Committee and approval of the Board
through a circular resolution passed on September
29, 2025, Mr. Thomas Mathew T (DIN: 00130282) was
appointed as an Independent Director (Non-Executive) of
the Company with effect from October 01, 2025. The same
was approved by the shareholders of the Company through
postal ballot resolution on December 20, 2025.

Based on the recommendation of the Nomination and
Remuneration Committee and approval of the Board
through a circular resolution passed on July 25, 2025,

Mr. Anoop Kumar Mittal (DIN: 05177010) was appointed
as an Independent Director (Non-Executive) of the
Company with effect from August 01,2025. The same
was approved by the shareholders of the Company at its
Annual General Meeting held on August 25, 2025.

Pursuant to the order received from the Ministry
of Mines, Government of India, and based on the
recommendation of the Nomination and Remuneration
Committee and approval of the Board through a
circular resolution passed on July 30, 2025, Mr. Ashish
Chatterjee (DIN: 07688473) was appointed as the
Government Nominee Director (Non-Executive) of the
Company with effect from July 25, 2025. The same was
approved by the shareholders of the Company at its
Annual General Meeting held on August 25, 2025.

Based on the recommendation of the Nomination and
Remuneration Committee and approval of the Board at
its meeting held on April 25, 2025, Mr. Arun Misra (DIN:
01835605) was re-appointed as CEO & Whole-time
Director of the Company for a period of one year with
effect from June 01,2025. The same was approved by
the shareholders of the Company at its Annual General
Meeting held on August 25, 2025.

Based on the recommendation of the Nomination and
Remuneration Committee and approval of the Board
through a circular resolution passed on July 25, 2025,

Ms. Pallavi Joshi Bakhru (DIN: 01526618) was re-
appointed as an Independent Director (Non-Executive)

of the Company for a second term of two consecutive years
with effect from August 10, 2025. The same was approved
by the shareholders of the Company at its Annual General
Meeting held on August 25, 2025.

Mr. Dinesh Mahur ceased to be Government Nominee Director
with effect from January 19, 2026, pursuant to the order
received from the Ministry of Mines, Government of India.

Mr. Ashish Chatterjee ceased to be Government Nominee
Director with effect from October 10, 2025, pursuant to the
order received from the Ministry of Mines, Government of
India.

Mr. Kannan Ramamirtham ceased to be a Non-Executive
Independent Director of the Company upon completion of
his second and final term on August 31, 2025.

Mr. Akhilesh Joshi ceased to be a Non-Executive
Independent Director of the Company upon completion of
his second and final term on July 31,2025.

Pursuant to the provisions of section 152 of the Act,

Mr. Navin Agarwal (DIN:00006303), Non-Executive Director
of the Company, is liable to retire by rotation at the ensuing
Annual General Meeting (AGM) and being eligible, seeks re-
appointment. The necessary resolution for re-appointment
of Mr. Navin Agarwal forms part of the Notice convening the
ensuing AGM.

During the year under review, Mr. Arun Misra, CEO &
Whole-time Director, Mr. Sandeep Modi, Chief Financial
Officer, and Ms. Aashhima V Khanna, Company Secretary
& Compliance Officer, are the Key Managerial Personnel
("KMP") of the Company in accordance with the provision of
Sections 2(51) and 203 of the Act read with the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014.

The Board met seven times during the year under review.
The Board meetings are conducted in due compliance
with and following the procedures prescribed in the Act
and the rules framed thereunder including secretarial
standards and the Listing Regulations. Detailed information
of the meetings of the Board is included in the Corporate
Governance Report, which forms part of the Integrated
Annual Report. The intervening gap between the meetings
was within the period prescribed under the Act and the
Listing Regulations.

The Board Committees play a vital role in ensuring sound
Corporate Governance practices.

During the year, all recommendations of the Committees
were approved by the Board.

A detailed update on the Board, its committees, their
composition, terms and reference, meetings held during
FY2026, and the attendance of each Director is detailed in
the Corporate Governance Report, which forms part of this
Integrated Annual Report.

The Board members are provided with necessary
documents, reports, and internal policies to enable them to
familiarise themselves with the CompanyRs.s operations, its
procedures and practices. Periodic presentations are made
at the Board and Committee meetings, on business and
performance of the Company, global business environment,
business strategy, risks, safety, health and environment,
and ESG & sustainability, etc.

The details of the familiarisation program are provided
in the Corporate Governance Report forming part of this
Integrated Annual Report and can also be accessed on
the website of the Company at https://www.hzlindia.com/
uploads/HZL-Familiarization-Program.pdf.

Pursuant to the provisions of the Act and Listing
Regulations, the Board has carried out annual evaluation
of (i) its own performance; (ii) individual DirectorsRs.
performance; (iii) performance of the Chairman of the
Board; and (iv) Performance of all Committees of Board for
FY2026.

The evaluation was carried out with the help of an external
agency. The Company had engaged a leading consulting
firm, for carrying out the performance evaluation by way
of an online structured questionnaire. Detailed evaluation
parameters and the process have been explained in the
Corporate Governance Report.

The BoardRs.s functioning was evaluated on various aspects,
including inter-alia the structure of the Board, meetings
of the Board, functions of the Board, effectiveness of
the Board processes, information and functioning. The
Committees of the Board were assessed on inter-alia the
degree of fulfilment of key responsibilities, adequacy of
Committee composition, and effectiveness of meetings.

The Directors were evaluated on various aspects such as
attendance and contribution at Board/Committee meetings
and guidance/support to the management outside Board/
Committee meetings. The performance
of Non-Independent Directors, the Board as a whole, and
the Chairman was evaluated in a separate meeting of
Independent Directors. Similar evaluation was also carried
out by the Nomination and Remuneration Committee and
the Board.

Performance evaluation of Independent Directors was done
by the entire Board, excluding the Independent Director
being evaluated. Based on the feedback of the Directors
and after due deliberations and taking into account the
views and counter views, the evaluation was carried out
in terms of the Nomination and Remuneration Policy. The
Directors expressed their satisfaction with the evaluation
process.

The results of evaluation showed high level of commitment
and engagement of the Board and its various Committees.
The Board was satisfied with overall performance and
effectiveness of the Board, Committees, and individual
Directors, and appreciated the CompanyRs.s ethical
standards, transparency, and progress on sustainability and
ESG during the year.

The Board members also provided their inputs for further
enhancing the overall effectiveness of the Board and the
Committees. It was noted that the Board, as a whole, is
functioning in an effective and cohesive manner.

Based on the recommendation of Nomination and
Remuneration Committee, the Board has approved the
Nomination and Remuneration Policy which enumerates the
criteria for assessment and appointment/re-appointment
of Directors and KMPRs.s on the basis of their qualifications,
knowledge, skills, industrial orientation, independence,
professional and functional expertise among other
parameters with no bias on the grounds of ethnicity,
nationality, gender or race or any other such discriminatory
factor.

The policy sets out the guiding principles for the
compensation to be paid to the Directors, KMPRs.s, and
the executive management team, and it also provides
for implementation of Board familiarisation, diversity,
performance evaluation, and succession planning for
cohesive leadership management.

Detailed CompanyRs.s policy on appointment of Directors and
their remuneration is available on the CompanyRs.s website
at https://www.hzlindia.com/uploads/HZL Nomination
Remuneration Policy final 19 04 2024 f155d5c744.pdf.

The Company has, inter alia, received the following
declarations from all the Independent Directors
confirming that:

a. they continue to meet the criteria of independence as
prescribed under the provisions of the Act, read with
the Schedule and Rules issued thereunder and the
Listing Regulations. There has been no change in the
circumstances affecting their status as Independent
Directors of the Company.

b. they have complied with the Code for Independent
Directors prescribed under Schedule IV of the Act.

c. they have registered themselves with the Independent
DirectorRs.s Database maintained by the Indian Institute
of Corporate Affairs and have qualified the online
proficiency self-assessment test or are exempted
from passing the test as required in terms of Section
150 of the Act read with Rule 6 of the Companies
(Appointment and Qualifications of Directors)

Rules, 2014.

The Independent Directors have also confirmed that to
the best of their knowledge, there exists no circumstance
or situation that may be reasonably anticipated that could
impair or impact their ability to discharge their duties with
an objective independent judgement and without any
external influence. The Board of Directors of the Company
have taken on record the declaration and confirmation
submitted by the Independent Directors after due
assessment of the credibility of the same.

None of the Directors of the Company are disqualified
from being appointed as Directors as specified under
Section 164(1) and 164(2) of the Act read with Rule 14(1)
of the Companies (Appointment and Qualifications of
Directors) Rules, 2014 or are debarred or disqualified by the
Securities and Exchange Board of India ("SEBI"), Ministry
of Corporate Affairs ("MCA") or any other such statutory
authority.

All members of the Board have affirmed compliance with
the Code of Conduct for Board and Senior Management
Personnel for FY2026.

List of key skills, expertise, and core competencies of the
Board, including the Independent Directors, forms a part of
the Corporate Governance Report of this Integrated Annual
Report.

The Company has in place proper systems to ensure
compliance with the provisions of the applicable secretarial
standards issued by the Institute of the Company
Secretaries of India and such systems are adequate and
operating effectively.

The information required under point b of Schedule V of
Listing Regulations forms part of this report. Rs.Strategy and
Performance OverviewRs. section of this Integrated Annual
Report gives a detailed information on the CompanyRs.s
strategy, operations, and the market in which it operates
including industry-wide developments, product-wise
performance and outlook. It also discusses the key
performance indicators, ratio analysis, and financial
performance with respect to operational performance.

The Rs.Operating Context and Value CreationRs. section of
this Integrated Annual Report discusses the operating
context, risks and concerns, and risk management strategy
of the Company. The initiatives and material development
in the areas of human resources/industry relations and

sustainability are covered in the Rs.Environmental, Social and
GovernanceRs. chapter of this Integrated Annual Report.

Pursuant to section 134(5) of the Act, (including any
statutory modification(s) and/or re-enactment(s) thereof for
the time being in force), the Board of Directors, to the best
of their knowledge and ability confirm that:

i. In the preparation of the annual accounts for the year
ended March 31, 2026, the applicable accounting
standards have been followed and there is no material
departure;

ii. they have selected such accounting policies and applied
them consistently and made judgements & estimates
that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company at
the end of the financial year and of the profits of the
Company for that period;

iii. they have taken proper and sufficient care for
the maintenance of adequate accounting records
in accordance with the provisions of the Act, for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

iv. the annual accounts have been prepared on a Rs.Going
ConcernRs. basis;

v. they have laid down internal financial controls to be
followed by the Company and that such internal financial
controls are adequate and were operating effectively;

vi. they have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such
systems are adequate and operating effectively.

The aforesaid statement has also been reviewed and
confirmed by the Audit & Risk Management Committee of
the Board of Directors of the Company.

The Members of the Company at the 55^th Annual General
Meeting (AGM) had re-appointed M/s S.R. Batliboi & Co. LLP,
Chartered Accountants (Firm Registration No. 301003E/
E300005) as the Statutory Auditors of the Company for a
second term of five (5) consecutive years, to hold office till the
conclusion of the 60^th AGM to be held in 2026.

Accordingly, the term of office of M/s S.R. Batliboi & Co. LLP
has expired at the conclusion of the 60^th AGM.

The Statutory AuditorsRs. Report for the financial year ended
March 31, 2026, does not contain any qualification, reservation,
adverse remark or disclaimer, which calls for any explanation
from the Board of Directors. The Statutory AuditorsRs. Report,
along with the Notes to the Financial Statements, forms part
of this Integrated Annual Report. The Notes on Financial
Statements referred to in the AuditorsRs. Report are self
explanatory and do not call for any further comments.

M/s S.R. Batliboi & Co. LLP have also confirmed that they
were not disqualified from acting as Statutory Auditors of the
Company during their tenure, in terms of Section 141
of the Act.

On the recommendation of the Audit & Risk Management
Committee, the Board of Directors, subject to the approval of
the Members at the 60^th AGM, has approved the appointment
of M/s MSKA & Associates LLP, Chartered Accountants (Firm
Registration No. 105047W/W101187) as the Statutory Auditors
of the Company for a term of five (5) consecutive years, i.e.,
from the conclusion of the 60^th AGM till the conclusion of the
65^th AGM to be held in 2031.

The Company has received the consent and eligibility
certificate from M/s MSKA & Associates LLP, confirming that
they are not disqualified from being appointed as Statutory
Auditors in terms of the provisions of Section 141 of the Act
and the rules made thereunder.

M/s Sanjay Grover & Associates, Practicing Company
Secretaries, New Delhi (Firm Registration No.

P2001DE052900), were appointed as the Secretarial
Auditors of the Company by the Board of Directors on April
19, 2024. Their appointment was subsequently approved by
the shareholders at the 59^th Annual General Meeting held
on August 25, 2025.

The Company had received a certificate confirming their
eligibility and consent to act as the Secretarial Auditors.

The Secretarial Audit Report for FY2026 forms part of this
Report and confirms that the Company has complied with
the provisions of the Act, Rules, Regulations and Guidelines
and that there were no deviations or non-compliances
except pertaining to shortage of Independent Directors on
the Board.

Pursuant to SEBI circular no. CIR/CFD/CMO1/27/2019 dated
February 08, 2019, the Company has also undertaken
an audit for all applicable compliances as per the Listing
Regulations, circulars and guidelines issued thereunder.

The Annual Secretarial Compliance Report for FY2026
will also be submitted to the Stock Exchanges within the
stipulated timeline.

M/s KPMG, (LLPIN: AAT-0367) had been appointed
as Internal Auditors to carry out the internal audit of
the Company for FY2026. The Company also has an
independent in-house management assurance system
(MAS) team to manage the groupRs.s internal audit activity
that functionally reports to the Audit & Risk Management
Committee.

M/s K.G. Goyal & Co., Cost Accountants (FirmRs.s Registration
No. 000017), had been appointed as the Cost Auditor
of the Company for FY2026 to carry out the audit of the
cost records of the Company. The Company had received
a certificate confirming their eligibility and consent to

--??? s

act as the Auditors. The cost accounts and records of
the Company are duly prepared and maintained by the
Company as required under Section 148(1) of the Act
pertaining to the cost audit.

M/s. Sanjay Grover & Associates, practicing Company
Secretaries and Secretarial Auditors of the Company issued
the following certificates:

Certificate on the compliances with the conditions of
Corporate Governance (CG) as per provisions of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended. The only adverse remark
in CG certificate is for not fulfilling the criteria of adequate
number of Independent Directors, for which the Company
has provided the adequate explanation.

A certificate certifying that none of the Directors of
the Company are disqualified from being appointed
as Directors as specified under Section 164(1) and
164(2) of the Act read with Rule 14(1) of the Companies
(Appointment and Qualification of Directors) Rules,

2014 (including any statutory modification(s) and/or re-
enactments) thereof for the time being in force) or are
debarred or disqualified by SEBI, Ministry of Corporate
Affairs ("MCA") or any other such statutory authority, forms
part of the Corporate Governance Report forming part of
this Integrated Annual Report.

During the year under review and pursuant to Section
143(12) of the Act, none of the auditors of the Company
have reported to the Audit & Risk Management Committee
of the Board any instances of fraud by the Company or
material fraud on the Company by its officers or employees.

The Company has a robust process for approval of related
party transactions (RPTs) and dealing with the related
parties. In line with the requirements of the Act and
the Listing Regulations, your Company has formulated
a policy on RPTs and the same can be accessed using
the following link: https://www.hzlindia.com/uploads/

RPT Policy19 01 2026 86ae9dfb76.pdf. During the year,
the Board-approved amendment to the RPT Policy at its
meeting held on January 19, 2026, based on the Audit &
Risk Management CommitteeRs.s recommendation. These
changes were made to incorporate the amendments to
the Listing Regulations. During the year under review, all
contracts/arrangements/transactions entered with related
parties were approved by the Audit & Risk Management
Committee of the Company and were at armRs.s-length and
in the ordinary course of business. Certain transactions,
which were repetitive in nature, were approved through
omnibus route. However, there were no material
transactions of the Company with any of its related
parties as per the Act and Listing Regulations which
required shareholdersRs. approval. All RPTs are subjected
to independent review by a reputed accounting firm to

establish compliance with the requirements of RPTs under
the Act and Listing Regulations.

The disclosure of related party transactions as required
under Section 134(3)(h) of the Act in Form AOC-2 is
annexed as Annexure-2.

As referred to in the Emphasis of Matter (EOM) paragraph
in the Independent AuditorsRs. Report and Note 43 to
the financial statements, certain reports published by
short seller contained allegations in relation to Vedanta
Resources Limited (VRL) and its subsidiaries. Based on
the assessment and legal evaluation, the management
believes that the allegations are without merit and that
the transactions referred to therein were undertaken
with appropriate commercial rationale, duly approved in
accordance with applicable governance processes, and are
in compliance with contractual obligations and applicable
laws and regulations. Accordingly, the management is of
the view that no adjustments are required to the standalone
or consolidated financial statements of the Company.

During the year, the Securities and Exchange Board of
India (SEBI) sought certain information and clarifications
primarily relating to related party transactions, dividend
declarations, and governance and approval processes.

The Company furnished the requisite information and
supporting documentation within the prescribed timelines.
Subsequently, SEBI issued an administrative warning
dated April 30, 2026, in relation to certain procedural
aspects pertaining to Audit & Risk Management

Committee approvals and related party disclosures. The
communication does not involve any monetary penalty
or enforcement action. The matter has been appraised
to the Board of Directors and will be placed before the
Audit & Risk Management Committee and the Board, as
advised, and there is no impact on the financial position,
operations, or going concern status of the Company. The
Company remains committed to maintaining and further
strengthening its governance, compliance, and disclosure
framework.

The Board continues to monitor the matter closely and
believes that the Company maintains robust internal
controls, governance standards, and compliance
mechanisms consistent with applicable regulatory
requirements and industry practices.

The Company has not accepted any deposits from public
and as such, no amount on account of principal or interest
on deposits from public was outstanding as on the date of
the Balance Sheet.

During the year under review, there were no changes to the
CompanyRs.s share capital. The paid-up equity share capital
of the Company is f 8,45,06,38,000.

The Company has NIL transfer to General Reserves out of
the profits during the period of reporting.

During FY2026, your Company raised f 1,400 crore through issuance of Non-Convertible Debentures ("NCDs") in two
separate transferable and redeemable principal parts of face value of f 1,00,000 each on private placement basis as per
the following details:

The Commercial Papers ("CPs") issued by the Company have been listed on the National Stock Exchange (NSE) and have
been duly redeemed on timely basis. As on March 31, 2026, the Company has NIL outstanding CPs.

Pursuant to the SEBI Circular and Regulation 39 of Listing Regulations regarding the procedure to be adopted for
unclaimed shares issued in physical form in public issue or otherwise, the Company has a separate demat account in the
title of Rs.Hindustan Zinc Limited - Unclaimed SharesRs. with HDFC Bank Limited.

The details regarding disclosures with respect to demat suspense account/unclaimed suspense account are provided
under Corporate Governance Report.

In accordance with the provisions of the Act and the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
("IEPF Rules"), as amended from time to time, the Company is required to transfer the following to IEPF:

Dividend amount that remains unpaid/unclaimed for a period of seven (7) years; and

Shares on which the dividend has not been paid/claimed for seven (7) consecutive years or more.

Your Company, in its various communications to the shareholders from time to time, requests them to claim the unpaid/
unclaimed amount of dividend and shares due for transfer to IEPF established by the Central Government. Further, in
compliance with IEPF Rules including statutory modification(s) thereof, the Company publishes notices in newspapers and
sends specific letters to all shareholders whose shares are due to be transferred to IEPF, to enable them to claim their
rightful dues.

Details of shares transferred to IEPF Authority during FY2026 are also available on our website at https://www.hzlindia.
com/investors/shareholder-information/share-transfers-to-iepf

Pursuant to section 92(3) read with section 134(3)(a) of the
Act, the annual return as on March 31, 2026, is available
on the CompanyRs.s website at https://www.hzlindia.com/
investors/results-and-reports

Your Company has given loans and guarantees, provided
security, and made investments within the limits with the
necessary approvals and in terms and accordance with
the provisions of Section 186 of the Act. The particulars of
such loans and guarantees given, securities provided, and
investments made are provided in the notes to the Financial
Statements.

There was no application made or any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 during
the period under review.

No material changes and commitments have occurred
subsequent to the close of the Financial Year till the date
of this Report which may affect the financial position of the
Company.

There are no significant material orders passed by the
regulators or courts or tribunals impacting the going
concern status of the Company and its operations in future
during the period under review.

There is no change in the nature of business of your
Company during the year under review.

The requirement to disclose the details of difference
between amount of the valuation done at the time of
one-time settlement and the valuation done while taking
loan from the Banks or Financial Institutions along with the
reasons thereof, is not applicable.

The particulars relating to conservation of energy,
technology absorption, foreign exchange earnings and
outgo, as required to be disclosed under the Act, are
provided in Annexure I to this report.

In terms of the applicable provisions of the Act and the
Listing Regulations, your Company additionally discloses
that, during the year under review:

a) It has not issued any shares with differential voting
rights or any other convertible securities

b) It has not issued any shares or other convertible
securities

c) There is no plan to revise the financial statements or
the Report in respect of any previous financial year

d) None of the securities of the Company were suspended
from trading

The Company has voluntarily provided the Integrated
Annual Report, which encompasses both financial and non-
financial information to enable the members to take well
informed decisions and have a better understanding of the
CompanyRs.s long-term perspective. The report also touches
upon aspects such as organisationRs.s strategy, governance
framework, performance and prospects of value creation
based on the six forms of capital viz. financial capital,
manufactured capital, intellectual capital, human capital,
social and relationship capital, and natural capital.

The key initiatives taken by the Company with respect to
stakeholder engagement, ESG, health and safety of the
employees have been provided separately under various
sections of this Integrated Annual Report.

Your Company continued its quest for excellence in its
chosen area of business to emerge as a true global brand.
Several awards and rankings continue to endorse as a
thought leader in the industry. Your Company has received
numerous prestigious awards for its outstanding innovative
work, drawing attention with its impressive achievements.

Its unwavering commitment to excellence has led to
recognition across various platforms, serving as a testament
to its ethical practices, sustainable approach, and a well-
established, professional work environment.

The details of the awards and recognitions secured by the
Company have been highlighted in a separate section in
the Integrated Annual Report.

Your CompanyRs.s business is deftly managed by an adroit
set of leaders with global and diverse experience in the
sector in order to accomplish the mission of carving our
niche as the leading global natural resource company.

The professionally equipped and technically sound
management has set progressive policies and objectives,
follows best global practices, all with a plausible vision to
take the Company ahead to the next level.

The Board express their deep appreciation to all employees
for their hard work, dedication, and commitment. The
enthusiasm and unwavering efforts of the employees have
enabled the Company to maintain its position as an industry
leader.

The Board appreciates the support and cooperation
the Company has received from its customers, vendors,
investors, worker unions, auditors, and bankers. The
CompanyRs.s resilience to meet challenges was made
possible by their hard work, solidarity, commitment, and
support.

The Board also takes this opportunity to thank all
shareholders, business partners, the Government of
India, the State Government(s) where the Company has
its operations, other regulatory authorities, and stock
exchanges for their support, and looks forward to their
continued support in the future.