Hindustan Zinc (HZL) reported a marginal beat on estimates (revenue 2.9% vs. estimated EBITDA 2.6%) driven by higher premiums on Zn/Pb, offset by increase in M&M; expenses and overheads. The silver segment continued to deliver (32% of PBIT in 4QFY16, with ~87% EBIT margins) on account of higher volumes from Sindesar Khurd (SK; higher silver and lower Zn) vs. Rampura Agucha (RA; higher Zn).