Hindustan Zinc (HZL) reported weak EBITDA at Rs11.3bn down 32% yoy & 14% qoq marginally ahead of our estimate of Rs10.4bn. Decline in EBITDA can be attributed to fall in production of zinc (down 46% yoy & 34% qoq) and lead (down 19% yoy and 34% qoq) to 102,000 tonne & 25,000 tonne respectively mainly due to lower output from Rampura Agucha Mine. However, EBITDA was aided by higher silver volume (up 20% yoy). While mine transition from open cast to underground is progressing well, HZL has now guided of marginally higher mined metal production in FY17E on yoy basis. Though we have tweaked our estimates and see higher prices for zinc, we maintain our HOLD...