NSE: HINDCOPPER · BSE: 513599
HINDUSTAN COPPER LTD
Mines copper ore from underground and open-cast operations across three Indian states — Rajasthan, Madhya Pradesh (Malanjkhand) and Jharkhand — and sells the output primarily as copper concentrate (MIC) to domestic smelters. The planned exit run-rate is 12.2 million tonnes of ore per year by FY31, split across Malanjkhand (5 MT), Khetri in Rajasthan (2.9 MT) and Jharkhand (4.3 MT, including 3 MT from the Rakha mine run by JSW's South West Mining on an MDO basis at a 12.5% revenue share, plus Surda at 0.9 MT and Kendadih at 0.4 MT). FY26 MIC production is guided at roughly 30,000 tonnes, of which 20,000 tonnes come from Malanjkhand, with overall ore output tracking 85–90% of plan because of an early and heavy monsoon. Smelting/refining activity is being re-started at the Gujarat Copper Plant via a 20-year revenue-sharing contract with Lohum Materials, while an MoU with Codelco is aimed at underground mining know-how. Customers are copper smelters in India; reported customers offtake the concentrate from Hindalco, Adani and potentially Vedanta's Tuticorin smelter. Cost structure is dominated by other operating expenses at 40.5% of revenue and employee cost at 11.7%, with raw materials a small 2.4% and depreciation 6.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Copper ore and copper concentrate (MIC), Rakha mine MDO revenue share, Gujarat Copper Plant (re-start under way). Asset-heavy, single-commodity copper miner with PSU ownership
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,822 | 1,677 | 1,717 | 2,071 | 3,078 |
| EBITDA (ex other income) | 511 | 491 | 547 | 738 | 1,366 |
| margin % | 28.0 | 29.3 | 31.9 | 35.6 | 44.4 |
| Owners' profit | 352 | 286 | 295 | 465 | 919 |
| EPS, as reported (₹) | 3.87 | 3.06 | 3.05 | 4.81 | 9.50 |
| ROE % · ROCE % | 19.6 · 18.8 | 14.2 · 19.2 | 12.9 · 15.7 | 17.5 · 21.3 | 27.5 · 34.6 |
| Debt / equity (x) | 0.21 | 0.08 | 0.10 | 0.06 | 0.03 |
| Cash from operations | 1,052 | 674 | 292 | 544 | 1,474 |
| Capex | (225) | (102) | (207) | (178) | (127) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 518 | 328 | 731 | 516 | 718 | 687 | 1,156 | 937 |
| Profit before tax | 135 | 84 | 259 | 179 | 249 | 213 | 592 | 472 |
| Net profit | 102 | 63 | 187 | 134 | 184 | 156 | 444 | 352 |
| EPS (₹) | 1.05 | 0.65 | 1.94 | 1.39 | 1.89 | 1.62 | 4.59 | 3.64 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN COPPER LTD ◆ | 39,503 | 34.8 | 11.82 | 27.3 | 27.5 | 34.5 | 11.5 | 56.0 |
| MARDIA SAMYOUNG CAPILLARY TUBE | 328 | 23.7 | 34.90 | — | 2.4 | 3.7 | — | 3.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.8 | 15.9 | 18 of 22 | 19% |
| P/B | 11.8 | 2.7 | 18 of 20 | 11% |
| ROCE | 34.5 | 7.8 | 3 of 24 | 91% |
| ROE | 27.5 | 7.6 | 4 of 20 | 84% |
| Debt / Equity | 0.0 | 0.4 | 5 of 20 | 79% |
| EBITDA margin | 56.0 | 6.8 | 2 of 19 | 94% |
| Revenue growth | 81.4 | 13.6 | 5 of 21 | 80% |
| Profit growth | 162.5 | 55.9 | 6 of 20 | 74% |
| Market cap | 39503 | 202 | 4 of 24 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Notice on special window for physical share transfer requests | compliance | minimal | — | — |
| 12 Oct 2026 · Internal role change for Executive Director Nagesh Shenoy at HCL | management changes | medium | — | — |
| 12 Oct 2026 · Executive Director Abhimanue Singh transferred to head Malanjkhand Copper Project | management changes | medium | — | — |
| 9 Oct 2026 · Internal GM takes over as Unit Head of Taloja and Gujarat Copper Projects | management changes | medium | — | — |
| 8 Oct 2026 · Hindustan Copper submits dematerialization certificate for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Hindustan Copper re-designates three senior managerial personnel | management changes | medium | — | — |
| 24 Sept 2026 · HCL 59th AGM results: all 14 resolutions passed, QIP and dividend approved | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · HCL 59th AGM: all resolutions passed; highest-ever dividend of Rs 2.86/share | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Hindustan Copper shareholders approve Rs 1.86 dividend for FY26 | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.