Hindustan Copper
Hindustan Copper
Metals & MiningKey Fundamentals
MidcapCopperMetals & MiningTapetide Score
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Key Insights
Strengths
6- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 55.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 30.1%
- Debtor days have improved from 25.0 to 15.8 days.
Weaknesses
1- Stock is trading at 13.4 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Hindustan Copper, India's only vertically integrated copper producer, has a market cap of about ₹47,800 Cr. Its profits have grown sharply, at a 147% TTM rate and a 55% 5-year CAGR, and its ROE for the last year was 33%. The stock trades at 42.2x earnings and 14.34x book value after a 59% gain over the past year, so a lot of continued growth and firm copper prices is already priced in.
- Profit growth has been strong: 147% on a TTM basis, a 50% 3-year CAGR and a 55% 5-year CAGR (55.2% per the data). That points to a real step-up in earnings power.
- Return on equity rose to 33% last year, above the 3-year average of 23% and the 5-year average of 22%, which suggests capital is being used better.
- Revenue momentum has picked up. TTM sales growth of 67% is well ahead of the 3-year CAGR of 22% and the 5-year CAGR of 11%.
- The company has reduced its debt and is almost debt-free, so its balance sheet has room for mine expansion capex without much leverage.
- Collections have improved. Debtor days fell from 25.0 to 15.8, which helps working capital and cash conversion.
- The company has kept a dividend payout of about 30.1% while still keeping profits for growth.
- Shareholder returns have held up over long periods: a 22% stock CAGR over 10 years, 35% over 5 years and 46% over 3 years.
- As India's sole vertically integrated copper miner, the company is positioned to benefit from structural copper demand in power grids, EVs and renewables. The 67% TTM sales growth reflects this tailwind.
- At 14.34x book value, the stock is priced at a steep premium to its net assets, which leaves little margin of safety if earnings disappoint.
- A P/E of 42.2 means an earnings yield of only about 2.4%. That is a rich multiple for a commodity producer whose earnings move with copper prices.
- The 10-year average ROE is only 12%, compared with 33% last year. That gap shows how cyclical returns are, and current profitability may not last through a copper downturn.
- The 147% TTM profit growth partly reflects favourable copper prices and a low base. The 10-year sales CAGR of 11% suggests underlying volume growth has been much more modest.
- After a 59% gain in the past year, the stock may already price in continued strength in copper prices and a flawless expansion.
- The dividend yield of 0.58% is low, so returns depend mostly on further price appreciation rather than income.
- Earnings depend heavily on LME copper prices and the INR/USD rate. Revenue swings like the 67% TTM sales jump can reverse just as sharply when prices fall.
- Mine expansion plans carry execution risk. Delays in capacity additions could leave the 42.2x P/E hard to justify with actual output growth.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- High copper price sensitivity Sep 18
Management estimates every $100/t move in copper changes profit by about ₹20-25 crore. With copper near a record $14,617/t, a fall back to $10,000/t would wipe out roughly ₹920-1,150 crore of annual profit, which is about equal to all of FY26's ₹920.67 crore net profit.
- Arbitration award needs guarantee Sep 22
Commercial Court Jabalpur granted a conditional stay on an arbitration award on Sep 16, 2026. It requires a bank guarantee for 50% of the award and a bond for the other 50%, which ties up liquidity while the Section 34 challenge is pending.
- Fundraise may dilute shareholders Sep 18
The company plans to raise ₹500 crore through non-convertible debentures and a QIP. The equity part of the raise could dilute existing shareholders as the ₹7,000 crore capex program progresses.
- FY26 profit nearly doubles Sep 23
FY26 net profit rose 97% YoY to ₹920.67 crore, and revenue grew 49% to ₹3,077.92 crore. The board declared its highest-ever dividend of ₹2.86 per share.
- Strong June quarter margins Sep 18
June 2026 quarter profit was ₹353 crore, up 163%, on revenue growth of 81%. Operating EBITDA margin widened more than 13 percentage points to 54.2%.
- ₹7,000 cr capex, 12.2 MTPA target Sep 18
The company plans ₹7,000 crore of capex over 5-6 years under Vision 2030, aiming to lift ore output from 3.67 MT in FY26 to 12.20 MTPA by FY30. Malanjkhand is going from 2.5 to 5.0 MTPA, Ghatshila (run by JSW as mine developer and operator) targets 3 MT, and the Gujarat project starts production in Q4 FY27.
- PSU MoUs and CODELCO tie-up Sep 18
It signed MoUs with NTPC Mining, RITES, IOCL, Coal India, Oil India and GAIL, plus a global partnership with Chile's CODELCO on mining, beneficiation and exploration. It also added 154.14 MT of copper ore reserves and resources over the last 4 years.
- Stock rallies on LME strength Sep 18
Shares rose 3% to an intraday high of ₹521.75 on the BSE. LME three-month copper rose for a sixth straight session to $14,750.5/t, helped by worries over possible US tariffs on refined copper imports.
- Corporate deck reiterates expansion plan Sep 21
The August 2026 corporate presentation repeats the target of 12.20 MTPA mining capacity by FY30 and gives detail on FY26 financials. It adds no new guidance.
- Senior management re-designations Sep 26
Three senior managers get new roles effective October 2026. Nagesh Shenoy moves to the Corporate Office and Abhimanue Singh takes charge of Malanjkhand, the largest expansion asset.
- CAG appoints FY27 auditor Sep 14
The CAG appointed Bhubaneswar-based P A & Associates as statutory auditor for FY27 under Section 139 of the Companies Act. This is a routine PSU compliance step.
TL;DR: Hindustan Copper's fundamentals are getting stronger. FY26 profit rose 97% to ₹920.67 crore, the June quarter EBITDA margin hit 54.2%, and a funded plan aims to roughly triple ore output to 12.20 MTPA by FY30. The main risk is that earnings depend heavily on copper staying near record levels around $14,600-14,750/t, since a fall to $10,000/t could erase about ₹920-1,150 crore of annual profit. Smaller risks are the arbitration guarantee and possible QIP dilution. The trend is improving, but how the stock does from here will depend more on copper prices and on Malanjkhand and Gujarat being delivered on time than on volume growth alone.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 371 | 381 | 399 | 565 | 494 | 518 | 328 | 731 | 516 | 718 | 687 | 1,156 | 936 |
| Expenses | 278 | 260 | 293 | 340 | 305 | 366 | 220 | 465 | 304 | 436 | 347 | 528 | 429 |
| Operating Profit | 93 | 121 | 107 | 226 | 188 | 152 | 108 | 267 | 212 | 282 | 340 | 628 | 508 |
| OPM % | 25% | 32% | 27% | 40% | 38% | 29% | 33% | 36% | 41% | 39% | 50% | 54% | 54% |
| Other Income | 14 | 11 | 10 | 20 | 7 | 32 | 16 | 47 | 10 | 11 | -78 | 33 | 17 |
| Interest | 4 | 4 | 4 | 4 | 3 | 1 | 1 | 2 | 2 | 0 | 2 | 1 | 3 |
| Depreciation | 41 | 46 | 30 | 59 | 38 | 48 | 38 | 52 | 41 | 44 | 48 | 67 | 50 |
| PBT | 62 | 83 | 82 | 183 | 154 | 135 | 84 | 260 | 179 | 249 | 213 | 592 | 472 |
| Tax % | 24% | 27% | 23% | 32% | 26% | 25% | 26% | 27% | 25% | 25% | 26% | 25% | 25% |
| Net Profit | 47 | 61 | 63 | 124 | 113 | 102 | 63 | 191 | 134 | 186 | 156 | 444 | 353 |
| EPS in Rs | 0.49 | 0.63 | 0.65 | 1.29 | 1.17 | 1.05 | 0.65 | 1.97 | 1.39 | 1.92 | 1.62 | 4.59 | 3.65 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,016 | 1,072 | 1,204 | 1,670 | 1,816 | 832 | 1,787 | 1,822 | 1,677 | 1,717 | 2,071 | 3,078 | 3,498 |
| Expenses | 888 | 962 | 981 | 1,399 | 1,310 | 1,074 | 1,376 | 1,310 | 1,185 | 1,170 | 1,332 | 1,615 | 1,740 |
| Operating Profit | 128 | 110 | 223 | 271 | 506 | -242 | 411 | 512 | 492 | 547 | 738 | 1,463 | 1,758 |
| OPM % | 13% | 10% | 18% | 16% | 28% | -29% | 23% | 28% | 29% | 32% | 36% | 48% | 50% |
| Other Income | 67 | 52 | 27 | 41 | 37 | 57 | 35 | 50 | 96 | 54 | 78 | -24 | -17 |
| Interest | 1 | 3 | 14 | 26 | 60 | 62 | 64 | 30 | 17 | 17 | 8 | 6 | 6 |
| Depreciation | 113 | 119 | 142 | 165 | 253 | 291 | 295 | 150 | 175 | 175 | 176 | 200 | 209 |
| PBT | 80 | 40 | 94 | 122 | 230 | -538 | 87 | 382 | 396 | 410 | 634 | 1,233 | 1,525 |
| Tax % | 16% | 5% | 34% | 35% | 37% | 6% | -26% | 2% | 25% | 28% | 26% | 25% | — |
| Net Profit | 68 | 38 | 62 | 80 | 146 | -569 | 110 | 374 | 295 | 295 | 469 | 921 | 1,139 |
| EPS in Rs | 0.73 | 0.41 | 0.67 | 0.86 | 1.57 | -6.15 | 1.19 | 3.87 | 3.05 | 3.05 | 4.85 | 9.52 | 11.78 |
| Div. Payout % | 21% | 0% | 30% | 29% | 33% | 0% | 29% | 30% | 30% | 30% | 30% | 30% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 463 | 463 | 463 | 463 | 463 | 463 | 463 | 484 | 484 | 484 | 484 | 484 |
| Reserves | 1,399 | 948 | 1,004 | 1,065 | 1,174 | 498 | 627 | 1,428 | 1,599 | 1,802 | 2,181 | 2,864 |
| Borrowings | 0 | 207 | 472 | 657 | 1,070 | 1,564 | 1,137 | 409 | 156 | 223 | 167 | 111 |
| Other Liabilities | 371 | 1,181 | 597 | 630 | 636 | 802 | 819 | 844 | 956 | 971 | 880 | 1,179 |
| Total Liabilities | 2,233 | 2,799 | 2,536 | 2,814 | 3,344 | 3,326 | 3,046 | 3,164 | 3,194 | 3,479 | 3,711 | 4,638 |
| Fixed Assets | 202 | 178 | 354 | 332 | 316 | 337 | 322 | 282 | 1,326 | 1,430 | 1,731 | 1,922 |
| CWIP | 851 | 733 | 279 | 660 | 1,022 | 1,232 | 1,179 | 683 | 731 | 917 | 766 | 741 |
| Investments | 71 | 76 | 0 | 0 | 0 | 0 | 1 | 1 | 10 | 29 | 31 | 31 |
| Other Assets | 1,108 | 1,812 | 1,903 | 1,822 | 2,005 | 1,757 | 1,544 | 2,199 | 1,127 | 1,102 | 1,183 | 1,944 |
| Total Assets | 2,233 | 2,799 | 2,536 | 2,814 | 3,344 | 3,326 | 3,046 | 3,164 | 3,194 | 3,479 | 3,711 | 4,638 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 237 | 262 | -260 | 372 | 252 | 86 | 832 | 1,052 | 674 | 341 | 544 | 1,474 |
| Investing | -209 | -451 | -258 | -558 | -587 | -430 | -364 | -404 | -337 | -525 | -402 | -434 |
| Financing | -109 | 183 | -8 | -96 | 445 | 42 | 133 | -251 | -339 | -39 | -152 | -299 |
| Net Cash Flow | -80 | -7 | -526 | -282 | 110 | -302 | 601 | 397 | -3 | -222 | -10 | 741 |
| Free Cash Flow | 82 | -29 | -352 | -25 | -147 | -135 | 629 | 829 | 574 | -193 | 132 | 1,019 |
| CFO/OP | 238 | 253 | -109 | 141 | 61 | -54 | 202 | 225 | 153 | 82 | 95 | 118 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 31 | 20 | 50 | 18 | 73 | 36 | 34 | 16 | 14 | 29 | 30 | 16 |
| Inventory Days | — | — | — | 737 | 1,189 | — | 413 | — | — | — | — | — |
| Days Payable | — | — | — | 204 | 358 | — | 147 | — | — | — | — | — |
| Cash Conversion Cycle | 31 | 20 | 50 | 550 | 903 | 36 | 301 | 16 | 14 | 29 | 30 | 16 |
| Working Capital Days | 178 | 137 | 162 | 23 | 69 | -96 | 18 | -19 | -29 | 35 | 56 | -2 |
| ROCE % | 4% | 2% | 6% | 7% | 12% | -18% | 6% | 18% | 18% | 18% | 24% | 42% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Hindustan Copper
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Company Information
Incorporated in the year 1967, Hindustan Copper Limited (HCL) was formed to take over from National Mineral Development Corporation Ltd. It is the first Indian PSU and only vertically integrated copper producing company. HCL is engaged in various processes right from copper mining to the final stage of converting copper into saleable products. [1]
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