Hindustan Copper Limited (HINDCOPPER)
Small CapMetals stocks · Small cap · NSE
Hindustan Copper Limited (HCL) is a 'Miniratna' Category 1 CPSE, India's sole vertically integrated producer of refined copper, owning all operating mining leases. It has access to ~45% of India’s copper ore reserves and resources. HCL is implementing a mining capacity expansion from ~4 MTPA to 12.20 MTPA.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +81% YoY · PAT +163% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹936 Cr | +81.4% | -19.0% |
| EBITDA | ₹508 Cr | +139.6% | -19.1% |
| Operating margin | 54.0% | +1300 bps | +0 bps |
| PAT | ₹352 Cr | +162.7% | -20.7% |
| PAT margin | 37.6% | +1164 bps | -80 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
HCL reported highest ever Revenue from Operations of ₹2071 Cr, PAT of ₹469 Cr, and PBT of ₹634 Cr in FY24-25. Malanjkhand Mine achieved its highest production of 27.25 Lakh Tonne Ore. The company also declared its highest ever dividend of ₹141 Cr.
HCL delivered robust financial and operational performance in FY24-25, marked by record revenue, profit, and production from its key Malanjkhand mine. The ongoing significant mine capacity expansion plan, coupled with strategic restarts and exploration, positions the company for future growth, aligning with increasing domestic copper demand.
Mine Capacity Expansion
Roadmap to increase mine capacity from 3.47 Mtpa (FY24-25) to 12.2 Mtpa by FY30-31.
Increased Exploration
Increased budget led to 123 Mt additional copper ore reserves & resources in last 2 years.
Domestic Copper Demand
India's per capita copper consumption (0.6 Kg/person) is significantly lower than world average (3.2 Kg/person), indicating growth potential.
Strategic Mine Restarts
Restarting Kendadih mine (0.225 MTPA by Dec 2025) and Rakha mine (3 MTPA by Q4 FY26).
Overall Mine Capacity
Expansion from ~4 MTPA to 12.20 MTPA is under implementation.
Kendadih Mine
Capacity of 0.225 Million Tonne per annum expected by December 2025.
Rakha Mine
Capacity of 3 Million Tonne per annum, pre-mining activity started, restart of mining operation expected by Q4 FY26.
Malanjkhand Project
Expansion of Underground Mine, installation of Paste fill plant, and a New Concentrator plant.
Government Initiatives
Schemes like Make in India, Smart City, Metro/Railway, Aatmanirbhar Bharat, 500 GW RE target, PLI schemes, and PM-EV drive are expected to increase copper demand.
Infrastructure Growth
Demand in infra sector due to affordable housing, rural electrification, renewable energy, electric vehicles, and urbanization.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual results (YoY) are crucial for assessing long-term trends and the impact of strategic initiatives in a capital-intensive sector. Quarterly results (QoQ) provide insight into sequential operational momentum, project execution, and immediate market conditions.
Revenue from Operations
FY24-25: ₹2071 Cr (highest ever); FY25-26 Q1: ₹516.37 Cr.
Profit Before Tax (PBT)
FY24-25: ₹633.51 Cr (highest ever); FY25-26 Q1: ₹179.36 Cr.
Malanjkhand Ore Production
FY24-25: 27.25 Lakh Tonne (highest ever).
Loan Trend
Decreased from ₹1137.43 Cr (Mar-21) to ₹154.98 Cr (Jun-25).
Capex Plan
Capital expenditure of ~Rs 2,000 Cr planned in the next 5-6 years.
Resource Augmentation
Will continue to add reserves/resources through increased exploration and acquiring new promising copper deposits via mineral auctions.
Strategic Collaborations
Collaboration with CODELCO, Chile for capacity building and knowledge sharing; MoUs with Indian PSUs (RITES, IOCL, Coal India, GAIL) to expand mining portfolio.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Mine Capacity Ramp-up | 3.47 Mtpa (FY24-25). | Progress towards 12.2 Mtpa by FY30-31, especially Kendadih (Dec 2025) and Rakha (Q4 FY26) restarts. |
| Financial Performance | Record Revenue, PBT, PAT in FY24-25. | Sustained growth in revenue and profitability, particularly as new capacities come online. |
| Resource Additions | 123 Mt added in last 2 years. | Continued additions of copper ore reserves & resources through exploration and new acquisitions. |
| Project Execution | Rakha MDO contract awarded, pre-mining started. | Timely commissioning of new concentrator plants and paste fill plants at MCP. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
62BullishSMA20 +9.6% / mo · MACD − · sector +2.7pp vs Nifty (3M)
Technical chart
HINDCOPPERdaily · 1Y · AUTO-6.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 47. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~8.7% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 31% off 52W high · 116% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 1.5% of the 30-week proxy.
- The 30-week proxy changed -1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -45.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 100th percentile within Metals. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 66.1%. Key concern: OPM spread across recent quarters is 25%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Metals: 100th pctile, median 70 · Small: 100th pctile, median 66
21 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.1%.
- ▸5 years of positive FCF.
Trust risks
- ▸OPM spread across recent quarters is 25%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 41.80
- P/B
- 15.09
- EV/EBITDA
- 25.70
- Market Cap
- 50445.00Cr
Profitability
- ROE
- 32.90%
- ROCE
- 42.40%
- ROA
- 24.55%
- Dividend Y
- 0.55%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 50.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 293.00×
- Altman Z
- 9.13
- Book Value
- 34.60
Cash Flow
- FCF Yield
- 2.06%
- FCF Positive Y
- 5/5
- OCF
- 1474.00 Cr
- EPS TTM
- 11.75
Shareholding
- Promoter Hold
- 66.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.