Announcement
Announcement under Regulation 30 (LODR)-Date of payment of Dividend 23 Sep - Shareholders approved FY2025-26 dividend of Rs.1.86 per share; payment on 16.10.2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 12:38 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -9.0% / mo · MACD −
Stock trend: 19
Sector RS: 50
Sector 3M: -4.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HINDCOPPERD candles · FIT view-18.5%Latest close ₹441.10 on 2026-10-19
Bar
-4.1%
RSI
31
MACD hist
-1.76
52W pos
29%
2026-10-19O ₹460.15H ₹460.60L ₹438.10C ₹441.10Vol 42.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HINDCOPPERNifty MetalNifty 500
- HINDCOPPER
- -8.5%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- -2.9 pp
Chart stats
19 Oct 2026- From 52W high
- -42.0%
- 52W range position
- 29%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹229 Cr
- 20D price channel
- ₹438.1 - ₹521.7
₹760.1
₹308.5 - ₹760.1
₹14.6
Latest completed session
20-session average
31.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED63
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +81.4% · PAT +162.7% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-7.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence87
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +81% YoY · PAT +163% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 36.70
- P/B
- 13.24
- EV/EBITDA
- 22.59
- Market Cap
- 44333.00Cr
Profitability
- ROE
- 32.90%
- ROCE
- 42.40%
- ROA
- 24.55%
- Dividend Y
- 0.63%
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
- 2.35%
- FCF Positive Y
- 5/5
- OCF
- 1474.00 Cr
- EPS TTM
- 11.75
Shareholding
- Promoter Hold
- 66.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,498+13.6% vs prev
Net Profit
₹ CrLatest: 919+97.6% vs prev
Return on Equity
%Latest: 27.5+57.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 31.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.9% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 42% off 52W high · 43% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
74
RS percentile
Stage 4 Downtrend
1M return
-11.3%
3M return
-8.5%
6M return
-20.8%
1Y return
+28.9%
RS 1D
-2
RS 20D
-8
Sector rank
#11
Industry rank
-
Stage evidence
- Price is 14.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 145.7-2.79%
RS vs Nifty 500146
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation0/30
Growth19/25
Quality20/20
Balance Sheet11/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
63
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
63/100 · legacy band UNDERVALUED
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 -7.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
36.7
PB
13.2
EV/EBITDA
22.6
ROE
32.9%
ROCE
42.4%
FCF Yield
2.4%
Debt/Equity
0.0
MoS
-7.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
63
Previous: 63
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
-7.9%
Previous: -7.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
63
63
63
63
63
63
63
63
63
63
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹95.64
-361.2% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹408.9
-7.9% MoS
PEG
0.69
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NILE
Small
Nile Limited
Metals
match 58
88
7.6
19.0%
+75%
DEEP VALUE
GOYALALUM
Small
Goyal Aluminiums Limited
Metals
match 58
36
17.4
12.9%
+49%
WATCHLIST
HISARMETAL
Small
Hisar Metal Industries Limited
Metals
match 57
25
16.5
5.0%
-311%
OVERVALUED
REGAAL
Small
Regaal Resources Limited
Metals
match 56
62
13.6
16.5%
+57%
UNDERVALUED
GEEKAYWIRE
Small
Geekay Wires Limited
Metals
match 56
69
10.6
19.0%
+70%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-16T07:14:36.718Z
Management commentary snapshot
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.
Growth engines
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).
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
87Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
26 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Metals: 100th pctile, median 70 · Small: 100th pctile, median 66
Evidence depth
Financial-only
26 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 66.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸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.
Continue researching Hindustan Copper Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 14 Sep - C&AG appointed P A & Associates as Hindustan Copper’s statutory auditor for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - Newspaper clipping of Notice regarding 59th AGM of Hindustan Copper Ltd, Book Closure / Record Date and E-voting published after dispatch of the Notice in …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Newspaper Clipping of Unaudited Financial Results of Hindustan Copper Limited for the quarter ended 30.06.2026 is submitted.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.