HINDCOPPER
Small CapHindustan Copper Limited
Metals
Hindustan Copper Limited (HCL) is a 'Miniratna' Category 1 CPSE, established in 1967. It is India's sole vertically integrated producer of refined copper, encompassing mining, beneficiation, smelting, refining, and extruding. HCL owns all operating copper ore mining leases in India and has access to approximately 45% of the nation's copper ore reserves and resources, totaling 755.32 million tonnes as of April 1, 2024.
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 31 Mar 2026
Excellent · 100/100Rev +58% YoY · PAT +137% YoY · margin expansion · +68% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,156 Cr | +58.1% | +68.3% |
| EBITDA | ₹628 Cr | +135.2% | +84.7% |
| Operating margin | 54.0% | +1800 bps | +400 bps |
| PAT | ₹444 Cr | +137.4% | +184.6% |
| PAT margin | 38.4% | +1283 bps | +1570 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
HCL achieved its highest ever Revenue from Operations of ₹2071 Cr, PAT of ₹469 Cr, and PBT of ₹634 Cr in FY24-25. Malanjkhand Mine recorded its highest ever production of 27.25 Lakh Tonne Ore.
HCL delivered record financial performance in FY24-25, driven by strong operational output from its Malanjkhand mine. The company is actively pursuing significant mine capacity expansion, targeting 12.20 MTPA by FY30-31, which positions it to capitalize on India's projected growth in copper consumption across key sectors.
Mine Capacity Expansion
Target to increase mine capacity from around 4 MTPA to 12.20 MTPA by FY30-31.
New Concentrator Plant
Installation and commissioning of a new concentrator plant at Malanjkhand Copper Project.
Re-opening of Rakha Mine
MDO appointed for Rakha mine, pre-mining activity started, restart of mining operation expected by Q4 FY26.
Acquiring New Deposits
Actively acquiring new promising copper deposits in India and abroad by participating in upcoming mineral auctions.
Overall Mine Capacity Expansion
Increase capacity from around 4 MTPA to 12.20 MTPA by FY30-31.
Kendadih Mine Restart
Restarting of Kendadih mine with a capacity of 0.225 MTPA, expected by December 2025.
Rakha Mine Restart
Restart of mining operation at Rakha mine with a capacity of 3 MTPA, expected by Q4 FY26.
New Concentrator Plant
Installation and commissioning of a new concentrator plant at Malanjkhand Copper Project.
Growing Domestic Copper Consumption
Copper demand in electrical segment is growing due to demand in infra, affordable housing, rural electrification, renewable energy, and EVs.
Government Initiatives
Government initiatives like Make in India, Smart City Projects, Metro/Railway, Aatmanirbhar Bharat in Defence, 500 GW Renewable Energy target, PLI schemes, and PM-EV drive will increase copper demand.
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.
The document primarily presents annual financial results for FY24-25 and Q1 FY25-26. Annual comparisons are more relevant for assessing the overall performance and growth trajectory of a capital-intensive mining company, especially given the 'highest ever' claims.
Revenue from Operations
₹2071 Cr (FY24-25); ₹516.37 Cr (Q1 FY25-26)
Profit Before Tax (PBT)
₹633.51 Cr (FY24-25); ₹179.36 Cr (Q1 FY25-26)
Malanjkhand Ore Production
27.25 Lakh Tonne (FY24-25)
Mine Capacity Expansion Target
From ~4 MTPA to 12.20 MTPA by FY30-31
Capital Expenditure Plan
Management plans a capital expenditure of approximately ₹2,000 Cr in the next 5-6 years.
Enhanced Exploration
Increased budget for exploration led to 123 million tonnes of additional copper ore reserves & resources in the last 2 years and will continue to add.
Strategic Collaborations
Collaboration with CODELCO, Chile for capacity building and knowledge sharing, and 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 Expansion | ~4 MTPA | Progress towards 12.20 MTPA by FY30-31. |
| Kendadih Mine Restart | Not operational | Commissioning by December 2025. |
| Rakha Mine Restart | Pre-mining activity started | Restart of mining operations by Q4 FY26. |
| Capex Deployment | ₹409.89 Cr (FY24-25) | Deployment of ~₹2,000 Cr over the next 5-6 years. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +9.9% / mo
Technical chart
HINDCOPPERdaily · 5Y+44.5%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 40.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 32% off 52W high · 68% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 -161.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 18/25; 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: +0 points.
Factor attribution
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 100th 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 68 · Small: 100th pctile, median 65
17 documents indexed, 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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 50.80
- P/B
- 15.03
- EV/EBITDA
- 30.29
- Market Cap
- 50227.00Cr
Profitability
- ROE
- 32.90%
- ROCE
- 42.50%
- ROA
- 20.81%
- Dividend Y
- 0.28%
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
- 292.40×
- Altman Z
- 8.97
- Book Value
- 34.60
Cash Flow
- FCF Yield
- 2.07%
- FCF Positive Y
- 5/5
- OCF
- 1474.00 Cr
- EPS TTM
- 9.50
Shareholding
- Promoter Hold
- 66.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.