Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Hindustan Copper Ltd.
NSE: HINDCOPPERBasic MaterialsCopper
- Last close
- ₹399.05
- Day change
- −₹13.50 (−3.27%)vs
- Market cap
- ₹45,262 crIndian rupees
- Research updated
- 1 report
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About Hindustan Copper
Hindustan Copper Ltd. is a government-owned enterprise engaged in the mining, smelting, and refining of copper and related products in India. As a central public sector undertaking, its primary purpose is to harness the country's copper resource potential and manufacture a wide range of copper-based products, including copper cathodes, wire rods, and other by-products. The company's activities are integrated and span from mining copper ore to marketing finished products across various regions. Hindustan Copper Ltd. plays a significant role in sectors such as transportation, electrical industries, construction, and telecommunications due to the essential nature of copper as a conductor and its use in alloys. Its operations contribute to the domestic supply of copper, supporting infrastructure development and technological advancements within the country. Established in 1967, the company's strategic importance lies in its ability to bolster India’s self-sufficiency in copper production, thus enhancing the nation’s industrial framework. Operating key mines across India, Hindustan Copper Ltd. not only boosts domestic production capacities but also aligns with governmental goals to utilize indigenous mineral resources effectively.
- Sector
- Basic Materials
- Industry
- Copper
- Listing
- NSE: HINDCOPPER
- Employees
- 1,154
- Headquarters
- Kolkata, India
- ISIN
- INE531E01026
- Website
- hindustancopper.com
Public research · Report of
Business model & financial foundation
Hindustan Copper (NSE: HINDCOPPER), Copper mining and beneficiation (copper concentrate): revenue of ₹3,078 crore in FY26 (+48.6% on FY25), an EBITDA margin of 47.5%, net profit of ₹918.5 crore and net cash of ₹699.7 crore.
- Revenue, FY26 (₹ crore)
- 3,078
- consolidated
- Revenue growth, FY26
- +48.6%
- on FY25
- EBITDA margin, FY26
- 47.5%
- EBITDA (Operating EBITDA before other income and exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 918.5
- to owners
- Return on equity, FY26
- 30.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -699.7
- Net debt: borrowings less cash, bank balances, current investments
- Market capitalisation (₹ crore)
- 49,608
- at the close of 14 Oct 2026
Company profile
Hindustan Copper is a Miniratna central public sector enterprise under the Ministry of Mines and the only company in India mining copper ore, holding all operating copper mining leases. It mines and beneficiates ore at Malanjkhand (Madhya Pradesh), Khetri (Rajasthan) and Ghatsila/ICC (Jharkhand) and sells copper concentrate priced off the LME less treatment and refining charges. It is executing a plan to lift ore capacity from about 4 to 12.2 million tonnes a year by FY30, with capex of over Rs7,000 crore.
| Item | Value |
|---|---|
| Legal name | Hindustan Copper Limited |
| Exchange and ticker | NSE: HINDCOPPER; BSE: 513599 |
| ISIN | INE531E01026 |
| Sector | Metals & Mining |
| Industry | Copper mining and beneficiation (copper concentrate) |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | P. A. & Associates, Chartered Accountants, Bhubaneswar (appointed by C&AG) (since FY26) |
| Market capitalisation | ₹49,608 crore (14 Oct 2026) |
| Shares outstanding | 96.70 crore shares (FY26) |
| Price | ₹468.0 (close, 14 Oct 2026) |
| 52-week range | ₹308.5 - ₹760.0 (to 14 Oct 2026) |
| Website | https://www.hindustancopper.com |
Corporate structure and shareholding
Parent: Government of India (President of India, 66.14%), Ministry of Mines.
| Entity | Holding | Business |
|---|---|---|
| Chhattisgarh Copper Limited | 74% | Subsidiary formed for copper exploration/mining in Chhattisgarh; investment Rs0.54 cr |
| Khanij Bidesh India Limited (KABIL) | 30% | Joint venture with NALCO and MECL for overseas critical-mineral acquisition; investment Rs30 cr |
Single reportable segment: mining and beneficiation of copper ore into metal-in-concentrate (MIC). Own smelting (Ghatsila ICC) and CC rod (Taloja) are suspended or run on tolling.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 66.14% | 66.14% | 66.14% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 6.56% | 6.34% | 5.96% | |
| Domestic institutions | 5.57% | 5.39% | 4.84% | |
| of which mutual funds | 0.73% | 0.89% | 0.96% | |
| Retail | 15.53% | 17.22% | 17.79% | |
| Other | 6.19% | 4.92% | 5.26% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Hindustan Copper (NSE: HINDCOPPER) is India's only copper miner, holding every operating copper mining lease. It mines ore at Malanjkhand (MP, the larger share of revenue), Khetri/Kolihan (Rajasthan) and ICC Ghatsila (Surda, Kendadih, Rakha) and sells copper concentrate to domestic custom smelters at LME less TC/RC on spot terms; own smelting and cathode were suspended because concentrate sale realises more. It controls volume (ore, grade, recovery) and costs; it does not control price, which is LME, the rupee and TC/RC (negative for 8-10 months by Sep 2025). A single reportable segment. Subsidiary Chhattisgarh Copper (74%) and JV KABIL (30%) are immaterial. Rakha is run by an MDO (South West Mining) that funds about Rs2,700 cr and pays HCL 12.5% of revenue, so Rakha tonnes are not HCL's own sales.
| Peer | Why the dossier compares them |
|---|---|
| Hindalco Industries (HINDALCO) | |
| Vedanta (VEDL) | Diversified Indian metals and mining group with copper (Sterlite/Silvassa) exposure |
| Hindustan Zinc (HINDZINC) | Pure-play Indian base-metal miner priced off LME with mine-level cost structure |
| National Aluminium Company (NATIONALUM) | State-owned non-ferrous miner/producer under the same LME-linked pricing and PSU governance; KABIL JV partner |
| NMDC (NMDC) | |
| Coal India (COALINDIA) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,813 | 1,665 | 1,717 | 2,071 | 3,078 |
| Cost of revenue (vendor classification) * | 905.6 | 898.0 | 926.5 | 1,016 | 1,202 |
| Other operating costs (vendor classification) * | 109.3 | 113.2 | 126.5 | 104.6 | 213.6 |
| EBITDA (vendor classification) * | 598.3 | 566.5 | 609.6 | 834.2 | 1,544 |
| EBIT * | 387.5 | 403.2 | 419.6 | 634.5 | 1,233 |
| Finance cost | 5.41 | 7.53 | 16.1 | 6.93 | 4.91 |
| Profit before tax (before separately presented JV share) | 382.1 | 395.7 | 410.8 | 632.4 | 1,233 |
| Current plus deferred income tax | 8.03 | 100.4 | 115.0 | 165.0 | 312.1 |
| Net profit for period including JV share and NCI | 373.8 | 295.4 | 295.3 | 465.1 | 918.5 |
| Diluted EPS (₹) | 3.87 | 3.06 | 3.05 | 4.81 | 9.50 |
| Other income | 54.7 | 77.3 | 71.8 | ||
| Materials consumed plus FG/WIP inventory change | -65.1 | 22.6 | 9.18 | ||
| Employee benefits expense | 265.9 | 313.0 | 359.4 | ||
| Consumption of power and fuel | 134.5 | 141.3 | 148.4 | ||
| Other operating expenses including stores/spares/tools | 834.7 | 856.4 | 1,099 | ||
| Operating EBITDA before other income and exceptional items | 547.0 | 737.6 | 1,462 | ||
| Depreciation and amortisation | 174.9 | 175.6 | 200.4 | ||
| Exceptional items (charge negative) | 0.00 | 0.00 | -95.8 | ||
| Net profit attributable to owners after JV share | 295.3 | 465.1 | 918.5 | ||
| Separately presented post-tax share of JV profit/(loss) | -0.42 | -2.31 | -2.12 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 1,911 | 2,082 | 2,285 | 2,661 | 3,342 |
| Borrowings * | 409.0 | 156.9 | 222.7 | 166.5 | 110.9 |
| Cash and cash equivalents * | 259.5 | 15.6 | 71.6 | 17.5 | 395.9 |
| Trade receivables * | 80.1 | 66.2 | 136.8 | 170.6 | 133.2 |
| Inventories * | 113.0 | 116.5 | 228.3 | 321.5 | 387.3 |
| Trade payables * | 202.7 | 80.9 | 95.4 | 116.0 | 194.9 |
| Net property, plant and equipment * | 995.5 | 111.6 | 113.6 | 1,859 | 2,196 |
| Capital work in progress * | 682.7 | 731.3 | 916.9 | 766.0 | 741.2 |
| Total assets * | 2,955 | 2,985 | 3,270 | 3,501 | 4,416 |
| Net debt: borrowings less cash, bank balances, current investments | 148.1 | 98.4 | -699.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 916.5 | 613.9 | 341.2 | 544.2 | 1,474 |
| Free cash flow (vendor definition) * | 631.8 | 326.3 | -193.2 | 124.3 | 1,017 |
| Dividends paid (the provider's sign: an outflow is negative) * | -33.9 | -112.2 | -89.0 | -89.0 | -237.9 |
| Cash capex including mine development (outflow negative) | -419.3 | -345.0 | -534.4 | -419.9 | -456.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 96.70 | 96.70 | 96.70 | 96.70 | 96.70 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 518.2 | 327.8 | 731.4 | 516.4 | 718.1 | 687.3 | 1,156 | 936.5 |
| Cost of revenue (vendor classification) * | 102.8 | -69.3 | 1,036 | 49.2 | 107.0 | 50.0 | 144.9 | 67.3 |
| Other operating costs (vendor classification) * | 236.9 | 214.7 | -616.6 | 216.2 | 280.8 | 248.9 | 359.8 | 305.0 |
| EBITDA (vendor classification) * | 136.1 | 123.4 | 279.6 | 181.0 | 249.1 | 214.6 | 593.0 | 475.0 |
| EBIT * | 136.1 | 85.7 | 255.5 | 181.0 | 249.1 | 214.6 | 593.0 | 475.0 |
| Finance cost | 0.76 | 1.31 | 1.75 | 1.64 | 0.44 | 2.03 | 0.80 | 3.20 |
| Profit before tax (before separately presented JV share) | 135.3 | 84.4 | 258.5 | 179.4 | 248.6 | 212.5 | 592.2 | 471.8 |
| Current plus deferred income tax | 33.7 | 21.6 | 69.1 | 45.1 | 62.6 | 56.2 | 148.2 | 119.2 |
| Net profit for period including JV share and NCI | 101.7 | 62.9 | 187.2 | 134.3 | 183.8 | 156.2 | 444.3 | 352.4 |
| Diluted EPS (₹) | 1.05 | 0.65 | 1.94 | 1.39 | 1.89 | 1.62 | 4.59 | 3.64 |
| Other income | 31.9 | 15.8 | 45.9 | 10.3 | 10.8 | 18.0 | 32.7 | 17.1 |
| Materials consumed plus FG/WIP inventory change | 31.9 | -97.3 | 116.0 | -20.0 | 24.9 | -29.9 | 34.2 | -10.8 |
| Employee benefits expense | 74.3 | 74.8 | 80.7 | 80.2 | 92.1 | 96.0 | 91.0 | 106.3 |
| Consumption of power and fuel | 37.1 | 34.2 | 31.1 | 36.2 | 39.5 | 36.7 | 36.1 | 39.3 |
| Other operating expenses including stores/spares/tools | 223.1 | 208.5 | 237.0 | 207.9 | 279.5 | 244.3 | 367.2 | 294.2 |
| Operating EBITDA before other income and exceptional items | 151.8 | 107.6 | 266.7 | 212.0 | 282.2 | 340.3 | 627.6 | 507.5 |
| Depreciation and amortisation | 47.6 | 37.6 | 52.3 | 41.3 | 44.0 | 47.9 | 67.3 | 49.7 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -95.8 | 0.00 | 0.00 |
| Net profit attributable to owners after JV share | 101.7 | 62.9 | 187.2 | 134.3 | 183.8 | 156.2 | 444.3 | 352.4 |
| Separately presented post-tax share of JV profit/(loss) | 0.00 | 0.00 | -2.31 | -0.03 | -2.23 | -0.07 | 0.21 | -0.24 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 2.9% | -8.2% | 3.1% | 20.6% | 48.6% |
| EBITDA margin | 31.9% | 35.6% | 47.5% | ||
| Net margin | 17.2% | 22.5% | 29.8% | ||
| Return on equity | 13.5% | 18.8% | 30.6% | ||
| Return on capital employed | 17.0% | 17.7% | 17.7% | 23.8% | 39.3% |
| Return on assets | 9.4% | 13.7% | 23.2% | ||
| Net debt (₹ crore) | 148.1 | 98.4 | -699.7 | ||
| Net debt / EBITDA | 0.27x | 0.13x | -0.48x | ||
| Interest cover | 71.6x | 53.5x | 26.0x | 91.6x | 251.1x |
| Asset turnover | 0.63x | 0.56x | 0.55x | 0.61x | 0.78x |
| Receivable days | 16 | 15 | 29 | 30 | 16 |
| Inventory days (on revenue) | 23 | 26 | 49 | 57 | 46 |
| Payable days (on revenue) | 41 | 18 | 20 | 20 | 23 |
| Cash conversion | 1.16x | 1.17x | 1.60x | ||
| Capex intensity | 23.1% | 20.7% | 31.1% | 20.3% | 14.8% |
| Free cash flow (₹ crore) | 497.2 | 269.0 | -193.2 | 124.3 | 1,017 |
| Dividend payout | 30.1% | 19.1% | 25.9% | ||
| EPS, diluted (₹) | 3.87 | 3.06 | 3.05 | 4.81 | 9.50 |
| Book value per share (₹) | 19.76 | 21.53 | 23.63 | 27.52 | 34.56 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA before other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt: borrowings less cash, bank balances, current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA before other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Hindustan Copper
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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