Hindustan Copper FY26 record profit, FY27 output up

What changed for Hindustan Copper

Hindustan Copper Ltd (HCL), India’s only integrated copper mining company and a central public sector enterprise under the Ministry of Mines, reported its highest-ever annual performance for the year ended March 31, 2026. The record was driven by higher global copper prices and a ramp-up in domestic mine output, according to a Press Information Bureau release. In a separate interaction with CNBC-TV18, CMD Sanjiv Kumar Singh discussed FY27 production plans and a collaboration to extract uranium from copper tailings.

The updates arrived alongside mixed stock market reactions across different dates. A May 15 report cited shares down 6% after market following the fiscal Q4 profit update. Earlier, the stock also reacted to FY27 capex and outlook disclosures, including a session where it moved higher after the company’s projections were made public.

FY26 record financial performance in numbers

Hindustan Copper’s revenue from operations rose 49% year-on-year to ₹3,078 crore from ₹2,071 crore. Profit before tax increased 95% year-on-year to ₹1,233 crore from ₹634 crore. Profit after tax expanded 97% year-on-year to ₹921 crore from ₹469 crore.

Operating profitability also strengthened. The EBITDA margin widened to 48.7% from 37.97% a year earlier, an improvement of 10.73 percentage points, reflecting improved cost absorption at higher volumes.

Output and sales: ore, MIC production, and volumes

On the operating side, ore extraction reached 3.67 million tonnes, up 6% year-on-year. Metal-in-concentrate (MIC) output rose 9% year-on-year to 27,421 tonnes. MIC sales volumes increased 12% year-on-year to 27,369 tonnes.

These volume trends were a key part of the company narrative through FY26, with higher production levels coinciding with stronger realisations in a period of supportive copper prices.

FY27 guidance: ore production to rise to 4.7 million tonnes

In the CNBC-TV18 interaction, CMD Sanjiv Kumar Singh said FY27 copper ore production is expected to be about 4.7 million tonnes versus 3.67 million tonnes in FY26. He outlined a mine-wise split for the FY27 plan: 3.0 million tonnes from Malanjkhand, 1.2 million tonnes from Khetri mines, and 0.5 million tonnes from the Ghatshila mines in Jharkhand.

He added that the “full picture” of Ghatshila would come through in FY26-27. He described the plan as growth of about 25% to 28% versus the current year.

Grade expectations: marginal improvement targeted

The CMD also addressed questions on ore grade. He said the company is trying to improve grade, but noted that it depends on the natural deposit and that the company mines what it gets. He indicated the company would try to keep it around 0.76% to 0.77%, compared with the approximately 0.75% level referenced in the interview.

MIC volumes and margin stance for FY27

On MIC volumes, the CMD indicated a range of “33 plus” and described it as around 33,000 to 34,000 tonnes for FY27. In the same discussion, a higher figure of 36,000 tonnes was mentioned, but the guidance was then refined to the 33,000-34,000 tonne range.

On profitability, he said the company has maintained an EBITDA margin around 40% and expects to maintain “40% plus” even amid volatile copper prices. He did not provide a price guidance, citing volatility.

Uranium recovery from copper tailings: UCIL partnership

Hindustan Copper has reached an agreement with Uranium Corporation of India Ltd (UCIL) to share tailings from its mines for uranium recovery. The CMD said HCL will provide tailings from the three mines currently being mined, and if other mines are added in the future, tailings will be shared as well.

Under the arrangement described, UCIL would set up a uranium recovery plant and extract uranium present in the tailings. The CMD said this would be “free of cost” in the sense that mining costs would be incurred by Hindustan Copper, and UCIL would return the tailings, which would then be placed back into the mine. He added that proposals were moving to boards, and that a plant would be set up in Ghatshila.

Capex and long-term scale-up plan to FY30

In an exchange filing-driven set of projections carried in reports, Hindustan Copper estimated FY27 capital expenditure at ₹1,421.73 crore, compared with ₹450.51 crore in FY26. Total capex planned up to FY30 was indicated at ₹7,188.60 crore.

The same disclosures mapped a scale-up in capacity from 3.81 MTPA to 12.20 MTPA by FY30, alongside a FY27 ore production estimate of about 4.71 MTPA and total milling capacity of 4.30 MTPA. For FY26, the company indicated ore production of 4.21 MTPA and milling capacity of 3.81 MTPA.

Profit guidance: filing projections versus CMD remarks

The projections shared in reports indicated an estimated FY26 PAT of ₹589 crore (up from ₹468.5 crore in FY25), and an FY27 PAT estimate of ₹600 crore, along with an FY27 dividend projection of ₹180 crore (FY26 dividend projection: ₹177 crore). The same set of projections referenced a FY30 PAT target of ₹1,568 crore and dividend of ₹470 crore.

In the CNBC-TV18 discussion, when asked about profit guidance, the CMD said the company is expected to do much better than FY25-26 and added that it would be “more than 1,000 crores” in the year, without providing a detailed calculation.

Market reaction and corporate updates

A May 15 headline noted Hindustan Copper shares were down 6% after market despite the record fiscal Q4 profit update. Separately, NSE price data cited in reports showed the stock closed 2.28% lower at ₹556.60 after a session where the prior close was ₹569.60.

The broader news flow also included a management update: Shri Purshotam Das Bohra, General Manager (Mining), HCL, was designated as Unit Head of the Khetri Copper Complex (KCC) on 13.05.2026.

Key figures at a glance

Why the developments matter

The FY26 results underline the operating leverage in Hindustan Copper’s model when volumes and realisations move up together, visible in the improvement in EBITDA margin and the near-doubling of profits. For investors, the FY27 ore production guidance and the mine-wise split provide a clearer picture of where near-term volume growth is expected to come from.

The capex jump in FY27, alongside the stated capacity expansion plan to 12.20 MTPA by FY30, places execution at mines and processing units at the centre of the company’s near-to-medium-term narrative. Meanwhile, the UCIL tie-up signals an effort to create value from mine waste streams, although the timeline and economic contribution would depend on plant commissioning and recovery outcomes, which were not quantified in the updates.

Conclusion

Hindustan Copper closed FY26 with record revenue and profits, backed by higher production and improved operating margins. For FY27, the company has flagged higher ore production, maintained margin intent, and progress on a uranium recovery initiative with UCIL at Ghatshila. The next set of milestones will be tracked through board approvals for the uranium recovery plant and execution against the FY27 production and capex plan.