Hindustan Copper operating cash nearly doubles to Rs 843.42 crore

Hindustan Copper Limited generated Rs 843.42 crore of net operating cash in the half year ended September 30, 2026, nearly double Rs 428.24 crore a year earlier, while fixed-asset purchases increased to Rs 242.70 crore from Rs 52.12 crore. The cash-flow statement also recorded Rs 52.53 crore of mine-development expenditure.

How much operating cash did Hindustan Copper generate?

Hindustan Copper generated Rs 843.42 crore of net operating cash in the half year ended September 30, 2026, compared with Rs 428.24 crore in the half year ended September 30, 2025. The increase was Rs 415.18 crore, or nearly 97%, as cash generated from operations rose to Rs 1,044.92 crore from Rs 514.65 crore before net taxes paid.

Profit before tax increased to Rs 1,167.20 crore in the September 2026 half year from Rs 427.99 crore a year earlier. After adjustments, operating profit before working-capital changes was Rs 1,302.34 crore, compared with Rs 569.80 crore in the prior-year period. The statement was prepared using the indirect method under Indian Accounting Standard 7, or Ind AS 7.

Why did Hindustan Copper's cash conversion change?

Hindustan Copper's higher operating cash generation followed the Rs 739.21 crore increase in profit before tax, although working-capital movements and tax payments absorbed more cash than a year earlier. Trade and other receivables rose, creating a Rs 152.38 crore cash outflow, against a Rs 3.89 crore inflow in the prior-year half.

Inventories used Rs 55.42 crore of cash in the September 2026 half year, versus Rs 47.86 crore in the comparable period, while current and non-current assets used Rs 35.33 crore versus Rs 52.04 crore. Current and non-current liabilities decreased by Rs 14.29 crore, whereas they had added Rs 40.86 crore in the previous half year. Net taxes paid also rose to Rs 201.50 crore from Rs 86.41 crore.

The non-cash and other operating adjustments included Rs 63.27 crore of amortisation, Rs 32.08 crore of depreciation and Rs 67.27 crore for the value of ore raised during mine expansion, construction or development. Interest income of Rs 39.12 crore was deducted in arriving at operating profit before working-capital changes, compared with a Rs 6.47 crore deduction in the half year ended September 2025.

How much did Hindustan Copper spend on assets and mine development?

Hindustan Copper spent Rs 242.70 crore on fixed-asset purchases in the half year ended September 30, 2026, compared with Rs 52.12 crore in the prior-year half. The Rs 190.58 crore increase was accompanied by Rs 52.53 crore of mining-properties expenditure classified as mine-development expenditure in investing cash flow.

Net cash used in investing activities was Rs 277.08 crore, compared with Rs 219.32 crore a year earlier. In the 2025 half year, Hindustan Copper reported Rs 174.67 crore of investment in a subsidiary or joint venture, while the current-period row contains no amount for that item. Fixed-asset sale proceeds were Rs 1.89 crore in 2026, versus Rs 1.35 crore in 2025, and interest received was Rs 16.26 crore versus Rs 6.12 crore.

The balance sheet gives further context for the investment activity. Capital work in progress stood at Rs 874.10 crore on September 30, 2026, up from Rs 741.23 crore on March 31, 2026, while property, plant and equipment was Rs 1,885.52 crore compared with Rs 1,889.48 crore. Total non-current assets increased to Rs 3,102.14 crore from Rs 3,000.01 crore over the six months.

What happened to Hindustan Copper's cash balance and financing flows?

Hindustan Copper ended the half year with Rs 1,273.57 crore in cash and cash equivalents, following a Rs 453.34 crore net increase during the period. The corresponding net increase was Rs 182.78 crore in the half year ended September 30, 2025, and the September 2026 closing total followed an opening balance of Rs 820.23 crore.

Financing activities used Rs 113.00 crore in the September 2026 half year, compared with Rs 26.14 crore in the year-earlier period. The statement recorded Rs 109.91 crore under non-current borrowings or loans repaid and Rs 3.09 crore of interest paid. In the prior-year half, the comparable cash outflow included Rs 24.06 crore for non-current borrowings or loans repaid and Rs 2.08 crore of dividends paid.

At September 30, 2026, the closing Rs 1,273.57 crore comprised Rs 666.94 crore of current cash and cash equivalents, Rs 590.37 crore of current bank balances other than cash equivalents, and Rs 16.26 crore of non-current financial assets classified as others. The comparable September 2025 total of Rs 262.32 crore included Rs 104.87 crore of cash and cash equivalents, Rs 145.68 crore of bank balances and Rs 11.77 crore of non-current financial assets.

Conclusion

Hindustan Copper's September 2026 half-year cash-flow statement shows that the Rs 843.42 crore operating inflow covered the Rs 277.08 crore investing outflow and the Rs 113.00 crore financing outflow, leaving a Rs 453.34 crore increase in cash and cash equivalents. Higher profit before tax of Rs 1,167.20 crore was the principal contributor despite Rs 257.42 crore of aggregate cash outflows from receivables, inventory, other assets and liabilities.

The next disclosed items to watch are the deployment of Rs 874.10 crore of capital work in progress and the cash effect of mine-development activity after the Rs 52.53 crore recorded in the first half. Subsequent results will also show whether receivables, which absorbed Rs 152.38 crore in the six months to September 2026, reverse or continue to use operating cash.