Introduction
Established in the year 1967, Hindustan Copper Limited is a Government of India enterprise and a Miniratna Category-I company operating under the administrative control of the Ministry of Mines. The company is engaged in exploration, exploitation, mining of copper and copper ore, beneficiation of minerals, smelting, refining and value-added copper products. Hindustan Copper is one of the most important companies in India’s copper mining ecosystem as it is the only vertically integrated producer of primary refined copper in the country.
The company operates copper mines and concentrator plants through its key projects located across India. These include the Malanjkhand Copper Project in Madhya Pradesh, the Khetri Copper Complex in Rajasthan and the Indian Copper Complex at Ghatsila in Jharkhand. Apart from mining and beneficiation, Hindustan Copper also operates smelter and refinery facilities at the Indian Copper Complex and the Gujarat Copper Project. The copper cathode produced from these facilities is further converted into copper wire rods at the Taloja Copper Project in Maharashtra.
Hindustan Copper markets copper cathodes, copper wire bars, continuous cast copper rods and several by-products generated from its integrated operations. These by-products include anode slime containing precious metals such as gold and silver, along with copper sulphate and sulphuric acid. As of 31 March 2025, the President of India held 66.14% equity capital in the company, making it a majority Government-owned enterprise.
Hindustan Copper was originally incorporated on 9 November 1967 as Hindustan Copper Private Limited. On 27 February 1968, it was converted into a public limited company and renamed Hindustan Copper Limited. During the same period, the assets of National Mineral Development Corporation Limited at Khetri, Rajasthan were transferred to the company, creating the base for its copper mining operations.
In 1972, the Government of India nationalised Indian Copper Corporation Limited at Ghatsila, Jharkhand and transferred its operations to Hindustan Copper, strengthening the company’s position in India’s copper industry. The company commissioned its 31,000 TPA smelter in 1976, commenced operations at the Malanjkhand Copper Project in Madhya Pradesh in 1982, and commissioned a 60,000 TPA continuous cast copper rod plant at Taloja in 1989. Hindustan Copper was listed on the Bombay Stock Exchange in 1994 after the Government diluted a part of its stake.
The company underwent restructuring in 1999, 2002 and 2008, and was granted Miniratna Category-I status in 2008. It also initiated processing of low-grade sulphide ore through bio-leaching technology and prepared long-term mine expansion plans covering Malanjkhand, Khetri, Kolihan, Surda, Rakha and Kendadih to significantly increase its mining capacity.
Between FY2017 and FY2020, Hindustan Copper invested over ₹2,000 crore towards mine expansion, replacement of plant and machinery, mine development and greenfield exploration. The company also invested in strategic subsidiaries such as Chhattisgarh Copper Limited and overseas critical mineral joint venture KABIL, reinforcing its long-term growth strategy and focus on securing critical mineral resources.
During FY2022-23, the company completed extensive geological drilling, increasing confidence in its copper reserves and resources, which stood at 631.85 million tonnes. In recent years, Hindustan Copper has also commissioned renewable energy projects, upgraded underground communication systems, expanded the Surda mine capacity from 0.4 MTPA to 0.9 MTPA, commissioned a 3.0 MTPA paste fill plant at Malanjkhand and resumed production at Surda Mine.
To support future expansion, the company appointed MECON to complete the remaining underground mine development work at Malanjkhand and also explored third-party tolling arrangements for continuous cast copper rod production at Taloja. In FY2025, Hindustan Copper further strengthened its technical capabilities by signing an MoU with Chile’s state-owned copper producer CODELCO for technology and knowledge sharing, while also partnering with the Government of Madhya Pradesh for exploration of critical minerals, including copper.
Manufacturing facilities (As of Sept 2025)
Hindustan Copper operates mining assets across Rajasthan, Madhya Pradesh and Jharkhand, with its mines forming the backbone of India’s only vertically integrated copper producer. The company is executing a major expansion plan to increase total ore production capacity from around 4 million tonnes currently to approximately 12.2 million tonnes per annum by FY2030-31.
In Rajasthan, the company operates the Khetri and Kolihan underground mines, while the Chandmari mine remains closed due to environmental issues despite receiving a 20-year lease extension. Production at Kolihan resumed after an accident last year, and management expects output to improve from the second half of the financial year. Together, the Rajasthan operations are targeted to increase production to around 2.9 MTPA by FY2030-31.
The Malanjkhand Copper Project in Madhya Pradesh is the company’s largest mining asset, producing around 2.73 million tonnes last year. Management targets production of around 2.90 million tonnes this year, with capacity expected to reach 5 MTPA by FY2030-31.
In Jharkhand, Hindustan Copper is restarting the Surda, Kendadih and Rakha mines after securing long-pending statutory and environmental clearances. Surda resumed production in October 2024 and is expected to gradually increase to 0.9 MTPA, while Kendadih is expected to commence operations shortly. The Rakha mine will be developed under the Mine Developer and Operator (MDO) model by Southwest Mining Limited, a JSW Group company, with commercial production expected within 16-18 months and a long-term production target of around 3 MTPA.
Management stated that forest and environmental clearances had been the biggest obstacle to expansion over the past several years, but with most approvals now secured, the company expects its growth plans to accelerate. Despite heavy monsoon rains impacting underground mining operations and reducing production to around 85-90% of target during the current year, management remains confident of achieving its long-term expansion plans.
By FY2030-31, Hindustan Copper plans to increase total mining capacity to around 12.2 MTPA, comprising approximately 5 MTPA from Malanjkhand, 2.9 MTPA from Rajasthan and 4.3 MTPA from the Jharkhand mining region, making this expansion the key driver of the company’s future growth.
Capex (As of Sept 2025)
Management has guided for a total capital expenditure of approximately ₹2,000 crore over the next five years to support its long-term mining expansion plan of increasing ore production capacity to 12.2 million tonnes per annum by FY2030-31.
The majority of this CAPEX will be invested in the Malanjkhand Copper Project, which remains the company’s largest expansion project. Management indicated that nearly ₹900 crore of the planned investment will be allocated to Malanjkhand, while approximately ₹200 crore each will be invested in the Rajasthan (Khetri) and Jharkhand mining operations. The remaining capital expenditure will be spent on supporting infrastructure and other expansion activities.
At Malanjkhand, the CAPEX will primarily be used for equipping two already constructed underground shafts, installation of a new crusher, concentrator plant, ventilation systems, substations, electrical infrastructure and other underground mining facilities. While the shafts have already been completed, the remaining work mainly involves installing imported winding systems, ropes, fans and associated equipment. Management expects shaft furnishing to take around 30-32 months after award of contracts.
The company also plans to install new concentrator plants at both Malanjkhand and Khetri to support higher ore production as mining capacity expands. Besides the one-time infrastructure investment, Hindustan Copper incurs around ₹150 crore of annual mine development CAPEX, which is a recurring expenditure required for underground mine development, tunnel construction and maintaining production levels.
Importantly, no major CAPEX will be incurred by Hindustan Copper for the Rakha mine. The project will be developed under the Mine Developer and Operator (MDO) model by South West Mining Limited (JSW Group), which is expected to invest approximately ₹2,600-2,700 crore over the next 6-7 years. Under this arrangement, Hindustan Copper avoids large capital investments while sharing revenue with the operator, significantly reducing execution and financial risk.
Management believes this investment program will enable the company to increase ore production capacity from around 4 million tonnes currently to 12.2 million tonnes by FY2030-31, making it the largest expansion program undertaken by the company in recent decades.
Vision 2030 Capital Expenditure Plan
As part of its Vision 2030 strategy, Hindustan Copper has planned a capital expenditure programme of over ₹6,700 crore through FY2030 to expand mining and processing infrastructure across its existing operations. The investment is aimed at increasing ore production capacity from around 3.7 million tonnes to 12.2 million tonnes per annum, while strengthening downstream beneficiation infrastructure.
A major portion of the investment is being directed towards the Malanjkhand Copper Project (MCP), where the company announced eight major CAPEX packages worth over ₹1,550 crore in June 2026 to remove infrastructure bottlenecks and support long-term production growth. The company has already awarded contracts for the construction of production and service winders (shafts) along with a 3 million tonne per annum concentrator plant.
Currently, the existing mining infrastructure at MCP can handle a maximum throughput of around 3.5 million tonnes per annum. Upon commissioning of the new underground shafts, expected by April 2029, mining capacity is expected to increase significantly. In addition, the new 3 MTPA concentrator plant, scheduled to be commissioned over the next 24 months, will increase total concentrator capacity at MCP to approximately 5.7 million tonnes per annum, supporting higher ore production and improved operational efficiency.
Beyond Malanjkhand, the company is also preparing detailed project reports (DPRs) for a 3 MTPA concentrator plant at Khetri and a 1.5 MTPA concentrator plant at the Ghatsila (ICC) complex, ensuring that mineral processing capacity expands alongside mining operations.
Overall, the ongoing capital expenditure programme is expected to strengthen both mining and beneficiation infrastructure, enabling Hindustan Copper to achieve its long-term production target of 12.2 million tonnes per annum by FY2030 while improving operating efficiency across its mining assets.
Financials
FY2025 Financial Performance (Year Ended March 2025)
Revenue from operations increased 20.6% YoY to ₹2,070.96 crore, compared to ₹1,716.83 crore in FY2024.
Profit Before Tax (PBT) rose 54% YoY to ₹633.51 crore from ₹410.96 crore.
Profit After Tax (PAT) increased 59% YoY to ₹468.53 crore from ₹294.59 crore in the previous financial year.
EBITDA margin also improved significantly to 37.97%, compared to 31.9% in FY2024, reflecting stronger operating leverage and improved profitability.
Operationally, the company achieved 3.47 million tonnes of ore production during FY2025, while Metal in Concentrate (MIC) production stood at approximately 25,200 tonnes.
Copper MIC sales volume also improved during the year, supported by healthy demand and favourable copper prices.
The strong operational performance, coupled with higher realizations, enabled Hindustan Copper to report its highest-ever revenue and profitability up to FY2025.
Q4 FY2026 Financial Performance
Revenue from operations increased 58.1% YoY to ₹1,156.08 crore from ₹731.40 crore in the corresponding quarter last year.
Net profit more than doubled, rising 137.4% YoY to ₹444.27 crore compared to ₹187.18 crore in Q4 FY2025.
EBITDA grew 111.2% YoY to ₹660.26 crore from ₹312.58 crore.
Earnings per share (EPS) also increased significantly to ₹4.59 from ₹1.94 in the year-ago quarter, reflecting strong improvement in profitability driven by higher copper prices, better realizations and improved operating performance.
FY2026 Financial Performance (Year Ended March 2026)
Hindustan Copper delivered its best-ever financial performance during FY2026, driven by higher copper prices, improved metal production, stronger sales realizations and better operating efficiencies.
Revenue from operations increased 48.6% YoY to a record ₹3,077.92 crore, compared to ₹2,070.96 crore in FY2025.
Profit Before Tax (PBT) surged 94.6% YoY to an all-time high of ₹1,232.73 crore from ₹633.51 crore.
Profit After Tax (PAT) nearly doubled, increasing 96.5% YoY to ₹920.67 crore from ₹468.53 crore in the previous financial year.
EBITDA also witnessed a sharp improvement, rising to approximately ₹1,496 crore, with the EBITDA margin expanding to 48.7%, reflecting strong operating leverage and improved profitability.
Operational performance also remained robust during the year. Ore production increased to 3.90 million tonnes, while Metal in Concentrate (MIC) production reached 27,421 tonnes, the highest level achieved by the company in the last seven years.
Higher MIC sales volumes, coupled with favourable international copper prices and improved realizations, enabled Hindustan Copper to report record revenue and profitability during FY2026.
Management’s comments and Future outlook
No recent conceal has been conducted by the management after Sept 2025, so we cannot provide sufficient information in this regard.
Sectorial Outlook
Copper remains one of the most strategically important metals for the global economy due to its wide usage in power transmission, electrical equipment, construction, industrial machinery, automobiles, renewable energy, electric vehicles, data centres and electronics. With the world moving towards electrification, renewable energy and grid expansion, copper demand is expected to remain structurally strong over the long term.
Globally, the copper industry is entering a period where demand growth is expected to remain strong, while supply growth remains constrained by declining ore grades, limited large-scale discoveries, long mine development timelines, regulatory challenges and geopolitical risks in key producing regions. Global refined copper demand is projected to rise significantly over the coming decades, with several agencies expecting demand to reach nearly 50 million tonnes by 2050, compared to current refined copper production of around 26.5 million tonnes annually. This indicates a large long-term demand-supply gap unless significant new mining, refining and recycling capacity is created.
India’s copper demand outlook is even more attractive due to the country’s low per-capita consumption, rapid infrastructure development, rising urbanisation, manufacturing growth and transition towards clean energy. India’s copper demand increased by 13% year-on-year to around 1,700 kilotonnes in FY2024. Post-pandemic, copper demand in India grew at an average annual rate of around 21% between FY2021 and FY2024, supported by strong growth in building construction, infrastructure, transportation and industrial sectors.
The demand outlook is expected to remain strong over the next decade. India’s copper demand is projected to reach approximately 3–3.3 million tonnes by 2030 and around 8.9–9.8 million tonnes by 2047. This implies that India’s copper demand could almost double by 2030 and increase nearly six times by 2047. Conventional sectors such as construction, industrial applications and electricity are expected to remain the largest consumers of copper, while energy transition sectors such as renewable energy, electric vehicles, batteries, charging infrastructure and power grids are expected to grow at a much faster pace.
The power sector will be one of the biggest long-term drivers of copper demand in India. The Government of India has set a target of achieving 500 GW of non-fossil fuel-based power capacity by 2030. During 2025 alone, India added around 48.4 GW of renewable energy capacity, including approximately 37.9 GW of solar power and 6.3 GW of wind power. As renewable energy capacity increases, the requirement for copper-intensive transmission lines, substations, transformers, inverters, cables and grid infrastructure will also rise meaningfully.
India’s transmission infrastructure is also undergoing a major expansion. Under the National Electricity Plan, the country’s transmission network is expected to expand from around 4.85 lakh circuit kilometres in 2024 to around 6.48 lakh circuit kilometres by 2032. During the same period, transformation capacity is expected to increase from 1,251 GVA to 2,342 GVA. Since copper is widely used in transformers, cables, electrical equipment, motors and power distribution systems, this grid expansion is expected to create sustained long-term demand for copper.
Electric vehicles and charging infrastructure are another major demand driver. Electric vehicles use significantly more copper than internal combustion engine vehicles due to their batteries, motors, wiring systems, power electronics and charging infrastructure. As India pushes towards higher EV adoption, public charging networks, fast chargers, electric buses, two-wheelers and battery storage systems, copper consumption from the mobility sector is expected to increase steadily.
The copper sector also benefits from India’s broader manufacturing and infrastructure push. Sectors such as railways, metro projects, defence, data centres, electronics, consumer durables, industrial motors, real estate and renewable energy manufacturing all require copper in different forms. Infrastructure and building construction already account for a major portion of India’s copper demand, and continued government capital expenditure, urbanisation and private investment are expected to keep demand healthy.
Despite this strong demand outlook, India remains structurally dependent on imports across parts of the copper value chain. The closure of the Tuticorin smelter significantly reduced domestic refined copper output and increased India’s import dependence. India became a net importer of copper cathodes in FY2019, and the country still depends on imports of refined copper, copper concentrates and finished copper products. This makes domestic mining, smelting, refining and recycling capacity expansion strategically important for India’s long-term resource security.
The Government of India has recognised copper as a critical mineral and has released a Copper Vision Document to strengthen the domestic copper ecosystem. The vision aims to reduce import dependence, expand domestic smelting and refining capacity, promote secondary copper recycling, secure overseas mineral assets and create a more resilient copper supply chain. The document also outlines plans to add around 5 million tonnes per annum of smelting and refining capacity by 2030.
Domestic refined copper supply is also expected to improve with the ramp-up of Adani’s Kutch Copper facility. The plant has an initial capacity of 0.5 million tonnes and is planned to be expanded to 1 million tonnes by FY2028-29. This should help reduce refined copper import dependence over time. However, India’s upstream copper mining remains limited, and Hindustan Copper continues to be the only domestic copper ore miner of meaningful scale. Therefore, expanding domestic copper ore production remains critical to reducing long-term supply vulnerability.
For Hindustan Copper, the sector outlook is structurally positive. The company is strategically placed as India’s only vertically integrated primary copper producer and the only major domestic copper ore miner. With copper demand expected to rise sharply across power, renewable energy, EVs, infrastructure and industrial sectors, Hindustan Copper’s planned expansion from around 3.7–4.0 million tonnes of ore production to 12.2 million tonnes by FY2030-31 is well aligned with India’s long-term copper requirement.
The company’s expansion plans at Malanjkhand, Khetri, Kolihan, Surda, Kendadih and Rakha are important not only from a company growth perspective but also from India’s domestic mineral security perspective. If executed successfully, these projects can significantly increase Hindustan Copper’s ore production and Metal in Concentrate output, helping the company benefit from rising copper demand and favourable long-term industry fundamentals.
However, the sector also carries risks. Copper prices are globally linked and can remain volatile due to changes in Chinese demand, global economic cycles, currency movement, interest rates, trade policies and supply disruptions. Mining projects also face risks related to environmental clearances, forest approvals, monsoon impact, underground mining challenges, cost inflation and execution delays. Additionally, India’s copper value chain still needs stronger domestic exploration, modern mining technology, formal recycling systems and competitive downstream manufacturing capacity.
Overall, the long-term outlook for the copper sector remains favourable. Copper is central to electrification, renewable energy, EVs, power infrastructure and industrial growth. India’s copper demand is expected to grow significantly over the next decade, while domestic upstream supply remains limited. In this environment, Hindustan Copper’s expansion plans, government ownership, strategic mineral positioning and domestic mining assets make it an important beneficiary of India’s copper demand growth story.
Conclusion
Hindustan Copper Limited, established in 1967, is a Government-owned Miniratna Category-I company under the Ministry of Mines and India’s only vertically integrated primary copper producer. The company is engaged in copper mining, beneficiation, smelting, refining and value-added copper products, with key assets across Rajasthan, Madhya Pradesh and Jharkhand. FY2026 was one of the strongest years for the company, with record revenue, sharp improvement in profitability and strong operating performance. Management, along with active government support, appears highly optimistic about expanding ore production capacity to around 12.2 MTPA by FY2030-31. With long-pending approvals moving faster, mines such as Surda, Kendadih and Rakha being restarted, and major capex planned at Malanjkhand, Hindustan Copper is well placed to benefit from India’s rising copper demand driven by electrification, renewable energy, EVs and critical mineral security.