This report is an updated version of the report published on 15 April 2026 at 12:49 PM IST.

Hindustan Copper Limited (NSE: HINDCOPPER) 

is a vertically integrated copper producer engaged in exploration, mining, beneficiation, smelting, and refining. It operates key projects across India and produces copper cathodes, rods, and valuable by-products, supported by its subsidiary operations.

Recommendation Rationale – SELL at INR 566.00

• Financial Highlights: Hindustan Copper reported a sharp rise in employee benefit expenses, which increased to INR 191.79cr in Q3FY26 from INR 74.84cr in Q3FY25, reflecting a steep 156.27% YoY increase, largely due to a one-time provision towards post-retirement medical scheme, impacting cost structure. Other expenses also rose to INR 212.25cr in Q3FY26 from INR 180.46cr in Q3FY25, marking a 17.62% YoY increase, indicating continued pressure from higher operational and administrative costs. Depreciation and amortisation expenses increased to INR 47.94cr in Q3FY26 from INR 37.63cr in Q3FY25, up 27.40% YoY, reflecting rising asset base and ongoing capex, which may weigh on future profitability. The company also recognized a significant one-time provision of INR 95.75cr towards employee-related obligations during the quarter, further increasing cost burden and impacting earnings quality.
• Trading Near the Resistance: HINDCOPPER stock is near its R2 level recommended on 18 March 2026. Therefore, share price can face resistance at the current levels.
• Overvalued Multiples: On a Trailing 12-months basis – key trading multiples (EV/Sales, EV/EBITDA, P/E, Price/Cash Flow, and Price/Book) are higher than Industry Average of the Basic Materials Sector.
• Market Risk: Operating in the copper mining and refining industry, Hindustan Copper remains exposed to fluctuations in global copper prices driven by macroeconomic cycles and demand from major economies like China. Volatility in input costs, including energy, explosives, and labor, may impact cost structures and margins. Additionally, delays in mine expansion, regulatory approvals, and environmental clearances could affect production growth. Changes in government policies, import dynamics, and competition from large integrated global players, along with currency fluctuations, may influence realizations, demand visibility, and overall profitability.

HINDCOPPER’s Daily Chart

Valuation Methodology: Price/Earnings Multiple Approach (FY March'27E) (Illustrative)

Stock might trade at a slight premium to its peers considering the YoY growth in revenue and profitability during 9MFY26, driven by higher copper production and improved realizations. For conducting the valuation, the following peers included: JSW Steel Ltd (NSE: JSWSTEEL), Jindal Steel Ltd (NSE: JINDALSTEL), and Gravita India Ltd (NSE: GRAVITA) have been considered.

Given the continued requirement for significant capital expenditure toward mine expansion projects and capacity augmentation, along with rising employee and operational expenses, Hindustan Copper’s near-term margin profile may remain sensitive. Additionally, earnings visibility remains exposed to volatility in global copper prices and regulatory compliance-related risks. Considering the risks associated, the share price may face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of INR 566.00 (as of 15 April 2026, at 09:16 AM IST).

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing. 

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 15 April 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.