HINDUSTAN COPPER LIMITED — Stage 1 setup with EFS 76.5 and investment score 77.6.
Separate the company from the entry: business quality first, timing second.
The edge is in staying with strong fundamentals — and demanding a sane entry.
HINDUSTAN COPPER LIMITED combines the latest available financial extract with the technical snapshot. Latest quarter: revenue 936 Cr (YoY +81.4%), PAT 352 Cr (YoY +162.7%). The next step is to reconcile these headline numbers with the annual report, exchange filings, and cash-flow quality.
Agent Adda scores from snapshot (stage_snapshot). Useful ranking signals — not standalone buy/sell rules.
EFS 76.5 is the composite fundamental score: it indicates a reasonably strong combination of earnings quality (78.0), sales growth (63.3), financial strength (92.2), and institutional bias (73.5). The weaker sales-growth/financial-strength components are why the score is not a clean quality signal. Investment Score 77.6 is higher because it blends the fundamental stack with the current technical setup, where the technical score is 82.7. In plain English: the tape is stronger than the balance-sheet evidence, so the stock can screen well for momentum without removing execution, leverage, or valuation risk. Validate the scores against audited cash flow, debt, margins, dilution, and the next two quarters before treating them as conviction.
Business profile from Hindustan Copper's FY2024-25 annual report, company presentation and exchange disclosures.
India's only integrated copper producer with mining, beneficiation, smelting, refining and wire-rod capabilities; the company is also the country's only copper ore miner.
Government ownership, mining leases and reported access to substantial Indian copper resources provide strategic scarcity, but earnings remain exposed to copper prices, grades, production and project execution.
Mine-expansion milestones, production growth, copper-price sensitivity, Rakha/Banwas/Malanjkhand execution, government OFS overhang and valuation versus diversified metal producers.
5 annual periods returned from the fundamentals extract. The latest available annual period shows revenue +13.6% and PAT +23.7% versus the prior period; confirm whether the change is organic, margin-led, or acquisition-led in the annual report.
| Period | Revenue | Op. Profit | OPM | PAT | EPS | Payout |
|---|---|---|---|---|---|---|
| Mar 2023 | 1,677 | 492 | 29% | 295 | 3.06 | 30% |
| Mar 2024 | 1,717 | 547 | 32% | 295 | 3.05 | 30% |
| Mar 2025 | 2,071 | 738 | 36% | 465 | 4.81 | 30% |
| Mar 2026 | 3,078 | 1,462 | 48% | 919 | 9.50 | 30% |
| TTM | 3,498 | 1,758 | 50% | 1,137 | 11.75 |
6 quarterly periods are available. Jun 2026 revenue was 936 Cr and PAT 352 Cr; the latest sequential change was revenue -19.0% and PAT -20.7%. Use the next filing to test whether the latest growth rate is recurring and whether operating margin and cash conversion are moving with earnings.
| Quarter | Revenue | Op. Profit | OPM | PAT | EPS |
|---|---|---|---|---|---|
| Mar 2025 | 731 | 267 | 36% | 187 | 1.94 |
| Jun 2025 | 516 | 212 | 41% | 134 | 1.39 |
| Sep 2025 | 718 | 282 | 39% | 184 | 1.90 |
| Dec 2025 | 687 | 340 | 50% | 156 | 1.62 |
| Mar 2026 | 1,156 | 628 | 54% | 444 | 4.59 |
| Jun 2026 | 936 | 508 | 54% | 352 | 3.64 |
3 balance-sheet/cash-flow periods are available. Latest reported borrowings are 111 Cr, CFO is 1,474 Cr, and FCF is 1,348 Cr. Read these alongside PAT, working-capital movements, capex, and financing flows: profit growth is higher quality when it converts to operating cash without repeated debt or equity funding.
| Balance sheet item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 484 | 484 | 484 |
| Reserves | 1,802 | 2,177 | 2,859 |
| Borrowings+ | 223 | 167 | 111 |
| Total Liabilities | 3,479 | 3,708 | 4,416 |
| Fixed Assets+ | 1,430 | 1,731 | 1,922 |
| Total Assets | 3,479 | 3,708 | 4,416 |
| Cash flow item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| CFO | 341 | 544 | 1,474 |
| CFI | -525 | -402 | -434 |
| CFF | -39 | -152 | -299 |
| FCF | -193 | 132 | 1,348 |
| Net Cash | -222 | -10 | 741 |
Evidence reviewed: 7 concall artifacts and 6 exchange/company announcements. The read-through below distinguishes reported numbers, management claims, and checks required before relying on the catalyst.
Hindustan Copper is an upstream, mining-led copper exposure; Hindalco and Vedanta are integrated/refined-metal competitors, while Hindustan Zinc and NALCO are diversified base-metal comparators. They are not like-for-like businesses.
| Company | Exposure | Relative advantage | Relative limitation |
|---|---|---|---|
| Hindustan Copper | Copper mining and integrated copper operations | Only Indian copper miner; strategic resource access and operating leverage to copper | Smaller scale, single-commodity concentration, mine/project execution and high valuation sensitivity |
| Hindalco | Diversified aluminium plus copper smelting/refining and downstream products | Much larger scale, diversification and downstream value-add | Less direct pure-play leverage to Indian copper mining |
| Vedanta | Diversified metals and mining, including copper assets | Large resource base and diversified cash generation | Higher group leverage and governance/structure complexity |
| Kutch Copper | Adani subsidiary: greenfield custom copper smelting/refining and copper tubes | Mundra port/logistics advantage; 0.5 MTPA first phase, scalable to 1 MTPA | New entrant; ramp-up, funding and execution still need delivery evidence |
| Hindustan Zinc | Zinc-lead-silver mining and refining | Scale, strong cash generation and diversification within base metals | Not a copper peer; different commodity cycle and product mix |
| NALCO | Integrated aluminium mining and refining | Low-cost bauxite/alumina/aluminium platform | Not a copper peer; aluminium economics differ |
| Gravita India | Secondary non-ferrous and plastic recycling, including copper alloys | Circular-economy model, broad recycling network and value-added products | Recycling economics and product mix differ materially from primary copper mining |
Competitive comparison is directional, not a like-for-like valuation ranking. The peer set mixes a copper miner, integrated copper producers, diversified base-metal companies and a recycler; compare business exposure, scale, cash generation, leverage and project execution before using multiples.
EOD chart from PostgreSQL market.equity_eod (130 bars). Range: 2026-02-19 → 2026-08-26.
Technical setup from cached snapshot (if available).
| Indicator | Value | Note |
|---|---|---|
| Stage | Stage 1 | Weinstein stage |
| Signal | — | Snapshot |
| RSI | 52.50 | Momentum |
| ADX | 32.3 | Trend strength |
| SMA20/50/200 | 537.27 / 510.71 / 507.44 | Trend context |
| Supertrend | SELL | Trend filter |
| Ratio | Value |
|---|---|
| Market cap | INR 53,716 Cr |
| P/E | 44.5x |
| ROCE | 42.5% |
| ROE | 32.9% |
| Book value | INR 34.6 |
| High / Low | 760.05 / 226.7 |
| Dividend yield | 0.18% |
The snapshot labels the stock Stage 1 (Stage 1 / base). Weinstein stage describes the position of price within a multi-month trend: Stage 1 is a base, Stage 2 an advance, Stage 3 a topping range, and Stage 4 a decline. It is a context framework, not a forecast or standalone trade signal.
Evidence check: price is above the 20/50/200-day averages, and the moving averages are stacked bullishly (537.27 / 510.71 / 507.44). RSI is 52.50 (neutral); ADX is 32.3 (strong trend); Supertrend is SELL. A bullish stage with weak momentum, a broken moving-average stack, or a conflicting Supertrend reading is a lower-quality setup.
C — Current earnings: latest PAT growth is +162.7% and revenue growth is +81.4%; confirm the next two quarters and check whether margin and CFO support the growth. A — Annual earnings: latest annual revenue growth is +48.6%; fill the missing periods before claiming a multi-year CAGR. N — New: identify a new product, customer, capacity addition, or catalyst and distinguish company guidance from delivered results. S — Supply/demand: price/volume confirmation matters; share issuance, promoter selling, or thin liquidity can weaken the setup. L — Leader: relative strength is not available; compare against the correct sector and Nifty benchmark rather than using price alone. I — Institutions: institutional-bias score is 73.50; verify actual ownership trend. M — Market: confirm that the broader index and sector are supportive. The practical conclusion is a watchlist-quality setup only when earnings acceleration, leadership, volume, and a definable risk point align.
Broker/analyst evidence is shown only when dated source results are returned.
Illustrative valuation from TTM EPS and P/E multiples (not a recommendation).
| Scenario | TTM EPS | P/E | Implied value | vs current | Condition required |
|---|---|---|---|---|---|
| Bear (multiple compression) | 11.75 | 31x | 366 | -34% | Risk-off, slower growth, lower multiple. |
| Base (current multiple) | 11.75 | 44x | 523 | -6% | Steady execution; multiple holds. |
| Bull (multiple expansion) | 11.75 | 53x | 627 | +13% | Sustained growth + quality premium. |
Generic risk framework; replace with annual-report-specific risks when the report is parsed.
| Risk | Why it matters | Severity | What to monitor |
|---|---|---|---|
| Demand / earnings | Cyclicality, customer concentration, or weak volume can make recent growth non-recurring. | Medium | Orders, volume, segment mix, and next two quarters. |
| Working capital | Receivables and inventory can absorb cash even when accounting profit rises. | Medium | CFO versus PAT, working-capital days, and FCF. |
| Leverage / capex | Debt-funded expansion increases fixed obligations and execution risk. | Medium | Borrowings, interest cover, capex milestones, and funding source. |
| Governance / disclosure | Related parties, auditor remarks, pledges, or inconsistent reporting can change the thesis. | Medium | Annual-report notes, exchange filings, auditor qualifications, and dilution. |
| Valuation / entry | A good business can still deliver poor returns when expectations are already high. | Medium | Earnings delivery, peer multiples, trend support, and risk point. |
No deploy or email command should be run before this gate is complete.
Source-first trail for review.