Hindustan Copper Share Price Today: Q2 FY26 Results, SEPC Settlement, Targets & Outlook (10 December 2025)

Hindustan Copper Ltd (HCL), the state‑run copper producer and a key proxy for India’s metals and energy‑transition story, is trading near its 52‑week highs again on 10 December 2025, backed by strong quarterly earnings, aggressive expansion plans and a string of fresh corporate developments. At the same time, valuations have moved into “priced for perfection” territory, and analysts are sharply split on upside from here.

Hindustan Copper share price today (10 December 2025)

By mid‑afternoon on Wednesday, 10 December 2025, Hindustan Copper was oscillating around the ₹358–₹361 zone on the NSE and BSE:

Live price: around ₹358 on the NSE at 14:56 IST, down about 1.3% versus the previous close. ^[1]
Intraday range: roughly ₹371.7 (high) to ₹357.3 (low), indicating active intraday selling from the top. ^[2]
52‑week range: about ₹183.9 to ₹378.4 – the stock is still trading close to the upper end of that band after a big multi‑month rally. ^[3]
Volumes: NSE + BSE volumes are near 11–12 million shares, broadly in line with or slightly below the elevated 20‑day average, suggesting the frenzy of the early‑December spike is cooling but interest remains high. ^[4]

Hindustan Copper has delivered ~46% gains in 2025 year‑to‑date and more than 7% just in the last five trading days, according to Mint’s stock page. ^[5] The Nifty Metal index is modestly higher on the day, with Hindalco and other metal names leading sectoral gains, while broader indices trade in the red. ^[6]

On basic valuation metrics, the stock is undeniably expensive:

TTM P/E: ~56–67× earnings, depending on the data provider, versus a sector average around 20×. ^[7]
Price‑to‑book: about 12×, far above peers such as Hindalco, Vedanta and NALCO, which mostly trade below 1× book value. ^[8]
Dividend yield: ~0.4%, low for a PSU metal name, reflecting that most cash is being retained for growth capex. ^[9]

Fresh trigger: SEPC settlement and new work order

The big incremental news on 10 December 2025 is not about copper prices but about a legal clean‑up in one of Hindustan Copper’s projects.

Engineering firm SEPC Limited has announced that it has executed a Settlement Deed with Hindustan Copper Ltd, bringing an end to a long‑running arbitration case related to a vertical shaft‑sinking contract. ^[10]

Key points from the settlement:

SEPC and HCL have agreed to a full and final settlement of mutual claims and counter‑claims tied to the arbitration (Case No. AP 163 of 2023). ^[11]
SEPC will receive about ₹30.45 crore from HCL as part of the settlement. ^[12]
The arbitration proceedings will be closed, and Hindustan Copper will issue a supplementary work order worth ~₹72.55 crore to SEPC for additional work on the existing vertical shaft‑sinking project. ^[13]

For Hindustan Copper, this is not a revenue windfall – it’s an additional capex and project‑execution commitment. But it removes legal overhang around an important mining infrastructure project, clears the arbitration risk, and ensures continuity of work on the shaft, which is critical to long‑term production ramp‑up.

In simple terms: HCL pays money, but in exchange gets clarity, project progress and the ability to move on.

Long‑term revenue visibility: Jharkhand copper blocks and JSW tie‑up

Another piece of the long‑term puzzle is the Jharkhand copper block development contract tied to the JSW group.

According to a recent disclosure, Hindustan Copper expects to earn about ₹2,400 crore over 20 years from a contract with South West Mining Ltd, a JSW Group company, to develop the Rakha and Chapri copper blocks in Jharkhand on a revenue‑sharing basis. ^[14]

Highlights:

The Rakha mine, an old brownfield site, is expected to begin partial operations by FY 2026‑27, with a capacity around 3 million tonnes per annum. ^[15]
The arrangement is structured to boost domestic copper output and trim India’s heavy dependence on copper imports, aligning neatly with national energy‑transition and infrastructure goals. ^[16]

Investors are reading these long‑dated, predictable revenue streams as optionalities on the copper cycle: if copper stays structurally tight, a 20‑year revenue share looks much more attractive than it does at today’s prices.

MoU with NTPC Mining: building a PSU copper alliance

In parallel, Hindustan Copper has also signed a Memorandum of Understanding (MoU) with NTPC Mining Ltd (NML), a subsidiary of NTPC, to collaborate on copper and other mineral opportunities, as per recent corporate news‑flow compiled by research sites. ^[17]

Details are limited in public snippets, but the broad intent is clear:

Combine NTPC Mining’s project and mining capabilities with
Hindustan Copper’s domain expertise and existing mining and processing footprint,

to jointly pursue new copper and related mineral blocks. For HCL, this potentially de‑risks future expansions and may improve access to favourable terms in upcoming auctions.

Q2 FY26 results: profit and margins surge

Underpinning the stock’s momentum is a genuinely strong Q2 FY26 (quarter ended September 2025) performance.

According to detailed numbers compiled by Kotak Securities, Hindustan Copper reported: ^[18]

Total income: ₹728.95 crore
- Up 38.4% quarter‑on‑quarter (vs ₹526.65 crore in Q1 FY26)
- Up 32.5% year‑on‑year (vs ₹550.05 crore in Q2 FY25)
Profit before tax (PBT): ₹248.63 crore
- Up 38.6% QoQ and 83.7% YoY
Profit after tax (PAT): ₹183.79 crore
- Up 36.9% QoQ and 80.8% YoY
Earnings per share (EPS): ₹1.89, up sharply from ₹1.39 in Q1 FY26 and ₹1.05 in Q2 FY25

Independent result analysis from MarketsMojo notes that the operating margin (excluding other income) touched ~39.3%, the highest level in eight quarters, as operating leverage kicked in with higher volumes. ^[19]

Taken together, the latest quarter tells a simple story:

Revenue is growing strongly,
Margins are expanding,
Profits are compounding faster than sales,

exactly what you’d want to see if you are paying premium multiples for a cyclical metal name.

Early December rally: copper goes vertical, Hindustan Copper leads

The stock’s short‑term chart went parabolic in early December.

On 4 December 2025, Hindustan Copper led a broad metal‑sector rally on Dalal Street:

HCL jumped around 6.6% intraday, hitting about ₹361.80 and outperforming the Nifty Metal index. ^[20]
Over the prior week, the stock had already gained in the double digits, and was up more than 40% over six months, according to Meyka’s recap. ^[21]

The macro backdrop:

The US dollar index slid to multi‑week lows, making dollar‑priced commodities like copper cheaper for global buyers. ^[22]
Market odds of a US Fed rate cut at the 12 December meeting shot up after weak US jobs data, boosting risk assets and metals. ^[23]
On the London Metal Exchange, 3‑month copper futures spiked to a record around $11,541 per tonne, up roughly 31% on the year – one of the strongest annual moves since 2017. ^[24]

As a pure‑play, integrated domestic copper producer, Hindustan Copper is one of the cleanest ways for Indian investors to bet on copper prices, so it tends to over‑react in both directions when the metal moves.

Valuation check: quality business at a very rich price

This is the part where the numbers start to look a bit sci‑fi.

A detailed valuation breakdown from MarketsMojo shows Hindustan Copper currently trades at: ^[25]

P/E (trailing 12 months): ~56–67×
P/BV: ~12×
EV/EBITDA: over 40×
EV/EBIT: more than 50×
Dividend yield: ~0.4%

Relative to peers like Vedanta, Hindalco, Hindustan Zinc and NALCO – most of which sit in the 7–20× P/E bracket and below 1× book – Hindustan Copper trades at a multi‑fold premium. ^[26]

MarketsMojo has flagged the stock as “Very Expensive” on valuation since 2021, and its latest result analysis: ^[27]

Assigns a “Hold” stance,
Estimates a fair value around ₹285, implying ~20–25% downside from current levels, and
Warns that the current price “leaves very little margin of safety” for new investors in a cyclical commodity business.

On the other hand, the quality and growth side of the ledger is genuinely strong:

5‑year stock return of roughly +940%, massively outperforming the Sensex. ^[28]
5‑year sales CAGR near 17% and EBIT CAGR above 25%. ^[29]
RoCE above 20%, with very low leverage (debt‑to‑equity around 0.04). ^[30]
Monopoly‑like position as India’s only integrated copper producer across mining, smelting, refining and downstream products. ^[31]

Institutional positioning is interesting here:

The Government of India holds about 66.1% and hasn’t changed its stake – so promoter stability is high. ^[32]
Foreign institutional investors (FIIs) have raised their stake to just over 5% by September 2025. ^[33]
Mutual funds, however, have cut holdings sharply from around 2.7% to 0.5% over the last quarter, signalling discomfort with valuations at these levels. ^[34]

That mix – foreign buying, domestic fund selling, and very high valuations – is exactly the kind of thing that makes professionals twitchy.

Brokerage targets & forecasts: upside vs valuation risk

Analyst views on Hindustan Copper diverge sharply, which is usually a sign that the easy money in a stock has already been made.

Anand Rathi: “Right place at the right time” – Buy, target ₹450

Brokerage Anand Rathi recently initiated coverage on Hindustan Copper with a “Buy” rating and a target price of ₹450, published on 18 November 2025. ^[35]

From Trendlyne’s aggregation: ^[36]

Current price: ~₹360.8 (as of 10 December, afternoon)
Target price: ₹450
Implied upside: roughly 25%

The bullish thesis leans on:

A planned 3.5× jump in production volumes to ~12.2 million tonnes by FY31, driven by expansion and mine‑lease extensions. ^[37]
Structural demand for copper from EVs, renewable energy, grid upgrades and infrastructure. ^[38]
The strategic value of a state‑backed, integrated copper producer in a world trying to secure critical minerals. ^[39]

MarketsMojo: “Quality business, wrong price” – Hold, fair value ~₹285

In contrast, MarketsMojo’s detailed result/valuation analysis lands firmly in the “great company, stretched stock” camp: ^[40]

Call: Hold
Fair value estimate: around ₹285
Implied downside: ~20% from current levels
Flagged risks: extreme valuation multiples, high volatility (beta ~1.35, annualised volatility >40%), and heavy dependence on copper prices.

The service explicitly advises existing investors to consider partial profit‑booking after the huge rally and recommends waiting for a deeper correction before initiating fresh positions. ^[41]

Short‑term trading calls: ToI & technical services

On the trading side of the spectrum:

A Times of India trading idea published on 10 December 2025 recommends buying Hindustan Copper in the ₹340–₹360 band,
- with a stop‑loss near ₹320,
- a target around ₹410, and
- a timeframe of 60–90 days,
  based on a bullish breakout‑and‑retest price structure. ^[42]
EquityPandit’s weekly outlook (for 8–12 December 2025) pegs: ^[43]
- Immediate support: ~₹344
- Immediate resistance: ~₹387
- Major support: ~₹316
- Major resistance: ~₹402
- Expected weekly range: roughly ₹301–₹430
Moneycontrol’s technical dashboard labels the trend “very bullish”, notes that the stock is trading above its 200‑day moving average, and describes it as a “high‑growth trend stock priced at high valuations”, with a cautionary nod to a “Hanging Man” candlestick on the daily chart. ^[44]

Put together, traders are leaning bullish as long as the stock holds above the mid‑₹300s, but there is widespread acknowledgement that the risk‑reward is no longer one‑sided.

Fundamental investment case: India’s copper lever

Outside the day‑to‑day noise, the structural bull case for Hindustan Copper rests on a few big ideas:

Energy transition = copper hunger
EVs, charging infrastructure, renewables, and grid modernisation all need enormous amounts of copper. Global copper prices hitting fresh records this year, driven by tight supply and strong demand, are a real‑time reflection of that. ^[45]
Domestic capacity gap
India still imports a large portion of its refined copper needs. Hindustan Copper, as the only integrated domestic producer, is strategically important in any “Atmanirbhar Bharat”‑style push to reduce dependence on imports. ^[46]
Expansion pipeline
Expansion of existing mines, the JSW‑linked Jharkhand blocks, and collaborations like the NTPC Mining MoU all stack up to a credible medium‑term growth runway in volumes. ^[47]
Balance sheet strength
Low leverage and improving margins give the company room to invest through the cycle, which is exactly what you want in a capital‑intensive, cyclical sector. ^[48]

For long‑term, fundamentals‑driven bulls, Hindustan Copper is essentially a leveraged play on the hypothesis that copper will remain scarce and expensive for years, and that the company will execute its expansion plan without major hiccups.

Risks & red flags investors are watching

Of course, markets don’t hand out 12× book valuations without some strings attached. Key risks that keep showing up across research notes include: ^[49]

Valuation risk: The stock is priced for continued perfection – any disappointment on volumes, margins, or copper prices could trigger a sharp de‑rating.
Commodity risk: A stronger US dollar, a global growth scare, or weaker Chinese demand could hit copper prices hard. Early‑December gains were heavily driven by a weaker dollar and rate‑cut expectations, both of which can reverse quickly.
Revenue and earnings volatility: Quarterly revenues have historically swung widely with the production cycle and commodity prices, making earnings lumpy.
Institutional positioning: Domestic mutual funds slashing exposure while FIIs increase stakes is a mixed signal.
Corporate governance optics: The company recently disclosed small fines from BSE and NSE (about ₹9.8 lakh) for not fully meeting corporate governance norms for the quarter ended June 2025, and has said it will seek exemption. While financially trivial, such disclosures still show up in risk checklists. ^[50]
Execution risk on projects: Jharkhand blocks, shaft‑sinking projects (including the one involving SEPC), and future expansions all carry execution and cost‑overrun risk.

In short: this is a high‑beta, high‑valuation, policy‑sensitive metal stock, not a sleepy utility.

Bottom line: momentum vs margin of safety

As of 10 December 2025, Hindustan Copper sits in an interesting spot:

Momentum & narrative: Strong Q2 FY26 numbers, record copper prices, PSU‑metal enthusiasm, project wins and legal clean‑ups (like the SEPC settlement) all feed a bullish narrative. ^[51]
Valuation & risk: Nearly double‑digit price‑to‑book and 50–60× earnings multiples, with some institutional investors stepping back, leave little room for error. ^[52]

Short‑term traders are treating Hindustan Copper as a technically strong trend‑following candidate, with supports in the mid‑₹300s and upside levels between ₹400 and ₹410 highlighted by multiple technical services. ^[53]

Fundamental investors, meanwhile, are split:

One camp (e.g., Anand Rathi) sees a structural copper shortage plus aggressive capacity growth and is comfortable paying up for a PSU monopoly, targeting ₹450. ^[54]
The other (e.g., MarketsMojo) likes the business but believes the stock price is running far ahead of fundamentals, pointing to a fair value closer to ₹285. ^[55]

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