Hindustan Copper Share Price Today: Rally Pauses After 52-Week High as Q2 Profit and ₹2,000-Crore Capex Plan Re-Rate the PSU Stock

Hindustan Copper Ltd (HCL) has turned into one of the most closely watched PSU metal stocks on Dalal Street. After a powerful breakout this week, the stock has slipped into mild profit‑booking on 5 December 2025 but remains near record levels, backed by strong earnings, aggressive expansion plans and a bullish global copper cycle.

As of Friday, 5 December, Hindustan Copper was trading in the mid‑₹350s, after briefly moving above ₹370 in early trade and recently closing around ₹356–₹360 per share on the BSE, a day after hitting a fresh 52‑week high near ₹368–₹371. ^[1]

Over the last one year the stock has gained roughly 25–30%, while the five‑year price CAGR is above 50%, meaning early long‑term investors have seen multi‑bagger returns. ^[2]

Hindustan Copper share price today: what’s happening on 5 December 2025?

Trading in Hindustan Copper on 5 December is essentially a breather after a very sharp two‑day rally:

On Thursday, 4 December, the stock jumped about 7.8% from roughly ₹339 to around ₹365–₹366, with an intraday high near ₹368, on heavy volumes and strong buying interest. ^[3]
Livemint reported that Hindustan Copper rallied up to 6.6% intraday to ₹361.8 on 4 December as base‑metal stocks gained on a weaker US dollar and growing expectations of a US Federal Reserve rate cut. ^[4]
MarketsMojo flagged “exceptional trading volume” and a string of intraday highs, culminating in a new 52‑week high of ₹368 on 4 December. ^[5]

On Friday morning (5 December), ETMoney’s live technical page showed Hindustan Copper around ₹357–₹358, down modestly from the previous close but still well above the early‑week levels. ^[6]

The 52‑week range now stands roughly at:

Low: ~₹183.9 (7 April 2025)
High: ~₹368–₹371 (4–5 December 2025) ^[7]

In other words, the PSU copper producer has doubled from its 52‑week low in less than eight months, even after Friday’s mild cool‑off.

Why has Hindustan Copper stock rallied so sharply?

The current move in Hindustan Copper is not a one‑day wonder. Several fundamental and macro triggers have lined up over the past few weeks:

1. Q2 FY26 results: profit up 83% on strong realisations

On 11 November 2025, Hindustan Copper reported a very strong set of numbers for the quarter ended 30 September 2025 (Q2 FY26): ^[8]

Consolidated net profit:
- ₹186.02 crore, up ~83% from ₹101.67 crore in Q2 FY25
Revenue from operations:
- ₹718.04 crore vs ₹518.19 crore a year ago
Total income:
- ₹728.95 crore vs ₹550.05 crore
Profit before tax:
- ₹248.63 crore vs ₹135.32 crore
EPS:
- Improved to ₹1.89 from ₹1.05 a year earlier
H1 FY26 net profit:
- ₹320.30 crore vs ₹215.07 crore in H1 FY25

Third‑party data aggregators such as TwelveData and Yahoo Finance show trailing‑twelve‑month (TTM) profitability metrics that back up this trend:

Profit margin: ~24.8%
Operating margin: ~34–35%
Return on equity (ROE): ~21%
TTM revenue: ~₹22.9 billion (~₹2,294 crore)
TTM earnings growth: about 80% year‑on‑year. ^[9]

In FY 2024‑25, Hindustan Copper also reported its highest‑ever revenue from operations at ₹2,070.9 crore, up 21% from ₹1,717 crore in FY 2023‑24, according to its AGM disclosure. ^[10]

These numbers have reinforced the view that HCL is finally converting years of capex and restructuring into consistent earnings growth.

2. Copper prices and the “green metals” theme

The rally is also riding a global copper bull narrative:

UBS recently raised its copper price forecast, projecting prices up to $13,000/tonne by December 2026 as mine disruptions deepen supply deficits and demand from EVs, renewables, power grids and data centres keeps rising. ^[11]
Reuters and other agencies have highlighted growing Indian interest in overseas copper assets (for example, Adani and Hindalco exploring Peru), with India’s copper demand projected to rise sharply to as much as 9.8 million tonnes by 2047. ^[12]

Livemint specifically linked Hindustan Copper’s 4 December surge to a weaker US dollar and hopes of Fed rate cuts, which typically support commodity prices, including base metals like copper. ^[13]

For a company whose fortunes are closely tied to copper prices, this macro backdrop has helped investors justify higher valuations.

3. Street upgrades and technical “buy” calls

There has been a flurry of positive technical and brokerage commentary in late November and early December:

Anand Rathi (18 November 2025)
- Initiated coverage with a BUY and a DCF‑based target price of ₹450 per share.
- They expect production volumes to rise more than 3.5x to 12.2 million tonnes by FY31, driven by mining lease extensions and expansion.
- They model 25.3% revenue, 26.8% EBITDA and 33% APAT CAGR over FY25–31, citing tight global copper supply and rising demand from renewables, data centres, EVs and advanced manufacturing. ^[14]
Informist (early December)
- Reports that all three brokerage recommendations they track on Hindustan Copper are rated ‘buy’, with an average target price of ₹396. ^[15]
TradingView “forecast” page
- Shows a 1‑year analyst price target of ₹450, based on a single brokerage estimate, matching the Anand Rathi report. ^[16]

In parallel, multiple daily trading calls have highlighted strong momentum (more on those in the technical section below), pulling in short‑term traders and momentum funds.

Expansion pipeline: ₹2,000‑crore capex to triple ore production

Beyond quarterly numbers, the capex story is central to how the market is valuing Hindustan Copper today.

A recent note summarised by TaxTMI and further detailed in broker research and corporate presentations indicates that a state‑run copper company (widely understood to be Hindustan Copper) plans to: ^[17]

Invest about ₹2,000 crore over the next 5–6 years, largely in mining expansion.
Increase ore production capacity from roughly 4 million tonnes to 12.2 million tonnes per annum by FY 2030‑31, effectively tripling output.
Focus capex on:
- Underground mining infrastructure
- Concentrator and processing capacity
- Capacity enhancements at multiple projects

Anand Rathi’s report adds colour:

HCL supplies 17–26% grade copper concentrate to Hindalco and Adani’s Kutch Copper, currently meeting around 4% of India’s domestic copper concentrate needs.
With global mine supply facing environmental and social constraints and long lead times of 15–17 years for new copper projects, domestic capacity additions like HCL’s are seen as strategically important. ^[18]

From an investor’s standpoint, the volume growth story to FY31 is one of the biggest supports for bullish long‑term forecasts—even if the near‑term earnings remain highly sensitive to copper prices.

Strategic moves and recent corporate news

A few recent corporate developments are also on the radar:

MoU with NTPC Mining (2 December 2025)
Screener’s filings summary shows an MoU under SEBI’s Regulation 30: Hindustan Copper and NTPC Mining will jointly pursue copper and critical mineral block auctions and development. ^[19]
This ties HCL more closely to India’s broader critical minerals strategy.
JSW Group tie‑up via mine blocks
Earlier in 2025, JSW Group announced a ₹26‑billion investment to begin copper mining operations in Jharkhand, having secured two mine blocks from Hindustan Copper with 20‑year leases. These mines are expected to have annual ore capacity of 3 million tonnes and are projected to be partly operational from FY27. ^[20]
Board‑composition non‑compliance & regulatory fine (29 November 2025)
BSE and NSE have each levied a fine of about ₹9.77 lakh on HCL for non‑compliance with requirements on board and committee composition for the quarter ended 30 September 2025. ^[21]
Safety incident at Malanjkhand (19 November 2025)
A BSE filing notes the death of a contractual worker in an accident at the Malanjkhand Copper Project in Madhya Pradesh. ^[22]

Along with growth, these items underline that HCL still carries ESG, governance and operational risks that investors need to track.

Fundamental picture: growth, margins… and very rich valuations

Stronger balance sheet and profitability

Historical data from Screener and Moneycontrol show a steady improvement over the last few years: ^[23]

Sales & profits
- 5‑year compounded sales growth: ~20%
- 5‑year compounded profit growth: ~23%
- TTM profit growth: ~43%
Return metrics
- FY25 ROE: ~19%
- FY25 ROCE (return on capital employed): ~24%
Leverage and cash flows
- Debt has come down meaningfully over time; various screeners describe the company as “virtually debt‑free” with strong operating cash flows. ^[24]
Dividends
- Dividend per share has risen to about ₹1.46 in FY25, up from ₹0.92 in FY24, with a dividend payout ratio around 30% in recent years. ^[25]

Valuations: P/E and P/B far above sector peers

This is where things get more demanding.

Multiple independent data providers show Hindustan Copper trading at very expensive multiples relative to both its own history and Indian metals peers:

P/E (trailing)
- Yahoo Finance: ~57–58x trailing earnings as of early December. ^[26]
- StockAnalysis & Value Research: about 62x as of 4 December 2025. ^[27]
- Some P/E trackers put the multiple in the 60–70x band. ^[28]
P/B (price‑to‑book)
- Value Research estimates P/B at 11.85x as of 4 December 2025, vs a peer median around 2.8x – over 300% premium to the sector. ^[29]
Per‑share fundamentals
- Book value per share (FY25): ₹27.55
- Basic EPS FY25: ₹4.85
- Dividend per share FY25: ₹1.46 ^[30]

At a share price around ₹355–₹365, that implies:

P/B ~12–13x
P/E (on FY25 EPS) well above 70x, though trailing TTM EPS is higher (around ₹5.9), which pulls the multiple down somewhat. ^[31]

In short, the market is pricing in very aggressive growth and a favourable copper cycle well into the next decade. Any disappointment on either front could lead to sharp derating.

Shareholding trends: FIIs creeping in, public float rising

Screener’s shareholding data up to September 2025 shows a notable shift in who owns Hindustan Copper: ^[32]

Promoter (Government of India): stable at 66.14%
FIIs: up from around 0–2% a few years ago to 5.05% by September 2025
DIIs: down from mid‑teens to about 6%
Public shareholders: up to ~22.8%

The rise in FII participation and public float suggests increasing institutional and retail interest, but also tends to amplify volatility, especially when momentum reverses.

Technical outlook: strong uptrend, but overbought pockets

Most short‑term analyses currently classify Hindustan Copper as technically bullish:

Livemint / Ankush Bajaj (5 December 2025)
- Recommends “Buy Hindustan Copper Ltd (HINDCOPPER)” at ₹365.75 with:
  - Target: ₹378
  - Stop loss: ₹359
- Notes:
  - RSI (14‑day): 66 – in a bullish zone
  - MACD (12,26): +3 – bullish crossover
  - ADX (14): 32 – strengthening trend
- View: a sustained move above ₹359 confirms a bullish continuation pattern with scope toward ₹378 in the near term. ^[33]
ETMarkets slide (4 December 2025)
- Recommends “Buy Hindustan Copper at ₹365.75 | Upside: 6%” with:
  - Target: ₹387.25
  - Stop loss: ₹355
- Notes the stock has broken out of a consolidation range with “massive volume,” trading above all major EMAs (20, 50, 100, 200‑day), and RSI at 66.51, pointing to a strong uptrend. ^[34]
HDFC Securities via NDTV Profit (4 December 2025)
- Short‑term trading idea: buy at ₹339, target ₹350, stop loss ₹332, when the stock was earlier in its breakout phase. ^[35]
Investing.com technicals
- Daily technical indicator summary flags Hindustan Copper as a “Strong Buy”, with nine buy signals and zero sell signals,
- RSI ~63.4, MACD ~7.9, both aligned with bullish momentum. ^[36]
StockInvest.us (BSE ticker)
- Notes that on 4 December the stock gained 7.79%, rising from ₹339.00 to ₹365.40 with intraday range between ₹341.95 and ₹368.00, and that volume increased significantly – a classic positive technical sign. ^[37]

Taken together, the technical consensus is clearly bullish, but with RSI in the mid‑60s and the stock sitting well above long‑term moving averages, short‑term pullbacks and sharp intraday swings are very likely.

Hindustan Copper stock forecasts and price targets

Here’s how the key published forecasts and analyses (as of 5 December 2025) stack up. These are descriptions of others’ views, not fresh recommendations:

1. Short‑term trading ideas (days to weeks)

Livemint (Ankush Bajaj, 5 Dec 2025):
- Buy at ₹365.75
- Target ₹378
- Stop loss ₹359 ^[38]
ETMarkets (Bonanza Portfolio analyst, 4 Dec 2025):
- Buy at ₹365.75
- Target ₹387.25
- Stop loss ₹355 ^[39]
HDFC Securities (via NDTV Profit, 4 Dec 2025):
- Buy at ₹339
- Target ₹350
- Stop loss ₹332 ^[40]
Munafasutra (BSE: Hind Copper, 4 Dec 2025):
- Identifies nearest short‑term targets around ₹354 on the downside and ₹380 on the upside, based on support and resistance levels. ^[41]

2. 12–18 month fundamental targets

Informist (brokerage compilation):
- Reports three brokerages, all rating the stock ‘buy’, with an average target price of ₹396. ^[42]
Anand Rathi (18 Nov 2025):
- BUY, DCF‑based target ₹450.
- Thesis: production volumes to scale 3.5x by FY31, strong demand from clean‑energy and digital themes; high earnings CAGR expected over FY25–31. ^[43]
TradingView analyst forecast:
- 1‑year target ₹450 (single‑analyst consensus). ^[44]

3. Quant and algorithmic long‑term models

These are model‑driven and should be treated as rough scenarios, not guarantees:

WalletInvestor (BSE: Hindustan Copper)
- Projects the stock gradually trending higher into 2028–2029, with forecast prices in the ₹480–₹540 band in various months, assuming the recent trend continues. ^[45]
Meyka AI
- In a piece titled “Hindustan Copper’s Profit Surge Drives 8% Stock Rally”, highlights:
  - EPS of 5.87 and net profit margin of 24.77% for the September 2025 quarter,
  - Year‑to‑date gain of about 40% and a five‑year price gain of more than 900%,
  - Increased FII holdings and strong investor sentiment on the back of the latest earnings. ^[46]

Important: All of these forecasts come from external analysts or quantitative models. They are not guarantees, and they may change quickly if copper prices, project timelines or regulations shift.

Key risks for Hindustan Copper investors

Despite the strong narrative, several risks stand out:

Commodity price risk
Hindustan Copper’s profitability is highly sensitive to global copper prices and treatment charges. A reversal in copper or a global growth slowdown could compress margins and undermine the bullish thesis.
Rich valuations
Current valuations – around 60–70x earnings and ~12x book value – leave little room for error. Any earnings miss, regulatory shock, or delay in expansion could trigger a sharp de‑rating. ^[47]
Execution and capex risk
Tripling ore capacity to 12.2 million tonnes by FY31 demands large, complex projects, often underground. Cost overruns, delays, environment permissions and local‑community issues could derail the schedule. ^[48]
Regulatory and governance risk
As a government‑controlled PSU, HCL is exposed to policy decisions, disinvestment moves, and compliance scrutiny. The recent fines for board‑composition non‑compliance underline that governance remains in focus. ^[49]
Safety and ESG concerns
The recent fatal accident at Malanjkhand underlines operational and reputational risks around safety. Mines are long‑duration, high‑risk assets; any pattern of incidents could lead to stoppages or tougher regulation. ^[50]
New competition in domestic copper
JSW’s entry into copper mining and smelting, along with existing players like Hindalco and Adani’s Kutch Copper, means India’s copper landscape is becoming more competitive, even if demand is rising. ^[51]

Outlook: what to watch next in Hindustan Copper

From a news and data perspective on 5 December 2025, Hindustan Copper is positioned at the intersection of three big themes:

A visible earnings turnaround, with Q2 FY26 profit up 83% year‑on‑year and strong margins. ^[52]
A multi‑year volume expansion story, backed by ₹2,000‑crore capex and a roadmap to triple mining capacity by FY31. ^[53]
A potentially long copper up‑cycle, anchored in energy transition, infrastructure and data‑centre demand, with global banks like UBS upgrading copper price forecasts and highlighting structural deficits. ^[54]

At the same time, the stock is already discounting a lot of good news through lofty valuation multiples, heavy involvement from short‑term traders, and increasing sensitivity to global risk sentiment.

For readers tracking Hindustan Copper, the most important near‑term signposts are likely to be: