Kolkata: Hindustan Copper Limited (HCL), India's only copper miner, delivered one of its strongest annual performances on record in FY2025-26, with standalone net profit nearly doubling to Rs 920.67 crore from Rs 468.53 crore in FY2024-25, a jump of 96.5 percent year-on-year. Revenue from operations surged 48.6 percent to Rs 3,077.92 crore from Rs 2,070.96 crore in the previous year.
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The fourth quarter performance was particularly striking. Standalone net profit for Q4 FY26 came in at Rs 444.06 crore, up 133 percent from Rs 190.54 crore in Q4 FY25 and a remarkable 184 percent higher than Rs 156.31 crore in Q3 FY26. Revenue from operations in Q4 FY26 stood at Rs 1,156.08 crore, against Rs 731.40 crore in Q4 FY25 — a year-on-year rise of 58 percent — and sharply higher than Rs 687.34 crore in Q3 FY26, a sequential jump of 68 percent.
Profit before tax for Q4 FY26 stood at Rs 592.21 crore on a standalone basis, against Rs 259.59 crore in Q4 FY25 and Rs 212.53 crore in Q3 FY26.
Total standalone income for FY26 stood at Rs 3,149.67 crore, up from Rs 2,149.29 crore in FY25. Total expenses for the year rose to Rs 1,821.19 crore from Rs 1,515.78 crore, though the company's cost-to-income ratio improved meaningfully as revenue growth outpaced cost increases.
Employee benefits expense for the full year stood at Rs 359.40 crore against Rs 313.04 crore, while power and fuel consumption costs were Rs 148.41 crore versus Rs 141.26 crore. Depreciation and amortisation for the year came in at Rs 200.44 crore against Rs 175.56 crore, reflecting ongoing capital investments in mining infrastructure.
Profit before exceptional items and tax for FY26 was Rs 1,328.48 crore on a standalone basis, against Rs 633.51 crore in FY25 — more than doubling year-on-year.
The full-year standalone profit before tax of Rs 1,232.73 crore includes a one-time exceptional charge of Rs 95.75 crore, recorded in Q3 FY26, relating to a provision for a Post-Retirement Medical Scheme (PRMS) based on actuarial valuation. The company has disclosed this as an exceptional item to reflect its true underlying performance. Q4 FY26 is clean of this charge.
The consolidated picture mirrors the standalone results closely. Consolidated revenue from operations for FY26 stood at Rs 3,077.92 crore against Rs 2,070.96 crore in FY25. Net profit after tax and share of profit or loss of joint ventures came in at Rs 918.54 crore for FY26, against Rs 465.11 crore in FY25 — up 97.5 percent year-on-year.
For Q4 FY26, consolidated net profit after tax and share of JV profit or loss was Rs 444.27 crore, against Rs 187.17 crore in Q4 FY25 — up 137 percent year-on-year — and against Rs 156.23 crore in Q3 FY26, up 184 percent quarter-on-quarter.
The consolidated results include the holding company, subsidiary Chhattisgarh Copper Limited (CCL) and joint venture Khanij Bidesh India Limited (KABIL) — formed among NALCO, HCL and MECL to identify, explore and acquire strategic minerals overseas. HCL holds a 30 percent equity stake in KABIL, which reported a loss of Rs 211.60 lakh for FY26.
The company's balance sheet strengthened significantly during the year. Total assets on a standalone basis stood at Rs 4,421.18 crore as at March 31, 2026, against Rs 3,504.17 crore a year earlier.
Total equity rose to Rs 3,347.71 crore from Rs 2,664.30 crore, reflecting retained earnings from the strong profit performance. Long-term borrowings fell sharply to Rs 37.49 crore from Rs 108.97 crore, underscoring the company's near-debt-free status.
Cash and cash equivalents surged to Rs 820.22 crore at year-end from Rs 89.85 crore at the start of the year — a ten-fold increase — driven by strong operating cash flows. Net cash from operating activities for FY26 stood at Rs 1,473.57 crore against Rs 544.31 crore in FY25.
Capital expenditure, additions to property, plant and equipment and capital work-in-progress, stood at Rs 127.29 crore, down from Rs 178.30 crore in FY25, while mine development expenditure was Rs 329.04 crore against Rs 241.63 crore, indicating continued investment in expanding mining capacity.
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HCL is primarily engaged in the mining and processing of copper ore into metal-in-concentrate, with manufacturing facilities for refined copper production and continuous copper wire rods.
The leasehold land deed for the Gujarat Copper Project (GCP) at Jhagadia, with a gross carrying value of Rs 48.20 crore, is yet to be executed in favour of the company. HCL has filed a writ petition in the Gujarat High Court, Ahmedabad, for the transfer of the land, which is pending.
Standalone basic and diluted earnings per share for FY26 stood at Rs 9.52, against Rs 4.85 in FY25 — a near-doubling. For Q4 FY26, EPS was Rs 4.59, against Rs 1.97 in Q4 FY25 and Rs 1.62 in Q3 FY26.
The board has recommended a final dividend of Rs 1.86 per equity share on a face value of Rs 5 per share for FY2025-26.
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