Q2 FY27 results analysis · November 11, 2026
Hindustan Copper Q2 FY27 Results Analysis: PAT Surges 182%, EBITDA Margin Expands 2,051 bps (HINDCOPPER)
+181.9%PAT year on year, Rs. 518.13 Cr
Source: Quarterly results filing (BSE)
Quick summary
Hindustan Copper Ltd reported Q2 FY27 numbers with revenue of Rs. 1,175.24 Cr (+63.67% YoY) and PAT growth of +181.91% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 11, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,175.24 Cr (+63.67% YoY) |
| PAT (Q2) | Rs. 518.13 Cr (+181.91% YoY) |
| EBITDA margin | 59.80% (+2051 bps YoY) |
| EPS (Q2) | Rs. 5.36 (+183.60% YoY) |
Quarter Snapshot
Hindustan Copper delivered a record quarter: revenue of Rs.1,175.24 Cr (+63.67% YoY, +25.49% QoQ), EBITDA margin of 59.80% (+2,051 bps YoY) exceeding management's stated trajectory of holding near 54.19%, and PAT of Rs.518.13 Cr (+181.91% YoY). The company is now debt-free with Rs.1,257.66 Cr cash, generated Rs.548.19 Cr FCF, and received an ICRA upgrade to AAA (Stable). Watch items are receivables growth of 114.38% outpacing revenue and the pending IVRCL arbitration hearing on 14.12.2026.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "ahead YoY; QoQ direction depends on how much the record September prices offset monsoon-quarter volumes" — with "a sequential step-down from Q1's Rs.936.50 Cr is the natural seasonal shape" | Revenue Rs.1,175.24 Cr: +63.67% YoY and +25.49% QoQ — prices more than offset monsoon volumes | YoY: Played out; QoQ: Contradicted the seasonal base case |
| Margins | "likely expanding or holding near Q1's elevated level" (54.19%) | EBITDA margin 59.80% (+559 bps QoQ) | Played out |
| Volume path | "July's +7.5% ore YoY is far below the +28.34% full-year requirement" | Filing discloses no volumes | Not observable |
| Margin bridge (price vs grade mix) | "how much of the QoQ margin change is copper price vs ore-grade/volume mix" | Filing silent on the split — open for the call | Not observable |
| Working capital / sector stress archetype | HCL's profile "is the opposite of that stressed archetype", though record prices "locking up working capital" | Receivables +114.38%, inventories +14.31%; CFO/PAT 0.97×, FCF Rs.548.19 Cr — a watch item, not yet a cash-flow problem | Partially |
| Watch: QIP/NCD execution, IVRCL award amount, Gujarat/Taloja progress | "QIP launch timing/size, Rs.500 Cr NCD issuance"; "any disclosure of the award amount" | Nothing in the filing — remain open for the call | Not addressed in the filing |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Ore production 4.71 MT by FY27 (+28.34% vs FY26's 3.67 MT) | FY26 roadmap in Q1 FY27 investor presentation / AGM | Not disclosed in the Q2 filing | Too Early |
| Capex ~Rs.1,421.73 Cr FY27 (per pre-call note, web-sourced, dated, citing Q4 FY26 results guidance); Rs.350 Cr/yr MoU benchmark | Q4 FY26 guidance / MoU disclosures | H1 cash capex Rs.295.23 Cr (+30.18% YoY) — vs FY target); on pace vs MoU | Too Early |
| NCD up to Rs.500 Cr within 12 months of AGM (23.09.2026) | AGM special resolution | Borrowings nil; no issuance evidenced | Too Early |
| QIP up to 9,69,76,680 shares | AGM special resolution | Equity capital unchanged at Rs.483.51 Cr | Too Early |
| Gujarat Copper Project (LOHUM, 50 kt) production by Q4 FY27 | Management presentation / LOI (Aug 2026) | No update in the filing | Too Early |
| EBITDA margin trajectory (management-cited reported metric: hold near Q1's 54.19%) | AGM speech (23.09.2026) / Q1 FY27 presentation | 59.80% | Achieved and exceeded |
Key Investment Insights
Key Positives
- Revenue grew 63.67% YoY and 25.49% QoQ to Rs.1,175.24 Cr, defying the monsoon-quarter seasonal step-down
- EBITDA of Rs.702.81 Cr at a 59.80% margin, up 559 bps QoQ and 2,051 bps YoY, exceeding management's stated trajectory of holding near Q1's 54.19%
- PAT after JV grew 181.91% YoY to Rs.518.13 Cr; EPS Rs.5.36 vs Rs.1.89 a year ago
- Company became debt-free, repaying all Rs.109.91 Cr of borrowings, with cash and bank balances of Rs.1,257.66 Cr (+55.32% since March)
- FCF of Rs.548.19 Cr with CFO/PAT of 0.97x, fully self-funding capex that grew 30.18% YoY
- Every major fixed cost line declined YoY: employee benefits −3.90%, contractual job −8.02%, other expenses −24.39%
- ICRA upgraded the company to AAA (Stable) on 22.09.2026
- Net worth rose 26.21% to Rs.4,218.04 Cr
Risk Factors
- Trade receivables grew 114.38% to Rs.285.60 Cr, outpacing H1 revenue growth of 71.07%
- Royalty & Cess rose 86.98% YoY to Rs.99.38 Cr, scaling with realizations as an ad-valorem cost
- Other income of Rs.40.57 Cr (+271.86% YoY), including Rs.39.12 Cr of interest income, contributed to the quarter's earnings
- H1 cash capex of Rs.295.23 Cr vs the FY27 target of ~Rs.1,421.73 Cr implies a steeply H2-weighted program
- IVRCL consortium arbitration remains pending with a hearing on 14.12.2026 and award amount undisclosed
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