Brokerages bullish on this PSU metal stock after 155% rally amid expansion plans — Targets

Domestic brokerage firms continue to remain positive on Hindustan Copper Ltd continue to remain positive on even as the stock has corrected sharply, thanks to major expansion under its Vision 2030 plan, despite rising geopolitical tensions. Brokerages firm remain bullish despite commodity price and execution risks.

Shares of Hindustan Copper declined nearly 2 per cent on Tuesday to Rs 569, with its total market capitalization barely holding Rs 55,000 crore mark. The stock has seen a 25 per cent correction from its 52-week high at Rs 759.20, hit in January 2026. The stock has soared more than 155 per cent from its 52-week low hit a year ago.

For the quarter ended on March 31, 2026, Hindustan Copper reported a 137.3 per cent jump in the net profit on a year-on-year (YoY) to Rs 444.27 crore, while revenue increased 58 per cent YoY to Rs 1,156.08 crore. Its Ebitda was up 135 per cent YoY to Rs 560.33 crore, while margins expanded to 48.47 per cent for the quarter. It announced a dividend of Rs 1.86 per share.

Hindustan Copper aims to raise ore production capacity from 4 MTPA to 12.2 MTPA by FY30E with planned capital expenditure of Rs 7,189 crore. It operates mines in Malanjkhand, Khetri and Ghatsila and plans to expand into critical minerals and renewable energy lifting PAT to Rs 1,568 crore by FY30E, said SBI Securities.

"For FY26, metal-in-concentrate production rose 9 per cent year-on-year to 27,421 MT, ore output increased 6 per cent to about 3.7 million tonnes, and copper MIC sales of 27,367 MT were the highest in five years. The outlook is also supported by a 46.3 per cent rise in LME copper prices over the past year," it added with a 'buy' rating and a target price of Rs 636.

Hindustan Copper has unveiled its Vision 2030 plan, targeting ore volume of 12.2 million tonnes by FY30 from 3.7 million tonnes now. It has set aside more than Rs 6,700 crore in capital expenditure for infrastructure and expansion at existing mines. It is exploring greenfield projects in India (Sikkim, Dhobani, Pathargora) and Chile along with initiation of exploration at Bodal block.

The company said lease extensions across multiple blocks were completed in FY26, though additional volumes from some mines in Jharkhand and Rajasthan, including Rakha, may take longer. It is also exploring projects in Sikkim, Dhobani, Pathargora and Chile, besides starting exploration at the Bodal block, said Anand Rathi Share & Stock Brokers Ltd.

"Hindustan Copper also reported record quarterly numbers, with revenue up 58.1 per cent YoY to Rs 1,160 crore, Ebitda up 135.3 per cent to Rs 630 crore, and APAT more than doubling to Rs 440 crore. FY26 ore production rose 5.6 per cent to 3.67 million tonnes, while sales volume increased 11.9 per cent to 27,367 tonnes," it added with a 'buy' and a target price of Rs 715.

Both brokerage firms have cited volatility in copper prices; delay in ramp-up of capacities, reduction in commodity prices and; erratic swings in forex rates as the key risks. Incorporated in 1967, Kolkata-based Hindustan Copper is a miniratna category-I CPSE under the Ministry of Mines. It holds a unique strategic monopoly, controlling all operating mining leases for copper ore in India.

Hindustan Copper is seen entering a multi-year growth phase, backed by capacity expansion, better production visibility and earnings scalability, though near-term performance may remain linked to copper price cycles and execution timelines, said BP Equities in its report on April 3, 2026. However, its target price is already met.

"The broader copper outlook remains constructive, driven by electrification, renewables, EVs, power infrastructure and digital ecosystems, while supply growth stays constrained. In India, demand is projected to grow 6-7 per cent annually and could double by 2030 on infrastructure, Make in India, renewables and defence indigenisation, supporting the company," it added.