$HINDCOPPER

### Hindustan Copper Ltd | Expansion Pipeline Strengthens Long-Term Outlook **Capacity Expansion** * FY27 ore capacity target set at **12.7 million tonnes** * FY30 expansion tenders already in place * K3 Copper Complex progressing on schedule **Mining Projects** * Development at the **Rakha Mine** has commenced * Production expected from **Q4 onwards** **Management Outlook** * EBITDA margins likely to remain above **40%** * Copper prices expected to stay firm * Global demand-supply gap continues to support pricing **Operational Focus** * Aggressive efficiency improvement initiatives underway * Capacity ramp-up expected to improve operational leverage **Employee Cost Update** * FY27 wage hike discussions yet to begin, keeping near-term cost pressure limited **Commodity Sensitivity** * EBITDA expected to rise by nearly **₹20–22 crore for every $100 increase in copper prices** ### Impact on Hindustan Copper Stock Strong expansion plans improve long-term production visibility and growth potential. Firm global copper prices remain a major positive, supported by EVs, renewable energy, and infrastructure demand. EBITDA margin guidance above 40% reflects strong operational strength and profitability. Higher production volumes and operational efficiencies may support earnings growth over the coming years. Key risks include commodity price volatility and execution timelines for expansion projects. ### Overall View **Short-Term:** Positive **Long-Term:** Strongly Positive **Stock View:** Hindustan Copper remains well-positioned to benefit from the favorable global copper cycle, supported by strong capacity expansion, high operating margins, and rising long-term demand for copper-driven sectors.