Hindustan Copper: 163% profit, but ore grew only 6%

Hindustan Copper Limited (NSE: HINDCOPPER) posted Q1 FY27 net profit of ₹352 crore, up 163%. Revenue rose 81% to ₹937 crore. The stock is near ₹482, down 37% from its ₹760 high. What happened EBITDA more than doubled to ₹508 crore, with margin expanding to 54%. On a sequential basis, both revenue and profit fell from the March quarter's highs. Ore production targets go from 4.21 MTPA now to 12.20 MTPA by FY30. The company has planned over ₹7,000 crore of capex across five to six years, with about ₹750 crore for FY27 alone. Forest clearance for the Chandmari mine was received in June. Why it matters India imports most of its copper needs. Hindustan Copper is the only primary copper miner in the country. If capacity triples by FY30, it becomes critical for EVs, power cables and defence. My view Two things drove this quarter. First, copper prices rose sharply. Revenue grew 81% while ore output grew only 6%. When prices cool, that gap closes fast and margins fall back toward the 37% seen in FY25. Second, the sequential numbers show the limit. Revenue fell 19% from Q4 FY26 to Q1 FY27. That was the high watermark. What comes next depends on LME copper, which no one controls. The expansion plan is real but takes years. Mine permits and ramp ups mean FY30 capacity does not arrive in one step. Management targets ₹1,568 crore of profit by 2030. At ₹482, the market cap of ₹47,500 crore is already about 30 times that number. What I am watching Q2 FY27 results and LME copper prices above $10,000 per tonne. On the chart, ₹440 is support and ₹760 is the high to beat. My stance: Hold. Accumulate near ₹440. This is a copper price bet as much as a volume story. Disclosure: I do not hold a position in Hindustan Copper Limited at the time of writing. This is not investment advice.