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Hindustan Copper Limited reported Q1 FY27 results for the June 2026 quarter on 10 August. Q1 FY27 numbers (consolidated): Revenue: Rs 936.50 crore, up 81% YoY from Rs 516.37 crore; down 19% QoQ EBITDA: Rs 507.5 crore, up 139% YoY; margin 54% vs 41% PAT: Rs 352.37 crore, up 163% YoY from Rs 134.28 crore; EPS Rs 3.64 Loans: Rs 89.9 crore; FY26 dividend Rs 276.6 crore; auditors flagged absent independent directors The 81% revenue growth is price-driven: copper prices rallied sharply versus the year-ago depressed base. The QoQ revenue decline of 19% reflects seasonal ore patterns. Miniratna Category-1 status gives the company investment autonomy up to Rs 1,000 crore without government approval. Hindustan Copper [][***** shares trade near Rs 528 (10 Sep 2026, 02:38 PM IST), up 118 percent in a year, 31 percent below the Rs 760 high. P/E near 45; P/B near 14; net debt near zero. My view: the business is as clean as Indian metals gets. Zero meaningful debt, India's only integrated copper producer, and 54 percent EBITDA margins that are the direct output of copper prices above long-run cost. The issue is that copper prices, not management, set the P&L; at 45x the market prices copper staying elevated and the company adding mine capacity faster than the current pace. Both can happen, neither is guaranteed. This is a commodity bet with clean balance sheet packaging. If you have a copper view, this is the cleanest Indian vehicle for it. Levels: Rs 490 to 510 the August base; Rs 420 to 440 the deeper support; Rs 760 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.