Hindustan Copper Q2 FY27: Consolidated PAT Soars 182% YoY to ₹518 Cr as Margins Expand

Hindustan Copper's consolidated net profit for Q2 FY27 (quarter ended September 30, 2026) came in at ₹518.13 Cr, up 182% year-on-year from ₹183.79 Cr in Q2 FY26, on revenue from operations of ₹1,175.24 Cr (+64% YoY from ₹718.04 Cr). Standalone (PAT ₹519.54 Cr, EPS ₹5.37) and consolidated (PAT ₹518.13 Cr, EPS ₹5.36) figures tell effectively the same story — the ₹1.41 Cr gap is just the company's share of loss from its Khanij Bidesh India joint venture, not a divergence in the underlying business. There were no exceptional items in either the current or year-ago quarter, so the growth is entirely organic rather than one-off-driven. Margins expanded on both axes: net profit margin (on total income) rose to 42.6%, from 36.95% in Q1 FY27 and 25.21% a year ago. The driver was operating leverage — total expenses grew just 8.0% quarter-on-quarter to ₹520.4 Cr while revenue grew 25.5% QoQ — against a backdrop of LME copper prices hitting repeated all-time highs (peaking near $14,858.50/t) in September 2026, lifting realizations on largely fixed mining costs. Against our pre-result preview, this is a decisive beat: we had flagged revenue of ₹850–950 Cr and PAT of ₹150–200 Cr going in; the actual print cleared both ranges comfortably (revenue ~24% above the top end, PAT over 2.5x the top end). We could not find a published sell-side consensus specific to this quarter's PAT or revenue; the closest data point is a full-year FY27 consensus of roughly ₹4,710 Cr revenue and ₹17.70 EPS, against which H1 FY27 revenue of ₹2,111.74 Cr and EPS of ₹9.00 are tracking close to half the full-year number with two quarters still to report. Notably, H1 FY27 consolidated PAT of ₹870.50 Cr already exceeds the ₹600 Cr full-year PAT figure used as an estimate in our preview. Management issued no formal outlook or guidance alongside this filing, so there is no company guidance to grade the print against. The quarter's board actions track the pre-result watch list: the flagged management transition played out, with the Executive Director (Operations) retiring on November 3, 2026, following new ED appointments at Mining-Production and Malanjkhand through September-October; a fresh appeal was filed in the Madhya Pradesh High Court on October 30, 2026 in the company's ongoing legal matter. We found no update in our event records on the 6% promoter OFS (₹514 floor) flagged pre-result. Capex execution continues to scale, with capital work-in-progress at ₹874.10 Cr (from ₹741.23 Cr at FY26-end) and H1 purchase of fixed assets of ₹242.70 Cr versus ₹52.12 Cr a year ago, consistent with the production-led expansion thesis our preview described.