Hindustan Copper Limited has announced the promotion of four senior executives to General Manager positions, effective 23.01.2026. The company informed stock exchanges about these strategic appointments under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Executive Promotions Overview

The four executives promoted to General Manager roles represent key functional areas of the organization:

Key Appointee Profiles

Mining Leadership

Shri Salil Kumar Nag brings extensive underground mining expertise, having joined as Graduate Engineer Trainee (Mining) in 1995. His experience spans underground metal mining operations, mine planning at Kolihan Copper Mine, and key contributions to the company's mine expansion programme.

Metallurgical Operations

Shri Virender Kumar Indra, a metallurgical engineering graduate from NIT Rourkela, started his career at Bhilai Steel Plant, SAIL in 1993 before joining Hindustan Copper Limited in 1996. His expertise covers copper smelting, mineral processing, production management, and concentrate handling across multiple units including KCC Smelter and Gujarat Copper Project.

Administrative Functions

Shri Sanjay Shivdarshi combines military background from CISF (1991-1995) with comprehensive HCL experience since 1995. His career progression includes security management, HR leadership, and administrative transformation across various units including ICC Ghatsila, TCP, and Malanjkhand Copper Project.

Financial Management

Shri Dinesh Grover, a qualified Cost and Management Accountant and Company Secretary, brings 35+ years of diversified experience across finance, audit, costing, and corporate accounts. His tenure includes managing financial operations for business with annual sales turnover of approximately ₹2,300.00 crore.

Regulatory Compliance

The promoted executives fall under the 'Senior Management' category as defined in Regulation 16(1)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that none of the promoted executives are related to any Key Managerial Personnel or Directors of Hindustan Copper Limited.

Strategic Significance

These promotions strengthen the company's leadership across critical operational areas including mining operations, metallurgical processes, administrative functions, and financial management. The appointments reflect internal talent development and succession planning within the government enterprise.

Hindustan Copper has surged more than 70% in the last two months, while NALCO has risen over 42% in the previous three months. Both companies have crossed the ₹50,000 crore market capitalization mark and touched all-time highs, driven by favorable metal cycles and exceptional financial performance.

Market Rally Drivers

Hindustan Copper's sharp rally in 2025 is closely tied to a powerful global bull run in copper, with prices surging over 40% and putting the metal on track for its best year since 2009. The energy transition, including renewables, grid upgrades, and electric vehicles, alongside the rapid build-out of AI-driven data centres, has significantly boosted copper consumption.

Supply constraints have intensified after a deadly landslide at Freeport's Grasberg mine in Indonesia in September 2025 triggered a government-ordered shutdown, flooding tunnels and curtailing production from one of the world's largest copper assets. Operations are restarting in phases, but full capacity is unlikely before 2027.

NALCO's share price has been rising on strong fundamental performance and a favorable aluminium cycle. Aluminium futures prices in the international market have climbed to around USD 2,950 per tonne, the highest in over three years, up about 18% for the year. This is supported by tightening global supply as China enforces output caps, and smelters in regions such as Indonesia, Iceland, Mozambique, and Australia face high energy costs.

Record Financial Performance in FY25

Hindustan Copper Financial Highlights

In H1FY26, revenue grew by 19.53% YoY to ₹1,255.60 crore, while PAT stood at ₹320.30 crore, gaining 48.93% YoY. The company achieved the highest-ever production from the Malanjkhand Mine of 27.25 lakh tonnes of ore in FY25.

NALCO Financial Performance

In H1FY26, NALCO's revenue grew by 18.10% YoY to ₹8,099 crore, while EBITDA increased 41.17% YoY to ₹3,693 crore and PAT rose 50.15% YoY to ₹2,497 crore. The company achieved all-time high domestic metal sales of 4,54,600 MT in FY25.

Strategic Growth Initiatives

Hindustan Copper Expansion Plans

The company is transforming from a sub-scale PSU miner into a multi-mine copper franchise targeting 12.20 MTPA of ore production by FY31. Key initiatives include:

• Malanjkhand mine expansion from under 3 MTPA to 5 MTPA over the next 30-32 months
• MDO-operated Rakha block with 3 MTPA capacity, where South West Mining (JSW group) will invest approximately ₹2,600-2,700 crore over 6-7 years
• Total capex requirement of about ₹2,000 crore over five years
• Collaboration with Codelco, a Chilean state-owned mining company, for capacity building and knowledge sharing

NALCO Capacity Expansion

Valuation and Investment Perspective

Hindustan Copper trades at a trailing twelve-month P/E multiple of 93.50x, which appears elevated yet sits below historical highs of 95-105x in 2021 and 100-108x in 2024. Traditional valuation metrics fall short for volatile miners whose earnings hinge on metal price cycles.

NALCO has a TTM P/S of 3.69x and P/E of 10.89x. While the P/E looks attractive based on TTM and FY25 profits, margins may face pressure as aluminium prices normalize from current elevated levels.

Market Outlook

Copper's price trajectory points to sustained strength, with forecasts anticipating a peak at USD 12,500 per metric tonne in Q2 2026 before settling at an annual average of approximately USD 12,075 per metric tonne. Data centre expansion emerges as a potent catalyst, potentially fueling around 475 thousand metric tonnes of copper consumption in 2026.

Aluminium's market outlook has transcended traditional cyclical patterns, propelled by structural transformations including electric vehicles that consume up to twice as much aluminium as internal combustion engine vehicles. LME prices are forecasted to average around USD 2,670 per metric tonne in CY26.