Hindustan Copper Ltd (HCL) shareholders have approved two fundraising mechanisms—a qualified institutional placement (QIP) of up to 96.98 million equity shares and the issuance of secured or unsecured non-convertible debentures or bonds, as the state-owned copper producer advances its ₹7,188.9 crore ($776 million) five-year capex plan under Vision 2030. The company disclosed the AGM proceedings in a stock exchange filing dated September 23, 2026.
The ₹7,188.9 crore capex plan, announced under HCL's Vision 2030 programme, is aimed at expanding mining and ore-processing capacity through development of existing mines, new reserves and revival of legacy assets. HCL plans to raise capacity to 12.2 million mt/year by FY2029-30, from around 4 million mt/year currently.
The QIP resolution allows HCL to issue up to 96.98 million equity shares, while a separate resolution covers the private placement of secured or unsecured non-convertible debentures or bonds. The AGM filing does not specify the monetary value of the QIP. The approved fundraising mechanisms are intended to support capex and expansion plans approved by the Cabinet Committee on Economic Affairs (CCEA).
HCL's expansion programme is already progressing. The Kendadih copper mine at Ghatsila in East Singhbhum district, Jharkhand, resumed operations on January 15, 2026, while pre-mining activities have commenced at the Rakha copper mine, also in Ghatsila. The company is also in discussions to reopen other closed copper mines.
The company has also expanded its exploration pipeline. HCL emerged as the preferred bidder for the Baghwari-Khirkhori copper and associated mineral block in Sidhi district, Madhya Pradesh, with exploration expected to begin early next financial year. Exploration has commenced at the Bodal block in Chhattisgarh, supported by funding from the National Mineral Exploration Trust (NMET).
HCL is also reviving its Gujarat Copper Project through a 20-year strategic partnership with Lohum Materials Pvt Ltd. The project, dormant since 2019, is a 50,000 mt/year secondary copper smelter and refinery capable of producing LME A-grade copper cathodes and processing copper-bearing materials, including e-scrap.
HCL produced 3.67 million mt of ore in FY2025-26, up 6% year on year, while metal-in-concentrate production increased 9% to 27,421 mt, its highest level in seven years. Copper concentrate sales reached 27,369 mt, the company's strongest commercial dispatch performance in five years.
In Q1 FY2026-27, ore production rose 14% year on year to 0.97 million mt, while metal-in-concentrate production increased 17% to 6,075 mt. Revenue from operations rose 81% year on year to ₹936.50 crore, while profit after tax increased 163% to ₹352.61 crore.
HCL added 18.62 million mt of copper ore to its reserves and resources during FY2025-26, taking its total reserves and resources to 785.99 million mt, with an average grade of 0.93% as of April 1, 2026
