Hindustan Copper's Q2 operating margin rises 20.51 points YoY
Revenue growth outpaced expense growth, while other income accounted for 5.64% of pre-tax profit.
Filed 11 Nov 2026, 21:08 IST · after market close · Hindustan Copper Ltd (HINDCOPPER)
Key takeaways
- Consolidated operating margin widened 20.51 percentage points year on year to 59.8% as revenue grew +63.67% while expenses rose +8.38%.
- Consolidated net profit rose +181.91% year on year to Rs 518.13 cr, while other income contributed 5.64% of pre-tax profit.
- Hindustan Copper's operating margin was 46.97 percentage points above the 12.83% median for 139 reported Commodities peers.
Price around the results
Revenue growth drove another sharp profit increase
In consolidated Q2FY27 results, revenue rose +63.67% year on year and +25.49% quarter on quarter, while net profit increased +181.91% and +47.04%, respectively. Operating profit grew faster than revenue because expenses rose only +8.38% YoY and +10.13% QoQ.
Margin expansion came from expense control, not tax relief
The operating margin widened 20.51 percentage points YoY and 5.61 percentage points QoQ as revenue growth outpaced expense growth. The tax rate was broadly stable at 25.34%, changing by only -0.07 percentage points YoY and +0.07 percentage points QoQ. Other income represented 5.64% of pre-tax profit, so it supported earnings but was not the main profit driver.
Operating margin has improved for three straight quarters
The margin has risen from 35.57% in Q3FY26 to 54.29% in Q4FY26, 54.19% in Q1FY27 and 59.8% in Q2FY27. At 59.8%, it stood 46.97 percentage points above the 12.83% median among 139 Commodities peers that had reported the quarter.
The filing came after market close
The results were filed after market close, so the current post-result move is not part of this review. Across the last eight result reactions, the stock rose three times and fell five times, with a median absolute move of 1.84%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,175 cr | ₹937 cr | +25.49% | +63.67% |
| Other income | ₹39 cr | ₹17 cr | +132.27% | +351.15% |
| Expenses | ₹472 cr | ₹429 cr | +10.13% | +8.38% |
| Operating profit | ₹703 cr | ₹508 cr | +38.48% | +149.12% |
| Operating margin (%) | 59.80% | 54.19% | — | — |
| Interest | ₹2 cr | ₹3 cr | -29.69% | +411.36% |
| Depreciation | ₹46 cr | ₹50 cr | -7.96% | +3.96% |
| Profit before tax | ₹694 cr | ₹472 cr | +47.18% | +181.66% |
| Tax | ₹176 cr | ₹119 cr | +47.61% | +180.93% |
| Net profit | ₹518 cr | ₹352 cr | +47.04% | +181.91% |
| EPS (₹) | ₹5.36 | ₹3.64 | +47.25% | +183.60% |
Operating margin of 59.80% compares with a Commodities sector median of 12.83% across 139 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +1.86% | +1.68% |
Volume on the results session was 4.84× its 20-day average.
What to watch
- Whether operating margin holds above 59.8% after three straight quarterly increases.
- Whether expenses continue to grow more slowly than revenue, as they did at +8.38% versus +63.67% YoY.
- The next quarter's other-income share of pre-tax profit against 5.64% this quarter.