Synopsis: ICRA projects a 10–12 percent growth in India’s copper demand over the next two years, setting the stage for three stocks to benefit meaningfully, including companies that have delivered YoY net profit growth of up to 124 percent.
Global copper prices have surged nearly 40 percent in FY26, touching about $13,000 per tonne by January 2026, However, prices briefly dipped in late January due amid record highs numbers, but since then the metal has recovered and is currently being traded around $6 per lbs. The metal is of great use and in demand in the construction, power, EVs, electronics, and data centers space.
What does ICRA say?
India’s copper demand is expected to grow 10- 12 percent annually over the next two years, supported by strong consumption from sectors such as infrastructure, renewable energy, electric vehicles, construction, and power. However, domestic supply remains limited, making the country increasingly dependent on imports to bridge the gap between demand and production.
ICRA or Investment Information and Credit also noted that tightening global copper concentrate availability has pushed treatment and refining charges lower, which could pressure smelters’ profitability even as downstream copper producers benefit from firm demand. The agency also highlighted that capacity expansions and new projects may improve supply over time, but near-term growth will largely be driven by India’s ongoing electrification and industrial expansion.
Highlighting a strong correlation with copper price movements and significant exposure to the metal. The following are the three stocks to closely watch with the ongoing demand.
Hindustan Copper is India’s only vertically integrated copper producer, engaged in mining, beneficiation, smelting, and refining of copper ore and concentrate. The company operates key copper assets at Malanjkhand, Khetri, and Ghatsila, supplying copper concentrate and refined products to domestic industries. Its operations support infrastructure, electrical, and industrial sectors, making it a critical part of India’s copper supply chain. The company’s current capacity is in the range of 3.5- 4 MTPA, this is expected to grow to 12.2 MTPA by FY31, according to company’s expansion plans.
In the latest quarter Hindustan Copper saw a YoY revenue growth of 109 percent, going from Rs 328 Cr in Q3FY25 to Rs 687 Cr in Q3FY26, while the QoQ went down by 4 percent from Rs 718 Cr in Q2FY26. The YoY Net Profits growth is at 147 percent, going from Rs 63 Cr in Q3FY25 to Rs 156 Cr in Q3FY26, while the QoQ fell by 16 percent from Rs 184 Cr in Q2FY26.
Hindalco Industries is a leading Indian metals company and part of the Aditya Birla Group, with significant operations in copper and aluminium value chains. It produces copper rods and related products for domestic and international markets. Its integrated operations including refining, smelting, and downstream processing, supporting construction, automotive, electrical, and industrial sectors with high-quality copper products. The company’s subsidiary Novelis saw an 8 percent QoQ growth in the shipment of copper in Q3FY26.
In the latest quarter the company saw a YoY revenue growth of 14 percent, going from Rs 58,390 Cr in Q3FY25 to Rs 66,521 Cr in Q3FY26, while the QoQ went up by less than 1 percent from Rs 66,058 Cr in Q2FY26. The YoY Net Profits fell by 45 percent, going from Rs 3,735 Cr in Q3FY25 to Rs 2,049 Cr in Q3FY26, while the QoQ fell by 57 percent from Rs 4,741 Cr in Q2FY26.
Vedanta is a major Indian diversified natural resources and metals company with operations in copper, aluminium, zinc, and other metals. Its copper division mines and processes ore into refined products for domestic and international markets.
Vedanta’s copper operations play a key role in supplying industrial, electrical, and infrastructure sectors, supporting India’s growing demand for critical base metals. In Q3FY26, the company saw its Copper cathode production at 45kt, which is a 12 percent growth on QoQ basis.
In the latest quarter Vedanta saw a YoY revenue growth of 37 percent, going from Rs 17,063 Cr in Q3FY25 to Rs 23,369 Cr in Q3FY26, while the QoQ went up by 24 percent from Rs 18,747 Cr in Q2FY26. The YoY Net Profits growth is at 60 percent, going from Rs 4,876 Cr in Q3FY25 to Rs 7,807 Cr in Q3FY26, while the QoQ growth stood at 124 percent from Rs 3,479 Cr in Q2FY26.
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