Meeting Details

The 59th Annual General Meeting was held on Wednesday, 23rd September 2026 from 10:30 AM to 12:57 PM Indian Standard Time through Video Conferencing/Other Audio-Visual Means. The meeting was chaired by Shri Anupam Misra, Chairman & Managing Director. All Board members, committee chairpersons, Statutory Auditor, Secretarial Auditor, and Scrutinizer were present. 126 members attended the meeting.

Proposed Resolutions and Implications

The AGM considered 14 resolutions comprising 5 Ordinary Business items and 9 Special Business items:

Ordinary Business

1. Adoption of Audited Financial Statements (Standalone and Consolidated) for FY ended 31st March 2026 with Reports of Directors, Auditors and C&AG (Ordinary Resolution)

2. Declaration of final dividend on equity shares for Financial Year 2025-26 (Ordinary Resolution)

3. Re-appointment of Shri Sanjeev Kumar Sinha (DIN:10993006) as Director retiring by rotation (Ordinary Resolution)

4. Re-appointment of Shri RVN Vishweshwar (DIN:09518994) as Director retiring by rotation (Ordinary Resolution)

5. Fixing remuneration of Statutory Auditors (Ordinary Resolution)

Special Business

6. Appointment of Shri Anupam Misra (DIN:07637439) as Chairman & Managing Director per Ministry of Mines' Order No. Met3-10/3/2025-METAL III dated 08.06.2026 (Ordinary Resolution)

7. Appointment of Shri Ghanshyam Das Gupta (DIN:09344792) as Director (Mining) per Ministry of Mines' Order No. Met3-10/1/2025-METAL III dated 08.05.2026 (Ordinary Resolution)

8. Appointment of Shri Kulveer Singh Yadav (DIN:11704895) as Government Nominee Director per Ministry of Mines' Order File No. 31/3/2020-Met.I dated 04.05.2026 (Ordinary Resolution)

9. Appointment of Shri Ashish Kumar Khetan (DIN:11732678) as Part Time Non-Official (Independent) Director per Ministry of Mines' Order No. Met.3-10/2/2020-Met.III dated 14.08.2026 (Special Resolution)

10. Appointment of Smt. Madhumita Daolagupu (DIN:11894087) as Part Time Non-Official (Independent) Director per Ministry of Mines' Order No. Met.3-10/2/2020-Met.III dated 14.08.2026 (Special Resolution)

11. Ratification and confirmation of remuneration to Cost Auditor M/s Chatterjee & Co. for FY 2026-27 (Ordinary Resolution)

12. Approval for raising funds through issue of Equity Shares via Qualified Institution Placement (QIP) method for up to 9,69,76,680 equity shares in tranches for capex/expansion plans approved by CCEA (Special Resolution)

13. Approval for dissolution of existing QIP Committee and constitution of fresh Board committee with delegated powers for further issue of shares/securities (Special Resolution)

14. Approval to offer, issue and allot secured/unsecured non-convertible debentures or bonds on private placement basis (Special Resolution)

All resolutions were passed by requisite majority.

Voting Process

Remote e-voting facility was provided to members from 20th September 2026 (9:00 AM) to 22nd September 2026 (5:00 PM). E-voting remained open for an additional 15 minutes after conclusion of the AGM for members who hadn't voted earlier. The company committed to announcing voting results within 48 hours of meeting conclusion and intimating stock exchanges and uploading on company and NSDL websites.

Financial and Operational Performance Highlights from Chairman's Speech

FY 2025-26 Performance

  • Operational Metrics: Ore production reached 3.67 million tonnes (6% YoY growth), Metal-in-Concentrate production stood at 27,421 tonnes (9% YoY growth, highest in 7 years), copper concentrate sales at 27,369 tonnes (strongest in 5 years)
  • Financial Results: Consolidated revenue from operations ₹3,077.92 crore (49% growth from ₹2,070.96 crore previous year), Profit Before Tax ₹1,232.73 crore (95% growth from ₹633.51 crore), Profit After Tax ₹920.67 crore (97% growth from ₹468.53 crore), EBITDA margin expanded to 48.70% from 37.97%
  • Credit Rating Upgrade: ICRA upgraded long-term rating from AA+(stable) to AAA(stable) on 22nd September 2026, with short-term rating maintained at A1+

Dividend Declaration

Board recommended final dividend of 37.20% on paid-up capital (₹1.86 per share on ₹5 face value) for 2025-26, with total outgo of approximately ₹179.87 crore. This is in addition to interim dividend of 20% (₹96.70 crore) paid in March 2026, making total dividend ₹2.86 per share with total payout ₹276.57 crore (highest ever declared by HCL). Total payout to Government of India (largest shareholder) will be ₹172.13 crore including interim dividend.

Q1 FY 2026-27 Performance

  • Operational: Ore production 0.97 million tonnes (14% YoY growth), Metal-in-Concentrate production 6,075 tonnes (17% YoY growth)
  • Financial: Revenue from operations ₹936.50 crore (81% YoY growth from ₹516.37 crore), Profit Before Tax ₹471.77 crore (163% growth from ₹179.36 crore), Profit After Tax ₹352.61 crore (163% growth from ₹134.28 crore), EBITDA margin expanded to 54.19% from 41.05%

Strategic Developments

  • Baghwari-Khirkhori Block: Emerged as preferred bidder for Composite License in Sidhi District, Madhya Pradesh with Letter of Intent issued; exploration activities to commence early next financial year
  • Gujarat Copper Project: Revived through 20-year strategic partnership with Lohum Materials Pvt. Ltd, involving 50,000-tonne secondary copper smelter and refinery capable of producing LME-A grade copper cathodes
  • Expansion Plans: Long-term production roadmap to increase mining and ore processing capacity from 4.0 MTPA to 12.2 MTPA by FY 2029-30
  • Mine Operations: Kendadih mine resumed operations on January 15, 2026; premining activities commenced at Rakha mine; discussions ongoing to reopen other closed copper mines
  • Exploration: Added 18.62 million tonnes of Copper Ore to Reserves & Resource base during FY 2025-26; total Reserve & Resource as on 01.04.2026 was 785.99 million tonnes of ore with average grade of 0.93%; exploration work commenced at Bodal Block in Chhattisgarh with NMET funding support

Other Information

  • Industrial relations remained peaceful and harmonious throughout the year
  • Company committed to ESG compliance with SEBI LODR Regulations and DPE guidelines
  • Significant progress in water conservation, afforestation, and community development programs
  • CSR projects included preventive healthcare, safe drinking water, education, vocational skills, livelihood opportunities, and environmental sustainability

Compliance and Signatories

The document confirms compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The submission was digitally signed by Mritunjay Kumar Dev, Company Secretary & Compliance Officer, on 23rd September 2026 at 18:53:46 +05'30'.