The battery metals India has least of: a few domestic lithium finds (Reasi in J&K, Katghora in Chhattisgarh) and overseas brine and hard-rock assets in Argentina, Chile and Australia.
Khanij Bidesh India Ltd (KABIL)Owner · HighUnlisted
Coal IndiaEmerging entrant · LowListed
NMDCEmerging entrant · LowListed
National Aluminium Company (NALCO)Enabler · LowListed
Hindustan CopperEnabler · LowListed
Maiki South MiningEmerging entrant · MediumUnlisted
Hindustan Copper (HINDCOPPER)
State-owned and India's only vertically integrated copper miner; 30% partner in KABIL
Price
₹421.00
snapshot 6 Nov 2026
Strengths
Plans to lift ore capacity from about 4.2 to 12.2 million tonnes a year by FY30, with about ₹7,189 Cr of capex (company, 2026)
The closest listed pure play on copper prices, which hit a record in Sep 2026
Risks
FY26 ore output was 3.67 million tonnes - tripling it is a large execution task, and Indian mine expansions often slip
Earnings swing with the copper price; most of India's copper still comes from imported concentrate
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹40,721 Cr
Stock P/E
33.7x
Div Yield
0.68%
ROCE
42.4%
ROE
32.9%
P/B
12.2x
Revenue growth
+48.6%FY26
Profit growth
+97.6%FY26
Net margin
29.9%FY26
1Y vs Nifty
+33 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
1,822FY22
1,677FY23
1,717FY24
2,071FY25
3,078FY26
Stock price return · as of 6 Nov 2026
1Y price return
+31%
3Y CAGR
+42%
5Y CAGR
+26%
Trend80th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 45% below its high
Note: Only integrated Indian copper miner; KABIL partner
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
State-backed buyers explore or acquire lithium, cobalt and nickel deposits and secure offtake for India's cell and cathode makers. KABIL (a NALCO, Hindustan Copper and MECL joint venture) leads overseas; Coal India and NMDC are building their own portfolios.
Why it matters
India imports essentially all its lithium. Domestic finds have not converted: the Reasi lithium block (about 5.9 million tonnes of ore, G3 stage) drew no successful bidder in two auctions in 2024, while Katghora went to Maiki South Mining. So the Mission leans on overseas deals - KABIL's five Catamarca brine blocks (signed Jan 2024, about US$24 million budget) and Coal India's Chile lithium licence application.
Where the value pool sits
Long-dated and policy-driven: exploration-stage assets with production, if it comes, around 2029 or later. For listed PSU partners the value today is optionality and strategic positioning, not earnings.
Key drivers
NCMM funding for overseas assets and the National Critical Mineral Stockpile
PLI-ACC cell gigafactories needing local lithium salts
India's partnerships with Argentina, Chile and Australia
Potential bottlenecks
Domestic lithium blocks are early-stage (G3/G4) and hard to bid on
Overseas deals need host-country licences (Chile's CEOL contracts) and take years
No Indian lithium refinery at scale yet - salts are imported
Investor metrics to watch
KABIL drilling results and resource statements
Coal India Chile licence and acquisition decisions