512068
Dec.Gold Mines share price & financials
- Price
- ₹214.8
- Market cap
- ₹4.8k Cr
- Sector
- Metals & Mining
- Calls analysed
- 2
Dec.Gold Mines Q1 FY27
What went well
- Jonnagiri gold production established the company as a producer, contributing Rs. 6.35 Crores PAT to Deccan Gold.
- Successful fundraise of Rs. 137 Crores through CCDs, equity shares, and warrants.
- Kyrgyzstan (Altyn Tor) project is nearing full-scale production, with dore bar production already started.
What to watch
- Jonnagiri's Q1 financial results are still in initial stages, with only 59 kilos of gold sold, leading to lower-than-expected revenue and profit contribution.
- Dividend from Geomysore (Jonnagiri) is unlikely in FY27 due to ongoing expansion and land acquisition needs.
What Dec.Gold Mines does
Deccan Gold Mines explores, develops and operates gold and critical-mineral (nickel, copper, lithium, tantalum, tungsten) mining projects, earning revenue by selling gold doré bars/concentrate and mineral concentrates from its mines. Its flagship operating assets are the Jonnagiri Gold Mine in Andhra Pradesh, India's first new gold mine since Independence (held via 27%-owned Geomysore Services India), and the Altyn Tor Gold Mine in Kyrgyzstan (held via 60%-owned Avelum Partners LLC), alongside an exploration pipeline covering gold in Finland and Spain and critical minerals (nickel-copper-PGE, lithium-tantalum, copper-gold) in India and Mozambique. The company operates end-to-end across the mining value chain from exploration through development to production.
Segments
- Gold
- Critical Minerals
- Market position
- Only BSE-listed gold and critical-minerals exploration and mining company in India
- Countries of operation
- 6 (India, Kyrgyzstan, Mozambique, Finland, Spain, Tanzania)
- Group subsidiaries / joint ventures
- 7 (GMSI, Avelum Partners LLC, DGTPL, Kalevala Gold Oy, DGMOZ, DMMOZ, DGFZCO)
- Jonnagiri Gold Mine mineral resource
- 8.2 million tonnes of ore grading 1.49 g/t Au (~12 tonnes contained gold) across East, West, South and North blocks
- Altyn Tor Gold Mine mineral resource
- 4.65 million tonnes of ore grading 1.21 g/t Au (~5.6 tonnes contained gold); total ore base of over 4 million tonnes
- Jonnagiri licensed ore-processing capacity
- 300,000 tonnes per annum
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 0 delivered 2 missed 14 open- Gross Debt missed said Q2 FY26 Promised: Debt-free entity by the end of this year (2025) Q1 FY27: The target to be debt-free by end of 2025 was not met. The planned rights issue did not materialize as described; a smaller, different fundraise of Rs. 137 Crores was conducted, and there was no mention of the Rs. 200 crore debt being cleared.
- Mozambique Lithium/Tantalum Production delayed said Q2 FY26 Promised: Small scale operation very likely next year (2026) Q1 FY27: The timeline has been pushed out. Production is now targeted for 2028 after setting up a 200 TPD plant by end-2027. The original 2026 start for a small-scale operation will be missed.
- Altyn Tor Gold Production on track said Q2 FY26 Promised: 350 kg by FY27 Q1 FY27: Dore bar production has commenced from the Merrill-Crowe system. Full-scale commercial production is expected to begin very soon (August 2026), keeping the FY27 target of 350 kg achievable.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 57.9%, net profit up 69.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 1 | 0 | 0 | 3 −16% | 1 +32% | 9 +1885% | 1 +58% |
| EBITDA | -21 | -22 | -21 | -24 | -9 +56% | -10 +55% | -1 +94% | -12 +52% |
| Net profit | -68 | -25 | 12 | -28 | -20 +71% | -22 +10% | 6 −52% | -9 +69% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +79.5% 1Y
1Y: ₹128.05 on 10 Sept 2025 → ₹229.8. High ₹247.7 (24 Aug 2026), low ₹84.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.4%
- 12 Aug
- Q2 FY26
- −0.4%
- 25 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 440.1% a year over 3 years, FY23 to FY26. Operating margin widened to -315.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹0 Cr | ₹4 Cr | ₹8 Cr | ₹14 Cr |
| Operating profit | ₹-3 Cr | ₹-13 Cr | ₹-68 Cr | ₹-45 Cr |
| Operating margin | -3144.4% | -318.8% | -825.9% | -315.9% |
| Interest | ₹0 Cr | ₹2 Cr | ₹3 Cr | ₹15 Cr |
| Depreciation | ₹0 Cr | ₹9 Cr | ₹13 Cr | ₹16 Cr |
| Net profit | ₹-3 Cr | ₹-68 Cr | ₹-43 Cr | ₹-64 Cr |
| Net margin | -3277.8% | -1606.2% | -516.8% | -454.6% |
| Cash from operations | ₹-2 Cr | ₹-57 Cr | ₹-51 Cr | ₹-52 Cr |
| Free cash flow | ₹-2 Cr | ₹-59 Cr | ₹-61 Cr | ₹-154 Cr |
| ROCE | -2.0% | -9.0% | -21.0% | -13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹9 Cr | ₹13 Cr | ₹15 Cr | ₹16 Cr | ₹20 Cr |
| Reserves | ₹35 Cr | ₹33 Cr | ₹142 Cr | ₹197 Cr | ₹188 Cr | ₹476 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹100 Cr | ₹228 Cr | ₹51 Cr |
| Other liabilities | ₹1 Cr | ₹3 Cr | ₹7 Cr | ₹14 Cr | ₹12 Cr | ₹16 Cr |
| Total liabilities | ₹45 Cr | ₹45 Cr | ₹166 Cr | ₹325 Cr | ₹444 Cr | ₹563 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹148 Cr | ₹176 Cr | ₹192 Cr |
| Capital work in progress | ₹39 Cr | ₹40 Cr | ₹41 Cr | ₹42 Cr | ₹12 Cr | ₹73 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹116 Cr | ₹65 Cr | ₹125 Cr | ₹192 Cr |
| Other assets | ₹6 Cr | ₹5 Cr | ₹10 Cr | ₹71 Cr | ₹131 Cr | ₹107 Cr |
| Total assets | ₹45 Cr | ₹45 Cr | ₹166 Cr | ₹325 Cr | ₹444 Cr | ₹563 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −3.63 pp while the public added +2.92 pp. The shareholder count grew 52% to 61,047.
- Promoters
- 20.5%
- FIIs
- 2.1%
- DIIs
- 0.5%
- Public
- 76.8%
Since Jun 2025
- Promoters −3.63 pp
- Public +2.92 pp
- DIIs +0.39 pp
How it drifted, 12 quarters
Over this window promoters fell from 26.3% to 20.5% — −5.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 26.3%, FIIs 2.2%, Public 71.5%.Dec '23: Promoters 25.9%, FIIs 1.9%, Public 72.2%.Mar '24: Promoters 25.6%, FIIs 1.9%, Public 72.5%.Jun '24: Promoters 25.5%, FIIs 2.0%, Public 72.5%.Sep '24: Promoters 25.2%, FIIs 1.9%, Public 72.9%.Dec '24: Promoters 25.0%, FIIs 1.9%, DIIs 0.0%, Public 73.2%.Mar '25: Promoters 24.7%, FIIs 1.8%, DIIs 0.1%, Public 73.4%.Jun '25: Promoters 24.2%, FIIs 1.8%, DIIs 0.1%, Public 73.9%.Sep '25: Promoters 24.2%, FIIs 1.9%, DIIs 0.2%, Public 73.8%.Dec '25: Promoters 20.8%, FIIs 1.9%, DIIs 0.3%, Public 77.0%.Mar '26: Promoters 20.6%, FIIs 1.8%, DIIs 0.2%, Public 77.3%.Jun '26: Promoters 20.5%, FIIs 2.1%, DIIs 0.5%, Public 76.8%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Dec.Gold Mines above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rama Mines Mauritius Limited | 12.44% | −0.05 pp |
| Australian Indian Resources Limited | 8.09% | unchanged |
| Hira Infra Tek Limited | 7.99% | −1.61 pp |
| Phani Bhushan Potu | 3.12% | −0.17 pp |
| Deviinder Gupta | 1.51% | unchanged |
| Jupiter India Fund Global fund house | 1.32% | unchanged |
| Govind Subhash Samant | 1.28% | −0.11 pp |
| Anand Mahendra Sarvaiya | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q1 FY27 call →Learn to analyse Dec.Gold Mines
Guides on how to read this kind of business and the numbers that matter.