DECNGOLD
Deccan Gold Mines share price & financials
- Price
- ₹192.95
- Market cap
- ₹4.6k Cr
- Sector
- Metals & Mining
- Calls analysed
- 2
DECNGOLD Q4 FY26
What went well
- Successfully raised ₹315 crores through a rights issue, enabling the company to become debt-free by the end of March 2026.
- Jonnagiri Gold project, an associate company, started generating revenue and achieved profitability from trial gold production, with 26% attributable to Deccan Gold Mines.
- Discovered economic grade Nickel-Copper-PGE mineralization in the Bhalukona project, with initial drill holes showing significant widths and grades (e.g., 2.6 meters at 1.01% nickel, 0.29% copper, 0.2 g/t palladium).
What to watch
- Project delays were experienced in both Jonnagiri (environmental approvals) and Kyrgyzstan (money transfer, harsh weather conditions impacting civil construction).
- A funding gap of ₹60-100 crores is required to complete the Kyrgyzstan project, with larger future capex needs of ₹400-500 crores for Bhalukona and Spain projects.
What Deccan Gold Mines Limited does
Deccan Gold Mines is an exploration and mining company focused on gold and critical minerals (nickel, copper, PGE, lithium, tantalum, tungsten), operating through a portfolio of subsidiaries and joint ventures across India, Kyrgyzstan, Finland, Mozambique and Spain. It holds a 26% stake in the Jonnagiri Gold Project in Andhra Pradesh, India's first new private gold mine since independence, and a 60% stake in the Altyn Tor gold mine in Kyrgyzstan, which is moving into full-scale production. Beyond gold, the company explores nickel-copper-PGE mineralisation at its wholly owned Bhalukona licence in Chhattisgarh, lithium-tantalum and copper-gold prospects in Mozambique through step-down subsidiaries, and a tungsten-gold project in Spain. It earns through equity stakes in producing and near-producing mines while advancing earlier-stage exploration assets toward resource definition and mine development.
Segments
- Gold
- Critical Minerals
- Active gold & critical-mineral projects
- 9 projects across 6 countries: India, Kyrgyzstan, Finland, Mozambique, Spain and Tanzania
- Jonnagiri Gold Project JORC Mineral Resource
- 8.2 million tonnes at 1.49 g/t Au (~12 tonnes contained gold), spread across East, West, South and North blocks
- Jonnagiri mine life
- 10-year mine life under current 300 ktpa processing licence, extendable to 12-15+ years with additional resources
- Altyn Tor (Kyrgyzstan) mineral reserve
- Over 4 million tonnes of ore at a grade above 1.2 g/t Au
- Bhalukona Ni-Cu-PGE licence area
- 30 sq km block in Chhattisgarh
- Operating subsidiaries and joint ventures
- GMSI (26%), Avelum Partners/Altyn Tor (60%), DGTPL (100%), Kalevala Gold Oy (up to 51%), DGMOZ (85%), DMMOZ (90%), DGFZCO (100%, Dubai)
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 2 delivered 1 missed 7 open- Debt-Free Status delivered said Q2 FY26 Promised: Become a debt-free entity by the end of this year [2025], or whenever that [rights issue] is done. Q4 FY26: Successfully became a debt-free company by the end of March 2026 after repaying Rs.219 crores.
- Total Gold Production Share went quiet said Q2 FY26 Promised: Around 2 tons of gold production as our share. Q4 FY26: This aggregate target was not mentioned; discussion shifted to individual mine-level guidance for FY27 and FY28.
- Kyrgyzstan Trial Production Start delayed said Q2 FY26 Promised: Trial production to be underway within a couple of weeks (from Nov 20, 2025). Q4 FY26: Management acknowledged delays due to money transfer issues and harsh weather. New target for commercial production is August 2026.
All 10 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 +88.4% 1Y
1Y: ₹121.93 on 10 Sept 2025 → ₹229.73. High ₹247.61 (24 Aug 2026), low ₹84.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +11.7%
- 19 May
- Q2 FY26
- −2.6%
- 20 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 83.5% a year over 2 years, FY24 to FY26. Operating margin widened to -315.9%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹4 Cr | ₹8 Cr | ₹14 Cr |
| Operating profit | ₹-13 Cr | ₹-68 Cr | ₹-45 Cr |
| Operating margin | -318.8% | -825.9% | -315.9% |
| Interest | ₹2 Cr | ₹3 Cr | ₹15 Cr |
| Depreciation | ₹9 Cr | ₹13 Cr | ₹16 Cr |
| Net profit | ₹-68 Cr | ₹-43 Cr | ₹-64 Cr |
| Net margin | -1606.2% | -516.8% | -454.6% |
| Cash from operations | ₹-57 Cr | ₹-51 Cr | ₹-52 Cr |
| Free cash flow | ₹-59 Cr | ₹-61 Cr | ₹-154 Cr |
| ROCE | -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 Deccan Gold Mines Limited 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 Q4 FY26 call →Learn to analyse Deccan Gold Mines Limited
Guides on how to read this kind of business and the numbers that matter.