DUCON
Ducon Tech financials
- Market cap
- ₹102 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
Ducon Tech Q3 FY26
What went well
- Total Income for Q3 FY26 stood at INR 94.31 crores.
- EBITDA for Q3 FY26 was INR 5.84 crores with an EBITDA margin of 6.19%.
- Net profit for Q3 FY26 was INR 2.31 crores with a net profit margin of 2.45%.
What to watch
- Management explicitly states a policy of not disclosing order book value.
- Negative cash flow from operations and high receivables due to the EPC business model's milestone-based payments.
What Ducon Tech does
Ducon Infratechnologies is an engineering-procurement-construction (EPC) company built around three business lines: Flue Gas Desulfurization (FGD) systems that strip sulfur dioxide and mercury from the flue gas of coal/oil-fired power plants, furnaces and smelters; Dry Bulk Material Handling systems (ash, coal, alumina and limestone handling, pneumatic conveying and silo extraction) for power and metals plants; and rural/urban electrification works such as sub-station construction and 33/11kV line laying under government schemes. It owns the underlying technology and IP for its FGD processes and material-handling products rather than licensing them, and is developing an in-house solvent-based carbon capture (CCUS) technology and an iQ Energy AI platform for plant-performance optimization.
Segments
- Flue Gas Desulfurization / Air Pollution Control
- Dry Bulk Material Handling Systems
- Rural & Urban Electrification
- Business segments
- 3 (FGD/Air Pollution Control, Bulk Material Handling, Rural & Urban Electrification)
- Track record
- 14 years in business (as of FY25 Annual Report)
- FGD SO2 removal efficiency
- up to 99%
- FGD mercury recovery
- up to 90% of oxidized mercury
- Dense-phase ash conveying capacity
- up to 300 TPH over 1,500+ m conveying distance
- Largest single FGD installation (client plant capacity)
- 2 x 600 MW coal-fired unit (Udupi Thermal Power Station, Karnataka)
Guidance record · Q3 FY26
what the last two calls moved 4 tracked 0 delivered 0 missed 4 open- Revenue Growth open said Q3 FY26 Promised: Accelerated revenue in the coming years with additional sources of revenues Q3 FY26: Guidance issued without specific quantitative targets.
All 4 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 7.1%, net profit down 30.7% 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 | 111 | 113 | 119 | 113 | 114 +3% | 94 −16% | 101 −15% | 105 −7% |
| EBITDA | 8 | 8 | 9 | 7 | 8 −6% | 6 −23% | 6 −36% | 5 −25% |
| Net profit | 3 | 3 | 4 | 3 | 4 +7% | 2 −32% | 2 −49% | 2 −31% |
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 −67.3% 1Y
1Y: ₹5.44 on 10 Sept 2025 → ₹1.78. High ₹6.31 (16 Sept 2025), low ₹1.78 (10 Sept 2026).
How the price took the results
close before → close after
- Q3 FY26
- −6.9%
- 13 Feb
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 2.1% a year over 3 years, FY23 to FY26. Operating margin widened to 6.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹396 Cr | ₹420 Cr | ₹452 Cr | ₹422 Cr |
| Operating profit | ₹17 Cr | ₹22 Cr | ₹31 Cr | ₹27 Cr |
| Operating margin | 4.2% | 5.2% | 7.0% | 6.3% |
| Interest | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹9 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Net profit | ₹4 Cr | ₹8 Cr | ₹14 Cr | ₹11 Cr |
| Net margin | 1.0% | 1.8% | 3.0% | 2.6% |
| Cash from operations | ₹1 Cr | ₹12 Cr | ₹-28 Cr | ₹5 Cr |
| Free cash flow | ₹0 Cr | ₹12 Cr | ₹-29 Cr | ₹5 Cr |
| ROCE | 7.0% | 9.0% | 12.0% | 9.0% |
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 | ₹18 Cr | ₹21 Cr | ₹26 Cr | ₹26 Cr | ₹32 Cr | ₹32 Cr |
| Reserves | ₹128 Cr | ₹130 Cr | ₹96 Cr | ₹94 Cr | ₹142 Cr | ₹134 Cr |
| Borrowings | ₹65 Cr | ₹82 Cr | ₹95 Cr | ₹103 Cr | ₹101 Cr | ₹105 Cr |
| Other liabilities | ₹64 Cr | ₹68 Cr | ₹59 Cr | ₹69 Cr | ₹30 Cr | ₹35 Cr |
| Total liabilities | ₹275 Cr | ₹300 Cr | ₹276 Cr | ₹292 Cr | ₹305 Cr | ₹305 Cr |
| Fixed assets | ₹0 Cr | ₹6 Cr | ₹5 Cr | ₹4 Cr | ₹3 Cr | ₹2 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Other assets | ₹270 Cr | ₹289 Cr | ₹265 Cr | ₹283 Cr | ₹297 Cr | ₹298 Cr |
| Total assets | ₹275 Cr | ₹300 Cr | ₹276 Cr | ₹292 Cr | ₹305 Cr | ₹305 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 Sep 2026
The ownership split has held steady since Sep 2025. The shareholder count shrank 1% to 71,410.
- Promoters
- 38.1%
- Public
- 61.9%
Since Sep 2025
- Promoters 0.00 pp
- FIIs 0.00 pp
- Public 0.00 pp
How it drifted, 12 quarters
Over this window the public went from 40.3% to 61.9% — +21.6 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 59.7%, FIIs 0.0%, Public 40.3%.Mar '24: Promoters 52.0%, FIIs 0.0%, Public 48.0%.Jun '24: Promoters 52.0%, FIIs 0.0%, Public 48.0%.Sep '24: Promoters 52.0%, FIIs 0.0%, Public 48.0%.Dec '24: Promoters 41.6%, FIIs 0.3%, Public 58.0%.Mar '25: Promoters 38.1%, FIIs 0.3%, Public 61.6%.Jun '25: Promoters 38.1%, FIIs 0.3%, Public 61.6%.Sep '25: Promoters 38.1%, Public 61.9%.Dec '25: Promoters 38.1%, Public 61.9%.Mar '26: Promoters 38.1%, Public 61.9%.Jun '26: Promoters 38.1%, Public 61.9%.Sep '26: Promoters 38.1%, Public 61.9%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mansi Share & Stock Broking Private Limited newly disclosed 2.86% held
- Ninja Securties Pravite Limited newly disclosed 1.44% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Ducon Tech above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Arun Govil | 38.08% | unchanged |
| Mansi Share & Stock Broking Private Limited | 2.86% | newly disclosed |
| Ninja Securties Pravite Limited | 1.44% | newly disclosed |
| Sandeep Padmakant Parikh | — | 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.
What the price assumes
AttractiveTo justify its price of ₹2, this stock must grow earnings at -11% every year for 7 years. Our analysis caps realistic growth at ~39%. At that growth it is worth ₹24 — upside of 1249%.
- Growth the price implies
- -11.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 38.9% a year
- net profit, FY23–FY26
- The gap
- -0.5 pp
- 1249% downside if it only repeats history
Learn to analyse Ducon Tech
Guides on how to read this kind of business and the numbers that matter.