NSE: DECNGOLD · BSE: 512068
DECCAN GOLD MINES LTD.
Operates a portfolio of gold and critical minerals projects across India, Kyrgyzstan, Spain and Mozambique. Holds a 26% stake in associate Geomysore Services India, which operates the Jonnagiri Gold Mine in Andhra Pradesh, described as India's first private gold mine since independence. Owns 60% of the Altyn Tor gold project in Kyrgyzstan through subsidiary Avelum Partner, where the gravity circuit has been commissioned and full production is targeted for August 2026. Active exploration portfolio includes the 100%-owned Bhalukona Nickel-Copper-PGE project in Chhattisgarh, a 51% earn-in at the Logrosan tungsten-tin-rare earth project in Spain, and lithium-tantalum and copper-gold prospects in Mozambique. Standalone revenue was ₹0.868 crore in FY26 with materials at 160% of revenue, employee cost at 4,540%, other operating expenses at 2,098%, depreciation at 1,896% and capex at 11,271% of revenue, reflecting the pre-production stage of most assets. A ₹315 crore rights issue in FY26 cleared all debt and made the company debt-free. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold mining — India (Jonnagiri via 26% associate), Gold mining — Kyrgyzstan Altyn Tor (60% subsidiary), Critical minerals exploration, Gold and copper-gold exploration. Pre-revenue, multi-asset mining group with projects in commissioning and exploration.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 3 | 4 | 1 |
| EBITDA (ex other income) | (3) | (3) | (16) | (63) | (58) |
| margin % | — | — | (480.8) | (1639.6) | (6698.2) |
| Owners' profit | (3) | (3) | (64) | (33) | (53) |
| EPS, as reported (₹) | (0.28) | (0.22) | (4.67) | (2.16) | (3.06) |
| ROE % · ROCE % | (6.3) · (6.3) | (1.8) · (1.7) | (30.5) · (11.9) | (17.7) · (21.8) | (13.0) · (12.4) |
| Debt / equity (x) | 0.01 | 0.02 | 0.47 | 0.61 | 0.10 |
| Cash from operations | (0) | (2) | (57) | (51) | (52) |
| Capex | 0 | 0 | (0) | (4) | (98) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | (7) | (24) | (26) | (27) | (31) | (17) | (20) | (8) |
| Net profit | 38 | (68) | (25) | 12 | (28) | (20) | (22) | 6 |
| EPS (₹) | 2.59 | (4.33) | (1.63) | 0.78 | (1.63) | (1.05) | (1.11) | 0.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DECCAN GOLD MINES LTD. ◆ | 3,414 | — | 6.88 | — | (13.0) | (15.4) | — | (218.7) |
| Nanavati Ventures Limited | 36 | 119.7 | — | — | — | 0.7 | — | — |
| SPARKLE GOLD ROCK LIMITED | 31 | 7.6 | 5.95 | — | 78.6 | 99.4 | — | 7.9 |
| UTIQUE ENTERPRISES LIMITED | 20 | 6.3 | 0.88 | (3.0) | 2.9 | 1.7 | — | — |
| AMANAYA VENTURES LIMITED | 7 | 13.3 | 1.22 | — | 3.8 | 5.2 | — | 0.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 6.9 | 2.7 | 15 of 20 | 26% |
| ROCE | (15.4) | 7.8 | 24 of 24 | 0% |
| ROE | (13.0) | 7.6 | 20 of 20 | 0% |
| Debt / Equity | 0.1 | 0.4 | 7 of 20 | 68% |
| EBITDA margin | (218.7) | 6.8 | 19 of 19 | 0% |
| Revenue growth | 5300.0 | 13.6 | 1 of 21 | 100% |
| Profit growth | (51.5) | 55.9 | 17 of 20 | 16% |
| Market cap | 3414 | 198 | 5 of 24 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · All 8 Spain drill holes show tungsten mineralisation | compliance | low | — | — |
| 26 Oct 2026 · Positive preliminary tungsten and tin results at Spain project | business updates | medium | — | — |
| 8 Oct 2026 · Compliance Certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Allotment of 34,000 shares under DGML Stock Incentive Plan 2024 | capital market events | low | — | — |
| 30 Sept 2026 · Supreme Court Update on Ganajur Mining Lease Case | regulatory legal | high | — | — |
| 30 Sept 2026 · Deccan Gold Mines 42nd AGM: All 8 resolutions approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · AGM presentation: Going global with gold and critical minerals portfolio | investor communications | medium | — | — |
| 29 Sept 2026 · 42nd AGM held; 8 resolutions passed including FY26 financials adoption | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 17 Sept 2026 · Corrigendum to 42nd AGM Notice - Item No. 3 resolution type corrected | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.