Deccan Gold Mines Ltd (512068)
Snapshot
Events
- Latest results
- Q1 FY27, filed 8 Aug 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Deccan Gold's revenue was ₹0.6 Cr (+58.4% year on year, -93.5% on the previous quarter), and net profit ₹-8.7 Cr (a smaller loss than a year earlier); the operating margin was -1369.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.6 | +58.4% | -93.5% |
| Operating profit | ₹-8.2 | loss narrowed | loss widened |
| Net profit | ₹-8.7 | loss narrowed | to loss |
| Operating margin | -1369.1% | — | — |
📢 Recent Corporate Announcements
Deccan Gold Mines reported a standalone net profit of ₹6.51 crore in Q2 FY27, up from ₹1.18 crore in Q1 FY27, on standalone total income of ₹17.24 crore. Growth was driven by its 26% associate, Thriveni Lloyds Swarnagiri, which produced 135 kg of gold in Q2 (224 kg in H1 FY27) with an EBITDA margin of ~70%, generating ₹13.91 crore in profit share for Deccan Gold. Consolidated net loss narrowed sharply to ₹0.55 crore from ₹8.73 crore in Q1 FY27. Internationally, its 60%-owned Altyn Tor gold project in Kyrgyzstan was inaugurated, dispatching its first 1.2 kg doré bar for refining validation.
- Associate Swarnagiri produced 135 kg gold in Q2 (224 kg in H1 FY27) targeting ~400 kg for FY27.
- Share of associate profits rose to ₹14.20 crore in Q2 FY27 vs ₹6.64 crore in Q1 FY27.
- Consolidated net loss narrowed to ₹0.55 crore from ₹8.73 crore in Q1 FY27.
- Standalone net profit grew to ₹6.51 crore from ₹1.18 crore sequentially on income of ₹17.24 crore.
- Altyn Tor (Kyrgyzstan) dispatched maiden 1.2 kg doré bar for refining validation.
Deccan Gold Mines Ltd held its Board of Directors meeting on November 13, 2026, concluding at 4:45 p.m. IST. The Board approved the standalone and consolidated un-audited financial results for the quarter and half-year ended September 30, 2026. The statutory auditors' Limited Review Report was also taken on record. Specific revenue and profit figures were not detailed in the cover letter text.
- Board meeting commenced at 2.45 p.m. IST and concluded at 4.45 p.m. IST on November 13, 2026
- Approved standalone and consolidated financial results for the quarter and half-year ended September 30, 2026
- Limited Review Report from statutory auditors taken on record pursuant to Regulation 30 & 33 of SEBI LODR
Deccan Gold Mines' subsidiary, Avelum Partner LLC, has executed an agreement with state-owned OJSC Kyrgyzaltyn for the refining and sale of gold-bearing doré produced from the Altyn Tor Gold Project in the Kyrgyz Republic. Under the agreement, a first trial consignment of a 1.2 kg doré bar has been dispatched to establish operational, refining, and settlement procedures. This milestone advances commercialization for a pre-revenue mining company that posted TTM revenues of only ₹14 Cr and a net loss of ₹45 Cr. Establishing a commercial refining route is critical to unlocking revenue from Altyn Tor, where the company targets 800 kg to 1 ton of annual gold production.
- Subsidiary Avelum Partner LLC signed an agreement with state-owned OJSC Kyrgyzaltyn for gold doré refining and sale
- Dispatched first consignment containing a 1.2 kg doré bar from the Altyn Tor Gold Project
- Consignment aims to validate operational, refining, and financial settlement workflows
- Advances commercialization of Altyn Tor, where the firm ultimately targets 800 kg to 1 ton annual output
Deccan Gold Mines has reported preliminary geological modelling indicating over 4 million tonnes of mineralisation grading ~0.24% nickel equivalent (Ni_Eq) at its Bhalukona project in Chhattisgarh. The current estimate is based on 15 drill holes totaling 2,773 metres and covers only about 25% (300-350 metres) of an identified 1.3-km mineralised corridor. While Deccan Gold remains loss-making with TTM revenue of ₹14 Cr and TTM PAT of -₹45 Cr, domestic critical mineral discoveries represent a key strategic growth vector. The figures are preliminary exploration estimates and do not yet constitute defined mineral resources or reserves.
- Preliminary modelling indicates potential for over 4 million tonnes of mineralisation at ~0.24% nickel equivalent (Ni_Eq).
- Current estimates cover only ~25% (300–350 metres) of the identified 1.3-km mineralised corridor.
- Diamond-core drilling completed across 15 drill holes totaling 2,773 metres since March 2026.
- The project spans approximately 30 sq. km under a Composite Licence executed on April 1, 2025.
Deccan Gold Mines has reported preliminary geological modelling results for its Bhalukona Ni-Cu-PGE deposit in Chhattisgarh, revealing over 4Mt of potentially economic ore grading ~0.24% Ni-equivalent (containing >10,000 tonnes of Ni-equivalent metal). The estimate covers only near-surface mineralisation and ~25% (300-350m) of an identified 1.3km mineralised corridor. Exploration to date includes 15 diamond core drill holes totaling 2,773 meters across the 30 sq. km composite licence area. While encouraging for the exploration-stage company (TTM revenue of Rs 14 Cr and loss of Rs 45 Cr), the estimates are preliminary and do not yet constitute JORC/defined reserves.
- Preliminary modelling indicates >4Mt of ore grading around 0.24% Ni-equivalent, containing >10,000t of nickel-equivalent metal
- Current estimates cover only 25% (300-350m) of an identified 1.3km long, 100+m wide mineralised corridor to depths exceeding 200m
- Exploration completed includes 15 diamond core drill holes totaling 2,773m across the 30 sq. km composite licence area
- Top mineralised intercepts include 34.20m at 0.31% Ni_Eq (BJD-09) and 54.00m at 0.21% Ni_Eq (BJD-03)
Deccan Gold Mines has completed its maiden 8-hole drilling programme totaling 3,522 metres at the Dehesa target within its Logrosán project in Spain, with all holes showing tungsten or tungsten-tin mineralisation. Preliminary geological modelling indicates potential mineralisation exceeding 2.3 million tonnes, including over 2,000 tonnes of tungsten trioxide (WO₃) and 500 tonnes of tin oxide (SnO₂). The company holds an earn-in agreement to acquire a 51% stake in Logrosán Minera S.L., with options to scale to 75% or 95%. Exploration is also underway at the Maria prospect (3 holes completed, 820 metres drilled) alongside €250,000 in Spanish government exploration incentives.
- Maiden drilling completed across 8 holes totaling 3,522 m (average depth ~430 m, deepest 626 m), with all holes intersecting mineralisation.
- Preliminary modelling indicates >2.3 million tonnes of mineralised material, including >2,000 tonnes of WO₃ and 500 tonnes of SnO₂.
- Holds earn-in agreement to acquire 51% of Logrosán Minera S.L., with options to expand to 75% and up to 95%.
- Secured up to €250,000 in Spanish government deductions for exploration costs at the La Brujas prospect.
Deccan Gold Mines Limited has approved the allotment of 34,000 equity shares of face value ₹1 each pursuant to the DGML Stock Incentive Plan, 2024. The shares were exercised at a price of ₹20 per share (including a premium of ₹19 per share), raising ₹6.80 lakh. Consequently, the company's total issued share capital increased marginally to 20,10,04,715 shares (₹20.10 crore). The dilution is negligible at less than 0.02% of existing equity.
- Allotment of 34,000 equity shares of face value ₹1 each upon option exercise
- Exercise price fixed at ₹20 per share, realizing ₹6,80,000
- Paid-up share capital increased from 20,09,70,715 shares to 20,10,04,715 shares
- 50,50,000 options vested and 30,000 options lapsed as on date under the 2024 scheme
Deccan Gold Mines Ltd announced that the Supreme Court of India heard the Indocil Silicons matter on September 29, 2026, directing that impleaded parties will be heard during appeals. The company's wholly owned subsidiary, Deccan Exploration Services Private Limited (DESPL), which had its impleadment application approved on September 5, 2023, will present its case concerning the Ganajur Mining Lease. While this ensures DESPL will be heard, the final legal outcome remains pending. The Ganajur asset represents a key domestic mining opportunity for the company, which generated Rs 14 Cr in TTM revenue with an operating loss.
- Hearing took place before the Supreme Court on September 29, 2026.
- Supreme Court directed that impleadment applicants will be heard during appeal hearings.
- Subsidiary DESPL's impleadment application was originally allowed on September 5, 2023.
- Dispute directly concerns rights surrounding the Ganajur Mining Lease (ML).
Deccan Gold Mines released its 42nd AGM presentation outlining operational transitions from exploration to commercial production. At the Jonnagiri project in Andhra Pradesh, Q1 FY27 output reached 112.7 kg doré, 89.7 kg gold ingots, and 59.0 kg refined gold sold, with targets to reach ~90 kg per quarter and eventually >1 tonne per annum by 2029. In Kyrgyzstan, the Altyn Tor gold processing plant was officially inaugurated on September 12, 2026, following first doré output on August 5, 2026. The company is also advancing critical mineral exploration across Spain (tungsten-tin), Mozambique (lithium-tantalum), and India (Bhalukona Ni-Cu-PGE).
- Jonnagiri produced 112.7 kg doré, 89.7 kg ingots, and sold 59.0 kg refined gold in Q1 FY27, targeting ~90 kg per quarter
- Altyn Tor processing plant officially inaugurated on September 12, 2026, after first doré production on August 5, 2026
- Jonnagiri reported Q1 FY27 standalone profit of ₹11.5 Mn and share of Geomysore profit of ₹63.5 Mn
- Bhalukona Ni-Cu-PGE completed ~2,500 m drilling over a >1.3 km zone, targeting a 3,000 tpd plant setup
- Mozambique lithium-tantalum exploration planned with 1,500-2,000 m drilling starting October for an initial 200 tpd plant by end-2027
Deccan Gold Mines Limited has announced its 42nd Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, via Video Conferencing. The company's Register of Members and Share Transfer Books will be closed from September 23, 2026, to September 29, 2026. The cut-off date to determine voting eligibility is September 22, 2026, with remote e-voting taking place between September 25 and September 28, 2026. This is a standard annual compliance and administrative filing.
- 42nd Annual General Meeting scheduled for September 29, 2026, at 11:30 AM IST
- Book closure period set from September 23, 2026, to September 29, 2026 (both days inclusive)
- Cut-off date for remote e-voting eligibility is September 22, 2026
- Remote e-voting window runs from September 25, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
Deccan Gold Mines announced that its Altyn Tor Gold Project in Kyrgyzstan, operated via subsidiary Avelum Partner LLC, has transitioned to the production stage and will be inaugurated by Kyrgyz President Sadyr Japarov on September 11, 2026. This marks the first Indian investment in the Kyrgyz gold mining sector to reach commercial production. The operational milestone is critical for Deccan Gold, which generated TTM revenue of just ₹14 Cr and net losses of ₹45 Cr, as commercial output begins generating operating cash flows.
- Altyn Tor Gold Project scheduled for official national inauguration on September 11, 2026.
- Project marks the first Indian investment in the Kyrgyz Republic's gold mining sector to reach production stage.
- Deposit is located in the Naryn region within the 300km Soltan Sary mineralization zone (Tien Shen Shear Zone).
- Transition from exploration to production is set to scale operations above current TTM revenue base of ₹14 Cr.
Deccan Gold Mines has excluded Mr. Rian Sumit Gala from its proposed preferential issue due to securities trading transactions, reducing the issue size by ₹2.00 crore (1,04,220 equity warrants). The revised preferential issue is now sized at ₹135.67 crore, comprising ₹16.45 crore in CCDs, ₹7.50 crore in equity shares, and ₹111.72 crore in equity warrants across 71.74 lakh underlying shares. The total fundraise represents nearly 9.7x TTM revenue (₹14 crore) and about 1.7% of its current market capitalization (₹7,855 crore).
- Excluded 1,04,220 Equity Warrants worth ₹200.00 lakhs (₹2.00 crore) due to pre-issue securities trading by the proposed allottee
- Revised total preferential issue size stands at ₹135.67 crore (₹13,567.37 lakhs) across 71,74,239 underlying shares
- Issue split: ₹16.45 crore in CCDs (8.57 lakh units), ₹7.50 crore in Equity Shares (3.91 lakh units), and ₹111.72 crore in Equity Warrants (58.22 lakh units)
- Preferential issue approval was sought pursuant to the EGM notice dated August 07, 2026
Deccan Gold Mines Limited has issued a corrigendum to the notice of its Extra-Ordinary General Meeting (EGM) scheduled for September 02, 2026. The meeting includes special resolutions for the preferential issue of Compulsorily Convertible Debentures (CCDs), Equity Shares, and Equity Warrants. The corrigendum corrects the website link where shareholders can inspect the SEBI ICDR compliance certificate issued by M/s. Rathi & Associates. All other contents and proposed resolutions in the EGM notice remain unchanged.
- Corrigendum issued for the EGM scheduled on Wednesday, September 02, 2026, at 11:30 A.M. IST via VC/OAVM
- Correction applies to Item Nos. 1, 2, and 3 relating to preferential issue of CCDs, Equity Shares, and Equity Warrants
- Updates inspection URL for SEBI ICDR Regulation certificate from Practicing Company Secretaries M/s. Rathi & Associates
- All other contents of the original EGM Notice dated August 07, 2026, remain unchanged
Deccan Gold Mines Limited has approved the allotment of 22,69,000 equity shares of face value Rs 1 each following the exercise of stock options under its Stock Incentive Plan 2024. The shares were exercised at a price of Rs 20 per share (including a premium of Rs 19 per share), generating Rs 4.54 crore for the company. Consequently, the company's paid-up equity share capital expanded from Rs 19.87 crore (19,87,01,715 shares) to Rs 20.10 crore (20,09,70,715 shares), representing an equity dilution of approximately 1.14%.
- Allotted 22,69,000 equity shares of face value Rs 1 each under the DGML SIP 2024
- Exercise price fixed at Rs 20 per share (Rs 1 face value + Rs 19 premium)
- Total money realized from option exercises stands at Rs 4,53,80,000 (Rs 4.54 crore)
- Paid-up equity share capital increases from Rs 19,87,01,715 to Rs 20,09,70,715
Deccan Gold Mines detailed its operational transition from exploration to commercial gold production during its Q1 FY27 earnings call. The company booked a ₹6.35 Cr profit contribution from Geomysore Services (Jonnagiri project) following the sale of 59 kg of gold bullion. At the Altyn Tor mine in Kyrgyzstan, dore bar production has commenced, with revenue and profit contributions expected starting Q2 FY27. To support ongoing exploration and expansion, the Board has approved a ₹137 Cr fundraise via equity, CCDs, and warrants, representing ~27.6% of net worth.
- Geomysore Services contributed ₹6.35 Cr profit to Deccan Gold in Q1 FY27 with 59 kg gold bullion sold from Jonnagiri.
- Board approved a ₹137 Cr capital raise through CCDs, equity shares, and equity warrants to fund exploration assets.
- Jonnagiri processing capacity planned to scale from 1,010 tpd to 2,500 tpd, targeting up to 2 tons of gold per annum by 2029-2030.
- Altyn Tor mine in Kyrgyzstan commenced dore bar production, expected to deliver continuous output and revenue in Q2 FY27.
- Estimated future underground capex of ₹150-200 Cr for Altyn Tor (3-4 years out) and >₹400 Cr for Jonnagiri (4-5 years out).
Company profilewritten 13 Nov 2025
Financial Performance
Revenue Growth by Segment
0% current (pre-revenue stage); however, gold import value in India grew 27.38% YoY to USD 58.01 billion in FY25, indicating robust market demand for the company's primary target commodity.
Geographic Revenue Split
Currently pre-revenue; project portfolio is diversified across India (Jonnagiri, Ganajur), Kyrgyzstan (Altyn Tor - 60% stake), Finland (Kalevala - 32% stake), and Mozambique (DGMOZ/DMMOZ).
Profitability Margins
All-in sustaining cost (AISC) is projected at $1045 per ounce for the Altyn Tor project; Total Cash Costs (TCC) in the sector have risen 31% since 2019 due to labor and energy inflation.
EBITDA Margin
Not disclosed as the company is in the exploration and development phase with no active mining revenue.
Capital Expenditure
Rights issue planned to clear existing debt and fund drilling across 4 key projects; Altyn Tor gravity capacity expanded from 300-400 tpd to 1,000 tpd (330,000 tons annually).
Credit Rating & Borrowing
Not disclosed; company faced historical difficulty raising bank debt due to lack of production track record, leading to reliance on the Hira Group for financing.
External Factors
Industry Trends
Capital is the #1 risk for 2025; TCC up 31% since 2019; grassroots exploration spend limited to 20% of total budgets; India gold imports grew 27.38% to $58.01B.
Competitive Landscape
Key competitors include Hatti Gold Mines (India) and global majors focusing on brownfield projects rather than grassroots exploration.
Competitive Moat
End-to-end mining capability from exploration to refining; majority ownership strategy in diverse jurisdictions provides a resilient supply chain against local disruptions.
Macro Economic Sensitivity
Highly sensitive to global gold prices and Indian import duties, which were recently cut by 9 percentage points (15% to 6%).
Consumer Behavior
Robust demand in India driven by festive buying and a 60% reduction in import duties (15% to 6%) which encourages domestic consumption.
Geopolitical Risks
Resource nationalism in gold-producing countries leading to regulatory shifts, export restrictions, and potential government ownership increases.
Risk Analysis
Key Uncertainties
Execution risk (31% TCC rise and production delays); geological surprises where actual metal content differs from survey data; resource nationalism impact % not specified.
Geographic Concentration Risk
Portfolio spread across India, Kyrgyzstan, Finland, and Mozambique to mitigate single-country risk and regulatory shifts.
Third Party Dependencies
High dependency on Hira Group for financial support and rights issue success to clear debt and fund drilling.
Technology Obsolescence Risk
Mitigated by adopting leaching circuits to improve gold recovery from 60% to 90% and focusing on frontline extraction technologies.
Operational Drivers
Raw Materials
Gold ore and critical mineral deposits (Lithium, Tantalum, Copper, Nickel); operational inputs include labor, energy, and royalties which drove a 31% TCC increase.
Import Sources
Kyrgyzstan (Altyn Tor), Finland (Kalevala), Mozambique (Lithium/Tantalum), and India (Jonnagiri/Ganajur).
Key Suppliers
Hira Group (primary financier and lender for the rights issue and debt clearing).
Capacity Expansion
Altyn Tor: 300-400 tpd current, expanded to 1,000 tpd (330,000 tpa); Jonnagiri: 12 tons initial resource, with a clear path to expand to 42 tons through depth drilling.
Raw Material Costs
Total Cash Costs (TCC) rose 31% since 2019; procurement strategy focuses on majority ownership or a clear path to majority ownership within 2-3 years in high-potential jurisdictions.
Manufacturing Efficiency
Gold recovery rate at Altyn Tor improved from 60% to over 90% through the addition of leaching circuits to the gravity plant.
Strategic Growth
Expected Growth Rate
42.8%
Growth Strategy
Commencing trial production at Jonnagiri in Q3 FY26; reaching 800kg-1ton gold production at Altyn Tor by 2026; drilling 4 key projects to increase resources from 5.6 tons to 8 tons (42.8% growth); acquiring gold assets with <2 year production timelines.
Products & Services
Gold Dore bars, refined gold (rock-to-refinery model), Lithium, Tantalum, Copper, and Nickel.
Brand Portfolio
Deccan Gold Mines, Geomysore, Altyn Tor, Kalevala Gold.
New Products/Services
Lithium and Tantalum production in Mozambique; Copper-Gold production in Mozambique; Nickel-Chromium-PGE in new blocks starting January 2026.
Market Expansion
Expansion into Finland (Kalevala) and Mozambique (DGMOZ) for critical minerals by 2026-2027 to capitalize on the global energy transition.
Strategic Alliances
Hira Group (funding partner), Geomysore (associate for Jonnagiri), Avelum Partners LLC (Kyrgyzstan partner).
Regulatory & Governance
Industry Regulations
Auction-based allocation in India discourages early-stage exploration; export restrictions in foreign jurisdictions create uncertainty for foreign investors.
Environmental Compliance
Alignment with UN SDGs, IFC performance standards, and EITI compliance; focus on decarbonization and responsible tailings management.
Taxation Policy Impact
Gold import duty slashed from 15% to 6% in August 2024; potential for tighter tax rules in foreign jurisdictions due to resource nationalism.
Legal Contingencies
Indocil court case regarding the Ganajur license; legal and regulatory impasse for Hatti and Ganajur blocks which are considered key assets.
