Deccan Gold Mines Ltd (DECNGOLD) — share price & stock analysis
Profits are still Infinity% below their best year.
Deccan Gold Mines Ltd (DECNGOLD) trades at ₹189 as of 1 July 2026, up 34% over the past year — beating NIFTY 500 for 16 weeks. The machine reads this as shrinking: profits are still Infinity% below their best year. the price is in Stage 2 — advancing, 6 weeks in; the business cycle reads DEEP CYCLICAL / AT TROUGH. Fundamentals-momentum score: 63/100 (mostly improving).
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Market cap
- ₹3,754 Cr
- ROE
- −14.1%
- Book value / share
- ₹25.1
- Revenue (FY26)
- ₹14 Cr
- Profit after tax (FY26)
- ₹-64 Cr
- Weinstein stage
- Stage 2 (6 weeks)
- Data as of
- 1 July 2026
Profits swing violently in this business — real losses in FY15 and FY16 and FY17 and FY18 and FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 and FY26. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.net_profit
Where the clock stands now: earnings sit at 0% of their historical range, margins are the best ever printed, and valuation history is thin. That reads as AT TROUGH — the point of maximum pessimism is also the point of maximum opportunity — IF the return to profit holds.net_profit
3 of the 5 things we track are currently moving the right way — most of the dashboard is turning up.
Where the levels actually stand: ROCE −13% — weak; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.
Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.
Stage 2: the trend is up, and has been for 6 weeks
STAGE 2 · ADVANCING · 6 WEEKSPrice trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 6 weeks so far, confirmed.stage
The price sits above its rising 200-day average (₹132 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200
Beating NIFTY 500 for 16 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield
What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200
Data: Weekly price, moving averages and stage (sampled — full series in the embedded dataset)
| Period | Price (₹) | 200-DMA (₹) | 50-DMA (₹) | Stage |
|---|---|---|---|---|
| Mar 16 | 31.9 | 31.7 | 32.5 | 4 |
| Jun 16 | 36.1 | 33.5 | 36.0 | 2 |
| Aug 16 | 53.2 | 41.2 | 51.8 | 2 |
| Nov 16 | 43.7 | 45.1 | 49.8 | 2 |
| Feb 17 | 41.3 | 43.7 | 42.4 | 4 |
| May 17 | 35.8 | 41.6 | 38.6 | 4 |
| Jul 17 | 49.9 | 38.8 | 36.2 | 4 |
| Oct 17 | 36.1 | 38.9 | 37.6 | 4 |
| Jan 18 | 33.8 | 37.5 | 35.5 | 4 |
| Apr 18 | 34.3 | 35.7 | 33.0 | 4 |
| Jun 18 | 39.5 | 38.9 | 42.0 | 2 |
| Sep 18 | 32.9 | 38.3 | 37.2 | 4 |
| Dec 18 | 27.7 | 34.6 | 29.9 | 4 |
| Mar 19 | 25.4 | 31.1 | 26.4 | 4 |
| May 19 | 24.1 | 28.7 | 25.4 | 4 |
| Aug 19 | 19.9 | 25.3 | 21.1 | 4 |
| Nov 19 | 15.7 | 21.7 | 17.0 | 4 |
| Feb 20 | 22.9 | 20.7 | 20.7 | 4 |
| Apr 20 | 18.4 | 18.5 | 15.6 | 4 |
| Jul 20 | 15.2 | 16.8 | 14.5 | 4 |
| Oct 20 | 13.5 | 15.5 | 13.8 | 4 |
| Jan 21 | 22.0 | 15.6 | 16.4 | 4 |
| Apr 21 | 15.8 | 15.5 | 15.3 | 4 |
| Jun 21 | 31.9 | 19.7 | 25.8 | 2 |
| Sep 21 | 18.4 | 20.7 | 20.7 | 2 |
| Dec 21 | 19.2 | 20.6 | 20.2 | 1 |
| Mar 22 | 25.8 | 23.3 | 26.8 | 2 |
| May 22 | 23.3 | 25.2 | 26.5 | 2 |
| Aug 22 | 29.0 | 24.8 | 25.6 | 4 |
| Nov 22 | 31.0 | 25.8 | 27.1 | 2 |
| Feb 23 | 37.6 | 32.0 | 38.5 | 2 |
| Apr 23 | 41.6 | 36.4 | 42.7 | 2 |
| Jul 23 | 75.5 | 43.2 | 55.7 | 2 |
| Oct 23 | 111 | 62.1 | 85.3 | 2 |
| Jan 24 | 114 | 88.7 | 117 | 2 |
| Mar 24 | 91.5 | 98.4 | 107 | 2 |
| Jun 24 | 98.8 | 103 | 107 | 2 |
| Sep 24 | 141 | 115 | 132 | 2 |
| Dec 24 | 114 | 119 | 123 | 2 |
| Feb 25 | 98.4 | 113 | 106 | 4 |
| May 25 | 134 | 111 | 113 | 4 |
| Aug 25 | 124 | 121 | 131 | 2 |
| Nov 25 | 118 | 124 | 128 | 2 |
| Feb 26 | 128 | 118 | 114 | 4 |
| May 26 | 143 | 117 | 119 | 4 |
| Jul 26 | 189 | 132 | 164 | 2 |
The business is losing money
Over 12 years, sales went from ₹0.0 Cr to ₹14.0 Cr, and profit from ₹0.0 Cr to ₹−64.0 Cr.revenuenet_profit
Data: Revenue by year
| Period | Revenue (₹ Cr) |
|---|---|
| FY14 | 0 |
| FY15 | 0 |
| FY16 | 0 |
| FY17 | 0 |
| FY18 | 0 |
| FY19 | 0 |
| FY20 | 0 |
| FY21 | 0 |
| FY22 | 0 |
| FY23 | 0 |
| FY24 | 3 |
| FY25 | 4 |
| FY26 | 14 |
Data: Profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| FY14 | 0 |
| FY15 | -2 |
| FY16 | -7 |
| FY17 | -9 |
| FY18 | -3 |
| FY19 | -3 |
| FY20 | -3 |
| FY21 | -3 |
| FY22 | -3 |
| FY23 | -3 |
| FY24 | -64 |
| FY25 | -43 |
| FY26 | -64 |
Data: OPM % by year
| Period | OPM % (%) |
|---|---|
| FY14 | – |
| FY15 | – |
| FY16 | – |
| FY17 | – |
| FY18 | – |
| FY19 | -646.0 |
| FY20 | -1,821.0 |
| FY21 | -7,850.0 |
| FY22 | -6,625.0 |
| FY23 | -712.0 |
| FY24 | -400.0 |
| FY25 | -1,575.0 |
| FY26 | -321.4 |
Sales exploded 1,885% last quarter
Mar 26 sales were ₹9.3 Cr, up 1,885% on the same quarter last year.revenue
Data: Quarterly sales
| Period | Revenue (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 1.0 | – |
| Sep 23 | 0.0 | – |
| Dec 23 | 0.0 | – |
| Mar 24 | 3.0 | – |
| Jun 24 | 3.0 | 404.9 |
| Sep 24 | 4.0 | 5,983.3 |
| Dec 24 | 1.0 | 245.2 |
| Mar 25 | 0.0 | -85.4 |
| Jun 25 | 0.0 | -87.7 |
| Sep 25 | 3.0 | -16.2 |
| Dec 25 | 1.0 | 31.8 |
| Mar 26 | 9.0 | 1,885.1 |
Margins are widening — −4,506% → −14% in a year
Of every ₹100 of sales, the company keeps ₹−13.9 as operating profit (a year ago it kept ₹−4,506.4).opm_pct
Zoom out and this is the page's quiet hero: annual operating margin bottomed at −7,850.0% in FY21 and has been rebuilt to −321.4% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit
The gross margin barely moved (100% → 100%), so the change came from running costs — the business is getting more efficient as it scales.gpm_pctopm_pct
Data: Three margins, quarterly
| Period | Gross (%) | Operating (%) | Net (%) |
|---|---|---|---|
| Jun 23 | 100 | -47.5 | -47.5 |
| Sep 23 | 50.0 | -3,667 | -7,350 |
| Dec 23 | 110 | -2,090 | 1,661 |
| Mar 24 | 22.0 | -138 | -2,107 |
| Jun 24 | 55.5 | -120 | 1,240 |
| Sep 24 | 94.8 | -573 | -1,869 |
| Dec 24 | 101 | -2,103 | -2,294 |
| Mar 25 | 100 | -4,506 | 2,515 |
| Jun 25 | -384 | -6,353 | -7,400 |
| Sep 25 | 119 | -303 | -650 |
| Dec 25 | 93.6 | -716 | -1,574 |
| Mar 26 | 99.7 | -13.9 | 61.4 |
Profit collapsed 52% — mostly from keeping more of each sale
Mar 26 profit after tax was ₹5.7 Cr, down 52% year on year.net_profit
Data: Quarterly profit after tax
| Period | PAT (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 0.0 | – |
| Sep 23 | -4.0 | – |
| Dec 23 | 5.0 | – |
| Mar 24 | -68.0 | – |
| Jun 24 | 38.0 | 13,272.4 |
| Sep 24 | -68.0 | -1,446.7 |
| Dec 24 | -25.0 | -576.7 |
| Mar 25 | 12.0 | 117.4 |
| Jun 25 | -28.0 | -173.6 |
| Sep 25 | -20.0 | 70.9 |
| Dec 25 | -22.0 | 9.6 |
| Mar 26 | 6.0 | -51.5 |
The single biggest driver was keeping more of each sale — working against the move, not for it.
Data: Where the profit change came from (Mar 25 → Mar 26)
| Component | Effect (₹ Cr) |
|---|---|
| PAT Mar 25 | 12 |
| More sales | −399 |
| Fatter margins | +419 |
| Depreciation | −4 |
| Interest | +3 |
| Tax | −25 |
| PAT Mar 26 | 6 |
Does the profit turn into cash?
Data: Cash collected vs profit reported (annual)
| Period | Operating cash flow (₹ Cr) | Profit after tax (₹ Cr) |
|---|---|---|
| FY14 | 0.0 | 0.0 |
| FY15 | -2.0 | -2.0 |
| FY16 | -4.0 | -7.0 |
| FY17 | -6.0 | -9.0 |
| FY18 | -5.0 | -3.0 |
| FY19 | -3.0 | -3.0 |
| FY20 | -2.0 | -3.0 |
| FY21 | 3.0 | -3.0 |
| FY22 | 0.0 | -3.0 |
| FY23 | -2.0 | -3.0 |
| FY24 | -57.0 | -64.0 |
| FY25 | -51.0 | -43.0 |
| FY26 | -52.0 | -64.0 |
The cash cycle is tightening — money comes home faster
One rupee now takes about 11292 days to go out the door as materials and come back as collected cash — down from 15216 days the year before.cash_conversion_cycle
The biggest mover: inventory moving faster off the shelf (16704 → 13718 days).inventory_days
Data: Days of cash locked up (annual)
| Period | Customers owe (debtor days) (days) | Stock on shelf (inventory days) (days) | We owe suppliers (payable days) (days) |
|---|---|---|---|
| FY22 | 182 | – | – |
| FY23 | 22.0 | – | – |
| FY24 | 0.0 | 5,997 | 674 |
| FY25 | 24.0 | 16,704 | 1,512 |
| FY26 | 8.0 | 13,718 | 2,434 |
Building hard — new capacity is under construction
The productive asset base has gone from ₹0.0 Cr (FY14) to ₹192 Cr, with another ₹73.0 Cr of capacity under construction right now.fixed_assetscwip
Work-in-progress is 38% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip
The build is bigger than the cash engine: investing outflows (₹262 Cr) exceeded operating cash (₹−160 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow
Data: Assets in place vs under construction (annual)
| Period | Fixed assets (₹ Cr) | Under construction (CWIP) (₹ Cr) |
|---|---|---|
| FY14 | 0.0 | 0.0 |
| FY15 | 0.0 | 0.0 |
| FY16 | 1.0 | 0.0 |
| FY17 | 1.0 | 28.0 |
| FY18 | 1.0 | 32.0 |
| FY19 | 0.0 | 35.0 |
| FY20 | 0.0 | 37.0 |
| FY21 | 0.0 | 39.0 |
| FY22 | 0.0 | 40.0 |
| FY23 | 0.0 | 41.0 |
| FY24 | 148 | 42.0 |
| FY25 | 137 | 46.0 |
| FY26 | 192 | 73.0 |
Almost no debt — this company cannot be killed by a bad year
For every ₹100 shareholders have put in (and left in), the company has borrowed ₹10 — total borrowings have grown from ₹0.0 Cr to ₹51.0 Cr over the window.borrowings
Data: Total borrowings (annual)
| Period | Borrowings (₹ Cr) |
|---|---|
| FY16 | 0.0 |
| FY17 | 0.0 |
| FY18 | 0.0 |
| FY19 | 0.0 |
| FY20 | 0.0 |
| FY21 | 0.0 |
| FY22 | 0.0 |
| FY23 | 3.0 |
| FY24 | 100 |
| FY25 | 148 |
| FY26 | 51.0 |
Data: Debt vs shareholders’ money (annual)
| Period | Debt ÷ equity (x) |
|---|---|
| FY16 | 0.0 |
| FY17 | 0.0 |
| FY18 | 0.0 |
| FY19 | 0.0 |
| FY20 | 0.0 |
| FY21 | 0.0 |
| FY22 | 0.0 |
| FY23 | 0.0 |
| FY24 | 0.5 |
| FY25 | 0.6 |
| FY26 | 0.1 |
Every ₹100 kept in the business earns just ₹−13
Return on capital employed is −13.0% (a year ago: −21.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct
Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct
Data: Returns on capital (annual)
| Period | ROCE (%) |
|---|---|
| FY14 | -23.0 |
| FY15 | -190 |
| FY16 | -31.0 |
| FY17 | -19.0 |
| FY18 | -6.0 |
| FY19 | -6.0 |
| FY20 | -5.0 |
| FY21 | -7.0 |
| FY22 | -6.0 |
| FY23 | -2.0 |
| FY24 | -9.0 |
| FY25 | -21.0 |
| FY26 | -13.0 |
Promoters have trimmed their stake — 4.9 points over 8 quarters
Promoters hold 20.6% (down 4.9 points over 8 quarters). Foreign funds own 1.8%, domestic funds 0.2%.promoters_pctfiis_pctdiis_pct
A falling promoter stake is a red flag until explained — it can be a fund-raise or an exit; the difference matters.promoters_pct
Data: Who holds the shares, quarterly
| Period | Promoters (%) | Foreign funds (%) | Domestic funds (%) |
|---|---|---|---|
| Jun 23 | 30.5 | 3.1 | 0.0 |
| Sep 23 | 26.3 | 2.2 | 0.0 |
| Dec 23 | 25.9 | 1.9 | 0.0 |
| Mar 24 | 25.6 | 1.9 | 0.0 |
| Jun 24 | 25.5 | 2.0 | 0.0 |
| Sep 24 | 25.2 | 1.9 | 0.0 |
| Dec 24 | 25.0 | 1.9 | 0.0 |
| Mar 25 | 24.7 | 1.8 | 0.1 |
| Jun 25 | 24.2 | 1.8 | 0.1 |
| Sep 25 | 24.2 | 1.9 | 0.2 |
| Dec 25 | 20.8 | 1.9 | 0.3 |
| Mar 26 | 20.6 | 1.8 | 0.2 |
- Foreign funds have neither piled in nor fled — their stake has held near 1.8% for 8 quarters. No smart-money signal, in either direction.fiis_pct
Interesting, not obvious
The numbers are genuinely mixed, and the price is roughly fair to the delivery so far.
Best thing in the data: sales rising (₹0.5 Cr → ₹9.3 Cr).revenue
Biggest worry: free cash flow falling (₹−62.0 Cr → ₹−156 Cr).operating_cash_flow
Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.
Straight answers from the data
What does Deccan Gold Mines Ltd do?
Deccan Gold Mines Limited was established in the year 2003 by Australian promoters with deep roots in the mining and exploration sector. Since its inception, DGML and its wholly owned subsidiary Deccan Exploration Services Private Limited (DESPL) have actively pursued gold exploration activities through adoption of modern methods and latest technology in all of its exploration prospects.Since the change in management in October, 2021 the Company has taken significant efforts to expand its portfolio in India and overseas [1]. It is listed in the Mining/Minerals sector with a market capitalisation of ₹3,754 Cr.
What is Deccan Gold Mines Ltd's share price?
As of 1 July 2026, Deccan Gold Mines Ltd trades at ₹189, up 34% over the past year, with a market capitalisation of ₹3,754 Cr. Beating NIFTY 500 for 16 weeks. Prices are weekly closes from Screener data; this page refreshes with each weekly update.
What is Deccan Gold Mines Ltd's share price target?
Sector Alpha does not publish broker-style price targets. Our discounted-cash-flow model estimates Deccan Gold Mines Ltd's intrinsic value at ₹13.0 per share under base assumptions (bear ₹11.0, bull ₹18.0), against the current price of ₹189 — a 92% premium to model value. These are model estimates, not forecasts — treat them as one input alongside the valuation history below, not as a target.
What did Deccan Gold Mines Ltd report in its latest quarterly results?
In its most recent reported quarter (Q4 FY26, quarter ended March 2026): Mar 26 sales were ₹9.3 Cr, up 1,885% on the same quarter last year. Mar 26 profit after tax was ₹5.7 Cr, down 52% year on year. Figures are from Screener-scraped quarterly filings; the page updates when the next quarter is filed.
Is Deccan Gold Mines Ltd growing?
Sales exploded 1,885% last quarter. Mar 26 sales were ₹9.3 Cr, up 1,885% on the same quarter last year.
Are Deccan Gold Mines Ltd's profits growing?
Profit collapsed 52% — mostly from keeping more of each sale. Mar 26 profit after tax was ₹5.7 Cr, down 52% year on year.
What are Deccan Gold Mines Ltd's operating margins?
Margins are widening — −4,506% → −14% in a year. In the most recent quarter, of every ₹100 of sales, the company keeps ₹−13.9 as operating profit (a year ago it kept ₹−4,506.4).
Is Deccan Gold Mines Ltd stock in an uptrend?
Stage 2: the trend is up, and has been for 6 weeks. Deccan Gold Mines Ltd is in Stage 2 — advancing, 6 weeks in (confirmed). Stages follow Stan Weinstein's four-phase read of weekly price against the 200-day average: basing (1), advancing (2), topping (3), declining (4).
Why is Deccan Gold Mines Ltd stock rising?
The price is up 34% over the past year, in a confirmed Stage 2 uptrend (6 weeks), and has beaten NIFTY 500 for 16 weeks.
Is Deccan Gold Mines Ltd beating the NIFTY 500?
Yes — beating NIFTY 500 for 16 weeks, as of 1 July 2026. Relative strength is measured weekly against the NIFTY 500 (Mansfield RS): a positive reading means the stock has outperformed the index over the trailing window, week after week.
Where is Deccan Gold Mines Ltd in its business cycle?
The data reads Deccan Gold Mines Ltd as a deep cyclical business currently in its at trough phase — earnings at the bottom of their own historical range. Profits swing violently in this business — real losses in FY15 and FY16 and FY17 and FY18 and FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 and FY26. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.
Who owns Deccan Gold Mines Ltd — what is the promoter holding?
Promoters hold 20.6% (down 4.9 points over 8 quarters). Foreign funds own 1.8%, domestic funds 0.2%. A falling promoter stake is a red flag until explained — it can be a fund-raise or an exit; the difference matters. Shareholding is from Screener's quarterly filings data.
Does Deccan Gold Mines Ltd have too much debt?
Almost no debt — this company cannot be killed by a bad year. For every ₹100 shareholders have put in (and left in), the company has borrowed ₹10 — total borrowings have grown from ₹0.0 Cr to ₹51.0 Cr over the window.
What is the bull case for Deccan Gold Mines Ltd?
Profits are still Infinity% below their best year. Best thing in the data: sales rising (₹0.5 Cr → ₹9.3 Cr). Sales exploded 1,885% last quarter.
What is the bear case for Deccan Gold Mines Ltd — what could break the story?
Biggest worry: free cash flow falling (₹−62.0 Cr → ₹−156 Cr). Two quarters of margins reversing would kill this story. The nearest-term thing to watch: if quarterly growth slips below 943%, the story weakens. This falsification condition is stated up front so the thesis can be checked against incoming quarters, not defended after the fact.
Is Deccan Gold Mines Ltd a stock worth studying right now?
Sector Alpha does not publish buy or sell recommendations — this is a research read, not advice. What the data says: interesting, not obvious. The numbers are genuinely mixed, and the price is roughly fair to the delivery so far. Across the 7-model scorecard the composite research signal is on watch at 46% confidence. This is machine-written research compiled from Screener data — every number traces to its source — and it is not investment advice. Do your own diligence.