Deccan Gold Mines Ltd(DECNGOLD)

NSE: DECNGOLDBSE: 512068

₹ 162.4-4.95%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,227 crWebsite: www.deccangoldmines.comUpdated: 24 Oct 2026

About

Deccan Gold Mines Ltd is India's first listed gold exploration and development company on BSE Limited, with a gold portfolio spanning India, Kyrgyzstan, Finland, and Tanzania, and a critical minerals vertical covering nickel-copper-PGE, tungsten, and copper-gold assets. The company operates through its 26%-owned associate Geomysore Services (Jonnagiri, India's first private gold mine since Independence) and its 60%-owned subsidiary Avelum Partners LLC (Altyn Tor, Kyrgyzstan). In FY26 the company raised ₹315 Cr via a rights issue, repaid all debt, and became debt-free.^[1]

Business structure and portfolio

Deccan Gold has two verticals: a gold portfolio (Jonnagiri, Altyn Tor, Finland, Tanzania, Ganajur) and a critical minerals vertical (Bhalukona Ni-Cu-PGE, Logrosan tungsten, Mozambique Cu-Au).^[1]
Jonnagiri Gold Mine is operated by Geomysore Services India Pvt Ltd (GMSI), a venture between Thriveni Earth Moving, Lloyds Enterprise and Deccan Gold; Deccan holds a 26% stake as of Q4 FY26.^[1]
Altyn Tor Gold Project in Kyrgyzstan is developed and operated by Avelum Partners LLC, 60% held by Deccan - the first investment by an Indian mining company in Kyrgyzstan.^[1]
FY26 annual report priorities: advance gold projects to development, add resources by exploration, develop critical minerals and pursue acquisitions.^[1]

Mineral resources

Jonnagiri total Mineral Resources: 6.5 Mt at 2.03 g/t Au for 365 koz as of FY26; East Lode Pit alone ~2.8 Mt at 1.68 g/t Au for 150 koz.^[1]
Altyn Tor Mineral Resources: 4.65 Mt grading 1.21 g/t Au for 180 koz at a 0.5 g/t Au cut-off as of FY26.^[1]
Ten drill rigs operating at Jonnagiri on South Block and deeper West Block, with a stated target of 1 million ounces (32 tonnes) across all four blocks (Q4 FY26).^[2]

Production and processing capacity

Jonnagiri processes ~1,000 tonnes of ore per day (approved capacity), producing about 400 - 600 kg gold a year; after mill expansion ~2,500 tpd and over 1 tonne per annum (FY26).^[1]
Altyn Tor upgraded plant capacity is 330,000 tpa as of Q2 FY26; gravity circuit fully commissioned in Q4 FY26, producing gold concentrates.^[3]
Jonnagiri cumulative production reached ~100 kg Au by end-FY26; run-rate ~30 kg Au/month in March and April 2026.^[2]
Jonnagiri gold is sold as 999-purity refined bullion bars to jewellers via an on-site refinery, rather than as Doré bar.^[2]

Key operating metrics

Jonnagiri all-in sustaining cost: $1,021/oz in FY26; cost of production ~₹3,000/gram in FY26.^[2]
Altyn Tor AISC: $1,045/oz in FY26; Kyrgyzstan government revenue share 17% of revenue plus a 5% royalty.^[2]
Jonnagiri EBITDA margin 70 - 75% in FY26; India royalty (total government take) 5.28% of revenue.^[2]
Feasibility studies for both mines used $1,200 - $1,300/oz and ₹2,800/g, against ~$4,000/oz gold at the Q2 FY26 call.^[3]

Critical minerals and exploration

Bhalukona (Chhattisgarh, 100%-owned): India's first nickel discovery; 1,200 m of diamond drilling in 7 holes in Q4 FY26 extended the mineralised zone to ~1.3 km.^[1]
First Bhalukona hole hit 30 m of sulphide mineralisation at 0.4% Ni-equivalent, with 1.01% Ni, 0.29% Cu, 0.2 g/t Pd over 2.6 m (Q4 FY26).^[2]
Logrosan, Spain (tungsten-tin): 4 holes totalling ~1,500 m in Q4 FY26, all intersecting mineralisation; Deccan targets a 51% stake via €1.76 M spend.^[2]
Mozambique Tete complex (Cu-Au, 95% stake): evidence of Cu-Au mineralisation and near-surface copper oxide across the tenements (Q2 FY26).^[3]

Expansion and capex

Altyn Tor expected to start commercial production in FY2026-27; additional Rs 50 crore funding to Avelum proposed (FY26 annual report).^[1]
Altyn Tor Merrill-Crowe circuit targeted for June 2026; leach circuit and tailings dam end-July 2026; full commercial production and inauguration August 2026 (Q4 FY26 call).^[2]
Altyn Tor FY27 production forecast ~160 kg Au, 300 - 350 kg Au in FY28 and 700 - 800 kg/year at peak once underground high-grade ore is reached (4 - 5 years).^[2]
Jonnagiri expansion beyond 2,000 tpd (1 - 1.2 tonne/year) subject to public hearing; clarity expected 6 - 8 months from Q4 FY26 call, reflecting in FY28.^[2]
Bhalukona: mining lease application by April 2027; plant capex ~₹400 Cr; first production targeted ~2029.^[2]
Logrosan: mining lease application by October/November 2026; plant capex ~₹500 Cr.^[2]
Finland Kalevala (Kuikka): 1,000 m drilling from July 2026 to define ~4 tonne Au resource; ~US$1 - 2 M to raise stake to 51% in 2026/27.^[2]

Corporate developments

Raised ₹315 Cr via oversubscribed rights issue in Q4 FY26; ₹219 Cr repaid all debt, including to Hira Group and Godavari Power & Ispat.^[2]
Of rights proceeds, ₹32 Cr went into Kyrgyzstan and ₹55 Cr into Geomysore's rights issue to keep the 26% stake (FY26).^[2]
A ₹800 - 1,000 Cr raise (FPO plus debt) planned after August 2026; FPO considered around Dhanteras 2026.^[2]
Three of five Tanzania tenements relinquished in Q4 FY26 after exploration found no continuous mineralised zones.^[2]

Market Cap

₹3,227 Cr

High / Low

₹251 / 84

Stock P/E

-82.9

Price / Book

6.5

Book Value

₹25

EPS

₹-2.7

No. of Shares

19.79 Cr

ROCE

-10.6%

ROE

-14.3%

OPM

-4.3%

Debt / Equity

0.10

Sales

₹1 Cr

Net Profit

₹-64 Cr

Promoter holding

20.5%

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