Deccan Gold Mines Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Deccan Gold Mines Ltd filed with BSE on 22 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Deccan Gold Mines reported that its associate Geomysore Services turned profitable during the quarter after the Jonnagiri gold project began generating revenue from trial gold production and sales. Management said the Kyrgyzstan gold project commissioned its gravity circuit and produced gold concentrates, with a Merrill-Crowe leaching circuit planned for June and full-scale production targeted by August 2026. The company also reported drilling results from its Bhalukona nickel-copper-PGE project in Chhattisgarh and outlined a Rs.315 crore rights issue used to repay debt and fund the Kyrgyzstan and Geomysore investments.
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Numbers mentioned
Rights issue proceeds: Rs.315 Crores (FY2025-2026)
p. 4
“one of the most important things was we raised 315 Crores through the rights issue”
Hanuma Prasad, page 4 of the filed PDF · View the filing
Debt repaid: Rs.219 crores
p. 13
“We repaid all the debt that is about Rs.219 crores.”
Hanuma Prasad, page 13 of the filed PDF · View the filing
Gold produced at Jonnagiri by end of March: around 100kg (FY2025-2026)
p. 6
“by the end of March this year around 100kg of refined gold has been produced”
Hanuma Prasad, page 6 of the filed PDF · View the filing
Jonnagiri gold mineralization resource (east block): about 12 tons of gold mineralization
p. 5
“we are mining in the only east block, which has got about 12 tons of gold mineralization”
Hanuma Prasad, page 5 of the filed PDF · View the filing
Bhalukona diamond core drilling completed: 1200 meters
p. 9
“We have completed as of now 1200 meters of diamond core drilling.”
Hanuma Prasad, page 9 of the filed PDF · View the filing
Bhalukona first drill hole high-grade intersection: 2.6 meters at 1.01% nickel, 0.29% copper, 0.2 grams per ton palladium
p. 9
“in the high-grade zones within it, that is in the first hole itself, we got that is 2.6 meters at 1.01% nickel, 0.29% of copper and 0.2 grams per ton of palladium”
Hanuma Prasad, page 9 of the filed PDF · View the filing
Jonnagiri production for March and April: around 30 kilos each (March and April)
p. 33
“In March and April, as I understand, it is around 30 kilos each that have been produced.”
Hanuma Prasad, page 33 of the filed PDF · View the filing
Other income breakdown - interest income: Rs.19 Crores (approx Rs.18.3 Crores)
p. 36
“It is roughly about Rs.19 Crores. Rs.18.3 Crores.”
Hanuma Prasad, page 36 of the filed PDF · View the filing
Kyrgyzstan all-in-sustaining cost: $1,054
p. 24
“the all-in-sustaining cost there is around, including the royalty payments, it is about $1,054.”
Hanuma Prasad, page 24 of the filed PDF · View the filing
India royalty on gold: 5.28%
p. 23
“We pay 4% royalty to the Government of Andhra Pradesh and another 1.28% which is split between state and centre in the form of district mining fund and also National Mineral Exploration Trust.”
Hanuma Prasad, page 23 of the filed PDF · View the filing
Kyrgyzstan royalty: 5%
p. 23
“in Kyrgyzstan, we pay royalty of 5% to the government.”
Hanuma Prasad, page 23 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Jonnagiri gold production — 600kg · FY2027
stated firmly by Hanuma Prasad
p. 6
“the production forecast is around 600kg in 2026 - 2027”
Hanuma Prasad, page 6 of the filed PDF · View the filing
Jonnagiri gold production — 800kg, potentially a ton · FY2028
stated conditionally by Hanuma Prasad
p. 6
“beyond that in FY2028 it could be 800, if everything goes well, it could be a ton as well”
Hanuma Prasad, page 6 of the filed PDF · View the filing
Jonnagiri revenue — around Rs.900 Crores · FY2027
stated conditionally by Hanuma Prasad
p. 6
“the revenue in FY2027 based on the current prices it could be around Rs.900 Crores at an EBITDA of 75%”
Hanuma Prasad, page 6 of the filed PDF · View the filing
Kyrgyzstan gold production — about 160kg · FY2027
stated conditionally by Hanuma Prasad
p. 7
“the production forecast for FY2027, we have taken a conservative estimate of about 160kg.”
Hanuma Prasad, page 7 of the filed PDF · View the filing
Kyrgyzstan gold production — 300 to 350kg · FY2028
stated conditionally by Hanuma Prasad
p. 7
“but FY2028, we will get to 300 to 350kg.”
Hanuma Prasad, page 7 of the filed PDF · View the filing
Kyrgyzstan full-scale leaching circuit — peak capacity about 1 kilo per day · end of July
stated firmly by Hanuma Prasad
p. 5
“By the end of July, we will have the full scale leaching circuit, which would take us to the peak capacity about 1 kilo per day”
Hanuma Prasad, page 5 of the filed PDF · View the filing
Kyrgyzstan project inauguration — August 2026
stated firmly by Hanuma Prasad
p. 7
“Inauguration is planned either on August 15, which is our Independence Day, or August 31, 2026, which is the Kyrgyz Independence Day.”
Hanuma Prasad, page 7 of the filed PDF · View the filing
Spain tungsten mining lease application — October or November 2026
stated firmly by Hanuma Prasad
p. 28
“we are going to launch the mining lease application by the end of October or november, I think.”
Hanuma Prasad, page 28 of the filed PDF · View the filing
Kyrgyzstan gold production increase via underground mining — 700 to 800 kg · beyond 4 or 5 years
stated conditionally by Hanuma Prasad
p. 8
“the overall revenue and overall production of the gold could increase to something like 700 to 800 kg”
Hanuma Prasad, page 8 of the filed PDF · View the filing
Group gold and critical mineral production vision — multiple mines in gold and critical minerals · by 2030
stated as an aspiration by Hanuma Prasad
p. 14
“by 2030, this is what we set ourselves to achieve.”
Hanuma Prasad, page 14 of the filed PDF · View the filing
Larger fundraising requirement — around Rs.1000 Crores · next 1 to 2 years
stated conditionally by Hanuma Prasad
p. 31
“the kind of money that we require is around Rs.1000 Crores”
Hanuma Prasad, page 31 of the filed PDF · View the filing
Kyrgyzstan PAT margin — 40% to 45% · going forward
stated conditionally by Hanuma Prasad
p. 24
“but going forward it will be between 40% and 45%.”
Hanuma Prasad, page 24 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said projections use conservative gold prices below market, effectively acting as a buffer instead of formal hedging
Answered by Hanuma Prasad
Asked by Aditya Bhutra: Whether the company has a hedging policy given gold price exposure
p. 23
“Other than that, there is no clear hedging or risk management policy in terms of gold price if it falls down because that is kind of scenario can be, because we are not using very high prices to estimate our cash flows, projections, etc.”
Hanuma Prasad, page 23 of the filed PDF · View the filing
Refined 999 gold bars are sold to jewellers in India at prices based on the Indian Bullion Jewellers Association rate
Answered by Hanuma Prasad
Asked by Charchit Maloo: To whom is Jonnagiri gold sold and at what price basis
p. 24
“In India of course we are refining so we will sell the 999 those gold bars to the jewellers here.”
Hanuma Prasad, page 24 of the filed PDF · View the filing
Management said dividends from Geomysore are unlikely this year as funds will be used for project expansion
Answered by Hanuma Prasad
Asked by Manish Gupta: Will funds for Kyrgyzstan and Bhalukona come from Geomysore dividends
p. 26
“My sense is in the first year at least no dividends are going to be declared because there will be money required for the expansion of the project itself.”
Hanuma Prasad, page 26 of the filed PDF · View the filing
Management gave indicative resource estimates for Bhalukona but said it was too early to comment on Spain
Answered by Hanuma Prasad
Asked by Viraj Mahadevia: Potential revenue from Spain tungsten and Bhalukona nickel projects
p. 26
“Tungsten, I think it is a bit too early for me to watch over the numbers.”
Hanuma Prasad, page 26 of the filed PDF · View the filing
Management attributed Jonnagiri delays to environmental approvals and Kyrgyzstan delays partly to fund transfer timing and harsh winter climate
Answered by Hanuma Prasad
Asked by Amish Kanani: Reasons for project delays - funding versus operational constraints
p. 27
“So the delay can be attributed partly to the environmental approvals that we had to get, the additional approvals that we had to get in the year 2024”
Hanuma Prasad, page 27 of the filed PDF · View the filing
Management confirmed the promoters are Australian but declined to name them specifically
Answered by Hanuma Prasad
Asked by Imran Ghani: Identity of promoters willing to provide debt or equity funding
p. 29
“They are Australians. All the promoters are Australians.”
Hanuma Prasad, page 29 of the filed PDF · View the filing
Management said the funding plan depends on drilling results from Bhalukona and Spain, with a mix of equity and debt to be finalized by August
Answered by Hanuma Prasad
Asked by Deviinder Gupta: How will the company fund the roughly Rs.180 crore in capex requirements and larger raise
p. 34
“a clear blueprint can only be provided once we know based on the drill results how that is going to happen and also by August we will come to know what is the kind of internal accruals that we are going to have.”
Hanuma Prasad, page 34 of the filed PDF · View the filing
Management described ongoing legal coordination with Indocil and policy-level engagement with state and central government officials, including NITI Aayog
Answered by Hanuma Prasad
Asked by Deviinder Gupta: Status of the Ganajur court case and government engagement
p. 35
“I also spoke to NITI Aayog about a week back asking about our project.”
Hanuma Prasad, page 35 of the filed PDF · View the filing
Management estimated around 30 kilos produced each month
Answered by Hanuma Prasad
Asked by Sandeep Mathivanan: Gold production at Jonnagiri for March and April
p. 33
“In March and April, as I understand, it is around 30 kilos each that have been produced.”
Hanuma Prasad, page 33 of the filed PDF · View the filing
Management said other income comprised interest income of about Rs.18.3 crores and the balance from currency exchange gain
Answered by Hanuma Prasad
Asked by Charchit Maloo: Breakdown of other income
p. 36
“Other income consists of primarily interest income, so I have already mentioned that they have given loan for Auvilas so that is the interest income and balance is currency exchange gain.”
Hanuma Prasad, page 36 of the filed PDF · View the filing
Risks flagged
Exploration success rates are inherently low across the industry
p. 13
“in any exploration projects, the success rates are not always going to 100%. It is actually 5% to 10% if you say and take it on the global scale”
Hanuma Prasad, page 13 of the filed PDF · View the filing
Delays in fund transfers from Indian banks for overseas direct investment impacted Kyrgyzstan construction timing
p. 27
“So many a times, even up to 15 days to a month, they are used to hold the money in transferring it and Kyrgyzstan is a place where weather and climate is very, very important.”
Hanuma Prasad, page 27 of the filed PDF · View the filing
Extreme winter conditions in Kyrgyzstan can halt civil construction for months
p. 27
“once that phase is crossed, you cannot do the civil construction for about three to four months and the temperature is like minus 30 degrees.”
Hanuma Prasad, page 27 of the filed PDF · View the filing
Ganajur project remains tied up in ongoing court litigation
p. 12
“You all know that our expectation is there in front of High Court and we are also following the Supreme Court.”
Hanuma Prasad, page 12 of the filed PDF · View the filing
Tanzania exploration has not identified continuous mineralized zones despite good spot values
p. 13
“the results that we have got though there are good spot values but the continuous zones could not be identified.”
Hanuma Prasad, page 13 of the filed PDF · View the filing
Reverse merger of Jonnagiri's parent company did not proceed due to valuation issues
p. 31
“In terms of reverse budget, this is something, which we did try, but unfortunately, because of evaluation related issues, etc., it did not happen.”
Hanuma Prasad, page 31 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.