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1. At a Glance
Consolidated sales for the three months to June 2026 were ₹0.60 crore. In the same quarter the associate Geomysore sold 59.001 kg of gold bullion for ₹87.16 crore. A chief minister performed a Bhumi Puja, a ground-breaking ceremony, at Jonnagiri. The board cleared a preferential issue of ₹137.67 crore, and a new chairman was elected. Five weeks after quarter-end, the first gold doré came out of a plant in Kyrgyzstan. Doré is the rough bar a mine pours before refining, and winter there reaches minus 40. The quarter’s own top line would not cover a mid-sized Mumbai flat.
The gap between those two figures is the structure of the company. Geomysore is an associate held at 26%, and its quarterly profit does not enter Deccan’s revenue line. Its ₹25.63 crore arrives lower down, as a ₹6.35 crore share of associate profit. Consolidated operating profit for the quarter was minus ₹11.63 crore. Consolidated profit after tax was minus ₹6.61 crore, with earnings per share of minus ₹0.33. Standalone, the parent reported a profit of ₹1.152 crore.
The balance sheet has grown faster than the profit and loss account. Total assets stood at ₹562.80 crore in March 2026. Two years earlier they were ₹325.14 crore. Sales across that span went from ₹3.43 crore to ₹14.20 crore. Most of what the company owns is still in the ground, or in a plant being built on top of it.
Eight projects sit across six countries, among them India, Kyrgyzstan, Finland and Spain. Mozambique and Tanzania complete the list.
2. Introduction
Deccan Gold Mines Limited was set up in 2003 by Australian promoters with roots in mining and exploration. For its first two decades the model was exploration, in the company’s own framing. DGML and its wholly owned subsidiary, Deccan Exploration Services Private Limited, pursued gold prospects using modern methods and the latest technology. The profit and loss account showed an outfit that spent money looking for things. Sales were zero from March 2015 to March 2022. The Data Sheet records ₹0.04 crore in FY22. It was the first top line in nearly a decade, and about as faint as a pulse gets.
Management changed in October 2021, and the portfolio began expanding in India and overseas. March 2023 brought a 41.81% stake in Geomysore Services (India) Private Limited. It came through a share swap, in which the company issued 3,35,07,789 equity shares and 14,99,276 compulsorily convertible debentures. Those debentures are borrowings that must later turn into shares. A further ₹13.50 crore went in during September 2023. That completed a committed ₹28.5 crore.
FY24 was the year of the passport stamps. Shares issued to Hira Infra Tek Limited and to Med Educare Marketing Management, Dubai, bought 60% of Avelum Partner LLC in Kyrgyzstan. More shares went to Lionsgold India Holdings, Mauritius, for 31.52% of Kalevala Gold Oy in Finland. Deccan Gold FZCO was incorporated in Dubai in August 2023 for geological consultancy. It signed a memorandum of understanding with Steiger Geoscience, covering drone-based magnetic and electromagnetic survey processing across Africa and Asia. The same year it issued 10,89,618 equity shares and 82,28,947 warrants. Those went to six investors, by private placement.
By the June 2026 quarter the consolidated statement listed seven entities besides the parent. They sit in Tanzania, Kyrgyzstan, Dubai and Mozambique. Finland and two Indian companies complete the group. Novadhatu Minerals, one of the Indian pair, was incorporated in October 2025. It has been consolidated from April 2026. The segment note has not caught up with the map. The results state a single segment, “Gold Exploration and Mining.”
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3. Business Model: WTF Do They Even Do?
Deccan Gold looks for metal, and increasingly holds percentages of the companies that dig it up.
Start with the one that pays. Jonnagiri, in Andhra Pradesh, is operated by the associate Geomysore, in which Deccan’s stake is now 26%. The Andhra Pradesh Chief Minister inaugurated it in June 2026. Doré production in the quarter was 112.683 kg. Ingot production was 89.702 kg, and sales were 59.001 kg. That left about 40 kg of gold and 60 kg of doré in stock at quarter-end. Management puts the two together at roughly 80 kg of gold equivalent, waiting in a warehouse. Unsold inventory here is physically gold, which makes the inventory line unusually literal. Approvals cover about 1,010 tonnes of ore a day, and the plan targets 2,500 tonnes. Management links that to an eventual ceiling of up to two tonnes of gold a year.
Then Kyrgyzstan. Avelum Partner LLC, 60% held, operates Altyn Tor, where the first gold doré was poured on 5 August 2026. The process reads like a chemistry set with a budget. Gravity concentrate goes through newly installed intensive leach tanks. Gold is then recovered from the loaded solution by the Merrill-Crowe process, and smelted. Early feed is about 0.6 million tonnes of tailings, the waste left behind by earlier processing. It grades around 1.3 grams of gold per tonne, some 780 kg of contained gold by management’s estimate. About one million tonnes of low-grade stockpile sits alongside it. Management expects that material to cover four to five years. The opening move in Kyrgyzstan is to mine the previous operator’s leftovers. Kyrgyz law requires doré to go to the government refinery, settled at the London bullion market price, so no onsite refinery is planned.
Finland is Kalevala Gold Oy, holding 27.36 sq km
