Ducon Infratechnologies Limited (DUCON) Financial Results — Revenue ₹422.05 Cr

Investor Takeaways

Revenue of ₹422.05 Crore reported for FY26, up from ₹428.45 Crore in FY25 (calculated from quarterly sum: ₹106.84 + ₹109.43 + ₹110.57 + ₹112.01 = ₹438.85 Crore; however, filing states FY26 revenue as ₹422.05 Crore, indicating a decline from ₹438.85 Crore in FY25)

Net profit of ₹10.98 Crore reported for FY26

OPM of 6.12% in Q3FY25, with quarterly OPM ranging between 6.09% and 7.20%

Rights issue of up to ₹25 Crore approved to fund loan repayment of ₹9.52 Crore to promoter Arun Govil, working capital of ₹7.36 Crore, and general corporate purposes

Market capitalization of ₹115.02 Crore with P/E ratio of 9.57

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹422.05 Cr	Decline from ₹438.85 Crore (FY25)
Net Profit	₹10.98 Cr	Decline from ₹13.05 Crore (FY25)
EBITDA	Not available	Not available
EPS	₹0.10 (Q3FY25)	Not directly comparable to FY26
OPM	6.12% (Q3FY25)	Stable within 6.09%–7.20% range

What Changed

The filing reports consolidated revenue of ₹422.05 Crore for the fiscal year ending March 2026, reflecting a decline from the previous fiscal year’s total of ₹438.85 Crore (sum of four quarters: ₹106.84 + ₹109.43 + ₹110.57 + ₹112.01). Net profit for the same period stood at ₹10.98 Crore, down from ₹13.05 Crore in FY25, indicating reduced profitability despite stable operational margins. The company approved a rights issue of up to ₹25 Crore, intended to strengthen its capital base, repurchase loans amounting to ₹9.52 Crore from promoter Arun Govil, fund working capital requirements of ₹7.36 Crore, and support general corporate needs. The move aims to enhance financial flexibility without altering current profitability metrics. The company’s market capitalization remains at ₹115.02 Crore, with a P/E ratio of 9.57, suggesting relatively low valuation relative to earnings. Quarterly performance over the last four quarters shows consistent revenue between ₹106.84 Crore and ₹112.01 Crore, with net profit fluctuating between ₹3.07 Crore and ₹3.46 Crore per quarter, and operating profit margins (OPM) ranging from 6.09% to 7.20%. The rights issue underscores a strategic focus on capital structure optimization, though the decline in annual revenue and profit raises questions about growth momentum.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Ducon Infratechnologies	9.57	Not available	Not available	115.02
Bharat Electronics Limited	62.03	N/A	N/A	309,678.78
Hindustan Aeronautics Limited	33.73	N/A	N/A	293,338.09
Cummins India Limited	74.38	N/A	N/A	149,466.24

Ducon Infratechnologies trades at a significantly lower P/E multiple compared to peers such as Bharat Electronics, Hindustan Aeronautics, and Cummins India, which may reflect lower growth expectations or higher perceived risk. However, direct comparative metrics like ROE and ROCE are not disclosed for any of the companies, limiting depth of peer analysis. The company’s market capitalization is substantially smaller than its peers, indicating a more niche market presence within the capital goods sector.

Risks & Concerns

Revenue declined from ₹438.85 Crore (FY25) to ₹422.05 Crore (FY26), signaling potential softness in demand or execution challenges

Net profit decreased from ₹13.05 Crore (FY25) to ₹10.98 Crore (FY26), indicating pressure on bottom-line performance

Rights issue introduces dilution risk and reliance on shareholder participation for full capital mobilization

No specific risks detailed in the filing beyond capital structure changes

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	112.01	3.41	6.12
Q2FY25	110.57	3.46	7.20
Q1FY25	109.43	3.07	6.09
Q4FY24	106.84	3.11	6.74

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About Ducon Infratechnologies Limited (DUCON)

Capital Goods · Industrial Manufacturing · Listed on NSE

Market Cap: ₹115.02 Cr P/E: 9.6

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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