DUCON

Ducon Infratechnologies Limited

EPC company for air pollution control systems and bulk material handling

Industrials›Capital Goods›Industrial Manufacturing›Industrial Products

duconinfra.co.in

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Key metrics

Price as of 2026-10-16

Stock price

₹1.37

Market cap

79 Cr

Stock P/E

4.4

P/B

0.27

ROE (FY26)

6.6%

ROCE (FY26)

9.3%

Operating margin (FY26)

5.4%

Debt / equity (FY26)

0.63

OCF / EBITDA (FY26)

21.0%

OCF / EBITDA (3Y)

-54.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ducon (Ducon Infratechnologies) is a Thane-based engineering, procurement and construction (EPC) company that builds air pollution control systems, including flue gas desulphurisation (FGD), and bulk material handling plants for power, metals and process industries, with consolidated revenue of ₹419 crore in FY26.

Company snapshot

66thBy market cap

Ranked among 69 companies in Industrial Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 99.4% of revenue

Segment	Revenue share	Revenue	PBT	Assets
Aerospace Business	—	0 Cr	0 Cr	—
Green Energy Business	—	0 Cr	0 Cr	—
Industrial EPC	99.4%	330 Cr	22 Cr	—
Security Solution & AI	0.9%	3 Cr	0.19 Cr	—

What we see

Concerns

✗Net margin is very thin at 2.6% — little room for error if costs rise.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Jun 2023	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
Sales	91 Cr	109 Cr	112 Cr	107 Cr	109 Cr	111 Cr	112 Cr	119 Cr	112 Cr	94 Cr	100 Cr	104 Cr
Operating expenses (approx.)	88 Cr	104 Cr	106 Cr	100 Cr	103 Cr	103 Cr	105 Cr	110 Cr	106 Cr	88 Cr	95 Cr	99 Cr
EBITDA	3 Cr	4 Cr	7 Cr	7 Cr	7 Cr	8 Cr	7 Cr	8 Cr	7 Cr	5 Cr	5 Cr	5 Cr
OPM %	3.4%	4.0%	5.8%	6.7%	6.1%	7.2%	6.1%	6.9%	5.9%	5.7%	5.1%	4.7%
Other income	0.04 Cr	0.33 Cr	0.10 Cr	0.28 Cr	0.13 Cr	0.28 Cr	0.67 Cr	0.71 Cr	0.62 Cr	0.52 Cr	0.62 Cr	0.50 Cr
Interest	2 Cr	3 Cr	2 Cr	3 Cr	2 Cr	3 Cr	2 Cr	3 Cr	2 Cr	2 Cr	2 Cr	2 Cr
Depreciation	0.01 Cr	0.58 Cr	0.32 Cr	0.32 Cr	0.01 Cr	0.60 Cr	0.02 Cr	0.64 Cr	0.33 Cr	0.34 Cr	0.34 Cr	0.32 Cr
Profit before tax	0.86 Cr	1 Cr	4 Cr	4 Cr	5 Cr	5 Cr	5 Cr	5 Cr	5 Cr	3 Cr	3 Cr	3 Cr
Tax %	28.9%	31.9%	28.2%	29.8%	32.2%	30.3%	32.0%	25.9%	32.1%	31.9%	38.8%	34.0%
Net profit	0.61 Cr	0.80 Cr	3 Cr	3 Cr	3 Cr	3 Cr	3 Cr	4 Cr	3 Cr	2 Cr	2 Cr	2 Cr
EPS (₹)	₹0.02	₹0.03	₹0.12	₹0.12	₹0.04	₹0.11	₹0.10	₹0.11	₹0.10	₹0.07	₹0.06	₹0.07

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	384 Cr	396 Cr	419 Cr	451 Cr	419 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	368 Cr	379 Cr	398 Cr	421 Cr	396 Cr	Sign in free for the trailing twelve months
EBITDA	17 Cr	16 Cr	21 Cr	30 Cr	24 Cr	Sign in free for the trailing twelve months
OPM %	4.3%	4.1%	5.1%	6.6%	5.7%	Sign in free for the trailing twelve months
Other income	0.41 Cr	0.54 Cr	0.75 Cr	2 Cr	3 Cr	Sign in free for the trailing twelve months
Interest	10 Cr	10 Cr	10 Cr	11 Cr	9 Cr	Sign in free for the trailing twelve months
Depreciation	1 Cr	1 Cr	1 Cr	1 Cr	1 Cr	Sign in free for the trailing twelve months
Profit before tax	6 Cr	6 Cr	11 Cr	19 Cr	16 Cr	Sign in free for the trailing twelve months
Tax %	29.4%	27.4%	29.3%	30.1%	32.8%	Sign in free for the trailing twelve months
Net profit	4 Cr	4 Cr	8 Cr	14 Cr	11 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹0.22	₹0.16	₹0.29	₹0.42	₹0.34	Sign in free for the trailing twelve months
Dividend payout %	0.0%	0.0%	0.0%	0.0%	0.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	21 Cr	26 Cr	26 Cr	32 Cr	32 Cr
Reserves	130 Cr	96 Cr	94 Cr	135 Cr	134 Cr
Borrowings	82 Cr	95 Cr	103 Cr	102 Cr	105 Cr
Other liabilities	68 Cr	59 Cr	69 Cr	33 Cr	35 Cr
Total liabilities	300 Cr	276 Cr	292 Cr	302 Cr	305 Cr
Fixed assets (net)	6 Cr	5 Cr	4 Cr	4 Cr	2 Cr
CWIP	0 Cr	0 Cr	0 Cr	0 Cr	0 Cr
Investments	5 Cr	5 Cr	5 Cr	5 Cr	5 Cr
Loans & advances	0.02 Cr	0.0064 Cr	0.0076 Cr	0 Cr	0 Cr
Trade receivables	268 Cr	242 Cr	258 Cr	242 Cr	245 Cr
Cash & bank	0.05 Cr	0.05 Cr	0.05 Cr	0.05 Cr	0.07 Cr
Other assets	21 Cr	24 Cr	25 Cr	51 Cr	52 Cr
Total assets	300 Cr	276 Cr	292 Cr	302 Cr	305 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	-0.93 Cr	-3 Cr	-18 Cr	-28 Cr	5 Cr
Cash from investing	-7 Cr	-0.13 Cr	-0.11 Cr	-0.35 Cr	-0.02 Cr
Cash from financing	8 Cr	3 Cr	18 Cr	29 Cr	-5 Cr
Net cash flow	-0.02 Cr	0.0043 Cr	-0.0040 Cr	-0.0011 Cr	0.02 Cr
Free cash flow (OCF − Capex)	-8 Cr	-3 Cr	-18 Cr	-29 Cr	5 Cr

Ratios

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	6.8%	7.1%	9.3%	11.2%	9.3%
ROE %	3.0%	3.3%	6.3%	8.1%	6.6%
Debtor days	254	222	225	196	213
Inventory days	0	0	0	0	0
Days payable	53	42	46	17	21
Cash conversion cycle	201	180	179	179	192
OCF / EBITDA %	-5.6%	-18.7%	-83.1%	-95.1%	21.0%
OCF / EBITDA % (3 years)	—	—	-40.0%	-72.9%	-54.6%
Debt / equity	0.55	0.78	0.86	0.61	0.63
Current ratio	1.97	1.88	1.74	2.28	2.17
Net debt / EBITDA	4.98	5.86	4.85	3.42	4.38