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Ducon Infratechnologies Ltd (DUCON)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 534674 NSE: DUCON Engineering - Construction | Small Cap | Ducon Infra. Share Price

₹3.32 -0.09 (-2.64%)

As on 04-Jun'26 16:59

Ducon Infratechnologies Ltd (DUCON)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 534674 NSE: DUCON Engineering - Construction | Small Cap | Ducon Infra. Share Price

₹3.32 -0.09 (-2.64%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹108 Cr.
Current Price
₹3.3
52-Week Low / High
₹2 / 7
TTM EPS
₹0.1
TTM Sales
₹234 Cr.
Book Value per Share
₹4.4
P/E Ratio
37.35
Lower than its 5-year historical median
Industry PE
29.9
Price to Book (P/B)
0.76
Lower than its 5-year historical median
Price to Sales (P/S)
0.46
Lower than its 5-year historical median
EV/EBITDA
13.42
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
3.87%
Underperforms industry median
Return on Capital Employed (ROCE)
7.52%
Underperforms industry median
Return on Assets (ROA)
1.84%
Operating Profit Margin
6.3%
Net Profit Margin
2.04%
Gross Profit Margin
2.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-19.71%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-0.5%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
2.38%
Asset Quality
Promoter Holding
38.08%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹110 Cr.
Equity
₹32.5 Cr.
Face Value
₹1
All Time Low / High
₹0.15 / 77.37

Ducon Infratechnologies stock performance

Key Ratios
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Check Before You Invest

Valuation

Somewhat Undervalued

Price Trend

Semi Strong
Q.1 Is Ducon Infratechnologies Ltd a good quality company?
Ducon Infratechnologies Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Ducon Infratechnologies Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ducon Infratechnologies Ltd vs industry peers?
Ducon Infratechnologies Ltd revenue CAGR is -7.87%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Ducon Infratechnologies Ltd?
Promoters hold 38.08% of the Ducon Infratechnologies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ducon Infratechnologies Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -12.2% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ducon Infratechnologies Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 4.4%15.7%6.7%10.4%6.1%6.2%4.9%6.9%7.8%7.5%-
Value Creation
Index
-0.70.1-0.5-0.3-0.6-0.6-0.7-0.5-0.4-0.5-

Growth Parameters

Sales 32.5398415394381342124312315253234
Sales YoY Gr.-1,124%4.3%-5%-3.4%-10.2%-63.6%150.6%1%-19.7%-
Adj EPS 00.50.30.50.1000.10.20.20.1
YoY Gr.-1125%-49%104%-86.3%-71.4%50%366.7%28.6%-11.1%-
BVPS (₹) 2.87.27.56.36.45.55.44.24.14.74.4
Adj Net
Profit
0.44.62.36.30.90.40.83.955.13
Cash Flow from Ops. 1.6-8.6-7.8-5.83.9-54.19.10.612.2-28.2-
Debt/CF from Ops. 4.5-9.7-11.9-18.931.9-1.29.1152.58.5-3.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 25.6%-7.9%26.6%-19.7%
Adj EPS 16.7%18%74.7%-11.1%
BVPS5.9%-5.9%-4.4%15.8%
Share Price -11.5% -16.6% -19.3% -46.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
1.59.63.38.41.10.40.62.94.33.92
Op. Profit
Mgn %
6.83.82.54.63.13.78.44.75.16.35.6
Net Profit
Mgn %
1.21.20.61.60.20.10.71.21.621.3
Debt to
Equity
0.31.21.31.41.60.60.60.80.90.70
Working Cap
Days
298113201227248281775303300362201
Cash Conv.
Cycle
16574134155181211602242232293108

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales33398415394381342124312315253
Operating Expenses + 30383405376369329114297299237
Manufacturing Costs0010000000
Material Costs29374395361363323108286289219
Employee Cost 1455434677
Other Costs 04592325311
Operating Profit 2151018121310151616
Operating Profit Margin (%) 6.8%3.8%2.5%4.6%3.1%3.7%8.4%4.7%5.1%6.3%
Other Income + 0111110112
Exceptional Items 0000000000
Interest 17710111210101011
Depreciation 1111100000
Profit Before Tax 0848111577
Tax 0312000122
Profit After Tax 0526101455
PAT Margin (%) 1.2%1.2%0.6%1.6%0.2%0.1%0.7%1.2%1.6%2.0%
Adjusted EPS (₹)0.00.50.30.50.10.00.00.10.20.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Ducon Infra. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 2667707979116131119114152
Share Capital 88810101821262632
Reserves 1859626869981119388120
Debt +7839310912365829210099
Long Term Debt026380000963
Short Term Debt757551091236582839496
Minority Interest0000000000
Trade Payables1576255514835374616
Others Liabilities 1343228224631192212
Total Liabilities 35241257272276275279267282280

Fixed Assets

Net Fixed Assets +3321100001
Gross Block79999999910
Accumulated Depreciation3678899999
CWIP 0000000000
Investments 5555555555
Inventories4555000000
Trade Receivables12200217234250249253238252223
Cash Equivalents 1131312677101137
Others Assets 9161515141313131413
Total Assets 35241257272276275279267282280

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 2-9-8-64-549112-28
PBT 0848111577
Adjustment 275101012991010
Changes in Working Capital -1-23-16-24-7-67-1-12-3-39
Tax Paid -0-0-00-0-0-1-2-2-6
Cash Flow From Investing Activity + -111-0-0-0-0-0-0-0
Capex -100-0-0-0-0-0-0-0
Net Investments 0000000000
Others 0110000000
Cash Flow From Financing Activity + -11975-954-9-0-1229
Net Proceeds from Shares 00000373506
Net Proceeds from Borrowing 02612140009-2-3
Interest Paid -1-7-5-9-9-12-9-9-10-10
Dividend Paid 0000000000
Others 000-0029-3-5035
Net Cash Flow -0110-1-6-0-00-0-0

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)1.499.783.418.551.090.430.673.114.343.87
ROCE (%)4.4415.656.6510.46.096.234.896.877.87.52
Asset Turnover Ratio0.92.881.671.491.391.240.451.141.150.9
PAT to CFO Conversion(x)N/A-1.8-4-14N/A90.252.4-5.6
Working Capital Days
Receivable Days145.5097.20183.20208.60232266.50736.20287.20283.80342.90
Inventory Days47.404.304.404.70000000
Payable Days29.7027.9054.9059.3053.7055.80139.4046.205352.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.0014.810.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Ducon Infratechnologies Ltd FAQs

The current trading price of Ducon Infra. on 04-Jun-2026 16:59 is ₹3.32.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Ducon Infra. stood at ₹107.9 Cr

The latest P/E ratio of Ducon Infra. as of 03-Jun-2026 is 37.35.

The latest P/B ratio of Ducon Infra. as of 03-Jun-2026 is 0.76.

The 52-week high of Ducon Infra. is ₹6.94 and the 52-week low is ₹2.23.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ducon Infra. is ₹234 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Ducon Infratechnologies Ltd is a below average quality company.

The key valuation ratios of Ducon Infratechnologies Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Ducon Infratechnologies Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Ducon Infratechnologies Ltd

Ducon Infratechnologies provides fossil fuel clean technologies and engineering, procurement & construction (EPC) solutions. It works at the intersection of energy, environment and infrastructure, helping utilities and industries meet stringent emission norms while maintaining reliable power supply. Its portfolio spans flue gas desulphurization (FGD) systems, wet scrubbers, bag filters, cyclones, bulk material handling systems, surveillance systems, and electrification & infrastructure projects. With strong engineering capabilities and project experience, the company acts as a single-source partner from design to commissioning. The company serves to wide range of Industries including Power generation (coal & lignite), Alumina and non-ferrous industries, Cement and building materials, Oil & gas and refineries and General process industries.

The company has developed and implemented technologies for seawater and limestone-based FGD systems as well as dry sorbent injection. Its installations serve large thermal power plants of upto 1000 MW single boilers, as well as industrial boilers, reducing SO2 and particulate emissions in line with regulatory norms and enabling future integration with carbon capture where required. Beyond FGD, Ducon executes projects involving belt conveyors, pipe conveyors, pneumatic conveying, silo systems, air slides and related bulk material handling equipment. These solutions are deployed in power stations, ports, mines and industrial plants. Further, it offers Rural electrification and infrastructure works, aligning with India’s development programs and last-mile connectivity requirements.

Business area of the company 

The company is in the business of Heavy Engineering & Clean Technology. It provides fossil fuel clean technologies and engineering, procurement & construction (EPC) solutions.

Products and services of the company

Infrastructure System 

  • FGD Systems in Thermal Power Plants
  • Air Pollution Control
  • Bulk Material Handling
  • Electrification & Infrastructure

Industrial Engineering Services (IES)

  • Design build services for projects
  • Production Plant expansions
  • Optimize bulk materials storage, loading & unloading capacity increases
  • Technical feasibility studies
  • Full range of Industrial automation & process control systems
  • Pipe and vessel stress analysis utilizing 3D modeling and finite element analysis.
  • Project coordination, planning, and implementation
  • Detailed engineering & 3D modeling

History and milestones

  • 2017: The company incorporated Wholly-owned Unlisted Material Subsidiary in USA named ‘Ducon Combustion Equipment Inc.’
  • 2019: The company secured FGD project order from Chloride Metals for their Greenfield lead metal recycling and refining project in Haldia.
  • 2019: Entered into strategic tie up with Sterling & Wilson, a flagship group company of Shapoorji Pallonji group, to jointly bid large size FGD tenders. 
  • 2022: set up a new business division, ‘Hydrofule’ in its wholly owned USA based subsidiary to carry out Research & Development work on building a large scale economical Green Hydrogen Electrolyzer.
  • 2024: Signed MoU with deltaVision to provide innovative fluid control solutions pertaining to rocket fuel propulsion systems and Hydrogen fuel delivery systems for the Indian market. 
  • 2025: The company commenced research and development (R&D) to design and pilot a next-generation solvent-based technology for carbon capture.
  • 2025: The company launched its cutting-edge artificial intelligence platform, IQ Energy AI, (www.iqenergy.ai) designed to globally help utilities and industries optimize power plant operations and maximize output efficiency.

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