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Revenue
₹94.31 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹5.84 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Ducon Infratechnologies reported Q3 FY26 total income of ₹94.31 crore with EBITDA of ₹5.84 crore (6.19% margin) and net profit of ₹2.31 crore. The company is positioning itself at the intersection of environmental engineering, clean energy, and digital optimization, with early investments in carbon capture R&D and the launch of an AI-driven energy platform. Management highlighted structural tailwinds from tightening emission norms, industrial capex, and the government's ₹20,000 crore CCUS allocation. However, margins remain modest due to project mix and timing, and the company does not disclose order book or revenue breakdown. Key risks include execution delays in long-cycle EPC projects and the nascent stage of CCUS and AI platforms, which have yet to contribute revenue. The company aims to improve margins through scale and better project selection, but near-term visibility remains limited.
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Guidance to track
- The company is currently conducting pilot testing of its solvent-based carbon capture technology and is designing a small industrial-size demonstration unit with a client.
- The AI-IQ Energy AI platform is being tested with existing clients and is expected to be fully launched for customer solicitation in the next few months.
- Management stated they have already reduced debt and plan to continue reducing it in the future.
Risks flagged
- Management acknowledged that project execution can be delayed due to client readiness, civil work by others, and interface with other equipment, impacting quarterly revenue recognition.
- An analyst raised concerns about low promoter holding (38%) and negative operating cash flows. Management defended the holding level and attributed cash flow issues to milestone-based payments.
- Both the carbon capture and AI platform initiatives are in early stages (pilot/testing) with no revenue contribution yet, and management declined to provide a timeline for commercialization.
- An analyst noted that larger companies have indicated a reduction in FGD business due to regulatory relaxations. Management argued FGD is here to stay, but the risk remains.
Key quotes
- We have done lab validation and we are right now currently doing pilot testing.
- We are not paying any royalty to anyone. There is no royalty being paid.
- We are getting into a lot of new areas which we are very excited about and confident.
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