Ducon Infratechnologies Ltd — Q3 FY26
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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered5Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
Medium priority
Details on 5 cr investment disclosure
Asked by Udit Gupta, NGA Stop
CFO named the company and explained the background of the investment.
Read the exchange
Question
So my first question is regarding the 5 cr investment disclosure the company has given. So uh could you please explain uh in which uh company this investment has been made.
Harish (CFO)
this particular investment was made in a company called Gpati Indra. Basically uh you know uh you would be aware this uh Dukon is a uh you know resultful company of a demo chain uh which has happened in 2018.
Evasive
Medium priority
Revenue breakup between FGD and material handling
Asked by Udit Gupta, NGA Stop
Management declined to provide a percentage split, citing it's all part of infrastructure group.
refused to provide breakdownno number given
Read the exchange
Question
my next question uh is regarding the revenue breakup from FGD systems and bi material handling. Can you please give a like a percentage split because you have reported it in uh like industrial EPCs but you generally in your investor presentations...
Harish (CFO)
we we don't really give a breakdown as per se because it's all part of the infrastructure group uh because they do require a lot of turnkey work both type of projects material handling and all that.
Declined
High priority
Current order book estimation
Asked by Udit Gupta, NGA Stop
Management explicitly refused to disclose order book, citing company policy.
refused to disclosecompany policy
Read the exchange
Question
just the last question uh can you um just give a like estimation of the current audio book of the company?
Harish (CFO)
That is also we have never talked about that. uh we don't uh release that information. Uh we have never done that um as a company policy.
Answered
High priority
Status of carbon capture R&D: lab or pilot?
Asked by RV Malotra, individual investor
Management clearly stated lab validation done and pilot testing ongoing.
Read the exchange
Question
on carbon capture R&D, have we completed lab validation or are we already at pilot stage testing?
Harish (CFO)
we have done lab validation and we are right now currently doing pilot testing.
Answered
High priority
Solvent technology developed inhouse or via collaboration?
Asked by RV Malotra, individual investor
Management confirmed inhouse development with a research lab, no external collaboration.
Read the exchange
Question
are we developing the solvent technology inhouse or through external technical collaboration?
Harish (CFO)
this is something that we are doing ourselves. Uh we are working with a research lab where we are conducting this research. So this is this would be our own technology. We are not collaborating with anybody.
Evasive
High priority
Timeline for CCUS revenue contribution
Asked by RV Malotra, individual investor
Management avoided giving a concrete timeline for revenue contribution.
no specific timeline givendeferred to future
Read the exchange
Question
realistically when can this vertical start contributing to revenue like FI27 or later?
Harish (CFO)
we hope that it happens soon but it's difficult to I I cannot give uh a specific uh timeline but uh we are moving in that direction...
Evasive
Medium priority
Revenue split: carry forward vs fresh orders
Asked by Faraj Sha, Shra Infra tower
Management did not provide a quantitative split, only a general description.
no specific numbers givenvague explanation
Read the exchange
Question
9 month revenue stands at 321 crores. Uh how much of this uh was from carry forward orders like versus from uh fresh executions?
Harish (CFO)
Well see our projects run very long cycles you know they can be two years three years projects... So some of it could be a small portion from new orders and different another bigger portion from existing orders.
Evasive
Medium priority
Execution delays in Q3 shifting to Q4
Asked by Faraj Sha, Shra Infra tower
Management acknowledged delays but refused to quantify or specify impact.
no quantificationgeneralized answer
Read the exchange
Question
have we seen any execution delays in Q3 that could uh shift into Q4?
Harish (CFO)
Oh yes. So there are always uh you know each project depends on a client... So there are many factors such as that uh you know it's it's very difficult to uh quantify in a you know it's not like a single project or something like that.
Partial answer
High priority
Reason for Q3 EBITDA margin of 6.19%
Asked by Anojak, Oakland Capital Management LLP
Management confirmed project mix impact but did not elaborate on specific factors.
no detailed breakdownattributed to project mix without specifics
Read the exchange
Question
your Q3 beta margin uh was 6.19%. So was there was this due to any specific uh kind of project mix?
Harish (CFO)
Yes, you're absolutely right. It all depends on u some projects uh mix also.
Answered
Medium priority
Fixed vs variable cost structure at scale
Asked by Anojak, Oakland Capital Management LLP
Management explained that fixed costs are low and scale improves margins.
Read the exchange
Question
if you could just uh elaborate on your fix to versus variable cost at revenue scale uh it would be helpful.
Harish (CFO)
in our business our fixed cost is variable cost is basically for the project and the direct cost for that project... So if our revenue grows then our bottom line will increase also because we won't need that much many same engineers...
Answered
High priority
Any low-margin legacy contracts weighing on margins?
Asked by Anojak, Oakland Capital Management LLP
Management clearly denied any current low-margin legacy contracts.
Read the exchange
Question
are we executing any low margin uh legacy contracts uh which are which could be weighing on the blended margins?
Harish (CFO)
Uh no, we we used to do uh some of those projects in the past but as of right now we are not doing any such projects.
Partial answer
High priority
IP ownership of CCS technology and royalties
Asked by Singhar Raju Ram, Omriti Holdings
Management denied royalties but did not clarify IP ownership, saying 'I'm not sure'.
IP ownership not clarifiedroyalty question answered but IP ownership deferred
Read the exchange
Question
does the Indian entity own the IP for the CCU solvents or does the patents belong to the US parent and also any royalties involved that we are paying sir?
Harish (CFO)
No we are not paying any royalty to anyone. There is no royalty being paid.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| 9-month revenue stands at 321 crores | ₹321 cr | ₹94.31 cr | Overstated vs filing |
| Q3 EBITDA margin was 6.19% | 6.19% | 6.19% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.