Swarnagiri produces 224 kg in H1, targets 400 kg in FY27

Thriveni Lloyds Swarnagiri Private Limited, referred to as Swarnagiri, produced approximately 224 kg of gold in H1 FY27 ended September 30, 2026, including approximately 135 kg in Q2 FY27, and is targeting approximately 400 kg for FY27. The Andhra Pradesh project had reached about 56% of its stated full-year production target by the half-year point.

How much gold did Swarnagiri produce in H1 FY27?

Swarnagiri produced approximately 224 kg of gold in H1 FY27, of which approximately 135 kg was produced in Q2 FY27. The production was reported for the Swarnagiri Gold Project in Andhra Pradesh, where Deccan Gold Mines Limited holds a 26% stake. The company described the output increase as continued operational scale-up at the project.

The H1 and Q2 disclosures imply that Swarnagiri produced approximately 89 kg in Q1 FY27. On that basis, Q2 production was approximately 46 kg higher than the implied Q1 level, an increase of about 52%. The filing provides no monthly production figures, processing capacity, ore grade or recovery data to identify the operating factors behind this quarter-on-quarter movement.

The disclosed 135 kg in Q2 FY27 accounted for about three-fifths of the 224 kg H1 FY27 total. The FY27 target is an approximately 400 kg objective rather than a quarterly schedule, so the announcement does not state how production is expected to be split between Q3 FY27 and Q4 FY27.

What does Swarnagiri need to meet its FY27 target?

Swarnagiri needs approximately 176 kg of additional production in H2 FY27 to reach its approximately 400 kg FY27 target. That remaining volume represents about 44% of the full-year target after the 224 kg reported by September 30, 2026. The target is linked in the filing to the continued scale-up of operations at the Andhra Pradesh gold project.

If output were evenly divided between the two remaining quarters, Swarnagiri would need approximately 88 kg in each of Q3 FY27 and Q4 FY27. That is below the approximately 135 kg reported in Q2 FY27, but the filing does not provide planned throughput, mine development details, quarterly output guidance or refining schedules for H2 FY27.

The increase from the implied approximately 89 kg in Q1 FY27 to approximately 135 kg in Q2 FY27 shows that reported quarterly output rose during the first half. However, the additional approximately 176 kg needed for the full-year target is future production, not reported output, and depends on the operational scale-up cited by the company.

How profitable was Swarnagiri in H1 FY27?

Swarnagiri reported approximately Rs 161 crore of revenue from operations, Rs 79.13 crore of profit after tax and an approximately 70% earnings before interest, tax, depreciation and amortisation, or EBITDA, margin in H1 FY27. These results relate to the associate's operating update, rather than Deccan Gold's standalone financial results.

Profit after tax of Rs 79.13 crore was close to half of the Rs 161 crore revenue figure on a simple comparison, while the reported EBITDA margin was approximately 70%. Profit after tax and EBITDA are different measures, and the filing does not disclose Swarnagiri's EBITDA amount, depreciation, finance costs, tax expense or a comparable H1 FY26 margin.

Swarnagiri also reported closing gold inventory valued at approximately Rs 134 crore as of September 30, 2026. The company said this inventory base would support subsequent refining and sales activities. The announcement does not disclose the inventory's weight, expected sale date, average realised gold price or whether all of the inventory was produced during H1 FY27.

How does Swarnagiri affect Deccan Gold's results?

Swarnagiri contributed approximately Rs 20.57 crore to Deccan Gold's share of associate profit in H1 FY27, based on the associate operating update. Deccan Gold holds a 26% stake in Swarnagiri, which is the mechanism through which the associate's reported profits affect the parent company's accounts.

Deccan Gold's share of Swarnagiri profit rose from approximately Rs 6.66 crore in Q1 FY27 to approximately Rs 13.91 crore in Q2 FY27, an increase of approximately Rs 7.25 crore. The Q2 associate-profit contribution more than doubled alongside the reported 135 kg of Q2 gold production. The filing does not provide a reconciliation from production volumes to revenue, profit after tax and Deccan Gold's equity-accounted share.

At the parent level, Deccan Gold reported standalone total income of Rs 17.24 crore and net profit of Rs 6.51 crore in Q2 FY27, compared with Rs 11.44 crore and Rs 1.18 crore respectively in Q1 FY27. Its H1 FY27 standalone total income was Rs 28.68 crore and net profit was Rs 7.69 crore. Those results are distinct from Swarnagiri's Rs 161 crore of H1 revenue.

On a consolidated basis, Deccan Gold reported a net loss of Rs 0.55 crore in Q2 FY27, narrowed from a Rs 8.73 crore loss in Q1 FY27, alongside the increase in share of associate profits. For H1 FY27, consolidated total income was Rs 3.04 crore and the net loss was Rs 9.28 crore. Therefore, the larger associate contribution did not result in a consolidated profit for the half year.

Conclusion

Swarnagiri's approximately 224 kg of H1 FY27 gold production, including 135 kg in Q2 FY27, indicates a reported increase from the implied 89 kg in Q1. The project paired its production with approximately Rs 161 crore of H1 revenue, Rs 79.13 crore of profit after tax and an approximately 70% EBITDA margin, while Deccan Gold's share of associate profit reached approximately Rs 20.57 crore for the half year.

The next disclosed operating measure is the approximately 400 kg FY27 production target, which requires approximately 176 kg after September 30, 2026. Investors can also watch refining and sales activity associated with the approximately Rs 134 crore closing gold inventory, since the filing provides no quarterly H2 production plan, inventory weight or sales timetable.