Gujarat Mineral Development Corporation Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
GMDCLTD · price
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On the reaction day the stock moved 0.5 pts less than Nifty Smallcap 250 and 0.9 pts less than its Industrial Minerals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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GMDC reported Q3 FY26 standalone revenue from operations of ₹579.15 Cr, down about 11% from ₹653.41 Cr in Q3 FY25, and 9M FY26 revenue of ₹1,839.33 Cr versus ₹2,064.55 Cr last year, a decline of roughly 11%. Core profit before tax and exceptional items for 9M FY26 was ₹565.71 Cr, down about 8% from ₹612.47 Cr a year ago, while Q3 core PBT was nearly flat at ₹181.51 Cr. Reported 9M PAT after exceptional items jumped to ₹769.63 Cr from ₹462.47 Cr in 9M FY25 (which had no such gain), largely because the company booked a one-time exceptional gain of ₹474.43 Cr in Q2 FY26 from claiming accumulated GST input credit on lignite after the GST rate change effective September 22, 2025. EPS for 9M FY26 came in at ₹24.20 versus ₹14.54 last year. The auditor (Dhirubhai Shah & Co LLP) issued an unmodified limited review report but included an Emphasis of Matter paragraph drawing attention to this exceptional item.
The headline profit jump is flattering — underlying operations are actually weaker with revenue and core earnings both down year-on-year. Excluding the one-time GST credit of ₹474 Cr, 9M core PAT is lower than last year, so shareholders should not annualize this earnings beat. The GST credit is a genuine cash-friendly boost to the balance sheet, but the softer top-line trend is the more important signal for the stock.