NSE: GMDCLTD · BSE: 532181
GUJARAT MINERAL DEV CORP
Mines lignite, coal, limestone and rare earth elements across sites in Gujarat and Odisha, with mining contributing 92.1% of FY26 revenue and the power segment adding 7.9%. The mining segment earned Rs 607.5 crore in EBIT while the power segment ran a loss, holding back the company's reported EBITDA margin of 52.4%. The Surkha (N) lignite mine received environmental clearance to expand, and the Lakhpat-Punrajpur mine was approved for an integrated lignite and limestone operation. The Ambadungar Rare Earth deposit supports a push into critical minerals, with MoUs signed with NMDC and IREL to develop a rare earth value chain. Cost structure is dominated by other operating expenses at 76.3% of revenue and elevated capex, reflecting the asset-heavy nature of mining. Strategic partnerships with NTPC for coal gasification and GNFC for coal-to-chemicals signal intent to move into downstream processing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mining (92%), Power (8%). Cyclical, asset-heavy mining with a loss-making downstream power segment
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,732 | 3,501 | 2,463 | 2,851 | 2,653 |
| EBITDA (ex other income) | 679 | 1,348 | 626 | 639 | 966 |
| margin % | 24.8 | 38.5 | 25.4 | 22.4 | 36.4 |
| Owners' profit | 0 | 1,216 | 0 | 0 | 957 |
| EPS, as reported (₹) | 12.74 | 38.23 | 19.41 | 21.57 | 30.08 |
| ROE % · ROCE % | 8.5 · 13.4 | 21.0 · 25.8 | 10.1 · 12.0 | 10.7 · 12.4 | 13.5 · 15.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.02 | 0.04 |
| Cash from operations | (215) | 932 | 109 | 1,059 | 744 |
| Capex | (41) | (24) | (477) | (644) | (1,034) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 593 | 653 | 786 | 733 | 528 | 579 | 814 | 907 |
| Profit before tax | 182 | 180 | 285 | 224 | 630 | 179 | 235 | 227 |
| Net profit | 128 | 148 | 226 | 164 | 466 | 133 | 194 | 163 |
| EPS (₹) | 4.02 | 4.64 | 7.12 | 5.15 | 14.65 | 4.18 | 6.10 | 5.14 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mining | 2,508 | 92.1 |
| Power | 216 | 7.9 |
| Total, before eliminations | 2,723 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LLOYDS METALS N ENERGY L | 99,915 | 20.1 | 7.00 | 18.7 | 26.8 | 17.7 | 132.2 | 39.6 |
| NMDC LTD. | 60,663 | 8.1 | 1.78 | 6.2 | 21.9 | 28.0 | 15.8 | 41.4 |
| GUJARAT MINERAL DEV CORP ◆ | 13,941 | 14.6 | 1.97 | 10.2 | 13.5 | 15.5 | 14.7 | 29.5 |
| GRAVITA INDIA LIMITED | 9,919 | 25.0 | 4.03 | 20.6 | 15.4 | 17.2 | 24.8 | 10.7 |
| MOIL LIMITED | 4,438 | 69.9 | 1.64 | 9.9 | 0.3 | 0.4 | — | 35.6 |
| ASHAPURA MINECHEM LTD | 4,063 | 10.0 | 2.47 | 7.8 | 25.3 | 15.0 | 35.5 | 11.7 |
| ORISSA MIN DEV CO LTD | 1,983 | — | — | — | (0.7) | 0.5 | — | 52.8 |
| 20 MICRONS LTD | 668 | 9.9 | 1.37 | 5.7 | 13.7 | 16.9 | 14.6 | 13.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 14.6 | 5 of 9 | 50% |
| P/B | 2.0 | 1.8 | 8 of 13 | 42% |
| ROCE | 15.5 | 8.4 | 6 of 14 | 62% |
| ROE | 13.5 | 13.5 | 7 of 13 | 50% |
| Debt / Equity | 0.0 | 0.3 | 3 of 13 | 83% |
| EBITDA margin | 29.5 | 13.8 | 6 of 13 | 58% |
| Revenue growth | 23.8 | 19.2 | 5 of 13 | 67% |
| Profit growth | (0.2) | 9.8 | 10 of 14 | 31% |
| Market cap | 13941 | 1326 | 3 of 14 | 85% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Prof. Amit Karna appointed as Additional Independent Director | management changes | medium | — | — |
| 21 Oct 2026 · GMDC Pays Rs 223.55 Crore Dividend to Gujarat Government | compliance | low | — | — |
| 19 Oct 2026 · GMDC gets ESG rating of 58 from CRISIL, placed in Adequate category | business updates | medium | — | — |
| 14 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 14 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · GMDC 63rd AGM: All 5 resolutions passed, dividend for FY26 declared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · GMDC 63rd AGM held on 30 Sept 2026 - dividend of Rs 9.50 per share declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · GMDC appoints Ajay Bhadoo as new MD, replacing Roopwant Singh | management changes | high | — | — |
| 29 Sept 2026 · Trading Window Closed Until Q2 FY26 Results Declared | compliance | minimal | — | — |
| 18 Sept 2026 · GMDC assigned 'Leader' ESG rating with score of 69 | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.