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Gujarat Mineral Development Corporation Q2 FY27 results: net profit down 63.3% to ₹170.79 crore
Gujarat Mineral Development Corporation Limited reported Q2 FY27 consolidated revenue of ₹902.97 crore for the July–September 2026 quarter, up 71.2% from a year earlier, and a net profit of ₹170.79 crore. EBITDA rose to ₹190.22 crore and the margin widened to 21.1%, but profit after tax fell 63.3% because the year-ago quarter included an exceptional gain of ₹474.43 crore. Basic EPS was ₹5.37.
Key points
- Consolidated revenue was ₹902.97 crore in Q2 FY27, up 71.2% from ₹527.58 crore in Q2 FY26.
- EBITDA was ₹190.22 crore, up 173.9%, and the margin widened 7.9 percentage points to 21.1%.
- Net profit was ₹170.79 crore, down 63.3% from ₹465.75 crore, and basic EPS was ₹5.37.
- There was no exceptional item in Q2 FY27, against a gain of ₹474.43 crore in the year-ago quarter.
- On a standalone basis, revenue was ₹902.97 crore and profit after tax was ₹171.23 crore.
How did Gujarat Mineral Development Corporation perform in Q2 FY27?
Gujarat Mineral Development Corporation reported consolidated revenue from operations of ₹902.97 crore in Q2 FY27, up 71.2% from ₹527.58 crore in Q2 FY26. Total income was ₹986.78 crore, up 55.2%. EBITDA rose to ₹190.22 crore from ₹69.45 crore, an increase of 173.9%, and the EBITDA margin widened 7.9 percentage points to 21.1%.
Profit before tax fell to ₹234.60 crore from ₹629.70 crore, down 62.7%, while net profit was ₹170.79 crore, down 63.3%. Basic EPS was ₹5.37 against ₹14.65 in the year-ago quarter. The net profit margin fell 69.4 percentage points to 18.9%.
Against the previous quarter, revenue was nearly unchanged at ₹902.97 crore, down 0.4% from ₹906.64 crore in Q1 FY27, while EBITDA was ₹190.22 crore against ₹191.04 crore and the margin held at 21.1%. Profit before tax rose 3.2% to ₹234.60 crore, net profit rose 4.5% to ₹170.79 crore, and basic EPS rose to ₹5.37 from ₹5.14. On a standalone basis, revenue was ₹902.97 crore and profit after tax was ₹171.23 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 902.97 | 906.64 | 527.58 | +71.2% | −0.4% |
| Other income | 83.81 | 76.15 | 108.18 | −22.5% | +10.1% |
| Total expenses | 752.18 | 755.54 | 480.49 | +56.5% | −0.4% |
| EBITDA | 190.22 | 191.04 | 69.45 | +173.9% | −0.4% |
| EBITDA margin | 21.1% | 21.1% | 13.2% | +7.9 pp | +0.0 pp |
| Profit before tax | 234.60 | 227.25 | 629.70 | −62.7% | +3.2% |
| Tax | 63.37 | 64.24 | 163.59 | −61.3% | −1.4% |
| Net profit | 170.79 | 163.43 | 465.75 | −63.3% | +4.5% |
| EPS (₹) | 5.37 | 5.14 | 14.65 | −63.3% | +4.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Gujarat Mineral Development Corporation's costs and profit?
Total expenses rose 56.5% to ₹752.18 crore from ₹480.49 crore in Q2 FY26, with other expenses up 75.7% at ₹672.75 crore against ₹382.93 crore. Employee cost fell 46.0% to ₹40.94 crore from ₹75.75 crore, depreciation rose 50.7% to ₹32.83 crore from ₹21.79 crore, and finance costs rose to ₹6.60 crore from ₹0.57 crore. There was no cost of materials reported.
Other income fell 22.5% to ₹83.81 crore from ₹108.18 crore. There was no exceptional item in Q2 FY27, against a gain of ₹474.43 crore in Q2 FY26, and tax fell 61.3% to ₹63.37 crore from ₹163.59 crore. The filing does not state the reason for the change in other expenses or other income.
Against Q1 FY27, total expenses fell 0.4% to ₹752.18 crore from ₹755.54 crore. Other expenses rose 0.8% to ₹672.75 crore and other income rose 10.1% to ₹83.81 crore, while employee cost fell 3.1% to ₹40.94 crore and depreciation fell 1.5% to ₹32.83 crore. Tax was ₹63.37 crore against ₹64.24 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 40.94 | 75.75 | −34.81 | −46.0% |
| Finance costs | 6.60 | 0.57 | +6.03 | +1057.9% |
| Depreciation | 32.83 | 21.79 | +11.04 | +50.7% |
| Other expenses | 672.75 | 382.93 | +289.82 | +75.7% |
| Total expenses | 752.18 | 480.49 | +271.69 | +56.5% |
| Other income | 83.81 | 108.18 | −24.37 | −22.5% |
| Tax | 63.37 | 163.59 | −100.22 | −61.3% |
| Exceptional items | none | +474.43 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue from operations was ₹1,809.61 crore, up 43.6% from ₹1,260.18 crore in H1 FY26, and total income rose 36.2% to ₹1,969.57 crore from ₹1,446.06 crore.
Profit before tax fell 45.9% to ₹461.85 crore from ₹854.13 crore, and net profit fell 46.9% to ₹334.22 crore from ₹629.52 crore. EPS for the half year was ₹10.51 against ₹19.80 in the year-ago period. The board approved the standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026 on 30 October 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,810 | 1,260 | +43.6% |
| Profit before tax | 461.85 | 854.13 | −45.9% |
| Net profit | 334.22 | 629.52 | −46.9% |
| EPS (₹) | 10.51 | 19.80 | −46.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹9,109.77 crore as on 30 September 2026 against ₹8,982.98 crore as on 31 March 2026, while total equity was ₹7,094.61 crore against ₹7,072.74 crore. Borrowings rose to ₹333.80 crore from ₹308.55 crore, and cash and cash equivalents rose to ₹228.15 crore from ₹94.31 crore. Inventories were ₹95.30 crore against ₹96.14 crore, trade receivables ₹107.82 crore against ₹71.66 crore, and trade payables ₹235.93 crore against ₹258.73 crore.
In H1 FY27, operating cash flow was ₹671.88 crore against ₹257.43 crore in H1 FY26. Investing cash flow was negative ₹259.54 crore compared with negative ₹93.43 crore, financing cash flow was negative ₹278.50 crore compared with negative ₹170.42 crore, and capital expenditure was ₹295.92 crore against ₹331.45 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 9,110 | 8,983 |
| Total equity | 7,095 | 7,073 |
| Borrowings | 333.80 | 308.55 |
| Cash and equivalents | 228.15 | 94.31 |
| Inventories | 95.30 | 96.14 |
| Trade receivables | 107.82 | 71.66 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 671.88 | 257.43 |
| Cash from investing | −259.54 | −93.43 |
| Cash from financing | −278.50 | −170.42 |
| Capital expenditure | 295.92 | 331.45 |
Source: Company's results filing (XBRL).
How has Gujarat Mineral Development Corporation done over the last 8 quarters?
Revenue has risen year on year in each of the last three quarters, reaching ₹902.97 crore in Q2 FY27. Over the last eight quarters, revenue was lowest at ₹527.58 crore in Q2 FY26 and highest at ₹906.64 crore in Q1 FY27, with the latest quarter slightly lower at ₹902.97 crore.
Net profit was highest at ₹465.75 crore in Q2 FY26 and lowest at ₹133.06 crore in Q3 FY26. In the latest quarter, net profit was ₹170.79 crore, up from ₹163.43 crore in Q1 FY27. The EBITDA margin reached a low of 12.8% in Q4 FY26 and a high of 24.6% in Q4 FY25, and stood at 21.1% in Q2 FY27, unchanged from Q1 FY27.
Which businesses drove the quarter?
The Mining segment reported revenue of ₹809.90 crore in Q2 FY27, up 63.7% from ₹494.78 crore in the year-ago quarter, with EBIT of ₹194.26 crore against ₹108.59 crore and an EBIT margin of 24.0%.
The Power segment reported revenue of ₹135.97 crore, up 241.4% from ₹39.83 crore, with EBIT of ₹8.70 crore against a loss of ₹14.37 crore in Q2 FY26. The segment's EBIT margin was 6.4%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Mining | 809.90 | +63.7% | 194.26 | 24.0% |
| Power | 135.97 | +241.4% | 8.70 | 6.4% |
Source: Company's results filing (XBRL segment data).
How did Gujarat Mineral Development Corporation shares react?
The filing appeared in market hours on 30 October 2026. From the price when the results appeared, the stock was down 1.3% after 5 minutes, up 0.3% after 15 minutes and down 1.4% after 30 minutes. It closed the reaction session down 7.0% from its pre-results close of ₹438.90, and by the next day's close it was down 3.4% from that close. The base price when the filing appeared was ₹425.15.
Earlier results-day moves were mixed: the stock was up 0.1% on 31 July 2026, down 1.6% on 14 May 2026, down 0.5% on 13 February 2026, down 3.8% on 14 November 2025, down 5.8% on 25 July 2025, up 3.3% on 15 May 2025, up 2.0% on 31 January 2025 and up 6.8% on 22 October 2024.
| After the filing | Stock | Industrial Minerals median |
|---|---|---|
| 5 minutes | −1.3% | |
| 15 minutes | +0.3% | |
| 30 minutes | −1.4% | |
| Reaction day | −7.0% | −2.1% |
| Next day | −3.4% | +0.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 31 July 2026 | +0.1% |
| 14 May 2026 | −1.6% |
| 13 February 2026 | −0.5% |
| 14 November 2025 | −3.8% |
| 25 July 2025 | −5.8% |
| 15 May 2025 | +3.3% |
| 31 January 2025 | +2.0% |
| 22 October 2024 | +6.8% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Gujarat Mineral Development Corporation's revenue in Q2 FY27?
Revenue from operations was ₹902.97 crore, up 71.2% from ₹527.58 crore in Q2 FY26 (consolidated).
Did Gujarat Mineral Development Corporation make a profit in Q2 FY27?
Yes. Net profit was ₹170.79 crore, against a net profit of ₹465.75 crore in Q2 FY26.
What was Gujarat Mineral Development Corporation's EPS in Q2 FY27?
Basic earnings per share were ₹5.37, against ₹14.65 in Q2 FY26.
How did Gujarat Mineral Development Corporation shares react to the Q2 FY27 results?
On the reaction day the stock moved −7.0% from the previous close; the median Industrial Minerals stock moved −2.1%.
When did Gujarat Mineral Development Corporation announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Unaudited Quarterly Financial Results (Standalone And Consolidated) For Quarter / Half Year Ended On 30Th September, 2026 (BSE, 14 October 2026) · PDF
- Outcome of Board Meeting (NSE, 30 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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