Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹15507 Cr.
Stock P/E
16.2
P/B
2.1
Current Price
₹487.7
Book Value
₹ 227.5
Face Value
2
52W High
₹771.5
52W Low
₹ 464.5
Dividend Yield
1.95%

GMDC Overview

Business

Gujarat Mineral Development Corporation Ltd. (GMDC) is a leading public sector undertaking (PSU) involved in the exploration, mining, and processing of various industrial minerals in India, primarily in the state of Gujarat. Its core business model revolves around extracting minerals like lignite, bauxite, fluorspar, and silica sand from its allocated mining blocks. GMDC generates revenue by selling these raw materials to various industries, including power generation, cement, ceramics, chemicals, and glass. The company also operates lignite-based thermal power plants, generating and selling electricity.

Revenue Mix

GMDC's primary revenue driver is Lignite mining and sales, which supplies fuel to power plants and other industrial users. Other significant mineral segments include Bauxite mining (used in aluminum production and other industries), Fluorspar mining and beneficiation (used in chemical, aluminum, and steel industries), and Silica Sand/Clay mining. Additionally, the company has a Power Generation segment through its lignite-based thermal power plants. While specific revenue contributions fluctuate, lignite and power generation typically form the largest portion of its revenue.

Industry

GMDC operates within the Indian Mining & Minerals industry, which is characterized by significant government regulation, environmental considerations, and capital intensiveness. The industry has a mix of public sector undertakings (PSUs) and private players. GMDC holds a strong position as a major player in lignite mining within Gujarat, benefiting from its state-owned status which often provides preferential access to mining leases and government support. It also holds a significant position in fluorspar and bauxite production within the state. Competition comes from other regional and national mining companies, as well as private sector players increasingly entering the mining space.

MOAT

GMDC's primary competitive advantages stem from:

State Ownership & Support: As a Gujarat state PSU, it enjoys preferential allocation of mining leases, regulatory facilitation, and implicit government backing, which acts as a significant barrier to entry for private entities.

Resource Endowment: Control over substantial reserves of critical minerals like lignite, bauxite, and fluorspar within Gujarat.

Established Infrastructure: Long-standing operational history with established mining infrastructure and supply chains.

Growth Drivers

Industrialization & Infrastructure Demand: India's continued industrial growth, particularly in Gujarat, and sustained infrastructure development will drive demand for raw materials like lignite (for power), bauxite (for construction/aluminum), and silica sand.

New Mining Leases & Capacity Expansion: Securing new mining blocks and expanding the capacity of existing mines will directly translate to higher production volumes.

Power Sector Growth: Demand for power, especially industrial power, supports the continued operation and potential expansion of its lignite-based power generation assets.

Diversification: Potential for exploring and mining other high-demand minerals or value-added products.

Risks

Regulatory & Environmental Risks: Stringent and evolving environmental regulations, delays in obtaining clearances for new projects, and land acquisition challenges can impact operations and expansion plans.

Commodity Price Volatility: Prices for minerals like bauxite and fluorspar are subject to global commodity market fluctuations, impacting profitability.

Policy Changes: Government policies related to mining, mineral allocation, and power generation can significantly affect GMDC's business model and profitability.

Operational Risks: Geological uncertainties, equipment failures, labor disputes, and adverse weather conditions (e.g., heavy monsoons) can disrupt mining operations.

Long-term Demand Shift: The global push towards renewable energy could pose a long-term risk to demand for lignite, its primary product.

Management & Ownership

GMDC is majority-owned by the Government of Gujarat, which acts as its promoter. The company's board typically comprises officials appointed by the state government, including senior bureaucrats (e.g., IAS officers) and experienced professionals from the public sector. Management decisions are often guided by government policies, directives, and the broader developmental objectives of the state of Gujarat.

Outlook

GMDC holds a strategic position in Gujarat's industrial landscape due to its control over key mineral resources and state government backing. This provides a stable base for operations and preferential opportunities for growth within its home state. Demand for its core minerals is likely to remain robust in the medium term, driven by India's industrial and infrastructure development. However, the company operates in a highly regulated and capital-intensive sector, facing inherent risks from environmental scrutiny, potential policy shifts, and commodity price volatility. Long-term outlook also needs to consider the global energy transition away from fossil fuels, which could impact its lignite business. Its future growth will depend on its ability to efficiently expand existing operations, secure new resource blocks, and adapt to evolving market and regulatory dynamics while maintaining operational efficiency.

GMDC Share Price

Live · BSE / NSE · Inception: 1963
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

GMDC Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 750 818 593 653 786 733 528 579 814 907
Other Income 72 60 62 115 118 78 108 101 155 76
Total Income 822 878 655 768 904 810 636 680 969 983
Total Expenditure 562 607 452 561 593 563 458 478 710 716
Operating Profit 260 271 204 207 312 247 178 202 259 267
Interest 1 1 1 1 0 1 1 1 5 7
Depreciation 22 21 21 26 27 22 22 22 49 33
Exceptional Income / Expenses 0 0 0 0 0 0 474 0 30 0
Profit Before Tax 237 249 182 180 285 224 630 179 235 227
Provision for Tax 50 65 53 32 59 61 164 46 41 64
Profit After Tax 187 184 129 148 226 164 466 133 194 163
Adjustments 0 -0 -1 -0 0 -0 -0 0 -0 0
Profit After Adjustments 187 184 128 148 226 164 466 133 194 163
Adjusted Earnings Per Share 5.9 5.8 4 4.6 7.1 5.2 14.6 4.2 6.1 5.1

GMDC Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1179 1537 2051 1880 1449 1329 2732 3498 2463 2851 2653 2828
Other Income 155 181 121 144 171 153 156 394 270 349 424 440
Total Income 1334 1718 2172 2024 1620 1482 2889 3891 2733 3199 3077 3268
Total Expenditure 890 1118 1502 1324 1324 1335 2011 2161 1853 2212 2210 2362
Operating Profit 444 600 671 701 296 147 877 1730 880 987 868 906
Interest 1 1 2 2 2 2 3 2 3 2 7 14
Depreciation 131 151 119 96 92 94 98 81 80 95 115 126
Exceptional Income / Expenses 0 0 0 -214 0 -397 0 0 0 0 523 504
Profit Before Tax 312 447 550 388 203 -346 776 1649 798 889 1268 1271
Provision for Tax 94 122 122 169 58 -308 332 445 201 209 311 315
Profit After Tax 218 326 428 220 145 -38 444 1204 597 680 957 956
Adjustments 1 -0 -81 0 2 3 1 0 0 0 0 0
Profit After Adjustments 219 325 347 220 146 -36 446 1204 597 680 957 956
Adjusted Earnings Per Share 6.9 10.2 10.9 6.9 4.6 -1.1 14 37.9 18.8 21.4 30.1 30

GMDC Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 3696 4001 4351 4317 4096 4067 4822 5785 6100 6442 7073
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 117 279
Other Non-Current Liabilities 588 676 627 643 664 496 638 639 700 657 851
Total Current Liabilities 418 437 412 246 297 350 422 527 567 534 780
Total Liabilities 4702 5114 5390 5207 5058 4913 5882 6951 7367 7749 8983
Fixed Assets 1719 1956 2054 2040 1968 1495 1422 1368 1465 1519 1980
Other Non-Current Assets 1357 1717 1869 1663 1625 1751 2803 3551 3292 3743 3770
Total Current Assets 1626 1441 1467 1504 1465 1666 1657 2033 2609 2487 3232
Total Assets 4702 5114 5390 5207 5058 4913 5882 6951 7367 7749 8983

GMDC Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 41 64 51 56 87 95 241 43 51 51 119
Cash Flow from Operating Activities 204 452 241 142 1 147 481 933 110 1066 744
Cash Flow from Investing Activities -67 -350 -138 23 84 87 -674 -787 254 -814 -613
Cash Flow from Financing Activities -115 -115 -97 -134 -77 -63 -7 -137 -365 -183 -154
Net Cash Inflow / Outflow 22 -13 6 31 8 170 -199 8 -0 68 -23
Closing Cash & Cash Equivalent 64 51 58 87 95 266 43 51 51 119 94

GMDC Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 6.89 10.22 10.9 6.91 4.61 -1.12 14.02 37.88 18.78 21.38 30.08
CEPS(Rs) 10.98 14.99 17.19 9.93 7.42 1.75 17.06 40.43 21.29 24.38 33.69
DPS(Rs) 3 3 3.5 2 2 0.2 4.3 11.45 9.55 10.1 9.5
Book NAV/Share(Rs) 116.24 125.8 136.83 135.76 128.81 127.89 151.62 181.92 191.82 202.56 222.41
Core EBITDA Margin(%) 23.55 26.29 26.43 29.47 8.23 -0.46 26.34 38.15 24.7 22.36 16.64
EBIT Margin(%) 25.53 28.18 26.54 20.67 13.41 -25.56 28.48 47.14 32.47 31.19 47.81
Pre Tax Margin(%) 25.45 28.1 26.46 20.57 13.29 -25.71 28.36 47.07 32.35 31.11 47.54
PAT Margin (%) 17.81 20.45 20.57 11.64 9.47 -2.85 16.24 34.38 24.21 23.8 35.88
Cash Profit Margin (%) 28.47 29.96 26.3 16.74 15.47 4.15 19.82 36.7 27.44 27.14 40.18
ROA(%) 4.52 6.63 8.14 4.15 2.82 -0.77 8.23 18.77 8.34 8.99 11.44
ROE(%) 6.29 8.46 10.24 5.07 3.44 -0.94 10 22.71 10.05 10.84 14.16
ROCE(%) 8.22 11.66 13.21 9 4.87 -8.43 17.54 31.14 13.48 14.07 18.28
Receivable days 26.62 24.82 20.22 25.01 34.32 38.62 23.35 20.33 21.2 11.9 10.72
Inventory Days 14.25 12.88 12.4 16.5 23.11 26.26 12.56 10.25 15.79 12.64 12.83
Payable days 5763.89 -1098.81 0 -6342.99 0 0 0 -7359.6 0 9547.16 0
PER(x) 9.49 12.01 11.31 11.79 6.82 0 13.54 3.34 18.31 12.41 18.81
Price/Book(x) 0.56 0.98 0.9 0.6 0.24 0.43 1.25 0.7 1.79 1.31 2.54
Dividend Yield(%) 4.59 2.44 2.84 2.45 6.37 0.36 2.26 9.05 2.78 3.81 1.68
EV/Net Sales(x) 1.71 2.51 1.88 1.33 0.62 1.12 2.18 1.12 4.23 2.81 6.69
EV/Core EBITDA(x) 4.54 6.42 5.76 3.57 3.04 10.17 6.78 2.27 11.86 8.11 20.47
Net Sales Growth(%) -18.1 30.37 33.47 -8.35 -22.9 -8.29 105.58 28.03 -29.59 15.75 -6.93
EBIT Growth(%) -51.03 43.29 22.94 -29.28 -47.52 -268.06 326.57 111.88 -51.5 11.22 43.1
PAT Growth(%) -56.41 49.09 31.34 -48.62 -34.23 -126.58 1256.92 171.02 -50.4 13.81 40.72
EPS Growth(%) -56.27 48.4 6.65 -36.59 -33.36 -124.42 1346.63 170.11 -50.4 13.81 40.72
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0.02 0.04
Current Ratio(x) 3.89 3.3 3.56 6.11 4.93 4.76 3.92 3.85 4.6 4.66 4.14
Quick Ratio(x) 3.78 3.14 3.39 5.71 4.61 4.48 3.71 3.65 4.41 4.49 4.02
Interest Cover(x) 295.7 337.39 338.53 213.36 108.8 -175.15 236.39 692.52 273.4 408.67 178.55
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0.01 0.02

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -7% -9% +15% +8%
Operating Profit CAGR -12% -21% +43% +7%
PAT CAGR +41% -7% — +16%
Share Price CAGR -21% +14% +45% +19%
ROE Average +14% +12% +14% +9%
ROCE Average +18% +15% +19% +12%

GMDC Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 74 %
FII 3.65 %
DII (MF + Insurance) 0.82 %
Public (retail) 21.53 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 74747474747474747474
FII 1.821.591.681.942.152.253.322.293.753.65
DII 0.741.050.780.740.760.790.760.860.940.82
Public 23.4423.3623.5423.3223.0922.9621.9222.8421.3121.53
Others 0000000000
Total 100100100100100100100100100100

GMDC Peer Comparison

Mining & Minerals Edit Columns

GMDC Quarterly Price

10-year quarterly close · BSE
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News & Updates

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GMDC Pros & Cons

Pros

  • Debtor days have improved from 9547.16 to 0days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 12% over the last 3 years.
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