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GMDC Overview

Gujarat Mineral Development Corporation Ltd is an totally India-based holding organization. The Company operates thru two segments: Mining and Power. The Company's projects comprises Lignite, Bauxite, Fluorspar, Multi-Metal, Manganese, Power, Wind and Solar. The Company operates five lignite mines, particularly, Mata-No-Madh, Rajpardi, Tadkeshwar, Bhavnagar and Umarsar Lignite Mines. It has bauxite mining operations at its Mewasa Bauxite Mines in Devbhoomi Dwarka, district of Gujarat. The Company's Fluorspar undertaking is placed at Kadipani, d...Read More

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GMDC Key Financials

Market Cap ₹23433 Cr.

Stock P/E 34.2

P/B 3.4

Current Price ₹736.9

Book Value ₹ 215.6

Face Value 2

52W High ₹771.5

Dividend Yield 1.37%

52W Low ₹ 289

GMDC Share Price

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Volume
Price

GMDC Quarterly Price

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GMDC Peer Comparison

GMDC Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 383 564 750 818 593 653 786 733 528 579
Other Income 77 60 72 60 62 115 118 78 108 101
Total Income 460 625 822 878 655 768 904 810 636 680
Total Expenditure 330 443 562 607 452 561 593 563 458 478
Operating Profit 130 181 260 271 204 207 312 247 178 202
Interest 1 1 1 1 1 1 0 1 1 1
Depreciation 18 20 22 21 21 26 27 22 22 22
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 474 0
Profit Before Tax 111 161 237 249 182 180 285 224 630 179
Provision for Tax 35 44 50 65 53 32 59 61 164 46
Profit After Tax 76 117 187 184 129 148 226 164 466 133
Adjustments -2 -1 0 -0 -1 -0 0 -0 -0 0
Profit After Adjustments 75 117 187 184 128 148 226 164 466 133
Adjusted Earnings Per Share 2.3 3.7 5.9 5.8 4 4.6 7.1 5.2 14.6 4.2

GMDC Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1439 1179 1537 2051 1880 1449 1329 2732 3498 2463 2851 2626
Other Income 146 155 181 121 144 171 153 156 394 270 355 405
Total Income 1586 1334 1718 2172 2024 1620 1482 2889 3891 2733 3206 3030
Total Expenditure 917 890 1118 1502 1324 1324 1335 2011 2161 1853 2212 2092
Operating Profit 668 444 600 671 701 296 147 877 1730 880 993 939
Interest 2 1 1 2 2 2 2 3 2 3 2 3
Depreciation 138 131 151 119 96 92 94 98 81 80 95 93
Exceptional Income / Expenses 109 0 0 0 -214 0 -397 0 0 0 0 474
Profit Before Tax 637 312 447 550 388 203 -346 776 1649 798 895 1318
Provision for Tax 136 94 122 122 169 58 -308 332 445 201 209 330
Profit After Tax 501 218 326 428 220 145 -38 444 1204 597 686 989
Adjustments 0 1 -0 -81 0 2 3 1 0 0 0 0
Profit After Adjustments 501 219 325 347 220 146 -36 446 1204 597 686 989
Adjusted Earnings Per Share 15.8 6.9 10.2 10.9 6.9 4.6 -1.1 14 37.9 18.8 21.6 31.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 16% 1% 14% 7%
Operating Profit CAGR 13% 4% 27% 4%
PAT CAGR 15% 16% 36% 3%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 130% 77% 69% 28%
ROE Average 11% 15% 11% 9%
ROCE Average 14% 20% 14% 12%

GMDC Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 3243 3696 4001 4351 4317 4096 4067 4822 5785 6100 6412
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 669 0 0 0 0 0 0 0 0 0 117
Other Non-Current Liabilities 693 588 676 627 643 664 496 638 639 700 694
Total Current Liabilities 355 418 437 412 246 297 350 422 527 567 528
Total Liabilities 4960 4702 5114 5390 5207 5058 4913 5882 6951 7367 7750
Fixed Assets 1771 1719 1956 2054 2040 1968 1495 1422 1368 1465 1519
Other Non-Current Assets 1884 1357 1717 1869 1663 1625 1751 2803 3551 3292 3743
Total Current Assets 1304 1626 1441 1467 1504 1465 1666 1657 2033 2609 2488
Total Assets 4960 4702 5114 5390 5207 5058 4913 5882 6951 7367 7750

GMDC Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 42 41 64 51 56 87 95 241 43 51 51
Cash Flow from Operating Activities 101 204 452 241 142 1 147 481 933 110 1059
Cash Flow from Investing Activities -13 -67 -350 -138 23 84 87 -674 -787 254 -808
Cash Flow from Financing Activities -111 -115 -115 -97 -134 -77 -63 -7 -137 -365 -183
Net Cash Inflow / Outflow -23 22 -13 6 31 8 170 -199 8 -0 68
Closing Cash & Cash Equivalent 19 64 51 58 87 95 266 43 51 51 119

GMDC Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 15.75 6.89 10.22 10.9 6.91 4.61 -1.12 14.02 37.88 18.78 21.57
CEPS(Rs) 20.1 10.98 14.99 17.19 9.93 7.42 1.75 17.06 40.43 21.29 24.56
DPS(Rs) 3 3 3 3.5 2 2 0.2 4.3 11.45 9.55 10.1
Book NAV/Share(Rs) 101.96 116.24 125.8 136.83 135.76 128.81 127.89 151.62 181.92 191.82 201.63
Core EBITDA Margin(%) 34.97 23.55 26.29 26.43 29.47 8.23 -0.46 26.34 38.15 24.7 22.36
EBIT Margin(%) 42.8 25.53 28.18 26.54 20.67 13.41 -25.56 28.48 47.14 32.47 31.4
Pre Tax Margin(%) 42.65 25.45 28.1 26.46 20.57 13.29 -25.71 28.36 47.07 32.35 31.32
PAT Margin (%) 33.54 17.81 20.45 20.57 11.64 9.47 -2.85 16.24 34.38 24.21 24.01
Cash Profit Margin (%) 42.8 28.47 29.96 26.3 16.74 15.47 4.15 19.82 36.7 27.44 27.35
ROA(%) 11.25 4.52 6.63 8.14 4.15 2.82 -0.77 8.23 18.77 8.34 9.07
ROE(%) 16.41 6.29 8.46 10.24 5.07 3.44 -0.94 10 22.71 10.05 10.96
ROCE(%) 18.85 8.22 11.66 13.21 9 4.87 -8.43 17.54 31.14 13.48 14.2
Receivable days 16.28 26.62 24.82 20.22 25.01 34.32 38.62 23.35 20.33 21.2 11.9
Inventory Days 12.14 14.25 12.88 12.4 16.5 23.11 26.26 12.56 10.25 15.79 12.64
Payable days 0 5763.89 -1098.81 0 -6342.99 0 0 0 -7359.6 0 7298.32
PER(x) 7.12 9.49 12.01 11.31 11.79 6.82 0 13.54 3.34 18.31 12.3
Price/Book(x) 1.1 0.56 0.98 0.9 0.6 0.24 0.43 1.25 0.7 1.79 1.32
Dividend Yield(%) 2.67 4.59 2.44 2.84 2.45 6.37 0.36 2.26 9.05 2.78 3.81
EV/Net Sales(x) 2.94 1.71 2.51 1.88 1.33 0.62 1.12 2.18 1.12 4.23 2.8
EV/Core EBITDA(x) 6.33 4.54 6.42 5.76 3.57 3.04 10.17 6.78 2.27 11.86 8.03
Net Sales Growth(%) 11.6 -18.1 30.37 33.47 -8.35 -22.9 -8.29 105.58 28.03 -29.59 15.75
EBIT Growth(%) 1.53 -51.03 43.29 22.94 -29.28 -47.52 -268.06 326.57 111.88 -51.5 11.96
PAT Growth(%) 14.08 -56.41 49.09 31.34 -48.62 -34.23 -126.58 1256.92 171.02 -50.4 14.8
EPS Growth(%) 14.08 -56.27 48.4 6.65 -36.59 -33.36 -124.42 1346.63 170.11 -50.4 14.8
Debt/Equity(x) 0.21 0 0 0 0 0 0 0 0 0 0.02
Current Ratio(x) 3.67 3.89 3.3 3.56 6.11 4.93 4.76 3.92 3.85 4.6 4.71
Quick Ratio(x) 3.53 3.78 3.14 3.39 5.71 4.61 4.48 3.71 3.65 4.41 4.54
Interest Cover(x) 270.77 295.7 337.39 338.53 213.36 108.8 -175.15 236.39 692.52 273.4 411.39
Total Debt/Mcap(x) 0.19 0 0 0 0 0 0 0 0 0 0.01

GMDC Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74 74 74 74 74 74 74 74 74 74
FII 1.76 1.82 1.59 1.68 1.94 2.15 2.25 3.32 2.29 3.75
DII 0.89 0.74 1.05 0.78 0.74 0.76 0.79 0.76 0.86 0.94
Public 23.34 23.44 23.36 23.54 23.32 23.09 22.96 21.92 22.84 21.31
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

GMDC News

GMDC Pros & Cons

Pros

  • Company has delivered good profit growth of 36% CAGR over last 5 years
  • Company is almost debt free.

Cons

  • Debtor days have increased from 0 to 7298.32days.
  • Stock is trading at 3.4 times its book value.
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