Gujarat Mineral Development Corporation Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Mining Projects: 91.9% • Power Project: 8.1%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Company has been maintaining a healthy dividend payout of 31.6%
- Company comfortably covers its interest (178.6x coverage)
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (33.4% of PBT)
- Total debt has risen sharply - up 151.3% year on year
- Operating margins have contracted to 16.6% from 49.4%
- Working capital days have increased from 250 to 336 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| COALINDIA | 431.50 | 8.52 | 265921.73 | 6.14 | 8849.81 | 1.32 | 46254.80 | 45.09 | 35.43 | 26.61 |
| NMDC | 85.60 | 10.09 | 75257.96 | 4.09 | 1976.23 | 0.43 | 6795.25 | 0.84 | 27.98 | 35.89 |
| KIOCL | 373.65 | 584.07 | 22708.62 | 0.00 | -15.48 | 59.04 | 158.01 | 73.79 | -10.27 | -16.83 |
| GMDCLTD | 574.65 | 19.11 | 18273.87 | 1.65 | 163.43 | -0.21 | 906.64 | 23.76 | 18.28 | 21.12 |
| SANDUMA | 201.00 | 13.63 | 9770.71 | 0.25 | 2278.50 | 1263.64 | 13747.80 | 1110.85 | 23.78 | 24.91 |
| ASHAPURMIN | 550.90 | 12.93 | 5262.53 | 0.36 | 108.31 | -4.91 | 1616.12 | 19.22 | 20.64 | 11.63 |
| MOIL | 251.95 | 69.22 | 5126.81 | 2.12 | 513.84 | — | 2677.04 | — | 12.64 | 28.40 |
| DECNGOLD | 219.55 | 1272.29 | 4412.31 | 0.00 | -87.26 | -210.25 | 6.03 | 1462.18 | -20.83 | -826.53 |
| ORISSAMINE | 4145.25 | 0.00 | 2487.15 | 0.00 | -7.61 | 75.80 | 28.99 | 330.83 | -44.94 | -32.24 |
| 20MICRONS | 217.95 | 11.35 | 769.07 | 0.57 | 17.74 | 5.22 | 244.72 | -0.99 | 17.83 | 13.13 |
| ASOCSTONE | 24.66 | 8.85 | 222.12 | 1.62 | 7.97 | 2887.41 | 44.18 | -25.13 | 13.63 | 27.86 |
| OSWALMIN | 28.90 | 1.07 | 22.40 | 0.00 | — | — | — | — | 5.85 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 766 | 383 | 564 | 750 | 818 | 593 | 653 | 786 | 733 | 528 | 579 | 814 | 907 | |
| 519 | 330 | 443 | 562 | 607 | 452 | 561 | 593 | 563 | 458 | 478 | 710 | 756 | |
| Operating Profit | 247 | 53 | 121 | 189 | 211 | 141 | 92 | 194 | 169 | 69 | 101 | 104 | 151 |
| OPM % | 32.23% | 13.83% | 21.48% | 25.13% | 25.85% | 23.83% | 14.12% | 24.62% | 23.10% | 13.16% | 17.42% | 12.80% | 16.67% |
| 61 | 77 | 60 | 72 | 60 | 62 | 114 | 118 | 78 | 583 | 101 | 185 | 76 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 5 | 7 |
| Depreciation | 19 | 18 | 20 | 22 | 21 | 21 | 26 | 27 | 22 | 22 | 22 | 49 | 33 |
| Profit before Tax | 288 | 111 | 161 | 237 | 249 | 182 | 180 | 285 | 224 | 630 | 179 | 235 | 228 |
| Tax % | 25.11% | 31.25% | 27.04% | 21.21% | 26.10% | 29.30% | 17.61% | 20.66% | 26.98% | 25.98% | 25.85% | 17.26% | 28.22% |
| Net Profit | 0 | 0 | 0 | 0 | 184 | 128 | 148 | 226 | 164 | 466 | 133 | 194 | 163 |
| 6.88 | 2.35 | 3.67 | 5.88 | 5.79 | 4.02 | 4.64 | 7.11 | 5.15 | 14.65 | 4.18 | 6.10 | 5.14 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,537 | 2,051 | 1,880 | 1,449 | 1,329 | 2,732 | 3,498 | 2,463 | 2,851 | 2,653 | 2,827 | |
| 1,118 | 1,502 | 1,324 | 1,324 | 1,335 | 2,011 | 2,161 | 1,853 | 2,212 | 2,210 | 2,402 | |
| Operating Profit | 418 | 549 | 556 | 126 | -6 | 721 | 1,337 | 609 | 639 | 444 | 426 |
| OPM % | 27.23% | 26.78% | 29.58% | 8.67% | -0.46% | 26.39% | 38.22% | 24.74% | 22.41% | 16.73% | 15.05% |
| 181 | 121 | -70 | 171 | -244 | 156 | 394 | 270 | 349 | 947 | 945 | |
| Interest | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 3 | 2 | 7 | 13 |
| Depreciation | 151 | 119 | 96 | 92 | 94 | 98 | 81 | 80 | 95 | 115 | 126 |
| Profit before Tax | 447 | 550 | 388 | 203 | -346 | 776 | 1,649 | 798 | 889 | 1,268 | 1,272 |
| Tax % | 27.22% | 22.24% | 43.41% | 28.75% | 88.90% | 42.74% | 26.96% | 25.15% | 23.50% | 24.54% | 24.75% |
| Net Profit | 326 | 428 | 220 | 145 | -38 | 444 | 1,204 | 597 | 680 | 957 | 957 |
| EPS | 10.22 | 10.90 | 6.91 | 4.61 | -1.12 | 14.02 | 37.88 | 18.78 | 21.38 | 30.08 | — |
| Dividend Payout % | 29.35% | 32.10% | 28.93% | 43.41% | -17.78% | 30.67% | 30.23% | 50.84% | 47.24% | 31.58% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 15%
- 3 Years:
- -9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- —
- 3 Years:
- -7%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 53%
- 3 Years:
- 26%
- 1 Year:
- 11%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 14%
- 3 Years:
- 12%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 64 | 64 | 64 | 64 | 64 | 64 | 64 | 64 | 64 | 64 |
| 3,937 | 4,288 | 4,254 | 4,032 | 4,003 | 4,758 | 5,722 | 6,036 | 6,378 | 7,009 | |
| 52 | 39 | 51 | 36 | 20 | 18 | 18 | 68 | 152 | 328 | |
| Trade Payables | 97 | 110 | 110 | 137 | 176 | 209 | 206 | 286 | 242 | 259 |
| 964 | 890 | 729 | 789 | 650 | 834 | 942 | 914 | 914 | 1,323 | |
| Total Liabilities | 5,114 | 5,390 | 5,207 | 5,058 | 4,913 | 5,882 | 6,951 | 7,367 | 7,749 | 8,983 |
| 1,956 | 2,054 | 2,040 | 1,968 | 1,495 | 1,422 | 1,368 | 1,465 | 1,519 | 1,980 | |
| Capital Work in Progress | 21 | 11 | 1 | 4 | 6 | 12 | 15 | 105 | 503 | 215 |
| 657 | 782 | 429 | 264 | 299 | 596 | 491 | 566 | 484 | 464 | |
| 69 | 72 | 98 | 95 | 98 | 90 | 107 | 106 | 91 | 96 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101 | 85 | 72 | |
| Cash & Bank | 51 | 58 | 89 | 97 | 267 | 90 | 98 | 506 | 557 | 540 |
| 2,359 | 2,414 | 2,551 | 2,630 | 2,747 | 3,673 | 4,872 | 4,517 | 4,510 | 5,617 | |
| Total Assets | 5,114 | 5,390 | 5,207 | 5,058 | 4,913 | 5,882 | 6,951 | 7,367 | 7,749 | 8,983 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 586 | 447 | 340 | 159 | 18 | 704 | 1,379 | 110 | 1,066 | 744 | |
| Cash from Investing | -350 | -138 | 23 | 84 | 87 | -674 | -787 | 254 | -814 | -613 |
| Cash from Financing | -115 | -97 | -134 | -77 | -63 | -7 | -137 | -365 | -183 | -154 |
| -13 | 6 | 31 | 8 | 170 | -199 | 8 | -0 | 68 | -23 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Gujarat Mineral Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-05 - Gujarat Mineral Development Corporation Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-04 - Gujarat Mineral Development Corporation Limited has informed the Exchange about probable data breach incident
2026-09-03 - Gujarat Mineral Development Corporation Limited has informed the Exchange about Intimation of 63rd Meeting of the Company
2026-09-03 - Gujarat Mineral Development Corporation Limited has informed the Exchange that Record date for the purpose of Dividend is 23-Sep-2026.
2026-07-31 - Gujarat Mineral Development Corporation Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15 - Gujarat Mineral Development Corporation Limited has informed the Exchange about General Updates
2026-07-07 - Gujarat Mineral Development Corporation Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-29 - Gujarat Mineral Development Corporation Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for GMDCLTD
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