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Gujarat Mineral Development Corporation Ltd.
NSE: GMDCLTDEnergyThermal Coal
- Last close
- ₹424.60
- Day change
- −₹10.40 (−2.39%)vs
- Market cap
- ₹14,979 crIndian rupees
- Research updated
- 1 report
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About Gujarat Mineral Development Corporation
Gujarat Mineral Development Corporation Ltd. (GMDC) is a prominent Indian company operating in the mining and mineral processing industry. Established in 1963, this state-owned enterprise primarily focuses on the exploration and development of mineral resources in Gujarat, a region rich in diverse mineral deposits. GMDC plays a crucial role in the mining of lignite, which serves as a key energy source for industrial applications. Additionally, the company is involved in extracting other minerals such as bauxite, fluorspar, and manganese, further contributing to the state and national economy. GMDC holds significant market stature as one of the leading mining corporations in India, aiding the development of sectors ranging from energy to manufacturing. Its operations not only facilitate energy production and raw material supply but also support the industrial growth in Gujarat and across India. With its commitment to sustainable practices and technological innovation, GMDC actively participates in projects that balance resource extraction with environmental stewardship, playing a vital role in India's ongoing industrial advancement.
- Sector
- Energy
- Industry
- Thermal Coal
- Listing
- NSE: GMDCLTD
- Next results
- Employees
- 679
- Headquarters
- Ahmedabad, India
- ISIN
- INE131A01031
- Website
- gmdcltd.com
Public research · Report of
Business model & financial foundation
GMDC (NSE: GMDCLTD), Lignite and mineral mining; thermal and renewable generation: revenue of ₹2,653 crore in FY26 (-6.9% on FY25), an EBITDA margin of 16.7%, net profit of ₹956.7 crore and net cash of ₹1,390 crore.
- Revenue, FY26 (₹ crore)
- 2,653
- consolidated
- Revenue growth, FY26
- -6.9%
- on FY25
- EBITDA margin, FY26
- 16.7%
- EBITDA excluding other income, D&A, finance and exceptional / revenue
- Net profit, FY26 (₹ crore)
- 956.7
- to owners
- Return on equity, FY26
- 14.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,390
- Net debt including liquidity investments (negative = net cash)
- Market capitalisation (₹ crore)
- 17,279
- at the close of 17 Oct 2026
Company profile
Gujarat-government-controlled miner supplying lignite to industrial customers, alongside bauxite, silica sand and thermal/renewable power. Odisha coal, new Gujarat lignite and limestone, and critical minerals represent a substantial development pipeline rather than proven current earnings. Captive lignite transfers are eliminated in consolidated revenue.
| Item | Value |
|---|---|
| Legal name | Gujarat Mineral Development Corporation Limited |
| Exchange and ticker | NSE: GMDCLTD; BSE: 532181 |
| ISIN | INE131A01031 |
| CIN | L14100GJ1963SGC001206 |
| Sector | Materials |
| Industry | Lignite and mineral mining; thermal and renewable generation |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Dhirubhai Shah & Co LLP |
| Market capitalisation | ₹17,279 crore (17 Oct 2026) |
| Shares outstanding | 31.80 crore shares (FY26) |
| Price | ₹471.0 (close, 17 Oct 2026) |
| 52-week range | ₹458.0 - ₹771.9 (to 17 Oct 2026) |
| Website | https://www.gmdcltd.com/ |
Corporate structure and shareholding
Parent: Government of Gujarat.
No subsidiary is recorded.
No subsidiaries at FY26 end. Equity-accounted Naini Coal 50%, Swarnim Gujarat Fluorspar 1.05%, Gujarat Jaypee Cement & Infrastructure, Gujarat Credo Mineral Industries and Aikya Chemicals 26% each. Research societies deconsolidated; GFEE moved to cost.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.00% | 74.00% | 74.00% | 74.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.29% | 3.75% | 3.65% | 3.72% |
| Domestic institutions | 0.87% | 0.94% | 0.82% | 0.59% |
| of which mutual funds | 0.40% | 0.51% | 0.45% | 0.23% |
| Retail | 15.90% | 15.39% | 16.13% | 16.46% |
| Other | 6.94% | 5.92% | 5.40% | 5.23% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
GMDC (NSE: GMDCLTD), controlled 74% by the Government of Gujarat, sells merchant lignite from four Gujarat mines to textile, chemical, ceramic and brick customers. It also sells bauxite and silica sand and runs the 250 MW Akrimota thermal plant (ATPS) plus 200.9 MW wind and 5 MW solar. Mining was 2,507.6cr of FY26 segment revenue with a 607.5cr operating result; power was 215.7cr of revenue with a -79.6cr result. The company controls mine plans and pricing within an imported-fuel ceiling. It does not control land acquisition timing, monsoon waterlogging or tariff orders. Odisha coal (Baitarni West, Burapahar, Kudanali), new Gujarat lignite and limestone, and rare earths are development options with no revenue at the cutoff.
| Segment | revenue, FY26 (₹ crore) | Share | operating result, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Mining | 2,508 | 92.1% | 607.5 | 115.1% | 2,945 | 72.4% |
| Power (thermal, wind and solar combined) | 215.7 | 7.9% | -79.6 | -15.1% | 1,120 | 27.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Coal India (COALINDIA) | Primary PSU coal mining comparator; larger scale and notified-price economics. |
| NLC India (NLCINDIA) | Primary lignite and power comparator; PPA and leverage differ. |
| NMDC (NMDC) | Secondary PSU mining return/capital-allocation comparator; iron ore cycle differs. |
| MOIL (MOIL) | Secondary PSU mineral miner; manganese mix differs. |
| Ashapura Minechem (ASHAPURMIN) | Industrial mineral and bauxite comparator; overseas exposure differs. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,732 | 3,498 | 2,463 | 2,851 | 2,653 |
| Cost of revenue (vendor classification) * | 1,782 | 1,846 | 1,517 | 1,877 | 1,647 |
| Other operating costs (vendor classification) * | 84.0 | 143.3 | 154.1 | 153.0 | 233.8 |
| EBITDA (vendor classification) * | 877.1 | 1,730 | 895.4 | 984.3 | 900.1 |
| EBIT excluding other income and exceptional | 779.5 | 1,649 | 529.6 | 543.4 | 329.1 |
| Finance costs | 3.30 | 2.38 | 2.93 | 2.18 | 7.14 |
| PBT after exceptional, before share of JV/associates | 776.2 | 1,647 | 796.9 | 889.8 | 1,268 |
| Tax expense (current, deferred and prior years) | 331.7 | 444.7 | 200.8 | 208.9 | 311.1 |
| Consolidated profit for the year | 445.9 | 1,204 | 597.4 | 679.9 | 956.7 |
| Diluted EPS (₹) | 14.02 | 37.88 | 18.78 | 21.38 | 30.08 |
| Direct mining costs (inventory change, royalty/cess, loading/OB removal) | 1,337 | 1,716 | 1,455 | ||
| Employee benefit expenses | 148.6 | 151.1 | 190.5 | ||
| Other expenses | 368.3 | 344.5 | 564.2 | ||
| EBITDA excluding other income, D&A, finance and exceptional | 609.4 | 638.8 | 443.8 | ||
| Other income | 270.2 | 348.6 | 423.9 | ||
| Depreciation and amortisation | 79.8 | 95.4 | 114.7 | ||
| Exceptional income (GST input tax credit reversal/recognition) | 0.00 | 0.00 | 522.7 | ||
| Share of profit/(loss) of JVs and associates, net of taxes | 1.24 | -1.12 | -0.71 | ||
| Profit attributable to owners | 597.4 | 679.9 | 956.7 | ||
| Non-controlling interest | n.d. | n.d. | n.d. | ||
| Changes in inventories | 2.50 | 10.1 | -5.58 | ||
| Royalties and tax levies including GST compensation cess | 435.0 | 543.0 | 368.6 | ||
| Loading of lignite and overburden removal | 899.1 | 1,163 | 1,092 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 4,822 | 5,785 | 6,100 | 6,442 | 7,073 |
| Borrowings including lease liabilities | 0.55 | 2.07 | 2.82 | 126.4 | 316.5 |
| Cash and cash equivalents | 42.6 | 51.1 | 50.8 | 118.9 | 94.3 |
| Net trade receivables | 204.9 | 185.4 | 101.3 | 85.0 | 71.7 |
| Inventories | 89.8 | 107.0 | 106.5 | 91.3 | 96.1 |
| Trade payables including MSME and other suppliers | 210.6 | 205.9 | 285.8 | 242.0 | 258.7 |
| Net PPE (excludes ROU/intangibles) | 15.1 | 16.7 | 1,012 | 989.7 | 1,467 |
| Tangible capital work in progress | 26.8 | 30.0 | 105.4 | 503.1 | 215.1 |
| Total assets | 5,882 | 6,951 | 7,367 | 7,749 | 8,983 |
| Other bank balances (largely restricted) | 455.3 | 438.2 | 445.8 | ||
| Non-current equity investments other than equity-accounted investees | 544.2 | 463.7 | 450.5 | ||
| Current deposits with corporate bodies (liquidity investments) | 1,467 | 1,383 | 1,402 | ||
| Non-current good deposits with corporate bodies (liquidity investments) | 275.5 | 642.8 | 197.4 | ||
| Unrestricted cash/deposits including corporate liquidity investments | 1,793 | 2,145 | 1,707 | ||
| Net debt including liquidity investments (negative = net cash) | -1,790 | -2,018 | -1,390 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 510.4 | 1,245 | 110.1 | 1,066 | 743.7 |
| Free cash flow (vendor definition) * | 442.3 | 907.7 | -368.3 | 415.4 | -290.3 |
| Dividends paid (signed cash flow) | -6.36 | -136.7 | -364.1 | -303.7 | -321.2 |
| Gross capital expenditure cash outflow (positive) | -38.6 | -24.6 | 478.6 | 644.1 | 1,034 |
| CFO less gross capital cash outflow | -368.6 | 421.5 | -290.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued and fully paid equity shares | 31.80 | 31.80 | 31.80 | 31.80 | 31.80 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 593.0 | 653.4 | 786.3 | 732.6 | 527.6 | 579.2 | 814.1 | 906.6 |
| Cost of revenue (vendor classification) * | 350.9 | 423.0 | 602.5 | 451.3 | 284.0 | 320.8 | 513.6 | 562.6 |
| Other operating costs (vendor classification) * | 82.1 | 126.2 | -317.3 | 96.9 | 120.2 | 134.3 | 212.8 | 144.1 |
| EBITDA (vendor classification) * | 182.8 | 180.4 | 283.9 | 224.9 | 155.8 | 179.9 | 210.0 | 233.9 |
| EBIT excluding other income and exceptional | 120.4 | 65.9 | 166.9 | 147.2 | 47.7 | 78.7 | 55.4 | 157.7 |
| Finance costs | 0.70 | 0.70 | 0.09 | 0.51 | 0.57 | 0.69 | 5.37 | 6.61 |
| PBT after exceptional, before share of JVs/associates | 182.1 | 179.7 | 284.9 | 224.4 | 629.7 | 179.3 | 235.0 | 227.3 |
| Tax expense (current, deferred and prior years) | 53.4 | 31.6 | 58.9 | 60.6 | 163.6 | 46.4 | 40.6 | 64.2 |
| Consolidated profit for the period | 127.9 | 147.7 | 226.2 | 163.8 | 465.8 | 133.1 | 194.1 | 163.4 |
| Diluted EPS (₹) | 4.02 | 4.64 | 7.11 | 5.15 | 14.65 | 4.18 | 6.10 | 5.14 |
| Direct mining costs (inventory change, royalty/cess, loading/OB removal) | 330.0 | 396.5 | 514.1 | 429.3 | 262.2 | 298.7 | 464.8 | 529.3 |
| Employee benefit expenses | 39.7 | 38.4 | 34.7 | 37.2 | 75.8 | 45.3 | 32.2 | 42.3 |
| Other expenses | 82.1 | 126.2 | 44.0 | 96.9 | 120.2 | 134.3 | 212.8 | 144.1 |
| EBITDA excluding other income, depreciation, finance and exceptional | 141.3 | 92.3 | 193.6 | 169.2 | 69.5 | 100.9 | 104.2 | 191.0 |
| Other income | 62.4 | 114.5 | 118.1 | 77.7 | 108.2 | 83.1 | 154.9 | 76.2 |
| Depreciation and amortisation | 20.9 | 26.4 | 26.6 | 22.0 | 21.8 | 22.2 | 48.8 | 33.3 |
| Non-controlling interest | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Exceptional income (GST ITC reversal/recognition) | 0.00 | 0.00 | 0.00 | 0.00 | 474.4 | 18.2 | 30.0 | 0.00 |
| Share of profit/(loss) of JVs and associates (net of taxes) | -0.85 | -0.37 | 0.19 | -0.10 | -0.36 | 0.08 | -0.33 | 0.42 |
| Profit attributable to owners | 127.9 | 147.7 | 226.2 | 163.8 | 465.8 | 133.1 | 194.1 | 163.4 |
| Changes in inventories | 0.34 | 2.91 | 8.94 | -0.19 | -0.55 | -2.29 | -2.55 | 5.78 |
| Royalties and tax levies including GST compensation cess | 108.3 | 127.9 | 163.0 | 138.6 | 91.9 | 58.7 | 79.4 | 86.7 |
| Loading of lignite and overburden removal | 221.3 | 265.8 | 342.1 | 290.9 | 170.9 | 242.2 | 387.9 | 436.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 103.5% | 28.0% | -29.6% | 15.8% | -6.9% |
| EBITDA margin | 24.7% | 22.4% | 16.7% | ||
| Net margin | 24.3% | 23.8% | 36.1% | ||
| Return on equity | 10.1% | 10.8% | 14.2% | ||
| Return on capital employed | 17.5% | 31.1% | 8.9% | 8.6% | 4.7% |
| Return on assets | 8.3% | 9.0% | 11.4% | ||
| Net debt (₹ crore) | -1,790 | -2,018 | -1,390 | ||
| Net debt / EBITDA | -2.94x | -3.16x | -3.13x | ||
| Interest cover | 236.2x | 692.9x | 180.8x | 249.3x | 46.1x |
| Asset turnover | 0.50x | 0.55x | 0.34x | 0.38x | 0.32x |
| Receivable days | 27 | 19 | 15 | 11 | 10 |
| Inventory days (on revenue) | 12 | 11 | 16 | 12 | 13 |
| Payable days (on revenue) | 28 | 21 | 42 | 31 | 36 |
| Cash conversion | 0.18x | 1.57x | 0.78x | ||
| Capex intensity | 1.4% | 0.7% | 19.4% | 22.6% | 39.0% |
| Free cash flow (₹ crore) | 471.8 | 1,221 | -368.6 | 421.5 | -290.3 |
| Dividend payout | 61.0% | 44.7% | 33.6% | ||
| EPS, diluted (₹) | 14.02 | 37.88 | 18.78 | 21.38 | 30.08 |
| Book value per share (₹) | 151.6 | 181.9 | 191.8 | 202.6 | 222.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income, D&A, finance and exceptional / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquidity investments (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA excluding other income, D&A, finance and exceptional.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
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