Gujarat Mineral Development Corporation Ltd logo

Gujarat Mineral Development Corporation Ltd

GMDCLTD NSE

Key Fundamentals

SmallcapIndustrial MineralsMetals & Mining
Market Cap
₹18,353 Cr
Volatility
Moderate
P/E Ratio
18.98
EBITDA
₹443 Cr
Return on Equity
10.7%
Debt to Equity
0.04
Book Value
₹222.41
EPS
₹18.32
52W High
₹771.9
52W Low
₹400

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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34 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 43.1%

Weaknesses

3
  • Stock is trading at 2.57 times its book value
  • Company has a low return on equity of 9.71% over last 3 years.
  • Earnings include an other income of Rs.945 Cr.

Growth Rate

Revenue Growth
-17.23% ↘
Net Income Growth
45.34% ↗
Cash Flow Change
862.45% ↗
ROE
9.30% ↗
ROCE
5.43% ↗
EBITDA Margin (Avg.)
-60.28% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
AI opinion · based on fundamentals
Risk medium

Gujarat Mineral Development Corporation Ltd is a nearly debt-free state-owned mining company with a market cap of Rs.18,468 Cr trading at a P/E of 19.3x. While the stock has delivered a 37% 1-year CAGR return, underlying fundamentals show strain with TTM profit declining 14% and 3-year compounded sales contracting at -9% CAGR.

Bull Case 7
  • Company is almost debt free, providing significant financial flexibility and low interest burden in a capital-intensive mining sector
  • Healthy dividend payout ratio of 43.1% with a current dividend yield of 1.74%, offering consistent income to shareholders
  • Stock has delivered a strong 56% CAGR over 5 years, significantly outperforming broader market indices
  • 10-year compounded sales growth of 8% demonstrates long-term revenue sustainability across commodity cycles
  • 10-year compounded profit growth of 10% indicates the company has been able to grow earnings over longer periods despite recent weakness
  • 5-year compounded profit growth of 8% remains positive despite near-term headwinds, suggesting underlying business resilience
  • As a state-owned mineral development corporation, GMDC benefits from captive mining leases and assured resource access in Gujarat
Bear Case 8
  • 3-year compounded sales CAGR of -9% indicates a sustained revenue contraction, not just a one-off decline
  • TTM compounded profit has declined 14%, signaling deteriorating earnings momentum
  • 3-year compounded profit CAGR of -22% reflects a severe and prolonged earnings downturn
  • Return on equity has dropped to 8% in the last year from a 5-year average of 12%, showing declining capital efficiency
  • Earnings include other income of Rs.945 Cr, suggesting core operating profitability is significantly weaker than headline numbers indicate
  • Stock trades at 2.61x book value despite a low 3-year average ROE of just 9.71%, which may not justify the premium valuation
  • TTM sales growth of only 2% suggests the revenue recovery remains tepid and has not yet returned to a meaningful growth trajectory
  • P/E of 19.3x appears elevated for a mining company with declining profits and single-digit ROE

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 6h ago
Positives 2
  • Revenue surges 23.8% in Q1 Aug 1

    GMDC's Q1FY27 consolidated revenue jumped 23.8% to ₹9,066.4 crore, indicating strong top-line growth driven by higher volumes or realizations.

  • Strategic MoUs signed Aug 3

    Board approved MoUs with GNFC for coal-to-chemicals and IREL for rare earth elements, opening new diversification avenues beyond traditional mining.

Neutral 1
  • Net profit stays flat Aug 1

    Consolidated net profit remained near flat at ₹1,634.3 crore in Q1FY27 despite the revenue surge, suggesting margin compression or higher costs. Standalone Q1FY26 profit was ₹163.01 crore.

TL;DR: GMDC is delivering strong revenue growth at 23.8% YoY but profitability has not kept pace, staying flat despite the top-line expansion. Strategic partnerships in coal-to-chemicals and rare earth elements signal future diversification potential. The key risk is margin pressure eating into revenue gains. Investors should watch whether cost control improves in coming quarters to translate revenue momentum into profit growth.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
766
383
564
750
818
593
653
786
733
528
579
814
907
Expenses
519
332
444
562
607
453
562
593
563
458
478
710
716
Operating Profit
247
51
121
189
211
140
92
194
169
69
101
104
191
OPM %
32%
13%
21%
25%
26%
24%
14%
25%
23%
13%
17%
13%
21%
Other Income
64
77
60
72
60
62
114
118
78
583
101
185
77
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
PBT
291
109
160
238
249
181
179
285
224
629
179
235
228
Tax %
25%
32%
27%
21%
26%
29%
18%
21%
27%
26%
26%
17%
28%
Net Profit
219
75
117
187
184
128
148
226
164
466
133
194
163
EPS in Rs
6.88
2.35
3.67
5.89
5.79
4.02
4.64
7.11
5.15
14.65
4.18
6.1
5.14
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,434
1,179
1,537
2,051
1,880
1,449
1,329
2,732
3,498
2,463
2,851
2,653
2,827
Expenses
909
890
1,119
1,583
1,324
1,323
1,335
2,011
2,161
1,853
2,213
2,210
2,363
Operating Profit
525
289
418
468
556
126
-6
721
1,337
609
637
443
465
OPM %
37%
24%
27%
23%
30%
9%
-0.5%
26%
38%
25%
22%
17%
16%
Other Income
253
156
181
121
-70
173
-241
158
396
271
355
947
945
Interest
2
1
1
2
2
2
2
3
2
3
2
7
13
Depreciation
138
131
151
119
96
92
94
98
81
80
95
115
126
PBT
637
313
447
469
388
205
-343
778
1,649
798
895
1,268
1,271
Tax %
21%
30%
27%
26%
43%
28%
-90%
43%
27%
25%
23%
25%
—
Net Profit
501
219
325
347
220
146
-36
446
1,204
597
686
957
956
EPS in Rs
15.75
6.89
10.22
10.9
6.91
4.61
-1.12
14.02
37.88
18.78
21.57
30.08
30.07
Div. Payout %
19%
44%
29%
32%
29%
43%
-18%
31%
30%
51%
47%
32%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
64
64
64
64
64
64
64
64
64
64
64
64
Reserves
3,180
3,633
3,937
4,288
4,254
4,032
4,003
4,758
5,722
6,036
6,348
7,009
Borrowings
679
0
0
0
0
0
1
1
2
3
126
317
Other Liabilities
1,045
1,012
1,120
1,044
894
967
905
1,064
1,166
1,266
1,214
1,594
Total Liabilities
4,966
4,709
5,121
5,395
5,211
5,063
4,973
5,886
6,953
7,369
7,752
8,983
Fixed Assets
1,771
1,719
2,075
2,147
2,131
2,058
1,585
1,510
1,454
1,551
1,553
3,039
CWIP
958
31
21
11
1
4
6
23
28
292
741
215
Investments
121
644
657
782
429
264
299
596
491
566
484
464
Other Assets
2,117
2,314
2,368
2,456
2,651
2,737
3,083
3,756
4,979
4,960
4,974
5,265
Total Assets
4,966
4,709
5,121
5,395
5,211
5,063
4,973
5,886
6,953
7,369
7,752
8,983
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
101
204
452
241
142
1
147
481
933
110
1,059
744
Investing
-13
-67
-350
-138
23
84
87
-674
-787
254
-808
-613
Financing
-111
-115
-115
-97
-134
-77
-63
-7
-137
-365
-183
-154
Net Cash Flow
-23
22
-13
6
31
8
170
-199
8
0
68
-23
Free Cash Flow
27
205
-6
35
72
-9
135
443
908
-366
424
-289
CFO/OP
61
126
140
95
61
127
-292
98
103
56
135
202
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
21
30
28
20
29
35
40
27
19
15
11
10
Cash Conversion Cycle
21
30
28
20
29
35
40
27
19
15
11
10
Working Capital Days
240
356
228
178
228
271
290
153
147
228
177
263
ROCE %
16%
8%
12%
11%
14%
5%
1%
18%
31%
13%
14%
11%

Shareholding Pattern

As of Jun 2026
Promoters 74.00%
Public 17.65%
Others 3.88%
FIIs 3.65%
DIIs 0.82%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.89%
0.00%
1.82%
1.59%
1.68%
1.94%
2.15%
2.25%
3.32%
2.29%
3.75%
3.65%
DIIs
2.50%
2.50%
0.87%
2.49%
2.67%
2.11%
1.93%
1.72%
1.65%
1.52%
1.01%
0.89%
0.74%
1.00%
0.78%
0.74%
0.76%
0.79%
0.76%
0.87%
0.94%
0.82%
Government
0.04%
0.04%
0.04%
0.04%
0.05%
0.05%
0.00%
0.05%
0.00%
0.00%
0.00%
0.00%
0.00%
0.05%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
17.12%
16.75%
17.14%
16.93%
15.34%
16.22%
16.45%
17.12%
17.33%
18.23%
19.76%
19.90%
20.81%
21.00%
21.36%
21.31%
20.62%
18.73%
17.12%
17.79%
16.95%
17.65%
Others
6.35%
6.71%
7.95%
6.54%
7.95%
7.63%
7.61%
7.11%
7.03%
6.25%
3.35%
5.21%
2.63%
2.36%
2.18%
2.01%
2.48%
4.23%
4.80%
5.05%
4.35%
3.88%
No. of Shareholders
0
1,05,891
1,11,843
1,08,681
1,05,899
1,10,224
1,29,171
1,30,636
1,28,721
1,31,640
1,56,002
1,79,043
2,29,463
2,41,725
2,52,024
2,51,813
2,50,538
2,27,850
2,24,558
2,37,220
2,41,551
2,48,480

Documents

Frequently Asked Questions about Gujarat Mineral Development Corporation Ltd

What does Gujarat Mineral Development Corporation Ltd do?
Gujarat Mineral Development Corporation is primarily engaged in 2 sectors i.e. mining and power.[1] Its projects include Lignite, Bauxite, Fluorspar, Multi-Metal, Manganese, Power, Wind and Solar.[2]
Where is Gujarat Mineral Development Corporation Ltd (GMDCLTD) listed?
Gujarat Mineral Development Corporation Ltd is listed on the Indian stock exchanges. It is listed on NSE: GMDCLTD and BSE: 532181. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Gujarat Mineral Development Corporation Ltd belong to?
Gujarat Mineral Development Corporation Ltd operates in the Metals & Mining sector within the Industrial Minerals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Gujarat Mineral Development Corporation Ltd?
Gujarat Mineral Development Corporation Ltd has a market capitalisation of approximately ₹18353.37 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Gujarat Mineral Development Corporation Ltd?
The Price-to-Earnings (PE) ratio of Gujarat Mineral Development Corporation Ltd is 18.98. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Gujarat Mineral Development Corporation Ltd?
Over the past 52 weeks, Gujarat Mineral Development Corporation Ltd has traded between a low of ₹400 and a high of ₹771.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Gujarat Mineral Development Corporation Ltd pay dividends?
Yes, Gujarat Mineral Development Corporation Ltd has a dividend yield of 1.76%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Gujarat Mineral Development Corporation Ltd?
Gujarat Mineral Development Corporation Ltd has a Return on Equity (ROE) of 10.70%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Gujarat Mineral Development Corporation Ltd on Tapetide?
On Tapetide, you can view Gujarat Mineral Development Corporation Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Gujarat Mineral Development Corporation is primarily engaged in 2 sectors i.e. mining and power.[1] Its projects include Lignite, Bauxite, Fluorspar, Multi-Metal, Manganese, Power, Wind and Solar.[2]

Website gmdcltd.com
CEO Mr. Roopwant Singh I.A.S.
Employees 765
Listed 1997-12-17
Face Value ₹ 2
Issued Size 31,80,00,000

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