Gujarat Mineral Development Corporation
Gujarat Mineral Development Corporation
Metals & MiningKey Fundamentals
SmallcapIndustrial MineralsMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 43.2%
Weaknesses
2- Company has a low return on equity of 8.18% over last 3 years.
- Earnings include an other income of Rs.945 Cr.
Growth Rate
AI Analysis — Bull vs Bear
Gujarat Mineral Development Corporation has a market capitalisation of about Rs 17,183 Cr. It trades at a P/E of 18x and a P/B of 2.44x, with a dividend yield of 1.75%, and it is almost debt free. Operating performance has weakened: sales fell at a -10% CAGR over 3 years, profit fell at a -38% CAGR over the same period, and ROE dropped to 4% last year. Other income of Rs 945 Cr also makes up a large part of reported earnings. The stock has returned a 51% CAGR over 5 years but is down 9% over the past year.
- The company is almost debt free. This lowers financial risk and interest costs through a cyclical, commodity-linked business, and leaves room to fund expansion without heavy borrowing.
- The dividend payout ratio has been a healthy 43.2%, giving a dividend yield of 1.75%. That provides a steady cash return while earnings are volatile.
- Long-term shareholder returns have been strong: a 51% stock CAGR over 5 years, 24% over 3 years and 20% over 10 years.
- Sales grew at a 14% CAGR over 5 years and an 8% CAGR over 10 years. The business has shown it can grow its revenue base over a full commodity cycle.
- TTM sales growth has turned positive at 2%, after a -10% CAGR over 3 years. This may mean the revenue decline is bottoming out.
- Other income of Rs 945 Cr, likely from cash, investments and treasury income, shows a large liquid balance sheet. That supports dividends and possible capex or diversification.
- A P/E of 18x is moderate for a debt-free company with a 10-year ROE averaging 10% and a 10-year sales CAGR of 8%.
- The 5-year ROE average of 11% and 10-year average of 10% suggest the latest 4% ROE is below the company's longer-term level.
- Profits have fallen sharply: a -38% CAGR over 3 years, -14% TTM and -6% over 5 years. Core earnings momentum is weak.
- ROE fell to 4% last year from a 3-year average of 8.18% and a 5-year average of 11%. Capital efficiency is poor for a stock valued at 2.44x book.
- Other income is Rs 945 Cr against implied net earnings of about Rs 955 Cr (Rs 17,183 Cr market cap divided by 18x P/E). The core mining business may be contributing much less than the headline profit suggests.
- Sales fell at a -10% CAGR over 3 years. This points to weak volumes or realisations in its main mineral products.
- The 10-year profit CAGR is only 3%, compared with a 10-year sales CAGR of 8%. Revenue growth has not turned into proportional profit growth, which suggests margin erosion.
- The stock fell 9% over the past year, lagging its 5-year CAGR of 51% as earnings deteriorated. Sentiment may be adjusting to weaker fundamentals.
- A P/B of 2.44x with a 4% ROE implies an earnings yield on book equity well below typical cost of equity. The valuation relies on a future recovery in returns.
- A dividend yield of 1.75% is modest. The 43.2% payout depends on earnings that are partly supported by Rs 945 Cr of non-operating income, which may not recur at the same level.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- GHG emissions jump 175% Sep 5
GMDC's FY26 BRSR shows combined Scope 1 and 2 emissions up 175% to 4,38,869 tCO2e. A rise this steep could draw ESG scrutiny and may test its new ESG 'Leader' rating.
- Weak near-term price momentum Sep 14
The stock is down 3.86% year-to-date and 0.77% over the past month, even after a 3.36% gain in the latest week. It is lagging badly behind its 734% five-year return.
- 475% dividend, ₹9.50/share Sep 14
GMDC declared a ₹9.50 per share dividend for FY26, which is 475% of the ₹2 face value, on 31.80 crore shares. That works out to about ₹302 crore in total, with a record date of Sep 23, 2026.
- ESG 'Leader' rating Sep 18
Niche Ninety Nine gave GMDC an ESG score of 69 and placed it in the 'Leader' category. The rating used only public data, with no input from the company.
- 63rd AGM on Sep 30 Sep 3
GMDC will hold its 63rd AGM by video conference on Sep 30, 2026, with a record date of Sep 23. If shareholders approve, the dividend will be paid on or after Oct 12.
- FY26 turnover at ₹2,653 crore Sep 5
The FY26 BRSR filing puts turnover at ₹2,653.38 crore. The filing gave no year-on-year comparison.
TL;DR: GMDC is rewarding shareholders with a 475% dividend of about ₹302 crore and has picked up an ESG 'Leader' rating, which supports its standing as a high-yield state-owned smallcap. The main risks are a 175% surge in Scope 1 and 2 emissions, which could hurt ESG perception, and weak price action, with the stock down 3.86% YTD despite strong long-term returns. In the near term, the stock will likely track the Sep 23 record date and the Sep 30 AGM, while any lasting re-rating depends on earnings growth and progress on emissions.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,434 | 1,179 | 1,537 | 2,051 | 1,880 | 1,449 | 1,329 | 2,732 | 3,498 | 2,463 | 2,534 | 2,523 | 2,827 |
| Expenses | 909 | 890 | 1,119 | 1,583 | 1,324 | 1,323 | 1,335 | 2,011 | 2,161 | 1,853 | 1,896 | 2,080 | 2,363 |
| Operating Profit | 525 | 289 | 418 | 468 | 556 | 126 | -6 | 721 | 1,337 | 609 | 638 | 443 | 465 |
| OPM % | 37% | 24% | 27% | 23% | 30% | 9% | -0.5% | 26% | 38% | 25% | 25% | 18% | 16% |
| Other Income | 253 | 156 | 181 | 121 | -70 | 173 | -241 | 158 | 396 | 271 | 349 | 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 | 889 | 1,268 | 1,271 |
| Tax % | 21% | 30% | 27% | 26% | 43% | 28% | -90% | 43% | 27% | 25% | 24% | 25% | — |
| Net Profit | 501 | 219 | 325 | 347 | 220 | 146 | -36 | 446 | 1,204 | 597 | 680 | 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 | 21.38 | 30.08 | 30.07 |
| Div. Payout % | 19% | 44% | 29% | 32% | 29% | 43% | -18% | 31% | 30% | 51% | 47% | 32% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | 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 | 64 | 64 |
| Reserves | 3,180 | 3,633 | 3,937 | 4,288 | 4,254 | 4,032 | 4,003 | 4,758 | 5,722 | 6,036 | 6,378 | 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 | 1,183 | 1,595 |
| Total Liabilities | 4,966 | 4,709 | 5,121 | 5,395 | 5,211 | 5,063 | 4,973 | 5,886 | 6,953 | 7,369 | 7,751 | 8,984 |
| Fixed Assets | 1,771 | 1,719 | 2,075 | 2,147 | 2,131 | 2,058 | 1,585 | 1,510 | 1,454 | 1,551 | 1,553 | 2,007 |
| CWIP | 958 | 31 | 21 | 11 | 1 | 4 | 6 | 23 | 28 | 292 | 775 | 1,248 |
| 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 | 4,938 | 5,266 |
| Total Assets | 4,966 | 4,709 | 5,121 | 5,395 | 5,211 | 5,063 | 4,973 | 5,886 | 6,953 | 7,369 | 7,751 | 8,984 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 101 | 204 | 452 | 241 | 142 | 1 | 147 | 481 | 933 | 110 | 1,066 | 744 |
| Investing | -13 | -67 | -350 | -138 | 23 | 84 | 87 | -674 | -787 | 254 | -814 | -614 |
| 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 | -25 |
| Free Cash Flow | 27 | 205 | -6 | 35 | 72 | -9 | 135 | 443 | 908 | -366 | 430 | -289 |
| CFO/OP | 61 | 126 | 140 | 95 | 61 | 127 | -292 | 98 | 103 | 56 | 136 | 202 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 21 | 30 | 28 | 20 | 29 | 35 | 40 | 27 | 19 | 15 | 12 | 10 |
| Cash Conversion Cycle | 21 | 30 | 28 | 20 | 29 | 35 | 40 | 27 | 19 | 15 | 12 | 10 |
| Working Capital Days | 240 | 356 | 228 | 178 | 228 | 271 | 290 | 153 | 147 | 228 | 201 | 277 |
| ROCE % | 16% | 8% | 12% | 11% | 14% | 5% | 1% | 18% | 31% | 13% | 14% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Gujarat Mineral Development Corporation Ltd is a Government of Gujarat enterprise engaged primarily in mining and marketing lignite and other industrial minerals, alongside a 250 MW lignite-based thermal plant, 200.9 MW of wind farms and a 5 MW solar plant. Its Odisha coal mines and new lignite, limestone, rare-earth and copper projects remain under development rather than commercial operation.[1][2][3]
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