Gujarat Mineral Development Corporation Ltd
GMDCLTD NSE
Gujarat Mineral Development Corporation Ltd
Metals & MiningNSE: GMDCLTD BSE: 532181 Industrial Minerals
Key Fundamentals
SmallcapIndustrial MineralsMetals & MiningMarket Cap
₹18,603 Cr
Volatility
Moderate
P/E Ratio
19.31
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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Gujarat Mineral Development Corporation Ltd insights
34 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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 2.61 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 claude-opus-4.6 5d agoAI 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 ₹18,816 Cr trading at a P/E of 19.4x. While the stock has delivered a 45% 1-year CAGR, underlying fundamentals show stress 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 negligible interest burden on the balance sheet
- Stock has delivered exceptional returns with 1-year CAGR of 45%, 3-year CAGR of 49%, and 5-year CAGR of 56%, demonstrating sustained investor confidence
- Healthy dividend payout ratio of 43.1% with a current dividend yield of 1.73%, offering regular income to shareholders
- Long-term compounded sales growth of 15% over 5 years and 8% over 10 years indicates structural revenue growth capability
- Long-term compounded profit growth of 8% over 5 years and 10% over 10 years shows the company can generate earnings growth over cycles
- As a government-owned mineral development corporation, the company benefits from captive mining licenses and assured resource access in Gujarat
- P/E of 19.4x is reasonable for a mining company with zero debt, suggesting the valuation is not excessively stretched relative to its balance sheet strength
Bear Case 8
- TTM compounded profit has declined 14% and 3-year compounded profit has contracted at -22% CAGR, indicating a sustained earnings deterioration trend
- 3-year compounded sales growth is negative at -9%, showing revenue contraction over a meaningful period
- Earnings include other income of ₹945 Cr, raising concerns about the quality and sustainability of core operating profits
- Return on equity has declined from 10% (3-year and 10-year average) to just 8% last year, with 3-year ROE at a low 9.71%
- Stock is trading at 2.62x book value which is elevated for a mining company with declining earnings and sub-10% ROE
- TTM sales growth of just 2% suggests near-term revenue momentum is weak despite the stock price appreciation
- Significant disconnect between stock price performance (45% 1-year CAGR) and underlying fundamentals (declining sales and profits) raises valuation sustainability concerns
- ROE trending downward from 12% (5-year) to 8% (last year) indicates deteriorating capital efficiency over time
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Positives 2
- Revenue surges 23.8% in Q1 Aug 1
GMDC's Q1FY27 consolidated revenue jumped 23.8% to ₹9,066.4 crore, showing strong top-line growth momentum.
- Strategic MoUs signed Aug 3
Board approved MoUs with GNFC for coal-to-chemicals and IREL for rare earth elements, opening new growth verticals.
Neutral 1
- Net profit remains flat Aug 1
Consolidated net profit stayed near flat at ₹1,634.3 crore in Q1FY27 despite the revenue surge, suggesting margin compression. Standalone Q1FY26 profit was ₹163.01 crore.
TL;DR: GMDC is delivering strong revenue growth (+23.8%) driven by higher volumes or realizations, but profitability has not kept pace, indicating cost pressures or margin dilution. Strategic diversification into coal-to-chemicals and rare earth elements could unlock long-term value. No material headwinds are visible in recent news. The key watch item is whether margin expansion follows the top-line momentum in coming quarters.
Quarterly Results
| 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
| 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 | 2,851 | 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% | — |
Balance Sheet
| 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 | 6,348 | 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 |
Cash Flow
| 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 | 1,059 | 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 |
Ratios
| 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 | 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% |
Documents
1
Board Meeting Intimation for Audited Annual Results And Recommendation Of Dividend, If Any
6 May - Board meets 14 May 2026 to approve FY26 audited results and consider dividend. 6 May - Board meets 14 May 2026 to approve FY26 audited results and consider dividend.
2
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
13 Apr - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026. 13 Apr - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026.
3
Disclosure Under Regulation 30 Regarding Letter Issued By SEBI
8 Apr - SEBI issued administrative warning on 12 Mar 2026 over disclosure lapses in Surkha(N) mine EC press release. 8 Apr - SEBI issued administrative warning on 12 Mar 2026 over disclosure lapses in Surkha(N) mine EC press release.
4
Intimation Of ESG Rating Assigned By NSE Sustainability Ratings & Analytics Ltd.
6 Apr - GMDC received ESG rating 68/100, categorized as Aspiring. 6 Apr - GMDC received ESG rating 68/100, categorized as Aspiring.
3
Board Meeting Intimation for Unaudited Quarterly Financial Results (Standalone And Consolidated) 22 Jul 2026
Intimation
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 ₹18603.00 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 19.31. 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 1.70%. 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