Gujarat Mineral Development Corporation logo

Gujarat Mineral Development Corporation

GMDCLTD NSE

Key Fundamentals

SmallcapIndustrial MineralsMetals & Mining
Market Cap
₹18,186 Cr
Volatility
Moderate
P/E Ratio
19.13
EBITDA
₹868 Cr
Return on Equity
13.53%
Debt to Equity
0.04
Book Value
₹222.41
EPS
₹18.32
52W High
₹771.9
52W Low
₹466.4

Tapetide 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

3
  • Stock is trading at 2.59 times its book value
  • 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

Revenue Growth
-3.82% higher than 3Y
Net Income Growth
40.71% higher than 3Y
Cash Flow Change
-30.21% lower than 3Y
ROE
28.25% higher than 3Y
ROCE
25.83% lower than 3Y
EBITDA Margin (Avg.)
-8.62% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Gujarat Mineral Development Corporation Ltd (GMDC) is a nearly debt-free state-government mining company with a market cap of ₹18,186 Cr trading at a P/E of 19.3x. While the stock has delivered a 53% CAGR over 5 years, core operating performance has weakened with compounded profit declining 38% over 3 years and last-year ROE falling to 4%.

Bull Case 7
  • The company is virtually debt-free, providing significant financial resilience and flexibility in a cyclical mining sector where leverage can amplify downturns.
  • GMDC has maintained a healthy dividend payout ratio of 43.2%, with a current dividend yield of 1.64%, offering steady income to shareholders even during earnings downturns.
  • The stock has delivered a strong 5-year CAGR of 53% and a 10-year CAGR of 20%, reflecting sustained long-term wealth creation for investors.
  • Compounded sales growth over 10 years stands at 8% and 5-year sales growth at 14%, indicating the company has been able to grow its topline over longer horizons despite recent weakness.
  • TTM revenue growth remains marginally positive at 2%, suggesting the business has stabilized after the sharp 3-year sales decline of -10% CAGR.
  • As a state-government enterprise with mining leases in Gujarat, GMDC benefits from assured access to mineral resources and policy support, providing long-term operational continuity.
  • The 10-year average ROE of 10% demonstrates that over full commodity cycles the company has generated reasonable returns on shareholder equity.
Bear Case 8
  • Compounded profit has declined at a -38% CAGR over 3 years and -14% TTM, signaling a severe and sustained earnings deterioration.
  • Last-year ROE has dropped sharply to 4%, well below the 3-year average of 8% and 5-year average of 11%, indicating rapidly diminishing capital efficiency.
  • Other income of ₹945 Cr forms a significant portion of earnings, meaning core operating profitability is considerably weaker than headline numbers suggest.
  • The stock trades at 2.61x book value despite an ROE of just 4-8%, which is an elevated valuation for a business generating sub-par returns on equity.
  • Compounded sales growth over 3 years is -10%, pointing to a meaningful revenue contraction that questions the sustainability of the topline.
  • A P/E of 19.3x is relatively high for a commodity-mining company with declining earnings, leaving limited margin of safety if profits continue to erode.
  • Even over a 10-year horizon, compounded profit growth is only 3%, significantly lagging the 8% sales growth over the same period, reflecting structural margin compression.
  • The 3-year ROE of 8.18% is below the cost of equity for most investors, suggesting the company is not adequately compensating shareholders for the inherent cyclicality risk of mining.

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 1
  • GHG emissions surge 175% Sep 5

    Total Scope 1 and 2 emissions rose 175% to 4,38,869 tCO2e in FY26 BRSR filing. Rising emissions could attract regulatory scrutiny and ESG-related investor concerns.

Neutral 2
  • FY26 turnover at ₹2,653 crore Sep 5

    GMDC reported turnover of ₹2,653.38 crore in its FY26 BRSR filing, providing a baseline for revenue tracking.

  • AGM scheduled for Sep 30 Sep 3

    63rd AGM set for Sep 30, 2026 via VC. Record date is Sep 23 with dividend payment on or after Oct 12, subject to shareholder approval.

TL;DR: GMDC's operational picture is quiet with limited new catalysts. The 175% surge in GHG emissions is a notable ESG risk that could weigh on institutional sentiment, while the upcoming AGM and potential dividend offer routine shareholder events. With no fresh growth triggers visible, the near-term outlook hinges on commodity pricing and whether the company addresses its rising emissions profile.

Quarterly Results

Particulars 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

Particulars 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
2,534
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
6,378
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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
101
204
452
241
142
1
147
481
933
110
1,066
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
Figures in ₹ Crores

Ratios

Particulars 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
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

Beta

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

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Shareholding Pattern

DIIs0.82%Promot.74.00%FIIs3.65%Others3.88%Public17.65%As ofJun 2026

Documents

Frequently Asked Questions about Gujarat Mineral Development Corporation

What does Gujarat Mineral Development Corporation Ltd do?
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, ...
Where is Gujarat Mineral Development Corporation Ltd (GMDCLTD) listed?
Gujarat Mineral Development Corporation Ltd trades as GMDCLTD on the NSE and under code 532181 on the BSE.
Which sector does Gujarat Mineral Development Corporation Ltd belong to?
Gujarat Mineral Development Corporation Ltd is classified under the Metals & Mining sector, in the Industrial Minerals industry.
What is the market capitalisation of Gujarat Mineral Development Corporation Ltd?
Gujarat Mineral Development Corporation Ltd has a market capitalisation of ₹18,186 Cr, which places it in the Mid Cap band.
What is the PE ratio of Gujarat Mineral Development Corporation Ltd?
Gujarat Mineral Development Corporation Ltd trades at a PE ratio of 19.13, on earnings per share of ₹18.32, against a book value of ₹222.41 per share.
What is the 52-week high and low of Gujarat Mineral Development Corporation Ltd?
Over the last 52 weeks Gujarat Mineral Development Corporation Ltd has traded between ₹466.4 and ₹771.9.
Does Gujarat Mineral Development Corporation Ltd pay dividends?
Gujarat Mineral Development Corporation Ltd has a dividend yield of 1.64%.
What is the Return on Equity (ROE) of Gujarat Mineral Development Corporation Ltd?
Gujarat Mineral Development Corporation Ltd reported a return on equity of 13.53%. Its debt-to-equity ratio is 0.04.

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]

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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