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Gujarat Mineral Development Corporation

GMDCLTD NSE
₹469.20 No trade today
P/E
15.60
View as Markdown
MCP
Close 4 Nov 2026 ₹469.20 −97.55 −17.2% 1Y
Start ₹566.75

Key Fundamentals

MicrocapMinerals & MiningMetals & Mining

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.80%
Debt to Equity
0.04
EPS (TTM)
₹30.07
Book Value
₹223.10
Market Cap
—
P/E (TTM)
15.60
P/B
2.10
ROE
4.22%
Dividend Yield
2.23%
EBITDA
₹868 Cr
52W High
₹771.90
52W Low
₹394.55
Volume
0

Peer Comparison

Commodities › Metals & Mining › Industrial Minerals

Gujarat Mineral Development Corporation peer comparison
Lloyds Metals & Energy
₹1,799.6020.93₹1,00,186 Cr7.310.06%36.60%27.30%₹22,084 Cr₹4,921 Cr
NMDC
₹69.908.23₹60,373 Cr1.805.13%23.40%27.60%₹32,127 Cr₹7,458 Cr
Gujarat Mineral Development Corporation (this company)
₹469.2015.60₹13,992 Cr2.102.23%4.22%10.80%₹2,827 Cr₹956 Cr
Gravita India
₹1,474.6027.77₹10,397 Cr4.110.55%15.50%16.20%₹4,700 Cr₹391 Cr
MOIL
₹217.9014.60₹4,267 Cr1.661.08%9.77%12.40%₹1,511 Cr₹304 Cr
Ashapura Minechem
₹431.3010.13₹4,078 Cr2.500.48%28.00%20.90%₹5,498 Cr₹411 Cr
Orissa Minerals Development Comp
₹3,355.50606.78₹1,955 Cr—0.00%—9.64%₹103 Cr₹3 Cr
Median 7 companies₹469.2015.60₹10,397 Cr2.300.55%19.45%16.20%₹4,700 Cr₹411 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
42
Weak
Returns, margins, earnings quality 22% weight
Valuation
62
Good
Cheap vs sector & own history 24% weight
Growth
21
Poor
Sales & profit trajectory 9% weight
Financial Health
82
Strong
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish946
OscillatorsBearish342
Moving AveragesStrong Bearish604

Key readings

RSI (14)
51.09
Neutral
MACD (12,26,9)
−21.47
Bullish
SMA (50)
509.84
Bearish
SMA (200)
579.37
Bearish

As of

Analyst Rating

Based on 1 analysts
SELL100%

0 of 1 analyst rates Buy, 0 Hold, 1 Sell.

As of

BUY
0
0%
HOLD
0
0%
SELL
1
100%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+7.90%
5Y+13.68%
3Y−10.32%
1Y−0.43%
TTM+2.28%

Net profit

Net profit growth by window
10Y+15.89%
5YTurned to profit
3Y−7.37%
1Y+40.74%
TTM+43.54%

Operating cash flow

Operating cash flow growth by window
10Y+13.81%
5Y+38.31%
3Y−7.27%
1Y−30.21%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−6.95 pp
5Y+18.01 pp
3Y−20.66 pp
1Y−7.62 pp
TTM−5.08 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,537 Cr
Mar 2018₹2,051 Cr
Mar 2019₹1,880 Cr
Mar 2020₹1,449 Cr
Mar 2021₹1,329 Cr
Mar 2022₹2,732 Cr
Mar 2023₹3,498 Cr
Mar 2024₹2,463 Cr
Mar 2025₹2,534 Cr
Mar 2026₹2,523 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹325 Cr
Mar 2018₹347 Cr
Mar 2019₹220 Cr
Mar 2020₹146 Cr
Mar 2021−₹36.00 Cr
Mar 2022₹446 Cr
Mar 2023₹1,204 Cr
Mar 2024₹597 Cr
Mar 2025₹680 Cr
Mar 2026₹957 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,083 Cr +24.8% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Gujarat Mineral Development Corporation Ltd trades at ₹469.2 as of 2026-11-04 with a market cap of ₹13,992 Cr, a PE of 15.6x, and near-zero debt (debt-to-equity of 0.04). The stock sits 39.2% below its 52-week high of ₹771.9, with declining profitability trends over 3 and 5 years offset by a healthy dividend payout and a strong long-term stock CAGR of 17% over 10 years.

Bull Case 7
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.04, providing significant financial resilience in a cyclical mining sector.
  • Healthy dividend payout ratio of 43.2% with a current dividend yield of 2.23%, offering meaningful income return to shareholders.
  • 10-year compounded sales growth of 8% demonstrates the company's ability to grow revenue over a full commodity cycle.
  • 5-year stock CAGR of 43% indicates strong long-term wealth creation for investors over that period despite recent weakness.
  • 10-year stock CAGR of 17% reflects a sustained track record of market outperformance over the longer horizon.
  • PE of 15.6x on trailing earnings is moderate for a mining company, and ROCE stands at a reasonable 15.54%, suggesting the business earns adequately above its cost of capital.
  • Price-to-book ratio of 2.1x is modest for a state-owned mineral extraction company with significant land and mining rights, and the stock trades just 18.9% above its 52-week low of ₹394.55.
Bear Case 8
  • 3-year compounded profit growth is deeply negative at -38%, indicating a severe earnings deterioration trend over the medium term.
  • Earnings quality is a concern as other income of ₹945 Cr forms a substantial portion relative to the company's market cap of ₹13,992 Cr, raising questions about core operating profitability.
  • Return on equity has declined sharply to 4% in the last year from a 5-year average of 11% and a 10-year average of 10%, signalling weakening capital efficiency.
  • 3-year average ROE of 8.18% is low for a mining business and suggests the company is not generating adequate returns on shareholder equity.
  • 5-year compounded profit growth of -6% and TTM profit decline of -14% show that earnings erosion is not a one-off but a persistent pattern.
  • 3-year compounded sales growth of -10% indicates shrinking top-line, even as 5-year sales growth of 14% suggests the decline is concentrated in recent years.
  • The stock has fallen 39.2% from its 52-week high of ₹771.9 to ₹469.2, and the 1-year stock CAGR of -26% reflects significant negative momentum.
  • 10-year compounded profit growth of only 3% against 8% sales growth implies long-term margin compression and rising cost pressures in the business.

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

AI News Digest

9h ago

TL;DR: GMDC demonstrates solid profitability with a standalone PAT of ₹990.81 crore and a healthy dividend payout to its majority shareholder, the Gujarat government. No material headwinds emerged in recent news. The board addition of an IIM-Ahmedabad professor signals continued governance focus. The near-term outlook remains stable, with earnings strength supporting shareholder returns.

Positives 1
  • ₹224Cr dividend to Gujarat Govt Oct 21

    GMDC paid a dividend cheque of ₹223.55 crore to the Government of Gujarat for FY26, backed by a standalone PAT of ₹990.81 crore, reflecting the state's 74% stake.

Neutral 1
  • IIM-A professor joins board Oct 22

    Prof. Amit Karna appointed as Additional Independent Director effective October 21, 2026, and named Audit Committee member. Appointment is subject to shareholder approval under the Companies Act, 2013.

Quarterly Results

₹ Cr
GMDCLTD quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
766
383
564
751
818
593
653
786
733
528
579
814
907
903
Expenses
519
332
444
562
607
453
562
593
563
458
478
710
716
713
Operating Profit
247
51
121
189
211
140
92
194
169
69
101
104
191
190
OPM %
32%
13%
21%
25%
26%
24%
14%
25%
23%
13%
17%
13%
21%
21%
Other Income
64
77
60
72
60
62
114
118
78
583
101
185
77
83
Interest
1
1
1
1
1
1
1
0
1
1
1
5
7
7
Depreciation
19
18
20
21.01
21
21
26
27
22
22
22
49
33
33
PBT
291
111
161
238
249
181
180
285
224
630
179
235
228
234
Tax %
25%
32%
27%
21%
26%
29%
18%
21%
27%
26%
26%
17%
28%
27%
Net Profit
219
75
117
187
184
128
148
226
164
466
133
194
163
171
EPS (₹)
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
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
GMDCLTD profit and loss, annual, ₹ crore
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
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
896
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 (₹)
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
31%
30%
51%
47%
32%
—

Balance Sheet

₹ Cr
GMDCLTD balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
GMDCLTD cash flow, annual, ₹ crore
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

Ratios

GMDCLTD financial ratios, annual
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

Log in to view Gujarat Mineral Development Corporation insights

77 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.00%
  • Public 17.88%
  • Others 3.81%
  • FIIs 3.72%
  • DIIs 0.59%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Gujarat Mineral Development Corporation Ltd?
Gujarat Mineral Development Corporation Ltd trades at a PE ratio of 15.60 as of 4 Nov 2026, on earnings per share of ₹30.07, against a book value of ₹223.1 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 ₹394.55 and ₹771.9 as of 4 Nov 2026.
Does Gujarat Mineral Development Corporation Ltd pay dividends?
Gujarat Mineral Development Corporation Ltd has a dividend yield of 2.23%.
What is the Return on Equity (ROE) of Gujarat Mineral Development Corporation Ltd?
Gujarat Mineral Development Corporation Ltd reported a return on equity of 4.22%. 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.

Website gmdcltd.com
CEO Mr. Roopwant Singh I.A.S.
Employees 765
Listed 17 Dec 1997
Face Value ₹2

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