GMDCLTD
G M D C share price & financials
- Price
- ₹612.9
- Market cap
- ₹18.3k Cr
- Sector
- Metals & Mining
- Calls analysed
- 1
G M D C Q4 FY25
What went well
- Targeting 10-15% lignite volume growth from existing mines in FY26, indicating operational recovery.
- Baitarani West coal block expected to see groundbreaking in FY26 and initial production of approximately 1 million tons, marking a significant new revenue stream.
- Project Shikhar's ambitious FOREX target of ₹14,500 crores by 2030 is maintained, demonstrating long-term confidence.
What to watch
- Lignite production shortfall in FY25 (8 million tons vs. 10 million ton target) due to a safety incident at Rajpardi mine and land acquisition delays at Bhavnagar.
- ATPS power plant is running behind schedule due to critical spares from abroad, currently operating at a loss of ₹11 crores on ₹25 crores revenue.
What G M D C does
Gujarat Mineral Development Corporation is a Government of Gujarat enterprise that mines and sells lignite, bauxite, limestone, fluorspar and manganese, and generates power. It earns primarily by extracting lignite from mines in Kutch, Bhavnagar and South Gujarat and selling it to industrial users (textiles, cement, ceramics, chemicals, brick manufacturing) and to its own captive thermal plant. It also runs the coal-fired Akrimota Thermal Power Station and a portfolio of wind and solar assets, selling power under long-term PPAs. The company is expanding into commercial coal mining in Odisha and into critical minerals (copper and rare earth elements) in Gujarat.
Segments
- Mining
- ATPS (Thermal Power)
- Renewable Energy
- Corporate/Others
- Operating lignite mines
- 4 (Mata no Madh, Rajpardi, Tadkeshwar, Bhavnagar/Umarsar)
- Upcoming lignite mines
- 6 new mines (Lakhpat-Punrajpar, Damlai, EFG Valia, Panandhro Extension, Bharkandam) with ~483 MT reserves
- Coal mines acquired in Odisha
- 3 (Baitarni West, Burapahar, Kudanali Lubri) with over 2 billion tonnes geological resources
- Thermal power capacity
- 250 MW (Akrimota Thermal Power Station, 2x125 MW units)
- Renewable energy capacity
- 205.9 MW across 8 projects (200.9 MW wind, 5 MW solar)
- Bauxite mines
- 11 mines at Gadhsisa and Bhatia
Guidance record · Q4 FY25
what the last two calls moved 9 tracked 0 delivered 1 missed 8 open- Lignite Production missed said Q4 FY25 Promised: 10 million tons Q4 FY25: Achieved 8 million tons due to safety incident and land delays.
- Total Lignite Production delayed said Q4 FY25 Promised: 15 million tons by the end of this decade Q4 FY25: Timeline revised from 'end of this decade' to 'by 2035'.
- Lignite Volume Growth (Existing Mines) open said Q4 FY25 Promised: 10% to 15% growth Q4 FY25: Guidance issued for FY26.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 23.7%, net profit down 0.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 593 | 653 | 786 | 733 | 528 −11% | 579 −11% | 814 +4% | 907 +24% |
| EBITDA | 140 | 92 | 194 | 169 | 69 −51% | 101 +10% | 104 −46% | 191 +13% |
| Net profit | 128 | 148 | 226 | 164 | 466 +264% | 133 −10% | 194 −14% | 163 −1% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +10.1% 1Y
1Y: ₹522.35 on 10 Sept 2025 → ₹575.35. High ₹746.75 (16 Apr 2026), low ₹469.6 (24 Nov 2025).
Financials, as filed
Revenue fell 8.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 16.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.5k Cr | ₹2.5k Cr | ₹2.9k Cr | ₹2.7k Cr |
| Operating profit | ₹1.3k Cr | ₹608 Cr | ₹637 Cr | ₹443 Cr |
| Operating margin | 38.3% | 24.7% | 22.4% | 16.7% |
| Interest | ₹4 Cr | ₹4 Cr | ₹3 Cr | ₹8 Cr |
| Depreciation | ₹82 Cr | ₹79 Cr | ₹95 Cr | ₹115 Cr |
| Net profit | ₹1.2k Cr | ₹598 Cr | ₹686 Cr | ₹957 Cr |
| Net margin | 34.4% | 24.3% | 24.1% | 36.1% |
| Cash from operations | ₹933 Cr | ₹110 Cr | ₹1.1k Cr | ₹744 Cr |
| Free cash flow | ₹908 Cr | ₹-366 Cr | ₹430 Cr | ₹-289 Cr |
| ROCE | 31.0% | 13.0% | 14.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr |
| Reserves | ₹4.0k Cr | ₹4.8k Cr | ₹5.7k Cr | ₹6.0k Cr | ₹6.7k Cr | ₹7.0k Cr |
| Borrowings | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹278 Cr | ₹317 Cr |
| Other liabilities | ₹905 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.6k Cr |
| Total liabilities | ₹5.0k Cr | ₹5.9k Cr | ₹7.0k Cr | ₹7.4k Cr | ₹8.3k Cr | ₹9.0k Cr |
| Fixed assets | ₹1.6k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.6k Cr | ₹2.0k Cr | ₹2.0k Cr |
| Capital work in progress | ₹6 Cr | ₹23 Cr | ₹28 Cr | ₹292 Cr | ₹619 Cr | ₹1.2k Cr |
| Investments | ₹299 Cr | ₹596 Cr | ₹491 Cr | ₹566 Cr | ₹481 Cr | ₹464 Cr |
| Other assets | ₹3.1k Cr | ₹3.8k Cr | ₹5.0k Cr | ₹5.0k Cr | ₹5.2k Cr | ₹5.3k Cr |
| Total assets | ₹5.0k Cr | ₹5.9k Cr | ₹7.0k Cr | ₹7.4k Cr | ₹8.3k Cr | ₹9.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.44 pp while FIIs added +1.41 pp. The shareholder count grew 9% to 2,48,480.
- Promoters
- 74.0%
- FIIs
- 3.7%
- DIIs
- 0.8%
- Public
- 21.5%
Since Jun 2025
- Public −1.44 pp
- FIIs +1.41 pp
- DIIs +0.02 pp
How it drifted, 12 quarters
Over this window FIIs went from 1.9% to 3.7% — +1.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.0%, FIIs 1.9%, DIIs 1.0%, Public 23.1%.Dec '23: Promoters 74.0%, FIIs 1.8%, DIIs 0.9%, Public 23.3%.Mar '24: Promoters 74.0%, FIIs 1.8%, DIIs 0.8%, Public 23.4%.Jun '24: Promoters 74.0%, FIIs 1.6%, DIIs 1.0%, Government 0.1%, Public 23.4%.Sep '24: Promoters 74.0%, FIIs 1.7%, DIIs 0.8%, Public 23.5%.Dec '24: Promoters 74.0%, FIIs 1.9%, DIIs 0.8%, Public 23.3%.Mar '25: Promoters 74.0%, FIIs 2.1%, DIIs 0.8%, Public 23.1%.Jun '25: Promoters 74.0%, FIIs 2.3%, DIIs 0.8%, Public 23.0%.Sep '25: Promoters 74.0%, FIIs 3.3%, DIIs 0.8%, Public 21.9%.Dec '25: Promoters 74.0%, FIIs 2.3%, DIIs 0.9%, Public 22.8%.Mar '26: Promoters 74.0%, FIIs 3.8%, DIIs 0.9%, Public 21.3%.Jun '26: Promoters 74.0%, FIIs 3.7%, DIIs 0.8%, Public 21.5%.
Who is on the register
Named in the Jun 2026 filing
Every holder of G M D C above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| H E The Governor Of Gujarat | 74.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in GMDCLTD
Filings to Aug 2026
0 new, 5 added, 1 trimmed, 0 sold out — net +0.03 L shares (+1.2%).
- Held by funds
- ₹15 Cr
- 6 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹7 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹7 Cr | +0.02 L | Mar '24 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹4 Cr | +0.01 L | Mar '24 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹3 Cr | +0.01 L | Dec '25 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +3,032 shares (+1.2%)
- Funds are sitting on
- +43%
- vs est. average cost
- Held by funds
- ₹15 Cr
- 6 schemes · ≈ 0.09% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹7 Cr · 0.2% of that fund
Shares held by these funds +171%
Mar '24 2.62 L shares Jul '26
Learn to analyse G M D C
Guides on how to read this kind of business and the numbers that matter.