GMDCLTD

Gujarat Mineral Development Corporation Limited

Lignite mining and power generation company owned by Government of Gujarat

Commodities›Metals & Mining›Minerals & Mining›Industrial Minerals

gmdcltd.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹471.05
Market cap
14,977 Cr
Stock P/E
15.7
P/B
2.12
Dividend yield
2.1%
ROE (FY26)
13.5%
ROCE (FY26)
17.3%
Operating margin (FY26)
12.4%
Debt / equity (FY26)
0.04
OCF / EBITDA (FY26)
167.6%
OCF / EBITDA (3Y)
111.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

GMDC (Gujarat Mineral Development Corporation) mines lignite and other minerals and runs a power business, selling lignite as a fuel alongside domestic and imported coal and selling power under a power purchase agreement.

Company snapshot

3rdBy market cap

Ranked among 9 companies in Industrial Minerals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 94.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Mining
94.6%
1,953 Cr526 Cr—
Power
6.5%
135 Cr-8 Cr—
Unallocated—0 Cr-144 Cr—

Shares add up to 101% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 36.1% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales383 Cr564 Cr751 Cr818 Cr593 Cr653 Cr786 Cr733 Cr528 Cr579 Cr814 Cr907 Cr
Operating expenses (approx.)330 Cr443 Cr545 Cr607 Cr452 Cr561 Cr593 Cr563 Cr458 Cr478 Cr710 Cr716 Cr
EBITDA53 Cr121 Cr205 Cr211 Cr141 Cr92 Cr194 Cr169 Cr69 Cr101 Cr104 Cr191 Cr
OPM %13.8%21.5%27.4%25.8%23.8%14.1%24.6%23.1%13.2%17.4%12.8%21.1%
Other income77 Cr60 Cr72 Cr60 Cr62 Cr115 Cr118 Cr78 Cr108 Cr101 Cr155 Cr76 Cr
Interest0.56 Cr0.56 Cr1 Cr0.69 Cr0.70 Cr0.70 Cr0.09 Cr0.51 Cr0.57 Cr0.69 Cr5 Cr7 Cr
Depreciation18 Cr20 Cr21 Cr21 Cr21 Cr26 Cr27 Cr22 Cr22 Cr22 Cr49 Cr33 Cr
Profit before tax109 Cr160 Cr257 Cr249 Cr181 Cr179 Cr285 Cr224 Cr629 Cr179 Cr235 Cr228 Cr
Tax %31.7%27.1%19.5%26.1%29.4%17.6%20.6%27.0%26.0%25.8%17.3%28.2%
Net profit75 Cr117 Cr207 Cr184 Cr128 Cr148 Cr226 Cr164 Cr466 Cr133 Cr194 Cr163 Cr
EPS (₹)₹2.35₹3.67₹6.51₹5.79₹4.02₹4.64₹7.12₹5.15₹14.65₹4.18₹6.10₹5.14

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,582 Cr2,070 Cr1,880 Cr1,521 Cr1,339 Cr2,732 Cr3,501 Cr2,463 Cr2,851 Cr2,653 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,164 Cr1,522 Cr1,324 Cr1,338 Cr1,349 Cr2,054 Cr2,154 Cr1,837 Cr2,212 Cr2,210 CrSign in free for the trailing twelve months
EBITDA418 Cr548 Cr556 Cr183 Cr-10 Cr679 Cr1,348 Cr626 Cr639 Cr444 CrSign in free for the trailing twelve months
OPM %26.4%26.5%29.6%12.0%-0.7%24.8%38.5%25.4%22.4%16.7%Sign in free for the trailing twelve months
Other income181 Cr122 Cr145 Cr171 Cr153 Cr157 Cr394 Cr270 Cr355 Cr424 CrSign in free for the trailing twelve months
Interest1 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr3 Cr2 Cr7 CrSign in free for the trailing twelve months
Depreciation151 Cr112 Cr96 Cr92 Cr94 Cr98 Cr81 Cr79 Cr95 Cr115 CrSign in free for the trailing twelve months
Profit before tax447 Cr475 Cr388 Cr262 Cr-347 Cr737 Cr1,660 Cr818 Cr895 Cr1,268 CrSign in free for the trailing twelve months
Tax %27.2%25.7%43.4%22.2%88.7%45.0%26.8%24.5%23.3%24.5%Sign in free for the trailing twelve months
Net profit325 Cr353 Cr220 Cr204 Cr-39 Cr405 Cr1,216 Cr617 Cr686 Cr957 CrSign in free for the trailing twelve months
EPS (₹)₹10.22₹11.10₹4.36₹6.42₹-1.24₹12.74₹38.23₹19.41₹21.57₹30.08Sign in free for the trailing twelve months
Dividend payout %—————1.6%11.2%59.0%44.3%33.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr64 Cr
Reserves3,937 Cr4,288 Cr4,254 Cr4,185 Cr3,971 Cr4,703 Cr5,735 Cr6,052 Cr6,348 Cr7,009 Cr
Borrowings————————123 Cr309 Cr
Other liabilities1,114 Cr1,071 Cr890 Cr963 Cr928 Cr1,150 Cr1,123 Cr1,251 Cr1,216 Cr1,602 Cr
Total liabilities5,114 Cr5,423 Cr5,207 Cr5,211 Cr4,963 Cr5,916 Cr6,921 Cr7,367 Cr7,750 Cr8,983 Cr
Fixed assets (net)1,765 Cr1,734 Cr1,682 Cr1,616 Cr1,153 Cr1,094 Cr1,051 Cr1,023 Cr1,000 Cr1,480 Cr
CWIP21 Cr11 Cr0.76 Cr4 Cr6 Cr12 Cr12 Cr105 Cr503 Cr215 Cr
Investments657 Cr782 Cr520 Cr354 Cr388 Cr684 Cr87 Cr86 Cr519 Cr498 Cr
Loans & advances——11 Cr9 Cr8 Cr3 Cr3 Cr5 Cr5 Cr4 Cr
Inventories69 Cr72 Cr98 Cr95 Cr98 Cr90 Cr107 Cr106 Cr91 Cr96 Cr
Trade receivables119 Cr111 Cr147 Cr143 Cr141 Cr205 Cr189 Cr101 Cr85 Cr72 Cr
Cash & bank50 Cr56 Cr47 Cr95 Cr266 Cr66 Cr51 Cr33 Cr119 Cr94 Cr
Other assets2,433 Cr2,657 Cr2,701 Cr2,894 Cr2,903 Cr3,763 Cr5,422 Cr5,907 Cr5,429 Cr6,523 Cr
Total assets5,114 Cr5,423 Cr5,207 Cr5,211 Cr4,963 Cr5,916 Cr6,921 Cr7,367 Cr7,750 Cr8,983 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity452 Cr259 Cr142 Cr-8 Cr156 Cr-215 Cr932 Cr109 Cr1,059 Cr744 Cr
Cash from investing-350 Cr-138 Cr23 Cr92 Cr78 Cr23 Cr-786 Cr238 Cr-808 Cr-613 Cr
Cash from financing-115 Cr-115 Cr-134 Cr-77 Cr-64 Cr-7 Cr-137 Cr-365 Cr-183 Cr-154 Cr
Net cash flow-13 Cr6 Cr31 Cr8 Cr170 Cr-199 Cr8 Cr-18 Cr68 Cr-23 Cr
Free cash flow (OCF − Capex)-7 Cr52 Cr71 Cr-18 Cr144 Cr-256 Cr908 Cr-368 Cr415 Cr-290 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.2%11.0%9.0%6.2%-8.5%15.5%28.7%13.4%13.7%17.3%
ROE %8.1%8.1%5.1%4.8%-1.0%8.5%21.0%10.1%10.7%13.5%
Debtor days27202934382720151110
Inventory days16131923271211161213
Days payable22192133472821403035
Cash conversion cycle21132624181110-9-8-12
OCF / EBITDA %108.1%47.3%25.6%-4.1%—-31.8%69.1%17.3%165.9%167.6%
OCF / EBITDA % (3 years)——56.1%30.6%39.9%-7.8%43.3%31.1%80.4%111.9%
Debt / equity——0.000.000.000.00——0.020.04
Current ratio3.303.636.115.464.793.964.094.734.714.14
Net debt / EBITDA-0.12-0.10-0.08-0.52—-0.10-0.04-0.050.00620.48