Gujarat Mineral Development Corporation Ltd

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Gujarat Mineral Development Corporation Ltd

₹ 575 -0.87%
11 Sep - close price
gmdcltd.com BSE: 532181 NSE: GMDCLTD
About

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]

Key Points

Minerals & Metals
The company mines and extracts different minerals and metals such as lignite, bauxite, fluorspar, manganese, silica sand, limestone, bentonite and ball clay [1] from various districts in Gujarat such as Kutch, Surat, Baroda, Rajkot, Jamnagar, Porbandar, Amreli, Bhavnagar and others. [2]

Website BSE NSE
  • Market Cap ₹ 18,296 Cr.
  • Current Price ₹ 575
  • High / Low ₹ 772 / 464
  • Stock P/E 32.1
  • Book Value ₹ 222
  • Dividend Yield 1.65 %
  • ROCE 10.8 %
  • ROE 4.22 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 43.2%

Cons

  • 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.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Metals & Mining Minerals & Mining Industrial Minerals

Part of BSE PSU BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
766 383 564 750 818 593 653 786 733 528 579 814 907
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%
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
Profit before tax 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%
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 6.10 5.14
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
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
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%
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
Profit before tax 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%
501 219 325 347 220 146 -36 446 1,204 597 680 957 956
EPS in Rs 15.75 6.89 10.22 10.90 6.91 4.61 -1.12 14.02 37.88 18.78 21.38 30.08 30.07
Dividend Payout % 19% 44% 29% 32% 29% 43% -18% 31% 30% 51% 47% 32%
Compounded Sales Growth
10 Years: 8%
5 Years: 14%
3 Years: -10%
TTM: 2%
Compounded Profit Growth
10 Years: 3%
5 Years: -6%
3 Years: -38%
TTM: -14%
Stock Price CAGR
10 Years: 20%
5 Years: 52%
3 Years: 26%
1 Year: 1%
Return on Equity
10 Years: 10%
5 Years: 11%
3 Years: 8%
Last Year: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 6,378 7,009
679 0 0 0 0 0 1 1 2 3 126 317
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
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
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 Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
101 204 452 241 142 1 147 481 933 110 1,066 744
-13 -67 -350 -138 23 84 87 -674 -787 254 -814 -614
-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

Consolidated Figures in Rs. Crores / View Standalone

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 12 10
Inventory Days
Days Payable
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

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
ATPS (Thermal) Plant Load Factor
% ・Standalone data

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Bauxite Sales Volume
Lakh MT ・Standalone data
Lignite Production Volume
Lakh MT ・Standalone data
Number of Operating Lignite Mines
count ・Standalone data
Wind Power Plant Load Factor
% ・Standalone data
Lignite Market Share in Gujarat
% ・Standalone data
Lignite Reserves
Million Tonnes ・Standalone data

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00%
1.89% 1.76% 1.82% 1.60% 1.68% 1.94% 2.15% 2.25% 3.32% 2.30% 3.76% 3.66%
1.00% 0.89% 0.75% 1.00% 0.78% 0.75% 0.76% 0.79% 0.76% 0.86% 0.94% 0.81%
0.00% 0.00% 0.00% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
23.09% 23.34% 23.43% 23.36% 23.54% 23.33% 23.10% 22.97% 21.92% 22.84% 21.31% 21.53%
No. of Shareholders 1,56,0021,79,0432,29,4632,41,7252,52,0242,51,8132,50,5382,27,8502,24,5582,37,2202,41,5512,48,480

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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