Gujarat Mineral Development Corpora

BSE: GMDCLTD532181ISIN INE131A01031

Commodities
Industrial Minerals
BSE 500

Share price

₹468.80+43.20 (+10.15%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹771.50
52W low: ₹394.95
Off 52W high: -39.24%
1M return: -3.75%
3M return: -19.17%
6M return: -33.00%
1Y return: -20.18%
20D avg volume: 1,43,436
50 DMA: ₹509.82
200 DMA: ₹579.28

Key ratios Consolidated

Market cap: ₹14,908 Cr
Current price: ₹468.80
52W high / low: ₹771.50 / ₹394.95
Face value: ₹2.00
P/E: 22.54
P/B: 2.10
EPS (TTM): ₹20.80
Book value / share: ₹223.10
ROE: —
ROCE: 15.60%
Operating margin: —
Net margin: —
Debt / equity: 0.04
Net debt: ₹214.24 Cr
Interest cover: 178.65
Dividend yield: 2.03%
Dividend / share (TTM): ₹9.50
Payout: 45.67%
Cash conversion cycle: -12.5 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	902.97	906.64	814.05	579.15	527.58	732.60	786.28	653.42	593.01	818.13	750.75	564.27
	83.81	76.15	154.89	101.30	108.18	77.70	118.05	114.50	62.39	59.77	71.78	60.24
	986.78	982.79	968.94	680.45	635.76	810.30	904.33	767.92	655.40	877.90	822.52	624.51
	752.18	755.54	763.98	501.11	480.49	585.87	619.44	588.26	473.34	628.74	567.65	463.50
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	40.94	42.27	32.24	45.34	75.75	37.15	34.69	38.36	39.67	38.42	36.00	37.67
	6.60	6.61	5.37	0.69	0.57	0.51	0.09	0.70	0.70	0.69	1.23	0.56
	32.83	33.33	48.76	22.16	21.79	22.00	26.63	26.43	20.92	21.39	21.01	19.86
	672.75	667.55	680.16	435.21	382.93	526.40	549.09	126.23	82.05	89.44	90.28	95.21
	234.60	227.25	204.96	179.34	155.27	224.43	284.89	179.66	182.06	249.16	254.88	161.01
	0.00	0.00	30.02	0.00	474.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	234.60	227.25	234.98	179.34	629.70	224.43	284.89	179.66	182.06	249.16	254.88	161.01
	63.37	64.24	40.56	46.36	163.59	60.56	58.86	31.63	53.35	65.02	50.28	43.53
	170.79	163.43	194.09	133.06	465.75	163.77	226.22	147.66	127.86	184.05	207.13	116.83
	5.37	5.14	6.10	4.18	14.65	5.15	7.12	4.64	4.02	5.79	6.51	3.67
Key metrics
	274.03	267.19	289.11	202.19	652.06	246.94	311.61	206.79	203.68	271.24	277.12	181.43
	30.30%	29.50%	35.50%	34.90%	123.60%	33.70%	39.60%	31.60%	34.30%	33.20%	36.90%	32.20%
	18.90%	18.00%	23.80%	23.00%	88.30%	22.40%	28.80%	22.60%	21.60%	22.50%	27.60%	20.70%
	2.90%	—	2.90%	—	8.20%	—	3.90%	—	—	—	—	—
	71.20%	23.80%	3.50%	-11.40%	-11.00%	-10.50%	4.70%	15.80%	—	—	—	—
	-63.30%	-0.20%	-14.20%	-9.90%	264.30%	-11.00%	9.20%	26.40%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	3,203	2,653	2,851	2,463	3,501	2,732	1,339	1,521	1,880	2,173
	416.15	423.87	354.71	270.19	393.56	156.79	152.94	170.64	144.53	82.90
	3,619	3,077	3,206	2,733	3,895	2,889	1,492	1,692	2,024	2,090
	2,773	2,331	2,310	1,918	2,237	2,154	1,445	1,431	1,422	1,534
	0.00	0.00	0.00	—	—	—	—	—	—	—
	0.00	0.00	0.00	—	—	—	—	—	—	—
	160.79	190.48	151.14	148.36	158.46	132.89	130.85	144.49	122.39	—
	19.27	7.14	2.18	2.92	2.28	2.13	1.96	1.88	1.83	1.63
	137.08	114.71	95.37	78.73	81.17	97.98	94.21	91.58	96.14	111.67
	2,456	2,025	2,048	1,686	2,005	1,915	1,220	1,192	1,207	1,234
	846.15	745.80	895.77	814.73	1,658	735.23	47.03	260.39	602.69	556.27
	30.02	522.65	0.00	0.00	0.00	0.00	-396.60	0.00	-214.38	0.00
	876.17	1,268	895.77	814.73	1,658	735.23	-349.57	260.39	388.31	556.27
	214.53	311.07	208.86	200.77	444.70	331.74	307.57	58.32	168.51	122.32
	661.37	956.67	685.79	617.24	1,216	404.97	-39.34	204.06	219.94	353.06
	20.79	30.08	21.57	19.41	38.23	12.74	-1.24	6.42	6.92	—
Key metrics
	1,033	1,390	993.32	896.38	1,741	835.34	-253.40	353.85	486.28	669.57
	32.24%	52.40%	34.80%	36.40%	49.70%	30.60%	-18.90%	23.30%	25.90%	30.80%
	20.65%	36.10%	24.10%	25.10%	34.70%	14.80%	-2.90%	13.40%	11.70%	16.20%
	—	15.60%	12.40%	—	—	—	—	—	—	—
	18.63%	-6.90%	15.80%	-29.70%	28.20%	104.00%	-11.90%	-19.10%	-13.50%	—
	-34.09%	39.50%	11.10%	-49.20%	200.20%	1,129.40%	-119.30%	-7.20%	-37.70%	—
	—	-290.31	415.35	—	—	—	—	—	—	—
	—	0.78	1.54	—	—	—	—	—	—	—
	—	0.04	0.02	—	—	—	—	—	—	—
	—	214.24	3.93	—	—	—	—	—	—	—
	—	-12.5	-7.6	—	—	—	—	—	—	—
Balance sheet
	—	8,983	7,750	—	—	—	—	—	—	—
	—	3,232	2,488	—	—	—	—	—	—	—
	—	94.31	118.86	—	—	—	—	—	—	—
	—	71.66	84.99	—	—	—	—	—	—	—
	—	96.14	91.33	—	—	—	—	—	—	—
	—	968.14	269.58	—	—	—	—	—	—	—
	—	1,480	999.56	—	—	—	—	—	—	—
	—	258.73	235.66	—	—	—	—	—	—	—
	—	779.94	527.77	—	—	—	—	—	—	—
	—	308.55	122.79	—	—	—	—	—	—	—
	—	29.48	6.21	—	—	—	—	—	—	—
	—	279.07	116.58	—	—	—	—	—	—	—
	—	7,073	6,412	—	—	—	—	—	—	—
Cash flow
	—	743.72	1,059	—	—	—	—	—	—	—
	—	-612.87	-808.13	—	—	—	—	—	—	—
	—	-153.94	-183.14	—	—	—	—	—	—	—
	—	1,034	644.02	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	902.97	906.64	814.05	579.15	527.58	732.60	786.29	653.41	593.01	818.13	750.75	564.27
	83.81	76.15	155.41	101.28	108.10	77.29	117.03	114.58	62.23	59.72	70.64	60.24
	986.78	982.79	969.46	680.43	635.68	809.89	903.32	767.99	655.24	877.85	821.39	624.51
	752.18	755.54	737.74	498.92	476.17	585.20	619.07	587.64	472.71	628.26	566.99	463.50
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	40.94	42.27	36.34	43.39	74.19	36.57	33.07	38.18	39.42	38.21	35.71	37.67
	6.60	6.61	5.37	0.69	0.58	0.50	0.09	0.70	0.70	0.69	1.23	0.56
	32.83	33.33	48.76	22.16	21.79	22.00	26.63	26.43	20.92	21.39	21.01	19.86
	672.75	667.55	649.82	434.97	380.16	526.32	550.34	125.79	81.67	89.17	89.91	95.21
	234.60	227.25	231.72	181.51	159.51	224.69	284.25	180.35	182.53	249.59	254.41	161.01
	0.00	0.00	30.02	0.00	474.43	0.00	0.00	—	—	—	—	—
	234.60	227.25	261.74	181.51	633.94	224.69	284.25	180.35	182.53	249.59	254.41	161.01
	63.37	64.24	40.56	46.36	163.59	60.56	58.86	31.63	53.35	65.02	50.28	43.53
	171.23	163.01	221.18	135.15	470.35	164.13	225.39	148.72	129.18	184.57	204.12	117.48
	5.38	5.13	6.96	4.25	14.79	5.16	7.09	4.68	4.07	5.80	6.42	3.69
Key metrics
	274.03	267.19	315.87	204.36	656.31	247.19	310.97	207.48	204.15	271.67	276.65	181.43
	30.30%	29.50%	38.80%	35.30%	124.40%	33.70%	39.50%	31.80%	34.40%	33.20%	36.80%	32.20%
	19.00%	18.00%	27.20%	23.30%	89.20%	22.40%	28.70%	22.80%	21.80%	22.60%	27.20%	20.80%
	2.90%	—	3.30%	—	8.30%	—	4.00%	—	—	—	—	—
	71.20%	23.80%	3.50%	-11.40%	-11.00%	-10.50%	4.70%	15.80%	—	—	—	—
	-63.60%	-0.70%	-1.90%	-9.10%	264.10%	-11.10%	10.40%	26.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	3,203	2,653	2,851	2,463	3,501	2,732	1,339	1,521	1,880	2,171
	416.65	423.88	353.56	268.98	392.40	155.51	151.29	168.85	142.58	18.68
	3,619	3,077	3,204	2,732	3,894	2,888	1,491	1,690	2,022	2,190
	2,744	2,298	2,308	1,918	2,237	2,152	1,442	1,429	1,417	1,633
	0.00	0.00	0.00	—	—	—	—	—	—	—
	0.00	0.00	0.00	—	—	—	—	—	—	—
	162.94	190.49	148.88	148.01	158.45	132.89	130.85	144.49	122.29	189.74
	19.27	7.14	2.18	2.92	2.28	2.13	1.96	1.88	1.83	1.62
	137.08	114.71	95.37	78.73	81.16	97.98	94.21	91.58	96.14	111.67
	2,425	1,991	2,048	363.58	2,005	1,912	1,217	1,189	1,203	1,333
	875.08	779.23	896.72	814.36	1,657	736.02	48.55	261.00	604.95	556.93
	30.02	522.65	0.00	—	—	—	-396.60	—	-297.65	—
	905.10	1,302	896.72	814.36	1,657	736.02	-348.05	261.00	307.30	556.93
	214.53	311.07	208.86	200.77	444.70	331.74	307.57	58.32	168.51	122.32
	690.57	990.81	687.86	613.59	1,212	404.28	-40.47	202.68	138.79	434.60
	21.72	31.16	21.63	19.30	38.13	12.71	-1.27	6.37	4.36	—
Key metrics
	1,061	1,424	994.27	896.01	1,741	836.13	-251.88	354.46	405.27	670.22
	33.14%	53.70%	34.90%	36.40%	49.70%	30.60%	-18.80%	23.30%	21.60%	30.90%
	21.56%	37.30%	24.10%	24.90%	34.60%	14.80%	-3.00%	13.30%	7.40%	20.00%
	—	16.00%	12.50%	—	—	—	—	—	—	—
	18.63%	-6.90%	15.80%	-29.70%	28.20%	104.00%	-11.90%	-19.10%	-13.40%	—
	-31.53%	44.00%	12.10%	-49.40%	199.90%	1,099.00%	-120.00%	46.00%	-68.10%	—
	—	-290.31	418.60	—	—	—	—	—	—	—
	—	0.75	1.54	—	—	—	—	—	—	—
	—	0.04	0.02	—	—	—	—	—	—	—
	—	214.24	5.39	—	—	—	—	—	—	—
	—	-12.5	-7.6	—	—	—	—	—	—	—
Balance sheet
	—	8,979	7,712	—	—	—	—	—	—	—
	—	3,232	2,464	—	—	—	—	—	—	—
	—	94.31	117.40	—	—	—	—	—	—	—
	—	71.66	84.99	—	—	—	—	—	—	—
	—	96.14	91.33	—	—	—	—	—	—	—
	—	968.14	269.40	—	—	—	—	—	—	—
	—	1,480	997.03	—	—	—	—	—	—	—
	—	258.73	235.51	—	—	—	—	—	—	—
	—	780.02	527.51	—	—	—	—	—	—	—
	—	308.55	122.79	—	—	—	—	—	—	—
	—	29.48	6.21	—	—	—	—	—	—	—
	—	279.07	116.58	—	—	—	—	—	—	—
	—	7,069	6,373	—	—	—	—	—	—	—
Cash flow
	—	743.72	1,062	—	—	—	—	—	—	—
	—	-612.87	-811.98	—	—	—	—	—	—	—
	—	-153.94	-183.14	—	—	—	—	—	—	—
	—	1,034	643.37	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: -8.83%
Sales CAGR 5Y: +14.65%
Profit CAGR 3Y: -6.51%
Profit CAGR 5Y: —
Sales YoY (TTM): +18.63%
Profit YoY (TTM): -31.53%

Consolidated

Sales CAGR 3Y: -8.83%
Sales CAGR 5Y: +14.65%
Profit CAGR 3Y: -7.68%
Profit CAGR 5Y: —
Sales YoY (TTM): +18.63%
Profit YoY (TTM): -34.09%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 74.00%

Holder	Type	Holding	Previous	Change
H E THE GOVERNOR OF GUJARAT	Promoter	74.00%	—	—

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Lloyds Metals and Energy Limited	1,01,309	1,799.30	18.84	19.40%	+170.74% TTM	+198.69% TTM	+36.47%
NMDC Ltd S	61,437	69.88	8.23	28.60%	+27.24% TTM	+11.72% TTM	-5.94%
Gujarat Mineral Development Corpora	14,908	468.80	22.54	15.60%	+18.63% TTM	-34.09% TTM	-20.18%
GRAVITA INDIA LIMITED	10,876	1,473.55	27.35	18.10%	+23.93% TTM	+9.86% TTM	-16.63%
MOIL Limited	4,433	217.85	—	—	—	—	-40.11%
Ashapura Minechem Ltd	4,121	431.40	10.03	19.20%	+62.64% TTM	+19.91% TTM	-35.19%
Orissa Minerals Development Company Limited S	2,013	3,355.50	604.59	14.80%	+47.47% TTM	+108.11% TTM	-36.67%
20 Microns Limited	639	181.00	10.00	20.10%	+4.21% TTM	+2.41% TTM	-16.18%
Nile Ltd.	401	1,335.95	8.29	23.60%	+17.01% TTM	+12.07% TTM	-27.16%
Goa Carbon Ltd. S	366	400.10	-7.81	-11.10%	-2.94% TTM	-42.20% TTM	-7.78%
ASI INDUSTRIES LIMITED S	197	21.87	7.41	9.50%	+10.43% TTM	+2.66% TTM	-31.59%
Southern Magnesium And Chemicals Lt S	21	68.55	-74.51	4.80%	-48.36% TTM	-120.45% TTM	-43.95%
Kachchh Minerals Ltd. S	13	25.38	-12.88	-72.40%	—	-377.27% TTM	-22.03%
Raw Edge Industrial Solutions Limited S	13	13.27	22.12	4.00%	+5.45% TTM	+141.50% TTM	-47.28%

Filings & corporate actions

Recent announcements

Newspaper Advertisement for September 2026 Quarterly Results4 Nov 2026 · Company Update / Newspaper Publication
Unaudited Financial Results for Quarter ended on 30th September, 202630 Oct 2026 · Result / Financial Results
Appointment of Prof. Amit Karna as Additional Independent Director22 Oct 2026 · Company Update / Change in Directorate
Press Release21 Oct 2026 · Company Update / Press Release / Media Release
Intimation of ESG Rating19 Oct 2026 · Company Update / General
Gujarat Mineral Development Corporation Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/10/2026 ,inter alia, to consider and approve Unaudited ....14 Oct 2026 · Board Meeting / Board Meeting
Certificate under Reg. 74(5) of SEBI (DP) Regulations, 201814 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Scrutinizer''s Report alongwith Results of E-Voting at 63rd AGM30 Sep 2026 · AGM/EGM / AGM
Proceedings of 63rd Annual General Meeting held on 30th September, 202630 Sep 2026 · AGM/EGM / AGM
Appointment of Managing Director29 Sep 2026 · Company Update / Change in Management
Intimation for Closure of Trading Window29 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of ESG Rating18 Sep 2026 · Company Update / General
Intimation regarding Credit Rating18 Sep 2026 · Company Update / Credit Rating
Newspaper publication7 Sep 2026 · Company Update / Newspaper Publication
Business Responsibility and Sustainability Report (BRSR) for FY 2025-265 Sep 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Notice of 63rd Annual General Meeting5 Sep 2026 · AGM/EGM / AGM
Integrated Annual Report for FY 2025-265 Sep 2026 · Others / Reg. 34 (1) Annual Report
Intimation of probable data breach incident4 Sep 2026 · Company Update / General
63rd Annual General Meeting of the Company will be held on 30th September, 20263 Sep 2026 · AGM/EGM / AGM
Intimation of Record Date3 Sep 2026 · Corp. Action / Record Date
Quarterly Results Newspaper Advertisement1 Aug 2026 · Company Update / Newspaper Publication
Quarterly Results for June 202631 Jul 2026 · Result / Financial Results
Quarterly Financial Results for Quarter ended June 30, 202631 Jul 2026 · Result / Financial Results
Gujarat Mineral Development Corporation Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 31/07/2026 ,inter alia, to consider and approve Unaudited ....22 Jul 2026 · Board Meeting / Board Meeting
Intimation to shareholders for proposed transfer of shares to IEPFA15 Jul 2026 · Company Update / General
Certificate under Reg. 74(5) of SEBI(DP) Regulations, 20187 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of Trading Window29 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
GMDC Partners with University of Cambridge to Establish India''s first AI powered Rare Earth Supply Chain Observatory2 Jun 2026 · Company Update / Press Release / Media Release
Newspaper Advertisement of Annual Audited Results15 May 2026 · Company Update / Newspaper Publication
Financial Results and Recommendation of Dividend14 May 2026 · Board Meeting / Outcome of Board Meeting
Gujarat Mineral Development Corporation Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 14/05/2026 ,inter alia, to consider and approve Audited ....6 May 2026 · Board Meeting / Board Meeting
Certificate under Reg. 74(5) of SEBI(DP) Regulations 201813 Apr 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Disclosure under Regulation 30 regarding letter issued by SEBI8 Apr 2026 · Company Update / General
Intimation of ESG Rating assigned by NSE Sustainability Ratings & Analytics Ltd.6 Apr 2026 · Company Update / General
Closure of Trading Window28 Mar 2026 · Insider Trading / SAST / Closure of Trading Window
Clarification in respect of Volume Movement Letter23 Mar 2026 · Company Update / General
The Exchange has sought clarification from Gujarat Mineral Development Corporation Ltd on March 23, 2026, with reference to Movement in Volume. <BR><BR>The reply is awaited.23 Mar 2026 · Company Update / Clarification
GMDC signs MoU with NMDC Limited to explore Strategic Collaboration in the Rare Earth Elements (REE) Sector16 Mar 2026 · Company Update / Press Release / Media Release
GMDC secures Environmental Clearance for Lakhpat-Punrajpur Lignite & Limestone Mine in Kutch, Strengthening Long-Term Production Visibility27 Feb 2026 · Company Update / Press Release / Media Release
Revised Press Release - GMDC and NTPC Sign MOU to Explore Advanced Gasification of Coal and Lignite Resources26 Feb 2026 · Company Update / Press Release / Media Release (Revised)

Corporate actions

Purpose	Ex date	Record date	Payment date
Dividend - Rs. - 9.5000	23 Sep 2026	23 Sep 2026	—
Dividend - Rs. - 10.1000	18 Sep 2025	18 Sep 2025	—
Dividend - Rs. - 9.5500	20 Sep 2024	—	—

Board meetings

30 Oct 2026 Board Meeting - Financial Results
31 Jul 2026 Board Meeting - Financial Results