Gujarat Mineral Development Corporation Limited (GMDCLTD)

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Gujarat Mineral Development Corporation Limited (GMDCLTD) · mywealthgrid

About

GMDCLTD is an industrial minerals mining company within the Materials sector. With a ₹18,469 Cr market cap and recent quarterly revenues exceeding ₹900 Cr, the company operates in commodities-linked mining with a 74% promoter-held ownership structure and minimal leverage (D/E 0.04).

Founded: 1963
Face value: ₹2

Market cap

₹15,507 Cr

P/E

16.2×

P/B

2.2×

Dividend yield

1.9%

ROE

14.2%

ROCE

9.8%

Debt / equity

0.04

OPM

16.7%

EPS (TTM)

₹30.1

Book value

₹222.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: OPM swung from 12.8% (Mar 2026) to 21.07% (Jun 2026); verify whether driven by commodity pricing, volume fluctuations, or product mix shifts
Commodity price cyclicality: Industrial minerals earnings are sensitive to global and domestic demand cycles; verify leading indicators of construction and manufacturing activity
Free float constraints: High promoter concentration (74%) and public float of 21.53% with minimal FII (3.65%) and DII (0.82%) participation; verify liquidity and valuation implications
Regulatory and environmental risks typical to mining sector; verify current compliance status and pending regulatory changes affecting costs or operations

Generated analysis · source review pending

Growth drivers

Sequential quarterly revenue growth: ₹579.15 Cr (Dec 2025) → ₹814.05 Cr (Mar 2026) → ₹906.64 Cr (Jun 2026); verify sustainability and drivers
Operating margin expansion: OPM reached 21.07% in Jun 2026, above the 16.73% trailing average; verify if cost efficiency, pricing power, or product mix improvement is sustainable
Strong balance sheet enabling growth: D/E of 0.04 coupled with consistent dividend payments signals FCF availability for capex or inorganic opportunities
Industrial minerals sector positioning: Verify if India's infrastructure and manufacturing growth tailwinds support demand for domestic minerals producers

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹487.7-5%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 105.5×
+Dividend payout of 31.6% of profit
+High promoter holding of 74% with no pledge

Cons

−Profit declined 7.7% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 58
Growth: 27
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,521	1,339	2,732	3,501	2,463	2,851	2,653
COGS	2	-2	6	-10	3	13	-6
	1,334	1,349	2,046	2,161	1,831	2,200	2,216
	185	-7	680	1,350	629	637	443
OPM %	12.2%	-0.5%	24.9%	38.6%	25.6%	22.4%	16.7%
Depreciation	92	94	98	81	79	95	115
Interest	2	2	2	2	3	2	7
	171	-244	157	394	270	355	947
Profit before tax	262	-347	737	1,660	818	895	1,268
Tax	58	-308	332	445	201	209	311
Tax %	22.2%	-88.7%	45%	26.8%	24.5%	23.4%	24.5%
	204	-39	405	1,216	617	686	957
PAT margin %	13.4%	-2.9%	14.8%	34.7%	25.1%	24.1%	36.1%
EPS (₹)	6.4	-1.2	12.7	38.2	19.4	21.6	30.1
EPS adjusted (₹)	—	-1.2	12.7	38.2	19.4	21.6	30.1
	31.2%	—	33.8%	30%	49.2%	46.8%	31.6%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	—	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	64	64	64	64	64	64	64	64	64	64
Reserves	3,571	3,625	4,288	4,254	—	4,758	5,735	6,052	6,348	7,009
	—	—	—	—	—	0	0	0	123	309
	899	1,006	1,039	890	—	1,060	1,123	1,251	1,216	1,602
Total equity & liabilities	4,533	4,694	5,390	5,207	—	5,882	6,921	7,367	7,750	8,983
	1,736	1,719	2,054	2,040	1,496	1,422	1,366	1,466	1,519	1,980
CWIP	11	31	11	1	—	12	12	105	503	215
Investments	603	571	782	429	—	684	87	86	519	498
	2,183	2,374	2,544	2,738	—	3,764	5,457	5,710	5,210	6,290
Total assets	4,533	4,694	5,390	5,207	—	5,882	6,921	7,367	7,750	8,983

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Mining	2,507.62	607.5	4,069.43	1,124.84	2,944.59	20.63
Power	215.72	-79.61

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	12.1%	-0.7%	24.8%	38.5%	25.4%	22.4%	16.7%
EBIT margin %	6%	-7.8%	21.3%	36.2%	22.2%	19.1%	12.4%
PAT margin %	13.4%	-2.9%	14.8%	34.7%	25.1%	24.1%	36.1%
Working capital
Receivable days	—	—	27	20	15	11	10
Inventory days	—	—	16	18	21	15	16
Payable days	—	—	37	34	54	39	43
NWC days	—	—	6	3	-18	-13	-17
Leverage
Current ratio	—	—	3.92	4.09	4.73	4.71	4.14
Debt to EBITDA	—	—	0	0	0	0.19	0.7
Debt to equity	—	—	0	0	0	0.02	0.04
Interest coverage	139.5	25	346.2	728.2	280	411.9	105.5
Asset turnover	—	—	0.46	0.51	0.33	0.37	0.3
Return ratios
Return on assets %	—	—	6.9%	17.6%	8.4%	8.8%	10.6%
Return on capital employed %	—	—	13.5%	27.9%	12.3%	12.8%	9.8%
Return on equity %	—	—	8.4%	21%	10.1%	10.7%	13.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74%	74%	74%	74%	74%	74%	74%	74%	74%	74%	74%	74%
	1.89%	1.76%	1.82%	1.59%	1.68%	1.94%	2.15%	2.25%	3.32%	2.29%	3.75%	3.65%
	1.01%	0.89%	0.74%	1%	0.78%	0.74%	0.76%	0.79%	0.76%	0.87%	0.94%	0.82%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.1%	23.35%	23.44%	23.41%	23.54%	23.32%	23.09%	22.96%	21.92%	22.84%	21.31%	21.53%
No. of shareholders	—	—	—	—	—	—	—	—	2,24,558	2,37,220	2,41,551	2,48,480

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

0.14%

of the company's equity

All mutual funds

0.45%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

31 schemes · 8 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.32 L	7.43	0.21%	0.041%	+1,613
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	67,033	3.77	0.21%	0.021%	+749
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	48,593	2.74	0.21%	0.015%	+441
Nifty 500 Momentum 50 Index Fund	Nippon India Mutual Fund	45,040	2.54	0.19%	0.014%	+663
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	29,565	1.66	0.21%	0.009%	+598
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	28,047	1.58	0.19%	0.009%	-160
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	17,944	1.01	0.19%	0.006%	+9
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	13,499	0.76	0.19%	0.004%	-585

1–8 of 31

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

30 Sept 2026, 9:29 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 6:09 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

29 Sept 2026, 7:16 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

29 Sept 2026, 11:56 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

18 Sept 2026, 3:05 pmCompany Update

Intimation Of ESG Rating

General PDF

18 Sept 2026, 3:02 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

7 Sept 2026, 6:11 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

5 Sept 2026, 3:20 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

Date	Category	Subject	Filing
30 Sept 2026, 9:29 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 6:09 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	12.1%	-0.7%	24.8%	38.5%	25.4%	22.4%	16.7%
EBIT margin %	6%	-7.8%	21.3%	36.2%	22.2%	19.1%	12.4%
PAT margin %	13.4%	-2.9%	14.8%	34.7%	25.1%	24.1%	36.1%
Working capital
Receivable days	—	—	27	20	15	11	10
Inventory days	—	—	16	18	21	15	16
Payable days	—	—	37	34	54	39	43
NWC days	—	—	6	3	-18	-13	-17
Leverage
Current ratio	—	—	3.92	4.09	4.73	4.71	4.14
Debt to EBITDA	—	—	0	0	0	0.19	0.7
Debt to equity	—	—	0	0	0	0.02	0.04
Interest coverage	139.5	25	346.2	728.2	280	411.9	105.5
Asset turnover	—	—	0.46	0.51	0.33	0.37	0.3
Return ratios
Return on assets %	—	—	6.9%	17.6%	8.4%	8.8%	10.6%
Return on capital employed %	—	—	13.5%	27.9%	12.3%	12.8%	9.8%
Return on equity %	—	—	8.4%	21%	10.1%	10.7%	13.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lloyds Metals And Energy LimitedLLOYDSMELLOYDSME	₹1,00,016 Cr	₹1,20,397 Cr	₹22,084 Cr	₹8,129 Cr	35.9%	₹4,766 Cr	22.4%	31.1%	36.3%	31
Nmdc LimitedNMDCNMDC	₹65,622 Cr	₹71,496 Cr	₹32,127 Cr	₹9,249 Cr	28.9%	₹7,459 Cr	23.2%	32.4%	24.9%	226
Gujarat Mineral Development Corporation LimitedGMDCLTDGMDCLTD	₹15,507 Cr	₹15,816 Cr	₹2,827 Cr	₹466 Cr	16.7%	₹956 Cr	36.1%	9.8%	14.2%	-17
Gravita India LimitedGRAVITAGRAVITA	₹10,425 Cr	₹11,157 Cr	₹4,700 Cr	₹444 Cr	10.2%	₹392 Cr	8.9%	19.3%	16.8%	139
Moil LimitedMOILMOIL	₹4,735 Cr	₹4,735 Cr	₹976 Cr	₹137 Cr	33.3%	₹74 Cr	24.1%	18.4%	12.5%	—
Ashapura Minechem LimitedASHAPURMINASHAPURMIN	₹4,679 Cr	₹6,123 Cr	₹5,498 Cr	₹554 Cr	10.6%	₹411 Cr	8%	21.6%	27.8%	-22
The Orissa Minerals Development Company LimitedORISSAMINEORISSAMINE	₹2,123 Cr	₹2,264 Cr	₹103 Cr	₹17 Cr	9.7%	₹3 Cr	-3.1%	12.3%	—	167
20 Microns Limited20MICRONS20MICRONS	₹732 Cr	₹877 Cr	₹951 Cr	₹124 Cr	12.9%	₹68 Cr	7%	21%	14.6%	126
Nile LimitedNILENILE	₹373 Cr	₹395 Cr	₹920 Cr	₹56 Cr	6.1%	₹31 Cr	4%	20.1%	14.7%	—
Goa Carbon LimitedGOACARBONGOACARBON	₹371 Cr	₹538 Cr	₹563 Cr	₹-25 Cr	-4%	₹-47 Cr	-6.9%	-9.7%	-25%	106
ASI Industries LtdASIILASIIL	₹204 Cr	₹314 Cr	₹238 Cr	₹-14 Cr	-6%	₹-56 Cr	-23.5%	-11.8%	-17.4%	219
Southern Magnesium & Chemicals LtdSOUTHMGSOUTHMG	₹23 Cr	₹28 Cr	₹2 Cr	₹0 Cr	0.9%	₹-0 Cr	3.9%	4.9%	1%	1,452

68 deals · 14 Jan 2022 – 16 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Apr 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	18,08,818	₹710.68	₹128.55 Cr
16 Apr 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	18,08,818	₹710.46	₹128.51 Cr
27 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	21,06,593	₹560.23	₹118.02 Cr
27 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	21,06,241	₹559.88	₹117.92 Cr
23 Sept 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	28,13,606	₹614.40	₹172.87 Cr
23 Sept 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	27,20,723	₹619.70	₹168.60 Cr
23 Sept 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	27,20,723	₹619.36	₹168.51 Cr
23 Sept 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	25,00,980	₹615.01	₹153.81 Cr
23 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	19,95,001	₹610.72	₹121.84 Cr
23 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	19,95,001	₹610.30	₹121.75 Cr

1–10 of 68

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	208	452	241	102	1	156	-215	932	109	1,059	744
	-70	-350	-138	23	84	78	23	-786	238	-808	-613
	-115	-115	-97	-134	-77	-64	-7	-137	-365	-183	-154
Net cash flow	23	-13	6	-9	8	170	-199	8	-18	68	-23
Free cash flow	—	—	—	—	—	144	-256	908	-368	415	-290
CFO / Operating profit %	—	—	—	—	0.5%	—	-31.8%	69.1%	17.3%	165.9%	167.6%

Gujarat Mineral Development Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

20

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Interest and Divdend Income · revenue

Gujarat Mineral Development Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Quarterly record

Annual reports

Credit ratings

Dividends20

Board meetings1

Bonus issues1

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Interest and Divdend Income · revenue

20

1

1