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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Gujarat Mineral Development Corporation Ltd (GMDCLTD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532181 NSE: GMDCLTD Mining & Minerals | Small Cap | GMDC Share Price
₹569 11.50 (2.06%)
As on 08-Sep'26 16:01
Gujarat Mineral Development Corporation Ltd (GMDCLTD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532181 NSE: GMDCLTD Mining & Minerals | Small Cap | GMDC Share Price
₹569 11.50 (2.06%)
As on 08-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹17,729 Cr.
Current Price
₹569
52-Week Low / High
₹464 / 772
TTM EPS
₹31.1
TTM Sales
₹2,827 Cr.
Book Value per Share
₹227.4
P/E Ratio
17.91
Higher than its 5-year historical median
Industry PE
13.9
Price to Book (P/B)
2.45
Higher than its 5-year historical median
Price to Sales (P/S)
6.27
Higher than its 5-year historical median
EV/EBITDA
18.63
Higher than its 5-year historical median
Dividend Yield
1.67%
Profitability Efficiency
Return on Equity (ROE)
14.71%
Outperforms industry median
Return on Capital Employed (ROCE)
18.83%
Outperforms industry median
Return on Assets (ROA)
11.87%
Operating Profit Margin
18%
Net Profit Margin
37.34%
Gross Profit Margin
33.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-6.93%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-25.54%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
45.3%
Asset Quality
Promoter Holding
74.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹7,168 Cr.
Equity
₹63.6 Cr.
Face Value
₹2
All Time Low / High
₹2.52 / 771.50
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Gujarat Mineral Development Corporation Ltd a good quality company?
Gujarat Mineral Development Corporation Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Gujarat Mineral Development Corporation Ltd performance compare with that of its Peers?
Revenue growth of Gujarat Mineral Development Corporation Ltd vs industry peers?
Gujarat Mineral Development Corporation Ltd revenue CAGR is 14.83%, compared to the industry median CAGR of 0.50%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Gujarat Mineral Development Corporation Ltd?
Promoters hold 74.00% of the Gujarat Mineral Development Corporation Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Gujarat Mineral Development Corporation Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 19.8% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Gujarat Mineral Development Corporation Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 11.8% | 13.2% | 7.1% | 4.9% | -8.5% | 17.7% | 31.3% | 13.5% | 14.2% | 18.8% | - |
| Value Creation Index ⓘ | -0.2 | -0.1 | -0.5 | -0.7 | -1.6 | 0.3 | 1.2 | 0 | 0.1 | 0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,537 | 2,051 | 1,880 | 1,449 | 1,329 | 2,732 | 3,498 | 2,463 | 2,851 | 2,653 | 2,827 |
| Sales YoY Gr. | - | 33.5% | -8.4% | -22.9% | -8.3% | 105.6% | 28% | -29.6% | 15.8% | -6.9% | - |
| Adj EPS ⓘ | 10.2 | 13.5 | 10.9 | 4.6 | -1.2 | 14 | 37.8 | 19.3 | 21.3 | 19.7 | 31.1 |
| YoY Gr. | - | 31.8% | -19% | -58.3% | -125.5% | NA | 170% | -49% | 10.3% | -7.6% | - |
| BVPS (₹) ⓘ | 124.8 | 138.4 | 134.8 | 127.8 | 126.8 | 150.5 | 180.7 | 191 | 201.4 | 222.3 | 227.4 |
| Adj Net Profit ⓘ | 325 | 428 | 347 | 145 | -37 | 445 | 1,201 | 613 | 676 | 625 | 990 |
| Cash Flow from Ops. ⓘ | 457 | 325 | 143 | 5.6 | 149 | 483 | 935 | 110 | 1,068 | 744 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 6.3% | 14.8% | -8.8% | -6.9% | ||||
| Adj EPS ⓘ | 7.6% | NA | -19.6% | -7.6% | ||||
| BVPSⓘ | 6.6% | 11.9% | 7.2% | 10.4% | ||||
| Share Price | 19.8% | 52.7% | 30.2% | 5.6% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 8.5 | 10.2 | 8 | 3.5 | -0.9 | 10.1 | 22.8 | 10.4 | 10.9 | 9.3 | 13.8 |
| Op. Profit Mgn % ⓘ | 27.4 | 26.9 | 29.8 | 8.8 | -0.2 | 26.5 | 38.2 | 25.5 | 22.5 | 18 | 17.6 |
| Net Profit Mgn % ⓘ | 21.1 | 20.9 | 18.5 | 10 | -2.8 | 16.3 | 34.3 | 24.9 | 23.7 | 23.6 | 35 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 522 | 413 | 478 | 620 | 731 | 428 | 445 | 689 | 561 | 621 | 217 |
| Cash Conv. Cycle ⓘ | 5 | -0 | 2 | 16 | 14 | -6 | -5 | -13 | -20 | -19 | 171 |
Valuation of GMDC - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,537 | 2,051 | 1,880 | 1,449 | 1,329 | 2,732 | 3,498 | 2,463 | 2,851 | 2,653 |
| Operating Expenses ⓘ + | 1,116 | 1,499 | 1,319 | 1,321 | 1,332 | 2,009 | 2,161 | 1,853 | 2,210 | 2,176 |
| Operating Profit ⓘ | 421 | 552 | 560 | 128 | -3 | 723 | 1,337 | 610 | 641 | 477 |
| Operating Profit Margin (%) | 27.4% | 26.9% | 29.8% | 8.8% | -0.2% | 26.5% | 38.2% | 24.8% | 22.5% | 18.0% |
| Other Income ⓘ + | 179 | 119 | 142 | 169 | 151 | 155 | 392 | 269 | 347 | 424 |
| Interest ⓘ | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 3 | 2 | 7 |
| Depreciation ⓘ | 151 | 119 | 96 | 92 | 94 | 98 | 81 | 80 | 95 | 115 |
| Profit Before Tax ⓘ | 447 | 551 | 307 | 203 | -344 | 777 | 1,646 | 796 | 891 | 1,302 |
| Tax ⓘ | 122 | 122 | 169 | 58 | -308 | 332 | 445 | 201 | 209 | 311 |
| Profit After Tax | 325 | 428 | 139 | 145 | -37 | 445 | 1,201 | 596 | 682 | 991 |
| PAT Margin (%) | 21.2% | 20.9% | 7.4% | 10.0% | -2.8% | 16.3% | 34.3% | 24.2% | 23.9% | 37.3% |
| Adjusted EPS (₹) | 10.2 | 13.5 | 4.4 | 4.6 | -1.2 | 14.0 | 37.8 | 18.7 | 21.4 | 31.2 |
| Dividend Payout Ratio (%) | 29.30% | 26% | 45.90% | 43.80% | -17.20% | 30.70% | 30.30% | 51% | 47.10% | 30.50% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 3,969 | 4,401 | 4,286 | 4,063 | 4,033 | 4,786 | 5,746 | 6,059 | 6,403 | 7,069 | |
| Debt + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 117 | 279 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 97 | 110 | 110 | 137 | 176 | 209 | 206 | 286 | 242 | 259 | |
| Others Liabilities ⓘ | 1,016 | 929 | 776 | 824 | 670 | 851 | 960 | 981 | 949 | 1,373 | |
| Total Liabilities ⓘ | 5,082 | 5,439 | 5,172 | 5,024 | 4,878 | 5,845 | 6,912 | 7,326 | 7,711 | 8,979 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,954 | 2,052 | 2,038 | 1,966 | 1,890 | 1,420 | 1,366 | 1,463 | 1,516 | 1,980 | |
| CWIP ⓘ | 21 | 11 | 1 | 4 | 6 | 23 | 28 | 292 | 775 | 1,248 | |
| Investments ⓘ | 657 | 863 | 426 | 259 | 292 | 587 | 480 | 553 | 473 | 459 | |
| Inventories | 69 | 72 | 98 | 95 | 98 | 90 | 107 | 106 | 91 | 96 | |
| Trade Receivables | 119 | 111 | 147 | 140 | 145 | 205 | 185 | 101 | 85 | 72 | |
| Cash Equivalents | 22 | 30 | 60 | 71 | 243 | 66 | 76 | 506 | 556 | 540 | |
| Others Assets ⓘ | 2,238 | 2,300 | 2,401 | 2,489 | 2,204 | 3,454 | 4,670 | 4,304 | 4,215 | 4,584 | |
| Total Assets ⓘ | 5,082 | 5,439 | 5,172 | 5,024 | 4,878 | 5,845 | 6,912 | 7,326 | 7,711 | 8,979 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 457 | 325 | 143 | 6 | 149 | 483 | 935 | 111 | 1,068 | 744 |
| Cash Flow From Investing Activity ⓘ + | -352 | -220 | 21 | 82 | 85 | -675 | -789 | 253 | -818 | -613 |
| Cash Flow From Financing Activity ⓘ + | -115 | -97 | -134 | -77 | -63 | -7 | -137 | -365 | -183 | -154 |
| Net Cash Flow ⓘ | -10 | 8 | 30 | 11 | 172 | -199 | 8 | -0 | 67 | -23 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 8.52 | 10.23 | 3.19 | 3.48 | -0.91 | 10.1 | 22.81 | 10.09 | 10.94 | 14.71 |
| ROCE (%) | 11.75 | 13.2 | 7.12 | 4.92 | -8.46 | 17.7 | 31.3 | 13.54 | 14.19 | 18.83 |
| Asset Turnover Ratio | 0.33 | 0.4 | 0.36 | 0.3 | 0.27 | 0.51 | 0.55 | 0.35 | 0.38 | 0.32 |
| PAT to CFO Conversion(x) | 1.41 | 0.76 | 1.03 | 0.04 | N/A | 1.09 | 0.78 | 0.19 | 1.57 | 0.75 |
| Working Capital Days | ||||||||||
| Receivable Days | 24.80 | 20.20 | 25 | 34.30 | 38.60 | 23.40 | 20.30 | 21.20 | 11.90 | 10.70 |
| Inventory Days | 12.90 | 12.40 | 16.50 | 23.10 | 26.30 | 12.60 | 10.30 | 15.80 | 12.60 | 12.80 |
| Payable Days | -1,095.90 | 0 | -6,342.50 | 0 | 0 | 0 | -7,358.50 | 0 | 9,543.90 | 0 |
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Gujarat Mineral Development Corporation Ltd FAQs
The current trading price of GMDC on 08-Sep-2026 16:01 is ₹569.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 07-Sep-2026 the market cap of GMDC stood at ₹17,728.5 Cr
The latest P/E ratio of GMDC as of 07-Sep-2026 is 17.91.
The latest P/B ratio of GMDC as of 07-Sep-2026 is 2.45.
The 52-week high of GMDC is ₹771.5 and the 52-week low is ₹464.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of GMDC is ₹2,827 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Gujarat Mineral Development Corporation Ltd is a average quality company.
The key valuation ratios of Gujarat Mineral Development Corporation Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Gujarat Mineral Development Corporation Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Gujarat Mineral Development Corporation Ltd
Gujarat Mineral Development Corporation (GMDC) is one of India’s leading mining and mineral processing companies. The company has been engaged in the development of the ample mineral resources of the state. A zero-debt company, the company is ranked 469th among India's Fortune 500 Companies (2023) and among the Top-5 organisations by market capitalisation in the mining sector.
The company is India's second largest Lignite-producing company. It is among the leaders in Lignite exploration and supply in Gujarat. Mining lignite from deposit-rich areas across the state, the company markets it to various high-growth industries, including textiles, chemicals, ceramics, bricks and captive power.
The company is also involved in the exploration of Bauxite, Fluorspar, Manganese, Silica Sand, Limestone, Bentonite and Ball Clay. They find application across diverse industries, from manufacturing of hydrofluoric acid and purifying water to manufacturing glass and ceramic ware, and drilling oil.
GMDC has a sizeable presence in the energy sector. The company has a diversified portfolio of Thermal power projects and renewable power generation projects comprising wind and solar power. It also ventured into harnessing renewable sources of energy.
Business area of the company
The company is in the business of mining of minerals and generation of power. The company is endowed with significant lignite reserves, boasting deep-seated geological reserves being explored for underground gasification.
Products
- Lignite
- Bauxite
- Fluorspar
- Manganese
- Silica Sand
- Limestone
- Bentonite
- Ball Clay
Milestones
- 1963: GMDC was incorporated on May 15, 1963.
- 1964: Fluorspar Mining Lease Allotted to GMDC.
- 1965: Allotted a Bauxite Mining Lease.
- 1974: Allotted a Lignite Mining Lease.
- 1983: Lignite Mine open at Rajpardi.
- 1994: GMDC commission Calcination Plant at Gadhsisa.
- 1996: Established a 250 (125X2) MW Thermal Power Plant.
- 1997: GMDC become a listed company in the Corporate World.
- 2002: Corporate Office at Ahmedabad.
- 2005: Lignite Mine opened at Tadkeshwar, Surat.
- 2006: All Manganese bearing areas of Gujarat reserved for GMDC.
- 2008: Lignite Mine opened at Bhavnagar
- 2009: GMDC ventured into harnessing the wind energy and commissioned.
- 2010: The GMDC first implemented ISO-9001.
- 2011: The GMDC also embarked on a sophisticated Enterprise Resource Planning system.
- 2013: Wind power capacity enhanced by 50 MW.
- 2015: Lignite Mine opened at Umarsar, Kutch.
- 2015: Set up a 1.5 million TPA Pyrite Removal Plant at Bhavnagar Lignite Project on Build-Own-Operate (BOO) basis for removal of pyrite nodules.
- 2016: Won Golden Peacock Occupational Health & Safety award 2016.
- 2016: iCREATE & iCEM Launched to 2016 propel mining into a new era.
- 2017: Addition of 4 Lignite mines at Lakhpat Punrajpar in Kutch, Damlai, Ghala and Valia in South Gujarat.
- 2019: The company once again wins National Mines Safety Awards.
- 2020: GMDC contributes Rs 25 crore to CM Relief Fund to fight the Corona Virus threat in the State.
- 2021: Adoption of dynamic pricing for lignite sales to enhance market positioning.
- 2022: Project SHIKHAR launched to bring organisation-wide transformation.
- 2023: Emerged as the highest bidder of two coal blocks at Odisha - the Burapahar block with a geological reserve of 548 MT; and the Baitarni (West) block with a geological reserve of 1,097 MT.
- 2023: Launch of Project Disha for turnaround of Thermal Power Station.
- 2024: Launch of Project Sustainable Rare Earth (SURE).
- 2024: Nominated as a prospective lessee for mining of REE & other associated minerals by the Dept. of Atomic Energy (DAE) Govt. of India.
- 2024: Awarded Mining Rights for 2 Coal Blocks in Odisha through Auction namely Burapahar (548 MT), Baitarni West (1,097 MT).
- 2025: Signed a Long-Term Supply Agreement (LSA) with JK Cement for the supply of 250 million tons of limestone over a period of 40 years.
- 2025: Signed a Long-Term Supply agreement (LSA) with City Gold Pipes (A consortium of Goldcrest Cement and Kailash Darshan Housing Development (Gujarat)) for the supply of 150 million tons of limestone over a period of 40 years.
- 2026: Signed a MoU with NTPC to explore the utilisation of coal from GMDC’s coal blocks for power generation and its sale to distribution utilities and other end users.
- 2026: Received Environmental Clearance from the Ministry of Environment, Forest and Climate Change for its Lakhpat-Punrajpur Lignite and Limestone Mine located in Kutch, Gujarat.
- 2026: Entered into a MoU with NMDC to explore opportunities for collaboration in the Rare Earth Elements (REE) sector.
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