Gujarat Mineral Development Corporation Limited (GMDCLTD) AI Stock Analysis

• Market Cap: ₹183.77B
• Dividend Yield: 1.91%
• Average Volume (3M): 746.87K
• Price to Earnings (P/E): 19.6
• Beta (1Y): 2.04
• Revenue Growth: -0.96%
• EPS Growth: 57.80%
• Country: IN
• Employees: 837
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Coal
• EPS (TTM): -0.10
• Shares Outstanding: 318,000,000
• 10 Day Avg. Volume: 298,227
• 30 Day Avg. Volume: 746,874
• PEG Ratio: 0.86
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 2.95
• P/FCF Ratio: 21.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: ₹703.00 ▲(28.84% Upside)

The score is driven primarily by strong financial performance (growth, profitability, low leverage, and healthy cash generation). Technical indicators also support a positive trend, while valuation is only moderate with a modest dividend yield, limiting the overall upside of the score.

Positive Factors

Robust profitability and improving margins

Consistently strong gross and improving net margins point to durable pricing power and effective cost control across operations. That supports sustainable internal funding for maintenance, modest expansion and returns to shareholders, enhancing long-term resilience versus peers.

Low leverage and healthy balance sheet

A strong equity base and low debt reduce refinancing and insolvency risk during commodity cycles. This financial flexibility enables steady capex funding, investment in mine development and the ability to absorb price or volume shocks without forced asset sales or excessive interest burdens.

Positive operating cash flow and free cash growth

Reliable operating cash generation and recent free cash flow growth enhance the company's ability to self-fund capital expenditure, service obligations, and sustain dividends. Strong cash conversion supports durable capital allocation and reduces dependence on external funding.

Negative Factors

Periodic dips in EBIT/EBITDA margins

Intermittent declines in operating margins indicate that underlying operational efficiency can vary with input costs, mining conditions or processing performance. Such variability undermines earnings predictability and can compress long‑term returns if not addressed by structural cost or productivity improvements.

Historic free cash flow volatility

Earlier swings in free cash flow signal that cash generation can be uneven across cycles, complicating multi-year planning for capex and distributions. Persistent volatility would constrain long-term investment programs and make funding timing for growth initiatives less certain.

Material exposure to operational and regulatory commodity risks

Earnings depend heavily on mine grades, output logistics and environmental/regulatory regimes. These structural exposures create lasting downside risk from policy shifts, royalty changes or fuel/royalty cost inflation, which can materially reduce margins and require ongoing capex or compliance spending.

Gujarat Mineral Development Corporation Limited Business Overview & Revenue Model

Company Description

Gujarat Mineral Development Corporation Limited engages in mining business in India. It operates in two segments, Mining and Power. The company explores for lignite, bauxite, fluorspar, manganese, silica sand, limestone, bentonite, and ball clay. It also generates power using thermal, wind, and solar sources. The company was incorporated in 1963 and is based in Ahmedabad, India.

How the Company Makes Money

GMDCLTD generates revenue through several key streams, primarily from the extraction and sale of mineral resources like lignite and bauxite. The company operates multiple mines, and the sales of these minerals to various industries, including energy production and aluminum manufacturing, constitute a significant portion of its earnings. Additionally, GMDCLTD has diversified its revenue by investing in renewable energy projects, which not only contribute to its income but also enhance its sustainability profile. The company may also engage in partnerships with private sectors and government entities for mining contracts and infrastructure development, further supporting its financial growth. Overall, the combination of mineral sales and renewable energy initiatives forms the backbone of GMDCLTD's revenue model.

Gujarat Mineral Development Corporation Limited Financial Statement Overview

Summary

Strong overall fundamentals supported by solid revenue and profit growth, robust gross margins, low leverage, and positive operating/free cash flow. The main offset is periodic dips in EBIT/EBITDA margins, suggesting some operational efficiency variability.

Income Statement

Gujarat Mineral Development Corporation Limited has shown strong revenue growth over the years, with a significant increase from 2024 to 2025. The gross profit margins are robust, indicating effective cost management. The net profit margin has also improved, showcasing increased profitability. However, there was a dip in EBIT and EBITDA margins in some years, reflecting potential challenges in operational efficiency.

Balance Sheet

The company has maintained a healthy equity ratio, indicating strong financial stability with a significant portion of assets financed by equity. The debt-to-equity ratio is low, suggesting low financial leverage and reduced risk from debt obligations. Return on equity has been positive, reflecting effective use of equity capital to generate profits.

Cash Flow

Operating cash flows have been positive, with strong free cash flow growth in recent years, indicating good cash generation capacity. The free cash flow to net income ratio is healthy, suggesting efficient conversion of profits into cash flows. However, fluctuations in free cash flow in earlier years indicate potential volatility in cash management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	28.76B	29.62B	25.15B	34.98B	27.32B	13.43B
Gross Profit	19.75B	24.04B	20.75B	29.47B	27.14B	13.32B
EBITDA	7.96B	7.70B	6.63B	13.38B	7.22B	-51.07M
Net Income	6.66B	6.86B	5.97B	12.04B	4.46B	-357.68M
Balance Sheet
Total Assets	0.00	77.50B	73.67B	69.21B	59.16B	49.63B
Cash, Cash Equivalents and Short-Term Investments	5.83B	1.37B	551.65M	15.14B	734.87M	2.72B
Total Debt	0.00	1.26B	29.83M	20.68M	5.52M	8.13M
Total Liabilities	-64.12B	13.39B	12.51B	11.66B	10.61B	9.01B
Stockholders Equity	64.12B	64.12B	61.16B	57.98B	47.67B	40.67B
Cash Flow
Free Cash Flow	0.00	4.15B	-3.68B	9.08B	-2.54B	1.44B
Operating Cash Flow	0.00	10.59B	1.09B	9.32B	4.81B	1.56B
Investing Cash Flow	0.00	-8.08B	2.38B	-7.86B	-6.74B	778.88M
Financing Cash Flow	0.00	-1.83B	-3.65B	-1.37B	-66.81M	-636.00M

Gujarat Mineral Development Corporation Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 545.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GMDCLTD, the sentiment is Positive. The current price of 545.65 is below the 20-day moving average (MA) of 563.19, above the 50-day MA of 544.97, and above the 200-day MA of 470.53, indicating a bullish trend. The MACD of 1.84 indicates Negative momentum. The RSI at 54.59 is Neutral, neither overbought nor oversold. The STOCH value of 74.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:GMDCLTD.

Gujarat Mineral Development Corporation Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GMDCLTD	78 Outperform	₹183.77B	19.59	―	1.91%	-0.96%	57.80%
MOIL	74 Outperform	₹74.38B	26.53	―	2.18%	―	―
SANDUMA	73 Outperform	₹107.84B	18.75	―	0.18%	196.22%	71.39%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SARDAEN	61 Neutral	₹172.46B	16.17	―	0.28%	46.66%	75.53%
GRAPHITE	54 Neutral	₹119.85B	54.09	―	1.93%	-7.12%	-48.28%
KIOCL	45 Neutral	₹219.34B	-157.12	―	―	-39.14%	-12.75%

Gujarat Mineral Development Corporation Limited Corporate Events

GMDC Inducts Gujarat Finance Secretary Sandeep Kumar as Non-Executive Director

Gujarat Mineral Development Corporation Limited has announced a change in its board, following an office order from the Government of Gujarat appointing senior IAS officer Sandeep Kumar as a Non-Executive, Non-Independent Director with effect from 22 January 2026, replacing Arti Kanwar. Kumar, who currently serves as Secretary (Economic Affairs) in the state Finance Department and brings over two decades of public administration experience across sectors including power, urban development and rural administration, is expected to strengthen GMDC’s governance and align the company more closely with the state’s economic and energy policy priorities; his appointment is subject to shareholder approval and he has no disclosed relationships with existing directors or key managerial personnel.

GMDC Secures Leadership-Category Provisional ESG Rating from CareEdge

Gujarat Mineral Development Corporation Limited has received a provisional ESG rating score of 77.7 (CareEdge-ESG 1) from CareEdge ESG Ratings, placing the company in the “Leadership” category for environmental, social and governance risk management. The rating, based on on-site asset inspections, management discussions, and public disclosures, underscores GMDC’s efforts to strengthen governance systems, policy frameworks, transparency and sustainability practices, and supports its strategic push toward responsible growth, inclusive development and long-term value creation for stakeholders.

GMDC Achieves Strong Q2FY26 Profitability Amidst Lignite Demand Challenges

Gujarat Mineral Development Corporation Limited reported strong profitability for the second quarter of fiscal year 2026, despite facing a softer demand environment for lignite. The company’s disciplined cost management and a one-time exceptional gain from GST Input Tax Credit significantly boosted its Profit Before Tax, which rose to ₹634 crore from ₹183 crore in the same quarter the previous year. This performance underscores GMDC’s operational resilience and commitment to long-term value creation, positioning it favorably within the industry. The financial results indicate a robust profit position for the half-year, with notable increases in other income and exceptional income contributing to overall profitability.