Gujarat Mineral Development Corporation share price
NSE: GMDCLTDBSE: 532181Minerals & MiningSmall Cap
Gujarat Mineral Development Corporation Limited · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Dec 1997 on NSE, Jan 1998 on BSE
Last close ₹439.65up ₹10.70 (2.49%)BSE ₹439.35
Share price at the NSE close on 27 Oct 2026. Previous close ₹428.95.
27 Oct: open ₹429.90, high ₹442.65, low ₹426.40
52-week range of traded prices to 27 Oct 2026
₹416.40Low, 23 Oct 2026₹771.90High, 17 Apr 2026
- Next results date: the board meets on 30 Oct 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹13,981 Cr350th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 14.62
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹504 crore of one-off items, the largest of them in the quarter to Sep 2025.
- 30.94
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 1.98
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 2.16%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 14.2%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹504 crore of one-off items, the largest of them in the quarter to Sep 2025.
- 6.7%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 4.6%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.04
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 5,55,94135.8% delivered
About Gujarat Mineral Development Corporation
Gujarat Mineral Development Corporation is a mining company owned by the Government of Gujarat, with its head office in Ahmedabad. It has grown over more than six decades from a state mining company. It was incorporated in 1963.
Lignite is the company's main product, and its lignite operations are spread across Gujarat. It supplies lignite to industries such as textiles across Gujarat. It also mines bauxite from 11 mining leases at Mevasa and the Gadhsisa group of mines, and the bauxite goes to cement, refractories and chemicals makers. In Odisha, it holds three commercial coal assets. It is also developing a copper project at Ambaji and a rare earth elements project at Ambadungar.
The company generates power as well. Its renewable portfolio of 205.9 MW comprises seven wind projects and the 5 MW Panandhro Solar Project. It also owns the Lakhpat Thermal Power Station in Kutch, a lignite-based power station.
Three specialised bodies support the business: the International Center of Excellence in Mining, the Gujarat Mineral Research Industrial Consultancy Society and the GMDC Science and Research Centre. Its community work runs through the Gramya Vikas Trust, which operates across Gujarat and Odisha.
The Government of Gujarat is the company's promoter. A promoter is the person or group that set up a company or controls it. The Government of Gujarat holds 74.00% of the paid-up equity share capital.
Written from the annual report for the year to Mar 2026, filed 5 Sep 2026.
Sources for 23 statements, each with its page
- It is owned by the Government of Gujarat. Annual report, page 1
- Head office in Ahmedabad. Annual report, page 1
- It has evolved over more than six decades from a state mining company. Annual report, page 9
- Incorporated in 1963. Annual report, page 1
- It supplies lignite to industries such as textiles. Annual report, page 82
- Lignite is the main business. Annual report, page 82
- Bauxite mined from 11 mining leases. Annual report, page 23
- Bauxite mining at Mevasa and the Gadhsisa group of mines. Annual report, page 23
- Bauxite supplies cement, refractories and chemicals. Annual report, page 23
- Three commercial coal assets in Odisha. Annual report, page 11
- Copper project at Ambaji. Annual report, page 11
- Rare earth elements project at Ambadungar. Annual report, page 11
- Renewable portfolio of 205.9 MW. Annual report, page 26
- Portfolio comprises seven wind projects. Annual report, page 26
- 5 MW Panandhro Solar Project. Annual report, page 26
- Lakhpat Thermal Power Station in Kutch. Annual report, page 28
- Lignite-based power station. Annual report, page 28
- Community work through Gramya Vikas Trust across Gujarat and Odisha. Annual report, page 12
- International Center of Excellence in Mining is one of the specialised bodies. Annual report, page 12
- Gujarat Mineral Research Industrial Consultancy Society. Annual report, page 12
- GMDC Science and Research Centre. Annual report, page 12
- Government of Gujarat is the promoter and holds 74.00%. Annual report, page 81
- Lignite operations across Gujarat. Annual report, page 5
Results
Consolidated; ₹ crore.Gujarat Mineral Development Corporation quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +2.2%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +43.7%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹907 Crup 11.37%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹163 Crdown 15.80%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 18.0%
Revenue by quarter
Peak revenue ₹907 Cr, quarter to Jun 2026; lowest ₹528 Cr, quarter to Sep 2025
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 593 | 653 | 786 | 733 | 528 | 579 | 814 | 907 |
| Net profit | 128 | 148 | 226 | 164 | 466 | 133 | 194 | 163 |
| Net margin | 21.6% | 22.6% | 28.8% | 22.4% | 88.3% | 23.0% | 23.8% | 18.0% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹2,653 Crdown 6.93%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹957 Crup 39.50%
- Net margin
- 36.1%
Revenue by year
Peak revenue ₹3,501 Cr, year to Mar 2023; lowest ₹1,339 Cr, year to Mar 2021
Net profit by year, a loss in red
- Net profit
- Loss
A loss in 1 of the 10 years shown
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,582 | 2,173 | 1,880 | 1,521 | 1,339 | 2,732 | 3,501 | 2,463 | 2,851 | 2,653 |
| Net profit | 324 | 353 | 220 | 204 | −39 | 405 | 1,216 | 617 | 686 | 957 |
| Net margin | 20.5% | 16.2% | 11.7% | 13.4% | −2.9% | 14.8% | 34.7% | 25.1% | 24.1% | 36.1% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- MiningMining, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹2,508 Cr92.1%
- PowerPower, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹216 Crup 34.59%7.9%
The pill is the change in revenue on the year before; the share is of all the businesses together.
Valuation
Today, against the company's own history.Gujarat Mineral Development Corporation PE ratio and valuation
Price to earnings
At or below today's level on 91% of 2,334 trading days over the last 10 years.
LowestHighest
Its median11.19Industry median14.57
Price to book
At or below today's level on 73% of 1,851 trading days since May 2019.
LowestHighest
Its median1.00Industry median1.78
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 30% of 2,474 trading days over the last 10 years.
LowestHighest
Its median2.71%Industry median0.66%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +115.1% | +39.5% | +53.1% | 1.7% |
| 3 years | +67.5% | −7.7% | +78.5% | 2.8% |
| 5 years | +63.2% | – | – | 3.9% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 1 and 3 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Mar 2026.
Mutual fund holdings
59 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 57 of the 57 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 59 funds holding Gujarat Mineral Development Corporation
- AddedAdded. Funds that held more shares than at the end of the month before.
- 23
- CutCut. Funds that held fewer shares than at the end of the month before.
- 34
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 2
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 1
| Fund | |||
|---|---|---|---|
 Nippon India Nifty Smallcap 250 Index FundNippon India Mutual Fund | 1,27,948 | 0.19% | ₹6.50 Cr |
 HDFC Nifty Smallcap 250 ETFHDFC Mutual Fund | 1,00,396 | 0.19% | ₹5.10 Cr |
 Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETFMirae Asset Mutual Fund | 67,833 | 0.37% | ₹3.44 Cr |
 SBI Nifty Smallcap 250 Index FundSBI Mutual Fund | 64,995 | 0.19% | ₹3.30 Cr |
 Motilal Oswal Nifty Smallcap 250 Index FundMotilal Oswal Mutual Fund | 46,104 | 0.19% | ₹2.34 Cr |
| Nippon India Nifty 500 Momentum 50 Index FundNippon India Mutual Fund | 45,785 | 0.18% | ₹2.32 Cr |
 ICICI Prudential Nifty Smallcap 250 Index FundICICI Prudential Mutual Fund | 29,143 | 0.19% | ₹1.48 Cr |
| Motilal Oswal Nifty 500 Momentum 50 Index FundMotilal Oswal Mutual Fund | 28,200 | 0.18% | ₹1.43 Cr |
| HDFC Nifty Smallcap 250 Index FundHDFC Mutual Fund | 27,949 | 0.19% | ₹1.42 Cr |
 Edelweiss Nifty500 Multicap Momentum Quality 50 Index FundEdelweiss Mutual Fund | 25,916 | 0.22% | ₹1.32 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Gujarat Mineral Development Corporation competitors and peers
Industrial Minerals, 15 listed companies, priced on 27 Oct 2026. The table lists the 8 companies closest to Gujarat Mineral Development Corporation in market cap.Metal stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Lloyds Metals and EnergyLLOYDSME | 99,862 | 20.95 | 7.20 | +233.8% | +210.7% | 47.0% | 21.0% | 0.06% |
 NMDCNMDC | 60,664 | 8.13 | 1.78 | – | – | 21.9% | 22.0% | 5.07% |
 Gravita IndiaGRAVITA | 9,893 | 24.86 | 3.74 | +23.9% | +9.8% | 16.2% | 12.1% | 0.00% |
 MOILMOIL | 4,422 | 14.57 | 1.63 | +5.8% | +8.1% | 11.4% | 10.9% | 2.45% |
 Ashapura MinechemASHAPURMIN | 4,057 | – | 2.46 | +62.6% | – | – | 13.5% | 0.47% |
 The Orissa Minerals Development CompanyORISSAMINE | 1,985 | 595.89 | – | +47.4% | – | – | 18.7% | 0.00% |
 Petro Carbon and ChemicalsPCCL | 993 | 38.75 | 5.08 | +94.8% | +170.8% | 14.0% | – | 0.00% |
 20 Microns20MICRONS | 666 | 9.83 | 1.38 | +2.4% | +10.4% | 14.8% | 16.3% | 0.66% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Gujarat Mineral Development Corporation dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹11.45 a share, year to Mar 2023.
| Ex-date | Type | Per share |
|---|---|---|
| 23 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹9.50 |
| 18 Sep 2025 | Final | ₹10.10 |
| 20 Sep 2024 | Final | ₹9.55 |
| 22 Sep 2023 | Final | ₹11.45 |
| 22 Sep 2022 | Final | ₹4.30 |
| 17 Nov 2021 | Final | ₹0.20 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Gujarat Mineral Development Corporation announcements
Oct 2026
19 Oct · Updates
14 Oct · Board meeting
Sep 2026
30 Sep · Meeting
Gujarat Mineral Development Corporation annual report, year to Mar 2026
Gujarat Mineral Development Corporation share price by year
Each calendar year to 2025.Gujarat Mineral Development Corporation share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 598.75 | +86.1% | 630.30 | 238.38 |
| 2024 | 321.80 | −20.9% | 495.60 | 310.70 |
| 2023 | 407.00 | +177.5% | 433.55 | 124.40 |
| 2022 | 146.65 | +98.6% | 218.15 | 73.75 |
| 2021 | 73.85 | +40.4% | 79.20 | 53.05 |
| 2020 | 52.60 | −14.5% | 69.80 | 29.85 |
| 2019 | 61.55 | −31.0% | 91.70 | 55.15 |
| 2018 | 89.20 | −46.6% | 172.25 | 82.20 |
| 2017 | 167.15 | +82.7% | 175.15 | 93.05 |
| 2016 | 91.50 | +8.0% | 114.95 | 54.05 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.
Recent sessions
The 9 trading days to 26 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 26 Oct 2026 | 422.65 | 431.00 | 417.20 | 428.95 | 426.01 | 7,70,229 | 36.4% |
| 23 Oct 2026 | 435.00 | 435.15 | 416.40 | 424.60 | 423.40 | 11,64,026 | 42.9% |
| 22 Oct 2026 | 441.00 | 443.70 | 431.60 | 435.00 | 436.95 | 7,57,116 | 38.5% |
| 21 Oct 2026 | 455.10 | 455.90 | 441.35 | 443.00 | 446.51 | 7,10,396 | 40.5% |
| 19 Oct 2026 | 471.45 | 472.80 | 456.00 | 458.75 | 463.56 | 4,56,655 | 41.3% |
| 16 Oct 2026 | 468.15 | 474.40 | 462.05 | 471.05 | 469.78 | 5,38,816 | 28.7% |
| 15 Oct 2026 | 474.50 | 478.20 | 466.00 | 467.50 | 471.81 | 4,52,787 | 43.1% |
| 14 Oct 2026 | 479.30 | 482.00 | 474.05 | 474.95 | 478.09 | 4,44,262 | 42.3% |
| 13 Oct 2026 | 470.00 | 481.00 | 462.70 | 480.15 | 472.66 | 10,98,862 | 38.1% |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 16 Oct 2008 | Bonus | 0.5000 | Holders received 1 bonus share for every 1 held. |
| 8 Nov 2007 | Split | 0.2000 | Each share became 5. |
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.
Company details
- NSE symbol
- GMDCLTD
- BSE code
- 532181
- ISIN
- INE131A01031
- Industry
- Minerals & Mining
- Website
- www.gmdcltd.com
- CIN
- L14100GJ1963SGC001206
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1963
- Registered office
- Khanij Bhavan, 132 Ft. Ring Road, Near University Ground, Vastrapur, Ahmedabad 380052, Gujarat
- Share registrar
- MCS Share Transfer Agent Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
In Nifty 500, BSE 500, Nifty Smallcap 250, BSE 250 SmallCap Index, Nifty Smallcap 100, BSE SmallCap