Gujarat Mineral Development Corporation Q2 results, quarter to Sep 2026

NSE: GMDCLTDBSE: 532181Minerals & MiningSmall Cap

Gujarat Mineral Development Corporation Limited · Face value ₹2 · Listed Dec 1997 on NSE, Jan 1998 on BSE

₹411.65₹27.10 (6.18%)BSE ₹412.20

Share price at the NSE close on 30 Oct 2026. Previous close ₹438.75.

30 Oct: open ₹440.30, high ₹441.10, low ₹406.00

52-week range of traded prices to 30 Oct 2026

₹406.00Low, 30 Oct 2026₹771.90High, 17 Apr 2026

Market cap: ₹13,090 Cr350th largest listed
P/E: 19.79
P/B: 1.85
Dividend yield: 2.31%
ROE: 9.6%
ROCE: 6.0%
Debt to equity: 0.05
Volume, NSE: 37,67,53419.7% delivered

Gujarat Mineral Development Corporation filed its Q2 results for the quarter to Sep 2026 on 30 Oct 2026 at 4:30 pm, consolidated: the company and its subsidiaries together.

Q2 results, quarter to Sep 2026

₹ crore.Gujarat Mineral Development Corporation annual results and balance sheet

Revenue: ₹903 Cr+71.2% on a year ago · −0.4% on the quarter before
Operating profit: ₹190 Cr+173.9% on a year ago · −0.4% on the quarter before
Net profit: ₹171 Cr−63.3% on a year ago · +4.5% on the quarter before
Earnings per share: ₹5.37−63.3% on a year ago · +4.5% on the quarter before
Operating margin: 21.1%
Net margin: 18.9%

From revenue to net profit, ₹ crore

Revenue903
Materials and goods+0.9
Employee costs−41
Other expenses−673
Operating profit190
Depreciation−33
Other income+84
Finance costs−6.6
Profit before tax235
Tax−63
Joint ventures−0.4
Net profit171

Gujarat Mineral Development Corporation results by quarter

Consolidated: the company and its subsidiaries together. Latest quarter to Sep 2026. Results for the quarter to Dec 2026 are due by 14 Feb 2027, 45 days after it ends. Every company's dates are on the results calendar.Results filings and date

Revenue and net profit by quarter, ₹ crore

Revenue
Net profit

Peak revenue ₹907 Cr, quarter to Jun 2026; lowest ₹528 Cr, quarter to Sep 2025

Operating and net margin by quarter, per cent

Operating margin
Net margin

₹ crore	Dec 2021Q3Filed 27 Jan	Mar 2022	Jun 2022Q1	Sep 2022	Dec 2022Q3	Mar 2023	Jun 2023Q1	Sep 2023	Dec 2023Q3	Mar 2024	Jun 2024Q1	Sep 2024	Dec 2024Q3	Mar 2025Q4Filed 15 May	Jun 2025Q1	Sep 2025Q2Filed 14 Nov	Dec 2025Q3Filed 13 Feb	Mar 2026Q4Filed 14 May	Jun 2026Q1Filed 31 Jul	Sep 2026Q2Filed 30 Oct
Revenue from operations	725	1,057	1,155	539	855	952	766	383	564	751	818	593	653	786	733	528	579	814	907	903
	523	637	715	368	520	551	519	330	443	545	607	452	561	593	563	458	478	710	716	713
Materials and goods bought	4	1	−7	6	−10	1	−5	8	0	1	1	0	3	9	0	−1	−2	−3	6	−1
Employee costs	33	37	39	35	36	48	38	37	38	36	38	40	38	35	37	76	45	32	42	41
Other expenses	486	600	683	326	494	503	486	286	406	509	567	412	520	549	526	383	435	680	668	673
Operating profit before depreciation	201	420	441	171	336	401	247	53	121	205	211	141	92	194	169	69	101	104	191	190
Operating margin	27.8%	39.7%	38.1%	31.8%	39.2%	42.1%	32.2%	13.8%	21.5%	27.4%	25.8%	23.8%	14.1%	24.6%	23.1%	13.2%	17.4%	12.8%	21.1%	21.1%
Depreciation and amortisation	21	36	21	19	21	20	19	18	20	21	21	21	26	27	22	22	22	49	33	33
Other income	40	40	48	53	57	237	61	77	60	72	60	62	115	118	78	108	101	155	76	84
Finance costs	1	1	1	1	2	1	1	1	1	1	1	1	1	0	1	1	1	5	7	7
Profit before one-off items and tax	219	423	466	204	370	616	288	111	161	255	249	182	180	285	224	155	179	205	227	235
One-off items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	474	0	30	0	0
Profit before tax	219	423	466	204	370	616	288	111	161	255	249	182	180	285	224	630	179	235	227	235
	70	247	122	53	104	165	72	35	44	50	65	53	32	59	61	164	46	41	64	63
Current tax	70	110	122	58	108	161	77	32	46	57	68	54	34	52	64	166	50	−9	65	63
Deferred tax	0	137	0	−5	−4	5	−4	3	−2	−7	−3	−1	−2	7	−4	−3	−3	50	−1	0
Tax rate	31.8%	58.4%	26.1%	26.1%	28.2%	26.8%	25.1%	31.3%	27.0%	19.7%	26.1%	29.3%	17.6%	20.7%	27.0%	26.0%	25.9%	17.3%	28.3%	27.0%
Share of profit of joint ventures and associates	0	1	0	0	1	1	3	−2	−1	3	0	−1	0	0	0	0	0	0	0	0
Net profit	150	177	345	151	266	452	219	75	117	207	184	128	148	226	164	466	133	194	163	171
Other comprehensive income	−12	147	−90	60	−23	−49	55	40	49	−66	59	11	−37	−103	24	−21	−26	19	−6	−4
Total comprehensive income	138	324	255	211	243	403	274	114	166	141	243	139	110	123	187	445	107	213	157	167
Net margin	20.7%	16.7%	29.9%	28.1%	31.1%	47.5%	28.6%	19.5%	20.7%	27.6%	22.5%	21.6%	22.6%	28.8%	22.4%	88.3%	23.0%	23.8%	18.0%	18.9%
Net margin without joint ventures and associates	20.6%	16.7%	29.8%	28.0%	31.1%	47.4%	28.2%	19.9%	20.8%	27.3%	22.5%	21.7%	22.7%	28.7%	22.4%	88.3%	23.0%	23.9%	18.0%	19.0%
Earnings per share	₹4.71	₹5.57	₹10.85	₹4.76	₹8.37	₹14.22	₹6.88	₹2.35	₹3.67	₹6.51	₹5.79	₹4.02	₹4.64	₹7.12	₹5.15	₹14.65	₹4.18	₹6.10	₹5.14	₹5.37

Earnings per share in rupees, restated for later splits and bonuses.

Segment results by quarter

Consolidated, ₹ crore, quarters to Sep 2026.Gujarat Mineral Development Corporation segment results by year

Mining
Revenue, ₹ crore
535
726
770
554
627
685
495
553
774
841
810
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Profit, ₹ crore
151
237
216
152
158
173
109
155
172
208
194
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Power
Revenue, ₹ crore
57
44
69
39
26
26
47
40
47
82
111
136
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Profit, ₹ crore
−11
−29
4
1
−13
−11
11
−14
−35
−41
−6
9
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26

₹ crore	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue of all businesses	592	770	839	593	653	786	733	535	600	856	952	946
Company revenue, as in its results	564	751	818	593	653	786	733	528	579	814	907	903
Revenue	535	726	770	554	627	–	685	495	553	774	841	810
Revenue growth	−34.4%	−20.9%	6.0%	64.3%	17.3%	–	−11.0%	−10.6%	−11.8%	–	22.7%	63.7%
Profit	151	237	216	152	158	–	173	109	155	172	208	194
Profit growth	−57.0%	−47.7%	−19.6%	86.5%	4.7%	–	−20.1%	−28.6%	−2.1%	–	20.6%	78.9%
Margin	28.3%	32.6%	28.1%	27.5%	25.2%	–	25.2%	21.9%	28.0%	22.1%	24.7%	24.0%
Assets	1,905	2,634	2,642	2,653	2,755	–	2,930	3,188	3,499	4,069	4,096	4,269
Liabilities	775	936	910	843	915	–	884	874	1,006	1,125	1,216	1,274
Capital employed	1,130	1,698	1,732	1,809	1,840	–	2,046	2,314	2,493	2,945	2,880	2,995
Revenue	57	44	69	39	26	26	47	40	47	82	111	136
Revenue growth	−27.7%	−51.5%	−7.3%	−45.5%	−54.3%	−42.0%	−31.4%	1.0%	78.7%	219.1%	134.9%	241.4%
Profit	−11	−29	4	1	−13	−11	11	−14	−35	−41	−6	9
Profit growth	–	–	–	–	–	–	154.6%	–	–	–	–	–
Margin	−19.6%	−66.2%	6.0%	2.3%	−50.2%	−43.0%	22.4%	−36.1%	−74.3%	−50.2%	−5.4%	6.4%
Assets	899	911	955	1,010	1,080	1,144	1,165	1,200	1,213	1,237	1,224	1,199
Liabilities	54	54	58	59	73	71	73	88	89	117	106	80
Capital employed	845	857	897	951	1,007	1,073	1,092	1,112	1,124	1,120	1,118	1,119
Revenue	–	–	–	–	–	761	–	–	–	–	–	–
Profit	–	–	–	–	–	172	–	–	–	–	–	–
Margin	–	–	–	–	–	22.6%	–	–	–	–	–	–
Assets	–	–	–	–	–	2,872	–	–	–	–	–	–
Liabilities	–	–	–	–	–	910	–	–	–	–	–	–
Capital employed	–	–	–	–	–	1,962	–	–	–	–	–	–
	0	0	–	–	–	–	–	–	–	–	–	–
Profit	56	50	–	–	–	–	–	–	–	–	–	–
Assets	0	0	–	–	–	–	–	–	–	–	–	–
Liabilities	0	0	–	–	–	–	–	–	–	–	–	–
Capital employed	0	0	–	–	–	–	–	–	–	–	–	–
	0	0	–	–	–	–	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–	–	–	–	–
Assets	0	0	–	–	–	–	–	–	–	–	–	–
Liabilities	0	0	–	–	–	–	–	–	–	–	–	–
Capital employed	0	0	–	–	–	–	–	–	–	–	–	–
	–	–	–	–	–	–	–	0	0	–	–	–
Profit	–	–	–	–	–	–	–	−47	−42	–	–	–
Assets	–	–	–	–	–	–	–	0	0	–	–	–
Liabilities	–	–	–	–	–	–	–	0	0	–	–	–
	–	0	0	0	0	–	–	–	–	–	–	–
Profit	–	0	−31	−33	−80	–	–	–	–	–	–	–
Assets	–	0	0	0	0	–	–	–	–	–	–	–
Liabilities	–	0	0	0	0	–	–	–	–	–	–	–
	0	0	–	–	–	–	–	–	–	–	–	–
Profit	−39	−25	–	–	–	–	–	–	–	–	–	–
Assets	0	0	–	–	–	–	–	–	–	–	–	–
Liabilities	0	0	–	–	–	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–	–	–	–	–
Profit	5	–	–	–	–	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.