Arthneeti

Gujarat Mineral Development Corporation Q4 FY25 Share Price & Earnings Call Analysis

₹438.75+0.55% today
Market cap
₹13,952 Cr
P/E
24.45
ROE
4.22%
PEG
-0.65
Price to sales
4.93
Debt to equity
0.04
52W high / low
₹747 / ₹425
Sales growth (5Y)
13.68%
EBITDA margin
16.44%
Net profit margin
11.30%
Promoter holding
74.00%
Sales (last year)
₹2,827 Cr

Gujarat Mineral Development Corporation Ltd is a Government of Gujarat enterprise engaged primarily in mining and marketing lignite and other industrial minerals, alongside a 250 MW lignite-based thermal plant, 200.9 MW of wind farms and a 5 MW solar plant. Its Odisha coal mines and new lignite, limestone, rare-earth and copper projects remain under development rather than commercial operation.[1][2][3]

Guidance scorecard · Q4 FY25 call

What G M D C's management guided
and where it ranks in Minerals & Mining

#6of 7 in
Minerals & Mining
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ4 FY25 call

10–20%
  • Lignite production expected to grow from current 8 million tons with 10%-15% growth in existing mines in FY'26.
  • Six new lignite mines under development, contributing from FY'27 onwards with potential for significant volume increase.
  • Target to reach 15 million tons lignite production by 2035.
  • Coal mine at Baitarani West to start groundbreaking in FY'26, ramping up rapidly to around 1 million tons in first year, then 3 million and 5 million tons in subsequent years.
  • Revenue from coal mines expected to be strong post ramp-up.
  • Overall revenue growth expected around 20%, majorly driven by Odisha coal and Bhavnagar lignite projects.

2 more points from G M D C's call on revenue

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Full Q4 FY25 analysis

MarginsQ4 FY25 call

Flat

See what G M D C said on margins — free account, 30 seconds.

Full Q4 FY25 analysis

CapexQ4 FY25 call

Planned
  • Total planned CAPEX of approximately Rs. 13,000 crore till 2030 for various projects.
  • Rs. 3,000 crore to Rs. 4,000 crore allocated for critical mineral projects (including rare earths and copper).
  • Rs. 4,000 crore earmarked for coal projects.
  • Rs. 3,000 crore for lignite projects plus over Rs. 1,000 crore for existing lignite projects (including land acquisition).
  • Annual CAPEX typically ranges between Rs. 1,500 crore to Rs. 2,500 crore, with potential peaks over two years.
  • CAPEX distribution: 46% on land acquisition, 15% on rehabilitation & resettlement (R&R), and 30% on plant and machinery.
  • Land acquisition and R&R are subject to timing variability causing delays or accelerations.

2 more points from G M D C's call on capex

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Full Q4 FY25 analysis

FundraisingQ4 FY25 call

Planned

See what G M D C said on fundraising — free account, 30 seconds.

Full Q4 FY25 analysis

Order bookQ4 FY25 call

Ask what G M D C said on the order book →

Full Q4 FY25 analysis
Full Minerals & Mining ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Minerals & Mining
on management's own guidance

  1. NMDCGood growth
    2
  2. Lloyds Metals & Energy LtdGood growth
    1
  3. Gravita IndiaGood growth
    3
See all potential multibaggersWhere does G M D C rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Minerals & Mining companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Lloyds Metals & Energy Ltd20–40%Flat₹1.04L Cr21.9
2NMDC20–40%Flat₹63,029 Cr8.4
3Gravita India20–40%Flat₹10,919 Cr27.9
420–40%Flat₹4,437 Cr10.8
510–20%Up 0–2%₹683 Cr10.0
6G M D CThis stock10–20%Flat₹14,980 Cr26.3

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Financials of G M D C

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of G M D C

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +948766383564750818593653786733528579814
Expenses +559519332444562607453562593563458478710
Operating Profit390247511211892111409219416969101104
OPM %41%32%13%21%25%26%24%14%25%23%13%17%13%
Other Income +23864776072606211411878583101185
Interest-0111111101115
Depreciation21191820222121262722222249
Profit before tax608291109160238249181179285224629179235
Tax %27%25%32%27%21%26%29%18%21%27%26%26%17%
Net Profit +44221975117187184128148226164466133194
EPS in Rs13.906.882.353.675.895.794.024.647.115.1514.654.186.10

Financials of G M D C

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1,4341,1791,5372,0511,8801,4491,3292,7323,4982,4632,8512,653
Expenses +9098901,1191,5831,3241,3231,3352,0112,1611,8532,2132,210
Operating Profit525289418468556126-67211,337609637443
OPM %37%24%27%23%30%9%-0%26%38%25%22%17%
Other Income +253156181121-70173-241158396271355947
Interest211222232327
Depreciation13813115111996929498818095115
Profit before tax637313447469388205-3437781,6497988951,268
Tax %21%30%27%26%43%28%-90%43%27%25%23%25%
Net Profit +501219325347220146-364461,204597686957
EPS in Rs15.756.8910.2210.906.914.61-1.1214.0237.8818.7821.5730.08
Dividend Payout %19%44%29%32%29%43%-18%31%30%51%47%32%

Financials of G M D C

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital646464646464646464646464
Reserves3,1803,6333,9374,2884,2544,0324,0034,7585,7226,0366,3487,009
Borrowings +679000001123126317
Other Liabilities +1,0451,0121,1201,0448949679051,0641,1661,2661,2141,594
Total Liabilities4,9664,7095,1215,3955,2115,0634,9735,8866,9537,3697,7528,983
Fixed Assets +1,7711,7192,0752,1472,1312,0581,5851,5101,4541,5511,5533,039
CWIP9583121111462328292741215
Investments121644657782429264299596491566484464
Other Assets +2,1172,3142,3682,4562,6512,7373,0833,7564,9794,9604,9745,265
Total Assets4,9664,7095,1215,3955,2115,0634,9735,8866,9537,3697,7528,983

Financials of G M D C

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +10120445224114211474819331101,059744
Cash from Investing Activity +-13-67-350-138238487-674-787254-808-613
Cash from Financing Activity +-111-115-115-97-134-77-63-7-137-365-183-154
Net Cash Flow-2322-136318170-1998-068-23
Free Cash Flow27205-63572-9135443908-366424-289
CFO/OP61%126%140%95%61%127%-292%98%103%56%135%202%

Financials of G M D C

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days213028202935402719151110
Inventory Days
Days Payable
Cash Conversion Cycle213028202935402719151110
Working Capital Days240356228178228271290153147228177263
ROCE %16%8%12%11%14%5%1%18%31%13%14%11%

Guidance history

How G M D C's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY25 call →10–20%FlatPlannedPlanned—
Q1 FY25 call →40%+FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

8out of 100

Momentum score · price trend

8 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−25.8%29%
Last 6 months−40.4%2%
Last 3 months−21.6%13%

The price is 41.2% below its all-time high of ₹746.75 (16 Apr 2026). Stocks more than 20% below their peak have their score halved, so 15 became 8.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For G M D C: 0.4 × 29 + 0.4 × 2 + 0.2 × 13 = 15, halved to 8 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What G M D C's management said in earlier quarters

Others in Minerals & Mining this season

  • MOIL (Q4 FY18)

    650.57 Cr (2016-17) to Rs. Key concall takeaways from MOIL Ltd's Q4 FY18 earnings call — and how it ranks against sector peers.

  • NMDC Ltd (Q2 FY26)

    Iron Ore Production: 107.16 LT (10% increase YoY from 97.27 LT) . Key concall takeaways from NMDC Ltd's Q2 FY26 earnings call — and how it ranks against sector…

  • NMDC Ltd (Q3 FY26)

    Iron Ore Production: 146.84 LT, +10% . Key concall takeaways from NMDC Ltd's Q3 FY26 earnings call — and how it ranks against sector peers.

  • NMDC Ltd (Q1 FY27)

    Iron Ore Production: 119.94 LT to 151.17 LT, up 26% . Key concall takeaways from NMDC Ltd's Q1 FY27 earnings call — and how it ranks against sector peers.

Compare:vs Lloyds Metals & Energy Ltdvs NMDC Ltdvs Gravita India