Gujarat Mineral Development Corporation (GMDC) was incorporated in 1963 by the Government of Gujarat with an important mandate to develop the major mineral resources of the state. From its challenging beginnings involving the crushing and screening of silica sand required by the glass industry, GMDC is today acknowledged as one of India's premier mining organizations. A zero-debt company, we're ranked 469th among India's Fortune 500 companies and among the top five organizations in the mining sector.
The company is India's No.1 Merchant Seller and the No.2 Producer of Lignite, and is India's second-largest Lignite-producing company and top merchant seller of Lignite. The company currently holds a market cap of ₹13,272 Crore as of July 2025.
Gujarat Mineral Development Corporation is primarily engaged in 2 sectors: mining and power. GMDC has successfully diversified into thermal, wind, and solar power generation.
Its projects include Lignite, Bauxite, Fluorspar, Multi-Metal, Manganese, Power, Wind and Solar. The company mines and extracts different minerals and metals such as lignite, bauxite, fluorspar, manganese, silica sand, limestone, bentonite, and ball clay from various districts in Gujarat such as Kutch, Surat, Baroda, Rajkot, Jamnagar, Porbandar, Amreli, Bhavnagar, and others.
It operates five lignite mines, namely, Mata-No-Madh, Rajpardi, Tadkeshwar, Bhavnagar, and Umarsar Lignite Mines. It has bauxite mining operations at its Mewasa Bauxite Mines in Devbhoomi Dwarka, a district of Gujarat. Fluorspar project is located in Kadipani, a district of Baroda. Manganese project is located at Shivrajpur, district of Panchmahal.
Power project is located at Nani Chher, a district of Kutch. Its Wind Farm projects of 200.9 megawatts are situated at different locations in Gujarat, and a five-megawatt peak Solar Power Project is situated at Panandhro Lignite Project.
GMDC reports 2nd highest FY25 revenue ₹2851 Crore, 3rd highest PBT ₹897 Crore, with strong operational growth. Gujarat Mineral Development Corporation (GMDC) declared a 505% dividend and reported a 20.9% rise in consolidated profit to ₹226.22 Crore for Q4 FY25.
- Revenue: ₹786.28 Crore as on March 2025 (Q4 FY25)
- Net Profit: ₹226.22 Crore as on March 2025 (Q4 FY25)
- Annual Revenue (FY25): ₹2,851 Crore
- Annual Profit (FY25): ₹686 Crore
- Dividend Yield: 2.40%
- P/E Ratio: 19.49
- P/B Ratio: 2.19
Revenue is up for the last 3 quarters, 655.4 Crore → 904.52 Crore (in ₹), with an average increase of 14.9% per quarter. Net profit is up for the last 3 quarters, 127.86 Crore → 226.22 Crore (in ₹), with an average increase of 24.1% per quarter.
GMDC Q4 FY25 call reveals delays in lignite, coal mine groundbreaking this year, ₹13,000 Crore capex till 2030, growth plans detailed. GMDC aims to invest ₹13,000 Crore by 2030, with 46% allocated for land acquisition for coal and mineral projects in Odisha.
Gujarat Mineral Development Corporation (GMDC) aims to operationalize six new lignite mines by FY 2026-27, targeting a 10-15% growth in existing production. Despite setbacks, GMDC anticipates reaching 15 million tons of lignite production by 2035, with significant reserves in the new projects.
Gujarat Mineral Development Corporation (GMDC) has signed a Long-Term Supply Agreement (LSA) with City Gold Pipes for the supply of 150 million tons of limestone over a period of 40 years from its upcoming Lakhpat Punrajpur Mine in Lakhpat Taluka of Kutch District in Gujarat.
The company's products are used in the textile, chemical, calcium silicate brick, captive power, hydrofluoric acid, water purifying, glass, ceramic whiteware, sanitary ware, oil and water well drilling, clinker and cement, aluminum, iron, steel, gasoline, insulating foam, refrigerant, uranium fuel, sport field and gold course, water filtration, metal casting, paint and coating, construction and engineering, and industrial abrasive industries, as well as cupola units, Bauxite value addition plants, and foundries. Its products are also used in the electricity and synthetic natural gas generation, agriculture, mining and refining, transportation, hydrofluoric acid, refrigerant gas, flux in metallurgical, tableware, quick and hydrated lime, limestone tile and slab, wall cladding, vanity top, and synthetic foundry molding catalyst sectors.
Gujarat Mineral Development Corporation (GMDC) shares surged over 40% in the past month, reaching a 10-month high. The company plans significant capital expenditure and aims to enhance lignite production capacity, supported by India's upcoming recycling incentive scheme for critical minerals.
The 52-week high of Gujarat Mineral Development Corporation Ltd (GMDCLTD) is ₹439.90 and the 52-week low is ₹226.59.
Promoter Holding: 74.0%. The Company is almost debt-free. The Company has been maintaining a healthy dividend payout of 42.1%.
GMDC represents a strong investment opportunity in India's mining and power sector, backed by robust financial performance, strategic expansion plans, and a diversified portfolio of mineral resources. The company's debt-free status and consistent dividend payouts make it an attractive option for investors seeking exposure to India's growing mineral and energy sectors.
