# GMDCLTD (GMDCLTD) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/gmdcltd

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹556.5
- Change: +1.34%
- As of: 2026-09-18
- 1D return: +1.33%
- 5D return: -4.13%
- 1M return: -0.98%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 18, 2026, GMDCLTD is trading at ₹556.45, with a daily technical stance indicating a bearish trend. This is characterized by the price being below key moving averages including the 20-day EMA (₹564.16), 50-day EMA (₹575.46), and the 200-day SMA (₹590.26), alongside a bearish Supertrend indicator at ₹596.55. The weekly timeframe presents a conflicting signal, showing a bullish Supertrend at ₹507.45, though the price remains below its 20-day EMA (₹586.10) and 50-day EMA (₹564.72). The monthly timeframe also indicates a bearish trend, with the price below its Supertrend at ₹839.82, despite being above the 20-day EMA (₹522.89) and 20-day SMA (₹504.79).

Nearest support is observed at ₹555.02, approximately 0.26% below the current price, followed by ₹553.32. Resistance is noted at ₹557.48, about 0.19% above the current price, with further levels at ₹562.47 and ₹583.91. The stock has experienced recent anomalies, including a high-severity downward price movement on September 15, 2026, with a -0.04% return and a wide intraday range. An extreme positive volume event occurred on September 10, 2026, with a 5.59 times volume ratio. The stock's risk profile includes an annualized volatility of 51% and a maximum drawdown of -27%. A "Bearish Engulfing Reversal" pattern was noted on the monthly timeframe on September 18, 2026.

Key watch conditions include monitoring the price action around the immediate support at ₹555.02 and resistance at ₹557.48. A sustained move below ₹555.02 could indicate further downside, while a break and hold above ₹557.48 might signal a potential shift. The conflicting signals between daily and weekly timeframes suggest a period of consolidation or transition, making the direction of the next significant move crucial.

- Current price on September 18, 2026: ₹556.45.
- Daily trend is bearish, with price below key moving averages and Supertrend.
- Weekly trend shows a bullish Supertrend, but price is below short-term EMAs.
- Nearest support level: ₹555.02 (approx. 0.26% below current price).
- Nearest resistance level: ₹557.48 (approx. 0.19% above current price).
- A 'Bearish Engulfing Reversal' pattern was observed on the monthly chart on September 18, 2026.
- Annualized volatility is 51% and maximum drawdown is -27%.

- Bearish Engulfing Reversal
- Inside Bar
- Evening Star
- Outside Bar
- Bullish Engulfing Reversal
- Morning Star

### News Context

In the week ending September 18, 2026, GMDCLTD was mentioned in the context of India's push for critical minerals. A report on September 15, 2026, highlighted GMDCLTD alongside other metal stocks like Hindustan Copper, Hindustan Zinc, and Vedanta as potentially benefiting from this national initiative. The article suggested that companies strategically positioned in the market, like GMDCLTD, are poised to gain from rising demand for electric vehicles (EVs) and renewable energy sources. Separately, on September 17, 2026, MOIL, another player in the mining sector, was reported to be scouting for new manganese mines, indicating broader industry activity in securing resources.

- On September 15, 2026, GMDCLTD was identified as a stock that could benefit from India's critical minerals push, driven by demand from EVs and renewables.
- The same report on September 15, 2026, placed GMDCLTD among key metal stocks strategically positioned in the market.
- On September 17, 2026, MOIL was reported to be seeking new manganese mines, signaling activity in the broader mining sector.

- MOIL scouts for new manganese mines in India, overseas
- Hindustan Zinc, GMDC, NMDC to Vedanta | 6 stocks that could strike 'gold' in India’s big critical minerals push

### What Changed

Gujarat Mineral Development Corporation Limited (GMDCLTD) has recently received an updated credit rating and an ESG rating. On September 17, 2026, CARE EDGE Ratings assigned a long-term rating of 'CARE AA+; Stable' and a short-term rating to the company's bank facilities, totaling ₹4,000.00 crore. This rating action considered the company's performance for FY26 (Audited) and Q1FY27 (Unaudited). Separately, on September 17, 2026, GMDCLTD was assigned an Environmental, Social and Governance (ESG) rating of 69, categorized as 'Leader', by Niche Ninety Nine Capability and Certifications (OPC) Private Limited. This ESG rating was based on publicly available information. The company's stock price closed at ₹556.45 on September 18, 2026, an increase from its previous close of ₹549.15.

- On September 17, 2026, CARE EDGE Ratings assigned GMDCLTD a 'CARE AA+; Stable' long-term rating and a short-term rating for bank facilities totaling ₹4,000.00 crore.
- The company received an ESG rating of 69 ('Leader') from Niche Ninety Nine Capability and Certifications (OPC) Private Limited on September 17, 2026.
- The stock price closed at ₹556.45 on September 18, 2026, up from ₹549.15 on the previous trading day.

- MOIL scouts for new manganese mines in India, overseas
- Gujarat Mineral Development Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Gujarat Mineral Development Corporation Limited has informed the Exchange about General Updates |SUBJECT: General Updates

### Official Filings

Gujarat Mineral Development Corporation Limited (GMDC) has received a credit rating upgrade, with CARE EDGE Ratings assigning a 'CARE AA+; Stable' long-term rating and a short-term rating to its bank facilities totaling ₹4,000.00 crore, a slight reduction from ₹3,995.00 crore previously. This action, effective September 17, 2026, reflects the company's operational and financial performance for FY26 (Audited) and Q1FY27 (Unaudited). The company also reported an Environmental, Social, and Governance (ESG) rating of 69, categorized as 'Leader', from Niche Ninety Nine Capability and Certifications (OPC) Private Limited, based on publicly available information. GMDC's 63rd Annual General Meeting is scheduled for September 30, 2026, where shareholders will consider the adoption of financial statements for the year ended March 31, 2026, and a proposed dividend of ₹9.5 per share. The record date for dividend eligibility and voting rights is September 23, 2026, with dividend payments expected on or after October 12, 2026, subject to shareholder approval. Financially, for FY 2025-26, the company reported a Profit Before Tax of ₹1,302 crore, EBITDA of ₹899 crore, and Profit After Tax of ₹991 crore. Lignite sales reached ₹2,382 crore for 7.88 million tonnes, and bauxite sales were ₹124 crore. GMDC is also progressing with its Baitarni West coal mine project in Odisha. Separately, on September 4, 2026, the company disclosed a probable data breach at its website, which did not affect core operations.

- On September 17, 2026, CARE EDGE Ratings assigned a 'CARE AA+; Stable' long-term rating and a short-term rating to GMDC's bank facilities totaling ₹4,000.00 crore.
- GMDC received an ESG rating of 69 ('Leader') from Niche Ninety Nine Capability and Certifications (OPC) Private Limited.
- The 63rd Annual General Meeting is scheduled for September 30, 2026, with a record date of September 23, 2026, for a proposed dividend of ₹9.5 per share.
- For FY 2025-26, GMDC reported Profit Before Tax of ₹1,302 crore and Profit After Tax of ₹991 crore.
- A probable data breach at GMDC's website was disclosed on September 4, 2026, with no impact on core operations.

- Gujarat Mineral Development Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Gujarat Mineral Development Corporation Limited has informed the Exchange about General Updates |SUBJECT: General Updates
- Gujarat Mineral Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Gujarat Mineral Development Corporation Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026 |SUBJECT: Shareholders meeting
- Gujarat Mineral Development Corporation Limited has informed the Exchange about Notice of Shareholders Meeting for Annual General Meeting to be held on 30-Sep-2026 |SUBJECT: Notice Of Shareholders Meetings-XBRL
- Gujarat Mineral Development Corporation Limited has informed the Exchange about probable data breach incident |SUBJECT: General Updates
- AS ON DATE : 05-SEP-26
- Gujarat Mineral Development Corporation Limited has informed the Exchange that Record date for the purpose of Dividend is 23-Sep-2026. |SUBJECT: Record Date
- Gujarat Mineral Development Corporation Limited has informed the Exchange about Intimation of 63rd Meeting of the Company |SUBJECT: General Updates

### Fundamentals

Gujarat Mineral Development (GMDCLTD) reported revenue from operations of ₹906.64 crore for Q1 FY2026-27. This follows a revenue of ₹814.05 crore in Q4 FY2025-26 and ₹579.15 crore in Q3 FY2025-26, indicating an upward trend in sales. Expenses were ₹755.54 crore in Q1 FY2026-27, a decrease from ₹763.98 crore in the prior quarter but higher than ₹501.11 crore in Q3 FY2025-26. Profit Before Tax (PBT) for Q1 FY2026-27 stood at ₹227.25 crore, a sequential decrease from ₹234.98 crore in Q4 FY2025-26, but significantly higher than ₹179.34 crore in Q3 FY2025-26. The company reported a Profit Loss For Period of ₹163.43 crore in Q1 FY2026-27. Finance costs have also increased sequentially, from ₹5.37 crore in Q4 FY2025-26 to ₹6.61 crore in Q1 FY2026-27, with a notable jump from ₹69 lakh in Q3 FY2025-26. Tax expense for Q1 FY2026-27 was ₹64.24 crore.

- Revenue from operations increased to ₹906.64 crore in Q1 FY2026-27 from ₹814.05 crore in Q4 FY2025-26.
- Profit Before Tax (PBT) was ₹227.25 crore in Q1 FY2026-27, down from ₹234.98 crore in Q4 FY2025-26.
- Profit Loss For Period for Q1 FY2026-27 was ₹163.43 crore.
- Finance costs rose to ₹6.61 crore in Q1 FY2026-27 from ₹5.37 crore in Q4 FY2025-26.
- Tax expense in Q1 FY2026-27 was ₹64.24 crore.

### Bull Case

The company is positioned to potentially benefit from India's focus on critical minerals, as indicated by news reports highlighting its inclusion alongside other key metal stocks in discussions about this sector. This strategic positioning aligns with rising demand for minerals driven by the electric vehicle (EV) and renewable energy industries. While the company's weekly trend shows a bullish signal from the Supertrend indicator, its daily and monthly trends are currently indicated as bearish. The stock has demonstrated a significant long-term return since its inception, although recent short-term returns have been negative.

- The company is identified as a key metal stock that could benefit from India's critical minerals push, driven by demand from EV and renewable energy sectors.
- The weekly technical trend for the company is currently indicated as bullish by the Supertrend indicator.
- The stock has achieved a return of 0.72 since its inception.
- Daily and monthly technical trends are currently indicated as bearish.

- MOIL scouts for new manganese mines in India, overseas
- Hindustan Zinc, GMDC, NMDC to Vedanta | 6 stocks that could strike 'gold' in India’s big critical minerals push

### Bear Case

The company's technical indicators suggest a weakening trend. On a daily basis, the closing price of ₹556.45 is below the 20-day Exponential Moving Average (EMA) of ₹564.16 and the 50-day EMA of ₹575.46. The Super Trend indicator is also showing a bearish direction. While the weekly trend shows a bullish Super Trend, the 20-day and 50-day SMAs have negative slopes, indicating short-term downward pressure. The company has experienced a drawdown of -0.25 and a maximum drawdown of -0.27, with annualized volatility at 0.51. Recent period returns show a decline, with a -0.10 return over the last three months and a -0.07 year-to-date return.

- Daily technical indicators, including EMAs and Super Trend, signal a bearish trend as of 2026-09-18.
- The company's closing price of ₹556.45 is below key short-term moving averages.
- Recent performance shows a -0.10 return over three months and a -0.07 year-to-date return.
- The stock has experienced a current drawdown of -0.25 and a maximum drawdown of -0.27.

- MOIL scouts for new manganese mines in India, overseas
- Hindustan Zinc, GMDC, NMDC to Vedanta | 6 stocks that could strike 'gold' in India’s big critical minerals push

### FAQs

**What is Gujarat Mineral Development Corporation Limited's (GMDC) current credit rating and what is the total value of its rated bank facilities?**

As of September 17, 2026, CARE EDGE Ratings assigned GMDC a long-term rating of 'CARE AA+; Stable' and a short-term rating. The total value of its rated bank facilities is ₹4,000.00 crore, a slight reduction from ₹3,995.00 crore previously. The company's short-term bank facilities were also enhanced to ₹25.00 crore from ₹5.00 crore.

**What was GMDC's financial performance for the fiscal year ended March 31, 2026 (FY26)?**

For FY26, GMDC reported a Profit Before Tax of ₹1,302 crore, which was its second highest ever. The company achieved an EBITDA of ₹899 crore and a Profit After Tax of ₹991 crore. Lignite sales for the period were 7.88 million tonnes, valued at ₹2,382 crore, and its bauxite business generated sales of ₹124 crore.

**What is GMDC's Environmental, Social, and Governance (ESG) rating, and how was it determined?**

GMDC received an ESG Rating of 69, categorized as 'Leader', from Niche Ninety Nine Capability and Certifications (OPC) Private Limited. This rating was assigned on September 17, 2026, based on publicly available information without the company's direct participation or data submission.

**What are the key technical indicators suggesting about GMDC's short-term trend as of September 18, 2026?**

As of September 18, 2026, GMDC's daily technical trend indicators suggest a bearish sentiment. The closing price of ₹556.45 is below the 20-day Exponential Moving Average (EMA) of ₹564.16 and the 50-day EMA of ₹575.46. The Supertrend indicator is also showing a 'bearish' direction at ₹596.55.

**What is the upcoming dividend payout for GMDC shareholders?**

GMDC has proposed a dividend of ₹9.5 per share, which represents 475% of the face value, to be considered at its 63rd Annual General Meeting scheduled for September 30, 2026.

- MOIL scouts for new manganese mines in India, overseas
- Hindustan Zinc, GMDC, NMDC to Vedanta | 6 stocks that could strike 'gold' in India’s big critical minerals push
- Gujarat Mineral Development Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Gujarat Mineral Development Corporation Limited has informed the Exchange about General Updates |SUBJECT: General Updates
- Gujarat Mineral Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Gujarat Mineral Development Corporation Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026 |SUBJECT: Shareholders meeting
- Gujarat Mineral Development Corporation Limited has informed the Exchange about Notice of Shareholders Meeting for Annual General Meeting to be held on 30-Sep-2026 |SUBJECT: Notice Of Shareholders Meetings-XBRL
## Technical analytics

- As of: 2026-09-18
- Daily trend: Strong Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹548.33
- Risk regime: Price Risk Requires Attention

### Support levels
- 555.01875
- 548.8125
- 536.35

### Resistance levels
- 583.908984375
- 600
- 617.425

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.33% |
| return_10 | -1.66% |
| return_1m | -2.50% |
| return_1y | +0.80% |
| return_20 | -0.98% |
| return_3m | -10.11% |
| return_5 | -4.13% |
| return_6m | -0.50% |
| return_since_start | +71.85% |
| return_ytd | -7.18% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -27.24% |
| annualized_volatility | +50.96% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue Gains Overwhelmed by Expense Growth, Net Profit Remains Flat

GMDC reported a large increase in revenue for the quarter ended June 2026, but a faster rise in expenses absorbed nearly all the extra income. Net profit was practically unchanged from the same quarter last year, while comprehensive income fell due to a loss in other comprehensive income. Finance costs, in particular, jumped from a very small base.

## Revenue and Expense Trends

Revenue from operations climbed 23.8% to ₹906.64 crore, up from ₹732.60 crore in the same quarter a year earlier. Compared to the immediately preceding quarter (March 2026), revenue rose 11.4% from ₹814.05 crore.

Total expenses reached ₹755.54 crore, a 29.0% increase from ₹585.87 crore in the year-ago period. Because expenses grew faster than revenue, the expense-to-revenue ratio moved from 80.0% to 83.3%. Expenses were 1.1% lower than the ₹763.98 crore reported in the March 2026 quarter.

## Profitability

Profit before tax (PBT) was ₹227.25 crore, only 1.3% above the ₹224.43 crore recorded a year earlier. The substantial revenue growth did not feed through to a proportional rise in pre-tax profit because nearly all the additional revenue was eaten up by higher costs.

Tax expense rose 6.1% to ₹64.24 crore from ₹60.56 crore, and the effective tax rate inched up to 28.3% from 27.0%.

Net profit (profit for the period) came in at ₹163.43 crore, essentially flat when compared with ₹163.77 crore in the prior-year quarter. It was, however, lower than the ₹194.09 crore reported in the March 2026 quarter.

## Finance Costs

The most notable move among individual expense items was finance costs. At ₹6.61 crore, they were roughly 13 times the ₹0.51 crore reported in the year-ago quarter. Sequentially, they rose 23.1% from ₹5.37 crore in the preceding quarter.

## Comprehensive Income

Comprehensive income for the quarter was ₹156.95 crore, a decline of 16.3% from ₹187.43 crore in the same period last year. While net profit held broadly steady, other comprehensive income recorded a loss of ₹6.48 crore during the quarter, pulling total comprehensive income lower.

## Key Takeaway

GMDC’s quarterly revenue increased notably, but expenses — led by a surge in finance costs — rose even faster. As a result, net profit stayed flat year-on-year, and comprehensive income fell because of a loss in other comprehensive income. The numbers illustrate that rising costs are consuming the revenue gains, preventing them from translating into higher earnings.

### Ratios

## Official filings

- 2026-09-18 — Credit Rating Update: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_18092026151210_stock_exchange_care_rating.pdf)
- 2026-09-18 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_18092026151447_stock_exchange_letter-esg_rating.pdf)
- 2026-09-07 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_07092026180838_newspaper.pdf)
- 2026-09-05 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_05092026131357_annual_report_and_agm_notice_filing.pdf)
- 2026-09-05 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_1651_WebXMLFile_20260905_133840636.xml)
- 2026-09-04 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_04092026093702_stock_exchange_letter_cyber_security.pdf)
- 2026-09-04 — Annual Report: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/annual_reports/AR_31488_GMDCLTD_2025_2026_A_11905708_05092026131813.pdf)
- 2026-09-03 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_03092026192555_AGM_announcement_on_stock_exchange.pdf)
- 2026-09-03 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_03092026200748_AGM_announcement_on_stock_exchange.pdf)
- 2026-07-31 — Generic Announcement: Gujarat Mineral Development Corporation Limited's Board of Directors approved the unaudited financial results for the quarter ended June 30, 2026, on July 31, 2026. The board also approved Memorandums of Understanding (MoUs) with Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) to explore coal-to-chemicals opportunities and with IREL(India) Limited to explore Rare Earth Elements (REE) sector collaborations. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_31072026132328_financial_results_gmdc.pdf)
- 2026-07-22 — Official Filing: Gujarat Mineral Development Corporation Limited will hold a board meeting on July 31, 2026, to consider unaudited standalone and consolidated financial results for the quarter ended June 2026. The trading window for the company's securities will be closed from July 1, 2026, to August 3, 2026.
- 2026-07-15 — Generic Announcement: Gujarat Mineral Development Corporation Limited is sending reminder letters and publishing newspaper advertisements regarding the transfer of shares to the Investor Education and Protection Fund (IEPF) Authority. This action is due to eligible shareholders not claiming dividends for seven consecutive years, starting from the Financial Year 2018-19. Shareholders have until November 05, 2026, to claim unpaid dividends and provide updated bank details to prevent their shares from being transferred to the IEPF. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_15072026150247_stock_exchange_letter-_iepf_share_transfer_intimation.pdf)
- 2026-07-07 — Generic Announcement: Gujarat Mineral Development Corporation Limited submitted a confirmation certificate for the quarter ended June 30, 2026, as required by SEBI regulations. The company's Registrar and Share Transfer Agent, MCSSTA Ltd., confirmed that securities received for dematerialization were processed and listed on stock exchanges. Security certificates were mutilated, cancelled, and depositories were updated as registered owners within 15 days. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_07072026121221_sstock_exchange_letter_74_5_.pdf)
- 2026-06-29 — Generic Announcement: Gujarat Mineral Development Corporation Limited will close its trading window from July 1, 2026, until 48 hours after the declaration of unaudited quarterly financial results for the quarter ending June 30, 2026. This closure is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and prohibits trading in the company's equity shares by designated persons during this period. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_29062026181906_sstock_exchange_letter_trading_window_new.pdf)
- 2026-06-02 — Press Release: Gujarat Mineral Development Corporation (GMDC) is partnering with the University of Cambridge to establish India's first AI-powered Rare Earth Supply Chain Observatory. This two-year program, with an investment of £600,000, will track the REE value chain in real-time using AI to monitor prices, processing, supply disruptions, and geopolitical risks. The initiative aims to enhance supply chain resilience and support India's strategic mineral needs. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_02062026120540_spressrelasecambridge.pdf)
- 2026-05-15 — Generic Announcement: Gujarat Mineral Development Corporation Limited submitted newspaper advertisements on May 15, 2026, regarding its audited annual financial results for the quarter and year ended March 31, 2026. These results were approved by the Board of Directors on May 14, 2026, and published in The Economic Times, Mint, Financial Express, and Divya Bhaskar. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_15052026184409_newspaperadvertisementsigned.pdf)
- 2026-05-14 — Generic Announcement: Gujarat Mineral Development Corporation Limited's Board of Directors, in a meeting on May 14, 2026, approved the audited annual financial results for FY 2025-26. The board recommended a dividend of ₹9.50 per equity share (475%) for FY 2025-26, subject to shareholder approval. The meeting commenced at 4:00 PM and concluded at 6:25 PM. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_14052026190307_resultsmay.pdf)
- 2026-05-14 — Generic Announcement: Gujarat Mineral Development Corporation Limited's Board of Directors, in a meeting on May 14, 2026, approved the audited annual financial results for FY 2025-26. The board recommended a dividend of ₹9.50 per equity share (475%) for FY 2025-26, subject to shareholder approval. The meeting commenced at 4:00 PM and concluded at 6:25 PM. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_14052026190625_resultsmay.pdf)
- 2026-04-13 — Generic Announcement: Gujarat Mineral Development Corporation Limited submitted a confirmation certificate for the quarter ended March 31, 2026, as required by SEBI regulations. The certificate, received from Registrar and Share Transfer Agent MCSSTA Ltd. on April 7, 2026, confirms that securities received for dematerialization were processed and listed on stock exchanges. Security certificates were also confirmed as mutilated and cancelled, with depositories substituted as registered owners within 15 days. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_13042026141513_signdletter745.pdf)
- 2026-04-08 — Generic Announcement: Gujarat Mineral Development Corporation Limited received an Administrative Warning from SEBI on March 12, 2026, following an investigation into suspected insider trading between December 1, 2023, and January 31, 2024. SEBI found that a January 8, 2024 press release regarding environmental clearance for lignite mine capacity expansion did not adequately reflect the factual position. The company was advised to improve future disclosures and compliance standards, with no material financial or operational impact disclosed. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_08042026184903_signed_sebi_letter_announcement.pdf)
- 2026-04-06 — Generic Announcement: Gujarat Mineral Development Corporation Limited received an ESG Rating score of 68/100, categorized as "Aspiring", from NSE Sustainability Ratings & Analytics Ltd. The rating was assigned based on publicly available information, and the company did not participate in or provide specific data for the assessment. This information was received by the company on April 6, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_06042026152631_sesgannouncementnsesustainability.pdf)
- 2026-03-28 — Generic Announcement: Gujarat Mineral Development Corporation Limited will close its trading window from April 1, 2026, until 48 hours after the declaration of audited financial results for the year ending March 31, 2026. This closure is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and prohibits the sale, purchase, or dealing in the company's equity shares by designated persons during this period. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_28032026161417_stock_exchange_letter_twcsigned.pdf)
- 2026-03-16 — Press Release: Gujarat Mineral Development Corporation Limited (GMDC) signed a Memorandum of Understanding (MoU) with NMDC Limited on March 16, 2026, to explore strategic collaboration in the Rare Earth Elements (REE) sector. The partnership will focus on assessing the potential development of an integrated REE value chain in Gujarat, including exploration, mining, beneficiation, processing, and downstream applications, with a specific focus on GMDC’s Ambadungar Rare Earth deposit. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_16032026155211_spress_release_stock_exchange_letter_REE.pdf)
- 2026-02-27 — Press Release: Gujarat Mineral Development Corporation Ltd. (GMDC) received Environmental Clearance from the Ministry of Environment, Forest and Climate Change for its Lakhpat–Punrajpur Lignite and Limestone Mine in Kutch, Gujarat. The mine is approved for a production capacity of 3.0 MTPA of lignite and 29.81 MTPA of limestone, enhancing GMDC's long-term production visibility and mineral resource base. This clearance supports core sectors like energy generation and cement, aligning with GMDC's expansion strategy for sustainable operational growth. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_27022026140438_press_release_Lakhpat_Punrajpar_signed.pdf)
- 2026-02-26 — Press Release: Gujarat Mineral Development Corporation Limited (GMDC) and NTPC Limited signed a Memorandum of Understanding (MoU) on February 26, 2026, to jointly explore opportunities in coal and lignite gasification and downstream utilization. The collaboration will involve pilot projects for gasification, assessment of syngas end-use applications by NTPC, and potential joint production and commercialization of syngas. This initiative aims to assess the feasibility of gasifying GMDC's coal from Odisha and lignite from Gujarat. — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_26022026200220_signed_ntpc_ucg_mou.pdf)

## News and market events

- 2026-09-17 — The Hindu: **MOIL scouts for new manganese mines in India, overseas** — MOIL seeks to boost manganese production and secure global supplies to address the steel industry's growing demand and shortages. — [Source](https://www.thehindubusinessline.com/news/moil-scouts-for-new-manganese-mines-in-india-overseas/article71476049.ece)
- 2026-09-15 — Mint: **Hindustan Zinc, GMDC, NMDC to Vedanta | 6 stocks that could strike 'gold' in India’s big critical minerals push** — Hindustan Copper, Hindustan Zinc, GMDC, and Vedanta are among key metal stocks poised to benefit from India's critical mineral push As demand for EVs and renewables rises, these companies are strategically positioned in the market. — [Source](https://www.livemint.com/market/stock-market-news/hindustan-zinc-gmdc-nmdc-to-vedanta-6-stocks-that-could-strike-gold-in-india-s-big-critical-minerals-push-11789471241301.html)

## Business profile

**Strategic vision:** State-owned Indian company engaged in mineral and lignite mining.

### Business segments
- **Lignite Mining:** GMDC is a significant producer and merchant seller of lignite in India, supplying it to various industries such as textiles, chemicals, ceramics, and captive power.
- **Bauxite Mining:** GMDC operates mines in Kutch and Devbhoomi Dwarka districts, extracting bauxite used for aluminum production and other industrial applications.
- **Fluorspar Mining:** Fluorspar mining operations are conducted at Ambadungar Mines, with the extracted ore transported to the Kadipani Beneficiation Plant.
- **Other Industrial Minerals:** GMDC is also involved with other industrial minerals like silica sand, manganese, limestone, bentonite, and ball clay.
- **Energy Generation:** GMDC has diversified its portfolio into the energy sector, including projects for thermal, wind, and solar power generation.

### Competitive strengths
- State-owned enterprise status
- Established mining operations across multiple mineral types
- Diversified portfolio including energy generation

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## Freshness and sources

- Data as of: 2026-09-18
- Source: Faxioms public stock analysis API

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