# Gujarat Mineral Development Corporation (GMDCLTD) — Stock analysis

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

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹465.8
- Change: -0.77%
- As of: 2026-11-06
- 1D return: -0.77%
- 5D return: +13.15%
- 1M return: +0.53%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

GMDCLTD (₹465.80) exhibits a sharp, high-conviction daily bounce within a broader multi-timeframe downtrend. On November 6, the stock surged with extreme volume participation (volume ratio 6.08x), closing near its daily high of ₹465.80 after a gap-up on November 5 and a +10.2% gain on November 4. This daily strength is confirmed by an ADX of 43.76 and price trading above the 20-period EMA, SMA, and Supertrend. However, this rally remains a counter-trend move; the weekly and monthly trends remain bearish, with prices below all major moving averages and Supertrends. The stock is positioned at the upper end of its 20-day range (+81.5%) but still 37.6% below its available high. Immediate resistance lies at ₹470.82 (pivot) and ₹471.55 (high). A break above these levels could extend the bounce toward ₹476.53, while failure to hold above the recent low of ₹456.10 would invalidate the short-term bullish structure.

- Daily trend is strongly bullish (ADX 43.76) with price above 20-period EMA/SMA/Supertrend, driven by extreme volume participation on Nov 6.
- Weekly and monthly trends remain bearish; price is below all major moving averages and Supertrends on these horizons.
- Price is at the upper end of the 20-day range (+81.5%) but 37.6% below the available high, indicating limited upside room in the near term.
- Key resistance levels are ₹470.82 (pivot) and ₹471.55 (high); support is at ₹456.10 (recent low) and ₹457.97.

- Doji
- Harami
- Bearish Engulfing Reversal

### News Context

On November 4, 2026, GMDC shares surged 10.15% to ₹468.80, marking a significant reversal from the 52-week low of ₹394.95 recorded just two days prior on November 2. This sharp price movement was accompanied by a trading volume surge exceeding 17-fold, extending a two-day rally and lifting the weekly gain to 7.51%. The volatility follows the company’s Q2FY27 earnings report, which highlighted a 63% decline in net profit to ₹170.79 crore despite an increase in total income. While the stock has delivered a 539% return over the past five years, it remains down 21.78% year-to-date as of the report date. Investors are observing whether this volume-driven recovery signals a sustained trend or a short-term correction following the recent profit dip.

- Price Action: Shares rose 10.15% to ₹468.80 on Nov 4, recovering from a 52-week low of ₹394.95 on Nov 2.
- Volume Surge: Trading volume increased more than 17-fold during the rally, indicating heightened market activity.
- Earnings Context: The price movement follows a reported 63% drop in Q2FY27 net profit to ₹170.79 crore.
- Performance Metrics: The stock is down 21.78% in 2026 YTD but has posted a 539% return over the last five years.

- [539% return in 5 years: GMDC share price rallies 10% - What’s fuelling the PSU stock rally? Decoded](https://www.livemint.com/market/stock-market-news/539-return-in-5-years-by-gmdc-gujarat-mineral-development-corporation-share-price-rallies-10-what-s-fuelling-the-psu-11793801117537.html)

### Official Filings

GMDCLTD disclosed its financial results for the quarter ended September 30, 2026, on October 30, 2026. The company also announced a final dividend of ₹9.50 per equity share for FY 2025-26, totaling ₹302.10 crore, with ₹223.55 crore paid to the Government of Gujarat (74% stakeholder). This payout followed a standalone profit after tax of ₹990.81 crore for FY 2025-26, which included an exceptional gain of ₹522.65 crore from input tax credit due to GST rate rationalization on lignite. Additionally, Prof. Amit Karna was appointed as a Non-Executive Independent Director effective October 21, 2026, subject to shareholder approval. GMDC also received an ESG Rating of 58 ('Adequate') from CRISIL Ratings & Analytics.

- FY 2025-26 Profit After Tax: ₹990.81 crore, including an exceptional gain of ₹522.65 crore from GST input tax credit on lignite.
- Final Dividend: ₹9.50 per share (475% yield on face value ₹2), approved by shareholders on September 30, 2026; total payout ₹302.10 crore.
- Governance Change: Prof. Amit Karna appointed as Non-Executive Independent Director effective October 21, 2026, for a five-year term, pending shareholder approval.
- ESG Rating: Received an 'Adequate' rating of 58 from CRISIL Ratings & Analytics based on publicly available information.

- [Gujarat Mineral Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/GMDCLTD_04112026180838_newspaper_advertisement_september_2026.pdf)
- [Gujarat Mineral Development Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GMDCLTD_30102026122502_results0926.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749931_30102026043339_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749928_30102026043320_WEB.xml)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding Appointment of Mr Prof. Amit Karna as Non- Executive Independent Director of the company w.e.f. October 21, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/GMDCLTD_22102026134540_signed_appointment_amit_karna.pdf)
- [GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1651_WebXMLFile_20261022_181805486.xml)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding a press release dated October 21, 2026, titled "GMDC Presents ₹223.55 Crore Dividend to Government of Gujarat". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/GMDCLTD_21102026191542_press_release_merged.pdf)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding 'Intimation of ESG Rating'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/GMDCLTD_19102026172758_stock_exchange_letter_crisil_esg_rating.pdf)
- [GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED has informed the Exchange about Board Meeting to be held on 30-Oct-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1651_WebXMLFile_20261015_130756420.xml)
- [Board Meeting Intimation |Meeting Date: 30-Oct-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1651_WebXMLFile_20261015_130756420.xml)

### Fundamentals

Gujarat Mineral Development Corporation (GMDCLTD) reported a strong sequential improvement in Q2 FY2026-27, with revenue from operations rising to ₹903 crore and net profit increasing to ₹171 crore. This follows a robust annual performance where sales reached ₹2,523 crore and net profit grew to ₹957 crore for the year ended March 2026. The company’s balance sheet reflects significant asset expansion, with total assets growing to ₹9,110 crore as of September 2026, driven by a sharp rise in Fixed Assets to ₹3,253 crore and a reduction in Capital Work-in-Progress (CWIP) from ₹1,248 crore to ₹224 crore, indicating project completions.

Earnings quality remains high, evidenced by Cash from Operating Activity of ₹744 crore and a CFO/EBITDA ratio of 202% for the year ended March 2026. However, profitability metrics show pressure: Return on Equity declined to 4% for the last year, and Compounded Profit Growth over three years is negative at -38%. Interest costs rose to ₹7 crore in Q2 Sep 2026, up from ₹1 crore previously, correlating with increased borrowings that jumped to ₹343 crore. Working capital efficiency deteriorated, with Working Capital Days rising to 277 days in March 2026, though the Cash Conversion Cycle improved to 10 days.

- Q2 FY2026-27 Net Profit rose sequentially to ₹171 crore (EPS: ₹5.37), while Revenue held steady at ₹903 crore against Q1's ₹907 crore.
- Balance sheet expansion is evident with Total Assets reaching ₹9,110 crore; CWIP dropped sharply to ₹224 crore while Fixed Assets surged to ₹3,253 crore.
- Operating cash flow conversion remains strong at 202% of EBITDA for FY2026, but ROE fell to 4% and 3-year compounded profit growth is -38%.
- Interest expenses increased to ₹7 crore in Q2 Sep 2026, and borrowings rose to ₹343 crore, signaling higher leverage amid asset growth.

### Bear Case

GMDCLTD faces significant near-term headwinds, evidenced by a sharp deterioration in profitability and sustained price weakness. In Q2FY27, net profit contracted by 63% to ₹170.79 crore despite higher total income, highlighting margin pressure or cost inefficiencies that have weighed on investor sentiment. The stock has underperformed significantly over the medium term, recording a year-to-date decline of 22.3% as of November 6, 2026, and a substantial 33.4% drop over the last six months. Technical indicators reinforce this caution: the monthly super-trend remains bearish, and the stock is trading well below its 50-day moving average, which is sloping downward at -11.47%. Volatility remains elevated with an annualized volatility of 50.5% and a current drawdown of 37.6%, suggesting persistent instability. While a recent 10.15% single-day rally occurred on high volume, it follows a dip to a 52-week low of ₹394.95, indicating that recovery attempts are occurring within a broader downtrend.

- Q2FY27 net profit fell 63% to ₹170.79 crore despite rising total income, signaling deteriorating operational margins.
- Stock is down 22.3% year-to-date and 33.4% over the past six months, with a current drawdown of 37.6%.
- Monthly technical trend is bearish; the stock trades below key moving averages (SMA-50 slope: -11.47%) with high volatility (50.5%).
- Recent price action shows resilience after hitting a 52-week low of ₹394.95, but resistance remains close at ₹470.82.

- [539% return in 5 years: GMDC share price rallies 10% - What’s fuelling the PSU stock rally? Decoded](https://www.livemint.com/market/stock-market-news/539-return-in-5-years-by-gmdc-gujarat-mineral-development-corporation-share-price-rallies-10-what-s-fuelling-the-psu-11793801117537.html)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/GMDCLTD_04112026180838_newspaper_advertisement_september_2026.pdf)
- [Gujarat Mineral Development Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GMDCLTD_30102026122502_results0926.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749931_30102026043339_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749928_30102026043320_WEB.xml)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding Appointment of Mr Prof. Amit Karna as Non- Executive Independent Director of the company w.e.f. October 21, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/GMDCLTD_22102026134540_signed_appointment_amit_karna.pdf)
- [GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1651_WebXMLFile_20261022_181805486.xml)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding a press release dated October 21, 2026, titled "GMDC Presents ₹223.55 Crore Dividend to Government of Gujarat". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/GMDCLTD_21102026191542_press_release_merged.pdf)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding 'Intimation of ESG Rating'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/GMDCLTD_19102026172758_stock_exchange_letter_crisil_esg_rating.pdf)
- [GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED has informed the Exchange about Board Meeting to be held on 30-Oct-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1651_WebXMLFile_20261015_130756420.xml)

### FAQs

**What recent price action and volume trends have been observed for GMDCLTD?**

On November 4, 2026, shares rose 10.15% to ₹468.80, extending a two-day rally with weekly gains of 7.51%. This movement was driven by a trading volume surge exceeding 17-fold. As of the latest snapshot on November 6, the stock closed at ₹465.80.

**How has the company's profitability changed in the most recent quarter?**

For the period ended September 30, 2026 (Q2FY27), GMDC reported a 63% decline in net profit to ₹170.79 crore, despite recording higher total income. The results were submitted to the exchange on October 30, 2026.

**What are the key technical support and resistance levels near the current price?**

Near the current price of ₹465.80, immediate resistance is seen at ₹470.82 (pivot) and ₹471.55 (high). Key support levels are located at ₹463.68 (low) and ₹457.97 (low). A significant support level exists further down at ₹416.40.

**Has there been any recent change in the company's board composition?**

GMDC appointed Prof. Amit Karna as an Additional Independent Director effective October 21, 2026. He serves a five-year term, is not liable to retire by rotation, and is a member of the Audit Committee. His appointment is subject to shareholder approval.

- [539% return in 5 years: GMDC share price rallies 10% - What’s fuelling the PSU stock rally? Decoded](https://www.livemint.com/market/stock-market-news/539-return-in-5-years-by-gmdc-gujarat-mineral-development-corporation-share-price-rallies-10-what-s-fuelling-the-psu-11793801117537.html)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/GMDCLTD_04112026180838_newspaper_advertisement_september_2026.pdf)
- [Gujarat Mineral Development Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GMDCLTD_30102026122502_results0926.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749931_30102026043339_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749928_30102026043320_WEB.xml)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding Appointment of Mr Prof. Amit Karna as Non- Executive Independent Director of the company w.e.f. October 21, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/GMDCLTD_22102026134540_signed_appointment_amit_karna.pdf)
- [GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1651_WebXMLFile_20261022_181805486.xml)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding a press release dated October 21, 2026, titled "GMDC Presents ₹223.55 Crore Dividend to Government of Gujarat". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/GMDCLTD_21102026191542_press_release_merged.pdf)
- [Gujarat Mineral Development Corporation Limited has informed the Exchange regarding 'Intimation of ESG Rating'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/GMDCLTD_19102026172758_stock_exchange_letter_crisil_esg_rating.pdf)
- [GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED has informed the Exchange about Board Meeting to be held on 30-Oct-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1651_WebXMLFile_20261015_130756420.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹470.82
- Risk regime: Higher Price Risk

### Support levels
- 416.4
- 400
- 392.25

### Resistance levels
- 471.54999999999995
- 482
- 583.908984375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.77% |
| return_10 | +9.70% |
| return_1m | -5.24% |
| return_1y | -17.81% |
| return_20 | +0.53% |
| return_3m | -21.94% |
| return_5 | +13.15% |
| return_6m | -33.44% |
| return_since_start | +43.85% |
| return_ytd | -22.30% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -44.87% |
| annualized_volatility | +50.54% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Gujarat Mineral Development Corporation Limited FY2026-27 Q2: Profit Edges Up QoQ

Gujarat Mineral Development Corporation’s consolidated revenue was nearly flat sequentially at ₹903 crore in Q2 FY2026-27, while profit before tax rose 3.2% and profit for the period increased 4.5% from Q1. Year on year, revenue was up 71%, but profit before tax and profit for the period were down around 63% from Q2 FY2025-26.

## Revenue steady sequentially, higher year on year

Revenue from operations was ₹902.97 crore, down 0.4% from ₹906.64 crore in Q1 FY2026-27 and up 71.2% from ₹527.58 crore in Q2 FY2025-26. Revenue was also above the ₹579.15 crore recorded in Q3 FY2025-26 and ₹814.05 crore in Q4 FY2025-26.

Expenses were ₹752.18 crore, 0.4% lower than ₹755.54 crore in Q1. The near-flat sequential movements in revenue and expenses accompanied a modest increase in profit before tax.

## Profit improved QoQ but remained below last year

Profit before tax rose to ₹234.60 crore from ₹227.25 crore in Q1 FY2026-27, an increase of 3.2%. Profit for the period increased 4.5% to ₹170.79 crore from ₹163.43 crore. Tax expense eased to ₹63.37 crore from ₹64.24 crore in Q1, while finance costs were almost unchanged at ₹6.60 crore versus ₹6.61 crore.

The year-on-year comparison was weaker: profit before tax fell 62.7% from ₹629.70 crore in Q2 FY2025-26, and profit for the period declined 63.3% from ₹465.75 crore. Basic earnings per share from continuing operations was ₹5.37, up from ₹5.14 in Q1 but down from ₹14.65 a year earlier.

## Balance sheet: cash higher, liabilities also increased

At 30 September 2026, cash and cash equivalents were ₹228.15 crore, up from ₹94.31 crore at 31 March 2026. Total assets stood at ₹9,109.77 crore and equity at ₹7,094.61 crore, compared with ₹8,982.98 crore and ₹7,072.74 crore, respectively, at 31 March.

Liabilities increased to ₹2,015.16 crore from ₹1,910.24 crore over the same period. Property, plant and equipment was ₹1,448.33 crore, down from ₹1,480.40 crore, while current trade payables declined to ₹235.93 crore from ₹258.73 crore.

## Key Takeaway

GMDCLTD delivered modest sequential profit growth on nearly unchanged revenue, but earnings remained substantially below the year-ago quarter. Cash and total assets were higher than at 31 March 2026, alongside an increase in liabilities, leaving the year-on-year profit decline the central contrast in an otherwise steady sequential quarter.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +74.00%
- FII holding: +3.66%
- DII holding: +0.81%
- Mutual fund holding: +0.45%
- Retail holding: +16.13%
- Promoter pledged: +0.00%

### Major reported shareholders

- H E THE GOVERNOR OF GUJARAT — +74.00%

## Official filings

- 2026-11-04 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_04112026180838_newspaper_advertisement_september_2026.pdf)
- 2026-10-30 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_30102026122502_results0926.pdf)
- 2026-10-30 — Financial Results Filing: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749931_30102026043339_WEB.xml)
- 2026-10-30 — Financial Results Filing: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749928_30102026043320_WEB.xml)
- 2026-10-22 — Management Change: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_22102026134540_signed_appointment_amit_karna.pdf)
- 2026-10-22 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1651_WebXMLFile_20261022_181805486.xml)
- 2026-10-21 — Press Release: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_21102026191542_press_release_merged.pdf)
- 2026-10-19 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_19102026172758_stock_exchange_letter_crisil_esg_rating.pdf)
- 2026-10-15 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1651_WebXMLFile_20261015_130756420.xml)
- 2026-10-15 — Board Meeting Notice: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1651_WebXMLFile_20261015_130756420.xml)
- 2026-10-14 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_14102026114409_regulation_74.pdf)
- 2026-10-14 — Board Meeting Notice: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_14102026190401_stock_exchange_letter_board_meeting_intimation.pdf)
- 2026-10-12 — Shareholding Disclosure: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1736001_12102026023856_WEB.xml)
- 2026-09-30 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_30092026181259_sagm_proceedings.pdf)
- 2026-09-30 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1651_WebXMLFile_20260930_212400460.xml)
- 2026-09-30 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_30092026212546_voting_results_signed.pdf)
- 2026-09-30 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1651_WebXMLFile_20260930_220420580.xml)
- 2026-09-29 — Generic Announcement: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_29092026120051_stock_exchange_letter_trading_window.pdf)
- 2026-09-29 — Management Change: Gujarat Mineral Development Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GMDCLTD_29092026192940_stock_exchange_letter_ajay_bhadoo.pdf)
- 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)

## News and market events

- 2026-11-04 — Mint: **539% return in 5 years: GMDC share price rallies 10% - What’s fuelling the PSU stock rally? Decoded** — GMDC shares rose 10.15% to ₹468.80 on November 4, 2026, extending a two-day rally and lifting the weekly gain to 7.51%, driven by a trading volume surge of more than 17-fold. This recovery follows a dip to a 52-week low of ₹394.95 on November 2 after the company reported a 63% decline in Q2FY27 net profit to ₹170.79 crore despite higher total income. The stock has delivered a 539% return over five years but remains down 21.78% in 2026 so far. — [Source](https://www.livemint.com/market/stock-market-news/539-return-in-5-years-by-gmdc-gujarat-mineral-development-corporation-share-price-rallies-10-what-s-fuelling-the-psu-11793801117537.html)
- 2026-10-21 — CNBC-TV18: **GMDC pays ₹224 crore dividend to Gujarat government as FY26 profit rises 44%** — Gujarat Mineral Development Corporation’s ₹302 crore dividend payout includes ₹224 crore for the state government, which holds a 74% stake in the mining company. — [Source](https://www.cnbctv18.com/market/gmdc-pays-rs224-crore-dividend-to-gujarat-government-as-fy26-profit-rises-44-20016337.htm)
- 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: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/gmdcltd
Markdown representation: https://faxioms.com/stocks/gmdcltd?render=md