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On 6 Nov 2026, Gujarat Mineral Development Corporation was priced at ₹463.70, or 22.3× trailing earnings, against an industry P/E of 10.5×, and the shares are 40% below their 52-week high. Sales and net profit fell 8.8% and 7.4% a year over 3 years, with ROCE of 16% and ROE of 9.6%, though net profit is above operating profit, which points to a one-off gain. It carries very little debt, and its dividend yield is 2.0%. It is a small-cap company with a market cap of ₹14,746 Cr, ranked 3rd of 10 Thermal Coal companies by market cap; the shares fell 20% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹464.80
Day high
₹465.80
Day low
₹456.10
Prev. close
₹469.40
Volume
6.5 L

Health check

3 fair · 2 to check
  • ReturnsIn line

    −20.2% over a year, better than 3 of 7 peers.

  • Price tagDistorted

    A one-off gain inflates profit, so P/E isn’t comparable right now.

  • GrowthShrinking

    Sales −8.8%, profit −7.4% a year over 3 years.

  • ProfitabilityAverage

    ROCE 15.5% vs peer median 18.1%.

  • Balance sheetFair

    Practically debt-free, Piotroski 4 of 9.

  • Red flags4 to check

    Quarterly profit down 63.3% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Thermal Coal

9 listed peers. Screen the industry

Small cap

₹14,746 Cr, #3 of 10 in its industry by size.

Defensive

Beta 0.43 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹3,203 Cr · profit ₹661 Cr
Market cap
₹14,746 Cr
Small cap
P/E
22.3
Industry 10.5
Price to book
2.08
Peers 1.93
Dividend yield
2.05%
ROE
9.6%
Peers 17.1%
ROCE
15.5%
Peers 18.1%
Debt to equity
0.05
Debt ₹343 Cr
EPS (TTM)
₹20.79
Face value ₹2
OPM (TTM)
14.0%
Net margin 20.6%
Sales growth
+71.2%
Latest quarter vs a year ago
Profit growth
−63.3%
Latest quarter vs a year ago
Price to sales
4.60
EV/EBITDA 23.0

Strengths and risks

Strengths

  • Practically debt-free.
  • Dividend yield of 2.05%.
  • Quarterly sales up 71.2% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Quarterly profit down 63.3% on a year ago.
  • Net profit is above operating profit, so a one-off gain is likely flattering earnings.
  • P/E of 22.3 against an industry P/E of 10.5.
  • 40% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Gujarat Mineral Development Corporation

Gujarat Mineral Development Corporation Limited engages in mining and mineral processing business in India. The company operates through two segments, Mining and Power. It explores for lignite, bauxite, fluorspar, manganese, silica sand, limestone, bentonite, and ball clay. The company's products used in the textiles, chemicals, ceramics, bricks and captive power. It also generates power using thermal, wind, and solar resources. The company has a…

Headquarters
Ahmedabad
Employees
679
Sector
Energy
ISIN
INE131A01031
Website
gmdcltd.com

Price range

52 weeks

₹394.55₹771.90

Today

₹456.10₹465.80
Avg volume (3M)
14 L
1-year return
minus 20.2%
From 52-week high
minus 39.9%

Peers · Thermal Coal

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ADANIENTAdani Enterprises2,745.80plus 0.46%3,71,70558.532.19.8%6.6%1.14−7.7%plus 13.0%
COALINDIACoal India400.00plus 1.45%2,46,5097.44.819.6%19.5%0.129.3%plus 4.4%
GMDCLTDGujarat Mineral Development Corporation463.70minus 1.21%14,74622.327.215.5%14.0%0.05−8.8%minus 20.2%
GMRP&UIGMR Power and Urban Infra92.21minus 0.99%7,202–11.018.1%23.0%5.6011.4%minus 24.2%
CMLLCaliber Mining and Logistics520.15minus 1.98%3,40122.710.019.8%9.9%1.7336.8%minus 1.5%
REFEXRefex Industries226.25minus 2.17%3,10510.57.3–14.0%0.1812.0%minus 38.2%
ANMOLAnmol India10.97minus 1.17%625.47.310.6%1.5%1.660.1%minus 30.9%
CHANDRAPChandra Prabhu International10.53plus 0.48%293.1––1.8%0.58–minus 12.3%
Median of 7 peers–−0.99%3,4018.98.718.1%9.9%1.1410.3%−12.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
528579814907903
480500759749746
47.778.755.4158157
9.0%13.6%6.8%17.4%17.4%
10810115576.283.8
0.60.65.46.66.6
474–30––
630179235227235
26.0%25.9%17.3%28.3%27.0%
466133194163171
14.654.186.105.145.37

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
−8.8%
Profit CAGR 3Y
−7.4%
EPS CAGR 3Y
−7.4%
ROE
9.6%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
3,4982,4632,8512,653
–minus 29.6%+15.8%minus 6.9%
2,1561,8472,1902,104
1,342616661549
38.4%25.0%23.2%20.7%
388264317351
2.42.62.27.1
81.379.895.4115
0.20.67.9489
1,6477988891,268
27.0%25.2%23.5%24.5%
1,204597680957
–minus 50.4%+13.8%+40.7%
37.8818.7821.3830.08

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
63.663.663.663.6
5,7226,0366,3787,009
2.12.8126317
1,1641,2651,1811,594
6,9517,3677,7498,983
1,0811,1691,5801,722
30149582236
476545464464
10287.1148112
5,2625,4184,9766,448
6,9517,3677,7498,983

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
9331101,066744
−787254−814−613
−137−365−183−154
8.4−0.368.1−23.1
−25−479−644−1,034
908−369422−290
−137−364−304−321

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 2.5% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you