GMDCLTDGujarat Mineral Development Corporation Ltd.

Gujarat Mineral Development Corporation Q2 FY27 Results: Consolidated Net Profit ₹171 Crore

Earnings
Mining and power

Blacklitt Research30 October 20264 min read

An open-cast mine site with a long overhead conveyor belt carrying material to stockpiles, surrounded by green shrubs. — Gadfium, via Wikimedia Commons (CC0). Illustrative image.

Gujarat Mineral Development Corporation Limited reported standalone total income of ₹986.78 crore and net profit of ₹171.23 crore for the quarter ended 30 Sep 2026. Consolidated net profit was ₹170.79 crore, on revenue from operations of ₹902.97 crore.

Key highlights

Consolidated

Including its subsidiaries

Revenue from operations: ₹902.97 crore, up 71.2% from ₹527.58 crore a year ago and down 0.4% from the previous quarter.
Net profit: ₹170.79 crore, down 63.3% from a year ago and up 4.5% from the previous quarter.
EPS: ₹5.37 basic, against ₹14.65 a year ago and ₹5.14 in the previous quarter.
Year-ago exceptional item: ₹474.43 crore GST input tax credit recognised in the quarter ended 30 Sep 2025.

Standalone

The company on its own, without its subsidiaries

Total income: ₹986.78 crore, up 55.2% from ₹635.68 crore a year ago and up 0.4% from the previous quarter.
Net profit: ₹171.23 crore, down 63.6% from a year ago and up 5.0% from the previous quarter.
EPS: ₹5.38 basic, against ₹14.79 a year ago and ₹5.13 in the previous quarter.
Other income: ₹83.81 crore, against ₹108.10 crore a year ago, down 22.5%.

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
Revenue from operations	902.97	527.58	+71.2%	906.64	-0.4%
	170.79	465.75	-63.3%	163.43	+4.5%
Profit before tax	234.60	629.70	-62.7%	227.25	+3.2%
EPS, basic (₹)	5.37	14.65	-63.3%	5.14	+4.5%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Revenue from operations rose to ₹902.97 crore from ₹527.58 crore a year earlier, while net profit fell to ₹170.79 crore from ₹465.75 crore. The year-ago quarter's profit before tax of ₹629.70 crore is after an exceptional item of ₹474.43 crore; before that item it was ₹155.27 crore. In the quarter ended 30 Sep 2026, profit before tax is ₹234.60 crore both before and after exceptional items.

Against the quarter ended 30 Jun 2026, revenue from operations was ₹902.97 crore against ₹906.64 crore, and net profit ₹170.79 crore against ₹163.43 crore. Basic EPS was ₹5.37 against ₹5.14.

For the half year ended 30 Sep 2026, revenue from operations was ₹1,809.61 crore against ₹1,260.18 crore, and net profit was ₹334.22 crore against ₹629.52 crore for the half year ended 30 Sep 2025. For that earlier half year, profit before tax was ₹854.13 crore after exceptional items and ₹379.70 crore before them.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	986.78	635.68	+55.2%	982.79	+0.4%
Revenue from operations	902.97	527.58	+71.2%	906.64	-0.4%
Other income	83.81	108.10	-22.5%	76.15	+10.1%
	171.23	470.35	-63.6%	163.01	+5.0%
Profit before tax	234.60	633.94	-63.0%	227.25	+3.2%
Finance costs	6.60	n/a	n/a	6.61	-0.2%
Depreciation	32.83	n/a	n/a	33.33	-1.5%
Tax expense	63.37	n/a	n/a	n/a	n/a
Net profit margin	17.35%	73.99%	-56.64 pp	16.59%	+0.77 pp
EPS, basic (₹)	5.38	14.79	-63.6%	5.13	+4.9%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Total income rose to ₹986.78 crore from ₹635.68 crore, while net profit fell to ₹171.23 crore from ₹470.35 crore. The year-ago quarter's profit before tax of ₹633.94 crore includes the ₹474.43 crore exceptional item shown in the standalone segment note; before exceptional items it was ₹159.51 crore.

Revenue from operations rose to ₹902.97 crore from ₹527.58 crore, while other income fell to ₹83.81 crore from ₹108.10 crore. The filing does not give a reason for either change.

Against the quarter ended 30 Jun 2026, total income was ₹986.78 crore against ₹982.79 crore, and net profit rose to ₹171.23 crore from ₹163.01 crore. Finance costs were ₹6.60 crore against ₹6.61 crore, and depreciation ₹32.83 crore against ₹33.33 crore.

For the half year ended 30 Sep 2026, standalone total income from operations was ₹1,809.61 crore against ₹1,260.18 crore, and profit after tax was ₹334.24 crore against ₹634.48 crore for the half year ended 30 Sep 2025.

Inference

The filing says the company's investment in Gujarat State Petroleum Corporation was extinguished under a composite scheme of amalgamation sanctioned on 8 Apr 2026. On 12 May 2026 the company received 10 Gujarat Energy Limited shares for every 305 shares held in GSPC, and on 12 Jul 2026 it was allotted one GSPL Transmission Limited share for every three Gujarat Energy Limited shares, after a demerger of the gas transmission undertaking.

The half year cash flow statement shows dividends paid of ₹302.10 crore. The statutory auditors, Mukeshkumar Jain & Co, issued limited review reports on both sets of results. The consolidated review report gives the parent's share of net loss after tax of associates and joint ventures for the quarter as ₹0.44 crore, based on unaudited results of three associates and two joint ventures, which the auditors say are not material to the group. An exchange filing on 22 Oct 2026 announced the appointment of Amit Karna as an additional independent director.

Blacklitt's data puts the company's market value at ₹13,952 crore at the 29 Oct 2026 close of ₹438.75 a share.

Reference: Original filing (PDF)

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Gujarat Mineral Development Corporation Q2 FY27 Results: Consolidated Net Profit ₹171 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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