GMDCLTD · Metals & Mining
Gujarat Mineral Development Corporation Ltd. reported revenue of ₹579 cr for October to December 2025, −11.3% on the year and +9.7% on the quarter. Over the last four quarters revenue comes to ₹2,626 cr, −6.7% on the four before.
Operating profit (EBITDA) was ₹101 cr, a margin of 17.4%, +336 bps on the year and +438 bps on the quarter. Over the last 8 quarters the margin has ranged from 13.1% to 25.8%, averaging 20.9%. Operating costs grew −14.8% against revenue growth of −11.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹133 cr, −10.1% on the year and −71.5% on the quarter, with earnings per share of ₹4.18. Profit before other income, one-offs and tax grew faster, at +20.0%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹989 cr, +52.9% on the four before.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹31.09 over the last four quarters, the stock at ₹471.05 trades at 15.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 56% of profit before tax, against 64% a year earlier.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −10.1% on the year; profit before other income, exceptional items and tax +20.0%.
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 17.4%, +336 bps on the year (+438 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹383 cr | ₹564 cr | ₹750 cr | ₹818 cr | ₹593 cr | ₹653 cr | ₹786 cr | ₹733 cr | ₹528 cr | ₹579 cr | ₹814 cr | ₹907 cr |
| YoY | — | — | — | +7% | +55% | +16% | +5% | −10% | −11% | −11% | +4% | +24% |
| EBITDA margin | 13.3% | 21.5% | 25.2% | 25.8% | 23.6% | 14.1% | 24.7% | 23.1% | 13.1% | 17.4% | 12.8% | 21.1% |
| Other income, % of PBT | 71% | 38% | 30% | 24% | 34% | 64% | 41% | 35% | 93% | 56% | 79% | 34% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 32% | 27% | 21% | 26% | 29% | 18% | 21% | 27% | 26% | 26% | 17% | 28% |
| Net profit | ₹75.0 cr | ₹117 cr | ₹187 cr | ₹184 cr | ₹128 cr | ₹148 cr | ₹226 cr | ₹164 cr | ₹466 cr | ₹133 cr | ₹194 cr | ₹163 cr |
| YoY | — | — | — | −16% | +71% | +26% | +21% | −11% | +264% | −10% | −14% | −1% |
| Core profit YoY | — | — | — | −17% | +272% | −35% | +1% | −23% | −61% | +20% | −70% | +3% |
| EPS | ₹2.35 | ₹3.67 | ₹5.89 | ₹5.79 | ₹4.02 | ₹4.64 | ₹7.11 | ₹5.15 | ₹14.65 | ₹4.18 | ₹6.10 | ₹5.14 |
| Flags | 1 | 1 | 1 | 1 | ✓ | 3 | 2 | 1 | 3 | 1 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Gujarat Mineral Development Corporation Ltd. reported revenue of ₹579 cr (−11.3% on the year) and net profit of ₹133 cr (−10.1% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +20.0% on the year, against −10.1% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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