New Delhi: Gujarat Mineral Development Corporation (GMDC) reported a 63.3% year-on-year (YoY) decline in consolidated net profit to Rs 170.79 crore for the quarter ended September 2026 (Q2 FY27), compared with Rs 465.75 crore in the corresponding quarter of the previous financial year.
Despite the decline in profit, the company’s total income increased to Rs 986.78 crore during the July-September quarter, against Rs 635.76 crore in the year-ago period, according to its filing with the BSE.
At the operating level, GMDC recorded an improvement in EBITDA, which increased to Rs 191 crore from Rs 69.4 crore in the corresponding quarter last year. The EBITDA margin also improved to 21%, compared with 13% in the September quarter of the previous financial year.
GMDC Q2 FY27 Financial Performance
GMDC reported mixed financial performance in Q2 FY27, with higher total income and operating profitability but a significant decline in consolidated net profit.
Key financial highlights include:
- Consolidated Net Profit: Rs 170.79 crore, down 63.3% from Rs 465.75 crore in Q2 FY26.
- Total Income: Rs 986.78 crore, compared with Rs 635.76 crore in the corresponding quarter last year.
- EBITDA: Rs 191 crore, up from Rs 69.4 crore in Q2 FY26.
- EBITDA Margin: Improved to 21% from 13% in the year-ago quarter.
The improvement in EBITDA and operating margin indicates stronger operating-level performance during the quarter, even as the company’s consolidated net profit declined.
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GMDC Expands Beyond Mining into Multi-Mineral Business
GMDC continues to play a role in meeting India’s energy requirements while expanding its business beyond traditional mining operations.
The company is pursuing a strategy to develop into a multi-mineral and multi-geography enterprise, aligned with national priorities in energy security, infrastructure, manufacturing and clean energy technologies.
Its expansion plans include investments in coal, copper, rare earth elements and emerging energy technologies.
GMDC Invests in Blue Hydrogen Through Underground Coal Gasification
GMDC is investing in blue hydrogen production through underground coal gasification (UCG) at its Burapahar site in Odisha.
The technology is intended to access deep coal reserves while reducing surface-level impact and emissions. The initiative forms part of the company’s efforts to explore new applications of its mineral resources and participate in emerging energy technologies.
GMDC Expands Coal Operations with Three Mines in Odisha
GMDC has expanded its presence in Odisha through the acquisition of three major coal mines.
The move represents a strategic expansion of its coal portfolio and is aimed at supporting India’s thermal coal supply requirements. The company is also seeking to strengthen the availability of coal for core sectors such as infrastructure and manufacturing.
The expansion is part of GMDC’s broader strategy to diversify its mining operations and increase its presence across different geographical markets.
GMDC Focuses on Copper and Rare Earth Elements
Alongside its coal and energy-related projects, GMDC is advancing its presence in future-oriented mineral segments, including copper and rare earth elements.
The company’s projects at Ambaji and Ambadungar are part of this expansion strategy.
Copper and rare earth elements are important raw materials for sectors such as electric mobility, electronics and renewable energy technologies. Developing domestic mineral resources in these areas is also relevant to India’s efforts to strengthen mineral security and reduce dependence on external supplies.
GMDC Shares Decline After Q2 FY27 Results
Following the earnings announcement, shares of Gujarat Mineral Development Corporation were trading around 4% lower at Rs 421.90 on Friday.
The company’s stock has declined approximately 30% so far in 2026, according to the reported market data.
The market reaction came despite an improvement in the company’s EBITDA and operating margin, as investors assessed the sharp decline in consolidated net profit.
About Gujarat Mineral Development Corporation (GMDC)
Gujarat Mineral Development Corporation Limited (GMDC) is a Gujarat government-owned mining and mineral development company. It is engaged in the exploration, mining and development of mineral resources, including lignite and other minerals. The company is expanding its operations into coal, copper, rare earth elements and emerging energy-related projects to support India’s mineral and energy requirements.
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