New Risk • Jul 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. New Risk • May 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Announcement • May 06
Gujarat Mineral Development Corporation Limited to Report Q4, 2026 Results on May 14, 2026 Gujarat Mineral Development Corporation Limited announced that they will report Q4, 2026 results on May 14, 2026 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹747, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 11x in the Oil and Gas industry in India. Total returns to shareholders of 505% over the past three years. Board Change • Feb 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Sharvil Patel was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹4.18 (vs ₹4.64 in 3Q 2025) Third quarter 2026 results: EPS: ₹4.18 (down from ₹4.64 in 3Q 2025). Revenue: ₹6.80b (up 4.1% from 3Q 2025). Net income: ₹1.33b (down 9.9% from 3Q 2025). Profit margin: 20% (down from 23% in 3Q 2025). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 58% per year, which means it is well ahead of earnings. Announcement • Feb 04
Gujarat Mineral Development Corporation Limited to Report Q3, 2026 Results on Feb 13, 2026 Gujarat Mineral Development Corporation Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Announcement • Jan 05
Gujarat Mineral Development Corporation Limited Announces Completion of Tenure of Shailesh Gandhi as Independent Director Gujarat Mineral Development Corporation Limited announced that Prof. Shailesh Gandhi has completed his two consecutive terms as an Independent Director of Gujarat Mineral Development Corporation on December 31, 2025. In view of this, Prof. Shailesh Gandhi has ceased to be a member of the Board of Directors of the Company. The completion of tenure was communicated in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹597, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 11x in the Oil and Gas industry in India. Total returns to shareholders of 323% over the past three years. New Risk • Nov 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (138% cash payout ratio). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹469, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 10x in the Oil and Gas industry in India. Total returns to shareholders of 243% over the past three years. New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (138% cash payout ratio). Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹14.65 (vs ₹4.02 in 2Q 2025) Second quarter 2026 results: EPS: ₹14.65 (up from ₹4.02 in 2Q 2025). Revenue: ₹6.36b (up 7.2% from 2Q 2025). Net income: ₹4.66b (up 264% from 2Q 2025). Profit margin: 73% (up from 22% in 2Q 2025). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 59% per year, which means it is well ahead of earnings. New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (138% cash payout ratio). Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Announcement • Nov 03
Gujarat Mineral Development Corporation Limited to Report Q2, 2026 Results on Nov 14, 2025 Gujarat Mineral Development Corporation Limited announced that they will report Q2, 2026 results on Nov 14, 2025 New Risk • Sep 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹509, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 10x in the Oil and Gas industry in India. Total returns to shareholders of 233% over the past three years. Declared Dividend • Sep 04
Dividend increased to ₹10.10 Dividend of ₹10.10 is 5.8% higher than last year. Ex-date: 18th September 2025 Payment date: 25th October 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 01
Gujarat Mineral Development Corporation Limited, Annual General Meeting, Sep 25, 2025 Gujarat Mineral Development Corporation Limited, Annual General Meeting, Sep 25, 2025, at 12:00 Indian Standard Time. New Risk • Jul 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • Jul 26
First quarter 2026 earnings released: EPS: ₹5.15 (vs ₹5.79 in 1Q 2025) First quarter 2026 results: EPS: ₹5.15 (down from ₹5.79 in 1Q 2025). Revenue: ₹8.10b (down 1.0% from 1Q 2025). Net income: ₹1.64b (down 11% from 1Q 2025). Profit margin: 20% (down from 23% in 1Q 2025). Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹434, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Oil and Gas industry in India. Total returns to shareholders of 200% over the past three years. Announcement • Jul 17
Gujarat Mineral Development Corporation Limited to Report Q1, 2026 Results on Jul 25, 2025 Gujarat Mineral Development Corporation Limited announced that they will report Q1, 2026 results on Jul 25, 2025 Reported Earnings • May 19
Full year 2025 earnings released: EPS: ₹21.57 (vs ₹19.41 in FY 2024) Full year 2025 results: EPS: ₹21.57 (up from ₹19.41 in FY 2024). Revenue: ₹28.5b (up 16% from FY 2024). Net income: ₹6.86b (up 11% from FY 2024). Profit margin: 24% (down from 25% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹354, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Oil and Gas industry in India. Total returns to shareholders of 123% over the past three years. Announcement • May 10
Gujarat Mineral Development Corporation Limited to Report Q4, 2025 Results on May 15, 2025 Gujarat Mineral Development Corporation Limited announced that they will report Q4, 2025 results on May 15, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹315, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Oil and Gas industry in India. Total returns to shareholders of 73% over the past three years. Board Change • Mar 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Sharvil Patel was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: ₹4.61 (vs ₹3.67 in 3Q 2024) Third quarter 2025 results: EPS: ₹4.61 (up from ₹3.67 in 3Q 2024). Revenue: ₹7.68b (up 36% from 3Q 2024). Net income: ₹1.48b (up 26% from 3Q 2024). Profit margin: 19% (down from 21% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 24
Gujarat Mineral Development Corporation Limited to Report Q3, 2025 Results on Jan 31, 2025 Gujarat Mineral Development Corporation Limited announced that they will report Q3, 2025 results on Jan 31, 2025 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹325, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Oil and Gas industry in India. Total returns to shareholders of 273% over the past three years. Board Change • Nov 26
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Woman Independent Director Gauri Kumar was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 24
Price target increased by 21% to ₹206 Up from ₹170, the current price target is provided by 1 analyst. New target price is 43% below last closing price of ₹358. Stock is down 0.7% over the past year. The company is forecast to post earnings per share of ₹22.90 for next year compared to ₹19.41 last year. Reported Earnings • Oct 23
Second quarter 2025 earnings released: EPS: ₹4.02 (vs ₹2.35 in 2Q 2024) Second quarter 2025 results: EPS: ₹4.02 (up from ₹2.35 in 2Q 2024). Revenue: ₹6.55b (up 71% from 2Q 2024). Net income: ₹1.28b (up 71% from 2Q 2024). Profit margin: 20% (in line with 2Q 2024). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 11
Gujarat Mineral Development Corporation Limited to Report Q2, 2025 Results on Oct 19, 2024 Gujarat Mineral Development Corporation Limited announced that they will report Q2, 2025 results at 4:00 PM, Indian Standard Time on Oct 19, 2024 Declared Dividend • Sep 05
Dividend reduced to ₹9.55 Dividend of ₹9.55 is 17% lower than last year. Ex-date: 20th September 2024 Payment date: 27th October 2024 Dividend yield will be 2.6%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.6% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 04
Gujarat Mineral Development Corporation Limited, Annual General Meeting, Sep 27, 2024 Gujarat Mineral Development Corporation Limited, Annual General Meeting, Sep 27, 2024, at 12:00 Indian Standard Time. Reported Earnings • Jul 27
First quarter 2025 earnings released: EPS: ₹5.79 (vs ₹6.88 in 1Q 2024) First quarter 2025 results: EPS: ₹5.79 (down from ₹6.88 in 1Q 2024). Revenue: ₹8.78b (up 15% from 1Q 2024). Net income: ₹1.84b (down 16% from 1Q 2024). Profit margin: 21% (down from 29% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 22
Gujarat Mineral Development Corporation Limited to Report Q1, 2025 Results on Jul 26, 2024 Gujarat Mineral Development Corporation Limited announced that they will report Q1, 2025 results on Jul 26, 2024 Reported Earnings • May 28
Full year 2024 earnings released: EPS: ₹19.41 (vs ₹38.23 in FY 2023) Full year 2024 results: EPS: ₹19.41 (down from ₹38.23 in FY 2023). Revenue: ₹27.3b (down 22% from FY 2023). Net income: ₹6.17b (down 49% from FY 2023). Profit margin: 23% (down from 35% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 18
Gujarat Mineral Development Corporation Limited to Report Fiscal Year 2024 Results on May 27, 2024 Gujarat Mineral Development Corporation Limited announced that they will report fiscal year 2024 results on May 27, 2024 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹324, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 9x in the Oil and Gas industry in India. Total returns to shareholders of 516% over the past three years. New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (321% cash payout ratio). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹3.67 (vs ₹8.37 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.67 (down from ₹8.37 in 3Q 2023). Revenue: ₹6.25b (down 27% from 3Q 2023). Net income: ₹1.17b (down 56% from 3Q 2023). Profit margin: 19% (down from 31% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 03
Gujarat Mineral Development Corporation Limited to Report Q3, 2024 Results on Feb 09, 2024 Gujarat Mineral Development Corporation Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Announcement • Jan 10
Gujarat Mineral Development Corporation Ltd Announces the Approval of the Environmental Clearance for the Capacity Expansion from 3 MTPA to 5 MTPA of Lignite for Surkha(N) Lignite Mine by MOEFCC Gujarat Mineral Development Corporation Ltd, announced the approval of the Environmental Clearance for the capacity expansion from 3 MTPA to 5 MTPA of Lignite for Surkha(N) Lignite Mine, by the Ministry of Environment, Forest, and Climate Change (MOEFCC). The Surkha(N) Lignite Mine holds strategic importance for GMDC, representing a significant leap forward in the company's growth trajectory. This expansion not only signifies increased production but also aligns with GMDC's commitment to sustainability and responsible resource utilization. Taking a leap, with the engagement of two Turnkey Mining contracts at Surkha(N) Lignite Mine, GMDC sets to scaleup its production targets. The enhanced lignite production capacity is expected to drive substantial revenue growth for GMDC. As Gujarat's foremost mining entity, GMDC plays a crucial role in the state's economic landscape. The expansion of lignite production annually is poised to fuel the energy needs of industries across Saurashtra and Gujarat, fostering robust growth and development across various sectors within the state. In conclusion, GMDC's Surkha(N) Lignite Mine's Environmental Clearance for capacity expansion, marks a significant milestone in the company's journey. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹379, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 6x in the Oil and Gas industry in India. Total returns to shareholders of 894% over the past three years. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (321% cash payout ratio). Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: ₹2.35 (vs ₹4.76 in 2Q 2023) Second quarter 2024 results: EPS: ₹2.35 (down from ₹4.76 in 2Q 2023). Revenue: ₹4.60b (down 15% from 2Q 2023). Net income: ₹745.9m (down 51% from 2Q 2023). Profit margin: 16% (down from 28% in 2Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has increased by 98% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 21
Gujarat Mineral Development Corporation Limited to Report Q2, 2024 Results on Nov 01, 2023 Gujarat Mineral Development Corporation Limited announced that they will report Q2, 2024 results on Nov 01, 2023 Announcement • Oct 17
Gujarat Mineral Development Corporation Announces Substantial Dividend Policy Gujarat Mineral Development Corporation (GMDC), a leading mining PSU Enterprise and the largest lignite seller in the country presented a substantial dividend cheque of INR 2,694.40 million to the Hon'ble Chief Minister of Gujarat. This momentous occasion solidifies GMDC's commitment to advancing the state's forward-looking initiatives and bolstering prosperity for shareholders in public sector undertakings (PSUs). The Gujarat government's visionary policy, tailored to elevate the valuation of the state's PSUs, stipulates a minimum dividend of 30% of profit after tax or 5% of net worth, whichever is higher, as the minimum level of dividend to be declared for shareholders. The Gujarat government's 74% share in GMDC played a pivotal role in driving the corporation towards the extraordinary achievement of presenting a dividend cheque equivalent to 30% of GMDC's net profit for the fiscal year 2022-23. In a strategic move, GMDC's recent announcement of a dividend increase from INR 9.10 to INR 11.45 per share underscores the corporation's commitment to delivering enhanced value to its esteemed shareholders. This change, approved in a recent Board meeting, reflects GMDC's dedication to strategic foresight and alignment with the progressive dividend distribution policy set forth by the Gujarat government. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹409, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 7x in the Oil and Gas industry in India. Total returns to shareholders of 942% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹317, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 6x in the Oil and Gas industry in India. Total returns to shareholders of 734% over the past three years. Upcoming Dividend • Sep 15
Upcoming dividend of ₹11.45 per share at 4.0% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 30 October 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (2.0%). Announcement • Sep 09
Gujarat Mineral Development Corporation Limited, Annual General Meeting, Sep 30, 2023 Gujarat Mineral Development Corporation Limited, Annual General Meeting, Sep 30, 2023, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the financial statements standalone & consolidated for the year ended on 31st March, 2023, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement together with the Reports of the Board of Directors and Auditors thereon and Comments of Comptroller and Auditor General of India; to declare Dividend on Equity Shares for the year 2022-23; to fix up the remuneration of Statutory Auditors for the financial year 2023-24; and to consider other matters. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹221, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Oil and Gas industry in India. Total returns to shareholders of 373% over the past three years. Reported Earnings • Aug 02
First quarter 2024 earnings released: EPS: ₹6.88 (vs ₹10.85 in 1Q 2023) First quarter 2024 results: EPS: ₹6.88 (down from ₹10.85 in 1Q 2023). Revenue: ₹8.27b (down 28% from 1Q 2023). Net income: ₹2.19b (down 37% from 1Q 2023). Profit margin: 27% (down from 30% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Announcement • Jun 21
Gujarat Mineral Development Corporation Limited Appoints Dr. Hasmukh Adhia, as the Director and Chairman Gujarat Mineral Development Corporation Limited informed that Dr. Hasmukh Adhia, IAS (Retd.), Principal Advisor to Hon. Chief Minister, Gujarat, has been appointed as the Director and Chairman with immediate effect. A brief profile of Dr. Hasmukh Adhia, IAS (Retd.) is attached herewith. Dr. Hasmukh Adhia, IAS (Retd.) is a Gujarat Cadre officer of Indian Administrative Services belonging to 1981 batch. He possesses a degree of M. Com. (Adv. Busi. Mangt.) P. G. Diploma in Public Policy & Management (IIM) (Gold Medalist), Ph.D. in Yoga. He commands a very vast and varied experience. As an IAS officer, Dr. Hasmukh Adhia, IAS (Retd.) has worked in various capacities covering a very wide spectrum of Government departments, both at State and Central level. Presently, he is Principal Advisor to Chief Minister of Gujarat. Before being appointed Principal Advisor to Chief Minister of Gujarat, Dr. Hasmukh Adhia, IAS (Retd.) had worked as Union Finance Secretary & Revenue Secretary in Government of India. He is at present non-executive Chairman of Bank of Baroda, and also the Chancellor of Central University of Gujarat. He serves as a member of Board of Governors of Indian Institute of Management Bangalore. He serves as Vice President in Gujarat Energy Research and Management Institute (GERMI) and Pandit Deendayal Energy University, Gandhinagar. Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹38.23 (vs ₹12.74 in FY 2022) Full year 2023 results: EPS: ₹38.23 (up from ₹12.74 in FY 2022). Revenue: ₹39.0b (up 43% from FY 2022). Net income: ₹12.2b (up 200% from FY 2022). Profit margin: 31% (up from 15% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 4.3% growth forecast for the Oil and Gas industry in India. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Announcement • May 25
Gujarat Mineral Development Corporation Limited to Report Fiscal Year 2023 Results on May 30, 2023 Gujarat Mineral Development Corporation Limited announced that they will report fiscal year 2023 results on May 30, 2023 Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹160, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 11x in the Oil and Gas industry in India. Total returns to shareholders of 342% over the past three years. Buying Opportunity • Apr 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ₹166, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 62%. Buying Opportunity • Mar 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.6%. The fair value is estimated to be ₹164, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 62%. Reported Earnings • Feb 17
Third quarter 2023 earnings released: EPS: ₹8.37 (vs ₹4.71 in 3Q 2022) Third quarter 2023 results: EPS: ₹8.37 (up from ₹4.71 in 3Q 2022). Net income: ₹2.66b (up 78% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Board Change • Feb 14
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Woman Independent Director Gauri Kumar was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 11
Gujarat Mineral Development Corporation Limited Appoints Shri Kamal Dayani as Director and Chairman Gujarat Mineral Development Corporation Limited informed that pursuant to the Government of Gujarat, Industries and Mines Department, Notification No. GU/2023/05/GMC/102003/889/CHH.1 dated 08/02/2023, Shri Kamal Dayani, IAS Additional Chief Secretary, Industries and Mines Department, has been appointed as the Director and Chairman of Gujarat Mineral Development Corporation Ltd. vice Raj Kumar, IAS transferred with immediate effect. Shri Kamal Dayani, IAS is a Gujarat Cadre officer of Indian Administrative Services belonging to 1990 batch. He possesses a degree of B.E. in Electronics and post graduate in Business Administration. He commands a very vast experience in public administration and public policy. As an IAS officer, Shri Kamal Dayani, IAS has worked in various capacities covering a very wide spectrum of Government departments, both at State level and National level, such as Industries, Revenue, General Administration, Power, Civil Supply etc. Presently, he is also the Additional Chief Secretary, Revenue Department, Government of Gujarat. During his long spanning career, Shri Kamal Dayani, IAS has also participated in various national and international training programmes covering a variety of topics in public administration. Announcement • Feb 07
Gujarat Mineral Development Corporation Limited to Report Q3, 2023 Results on Feb 14, 2023 Gujarat Mineral Development Corporation Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹129, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 11x in the Oil and Gas industry in India. Total returns to shareholders of 123% over the past three years. Reported Earnings • Oct 19
Second quarter 2023 earnings released: EPS: ₹4.76 (vs ₹1.27 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.76 (up from ₹1.27 in 2Q 2022). Revenue: ₹5.39b (up 19% from 2Q 2022). Net income: ₹1.51b (up 274% from 2Q 2022). Profit margin: 28% (up from 9.0% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 35% per year. Announcement • Oct 08
Gujarat Mineral Development Corporation Limited to Report Q2, 2023 Results on Oct 18, 2022 Gujarat Mineral Development Corporation Limited announced that they will report Q2, 2023 results on Oct 18, 2022 Upcoming Dividend • Sep 15
Upcoming dividend of ₹4.30 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 30 October 2022. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 2.8%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (2.2%). Announcement • Sep 09
Gujarat Mineral Development Corporation Limited, Annual General Meeting, Sep 30, 2022 Gujarat Mineral Development Corporation Limited, Annual General Meeting, Sep 30, 2022, at 12:00 Indian Standard Time. Agenda: To consider and adopt the financial statements (standalone & consolidated) for the year ended on 31st March, 2022, including the Balance Sheet, Profit and Loss, Statement of changes in Equity and Cash Flow Statement together with the Reports of the Board of Directors and Auditors thereon and comments of Comptroller and Auditor General of India; to declare Dividend on Equity Shares for the year 2021-22; to fix up the remuneration of Statutory Auditors for the financial year 2022-23; to Appointment of Shri Raj Kumar, IAS Additional Chief Secretary, Industries and Mines Department as Director and Chairman of the Company; to Ratification of remuneration payable to Cost Auditors of the Company for the financial year 2022-23; and to consider other matter. Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: ₹10.85 (vs ₹1.19 in 1Q 2022) First quarter 2023 results: EPS: ₹10.85 (up from ₹1.19 in 1Q 2022). Revenue: ₹12.0b (up 141% from 1Q 2022). Net income: ₹3.45b (up ₹3.07b from 1Q 2022). Profit margin: 29% (up from 7.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 07
Gujarat Mineral Development Corporation Limited to Report Q1, 2023 Results on Aug 12, 2022 Gujarat Mineral Development Corporation Limited announced that they will report Q1, 2023 results on Aug 12, 2022 Announcement • Jul 10
Gujarat Mineral Development Corporation Limited Announces Change in Directorate Gujarat Mineral Development Corporation Limited announced that Shri Raj Kumar, IAS Additional Chief Secretary, Industries and Mines Department, has been appointed as the Director and Chairman of Gujarat Mineral Development Corporation Ltd. . Vice Dr. Rajiv Kumar Gupta, IAS, IAS retired with immediate effect. Shri Raj Kumar, lAS is a Gujarat Cadre officer of Indian Administrative Services belonging to 1987 batch. He possesses a degree of B.Tech. in Electrical Engineering and M. Sc. in Public Policy. He command s a very vast and varied experience. As an IAS officer, Shri Raj Kumar, IAS has worked in various capacities covering a very wide spectrum of Government departments, both at State and Central level. Presently, he is the Additional Chief Secretary, Home Department, Government of Gujarat. Before being appointed as ACS (Home), Shri Raj Kumar, IAS served as Secretary, Departm ent of Defence Production, Ministry of Defence, Govt of India. He has been Chairman/Managing Director/Director in many Central & State PSUs, during his tenure in government service. Announcement • Jun 10
Gujarat Mineral Development Corporation Limited Announces Cessation of Rajiv Kumar Gupta as Director and Chairman Gujarat Mineral Development Corporation Limited announced that Dr. Rajiv Kumar Gupta, lAS has ceased to be Director and Chairman of the company, with effect from 8 June, 2022, on account of his superannuation as Additional Chief Secretary, Industries & Mines Department, Government of Gujarat. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorated over the past week After last week's 27% share price decline to ₹132, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 13x in the Oil and Gas industry in India. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹172, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 21x in the Oil and Gas industry in India. Total returns to shareholders of 149% over the past three years. Reported Earnings • Apr 27
Full year 2022 earnings released: EPS: ₹12.74 (vs ₹1.24 loss in FY 2021) Full year 2022 results: EPS: ₹12.74 (up from ₹1.24 loss in FY 2021). Revenue: ₹27.3b (up 104% from FY 2021). Net income: ₹4.05b (up ₹4.44b from FY 2021). Profit margin: 15% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Announcement • Apr 26
Gujarat Mineral Development Corporation Limited Recommends Dividend for Financial Year Ended on 31 March, 2022 Gujarat Mineral Development Corporation Limited announced that at the Board of Directors Meeting held on April 25, 2022, informed that the Board has recommended dividend of 215% INR 4.30 per equity share of INR 2 each for financial year ended on 31 March, 2022. Announcement • Apr 14
Gujarat Mineral Development Corporation Limited to Report Fiscal Year 2022 Results on Apr 25, 2022 Gujarat Mineral Development Corporation Limited announced that they will report fiscal year 2022 results on Apr 25, 2022 Reported Earnings • Jan 30
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹4.71 (up from ₹0.09 loss in 3Q 2021). Revenue: ₹7.25b (up 120% from 3Q 2021). Net income: ₹1.50b (up ₹1.53b from 3Q 2021). Profit margin: 21% (up from net loss in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Nov 10
Upcoming dividend of ₹0.20 per share Eligible shareholders must have bought the stock before 17 November 2021. Payment date: 29 December 2021. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (1.8%). Price Target Changed • Nov 02
Price target increased to ₹75.00 Up from ₹68.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₹72.95. Stock is up 73% over the past year. The company posted a net loss per share of ₹1.24 last year. Reported Earnings • Oct 26
Second quarter 2022 earnings released: EPS ₹1.27 (vs ₹0.38 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹4.95b (up 142% from 2Q 2021). Net income: ₹404.6m (up 239% from 2Q 2021). Profit margin: 8.2% (up from 5.9% in 2Q 2021). Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ₹1.19 (vs ₹4.28 in 1Q 2021) The company reported a decent first quarter result with improved revenues, although earnings and profit margins were weaker. First quarter 2022 results: Revenue: ₹4.98b (up 108% from 1Q 2021). Net income: ₹377.1m (down 72% from 1Q 2021). Profit margin: 7.6% (down from 57% in 1Q 2021). Price Target Changed • Jul 06
Price target increased to ₹65.00 Up from ₹58.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₹68.00. Stock is up 66% over the past year. Reported Earnings • Jul 03
Full year 2021 earnings released: ₹1.24 loss per share (vs ₹6.42 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: ₹13.4b (down 12% from FY 2020). Net loss: ₹393.4m (down 119% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Executive Departure • Jun 21
MD & Executive Director Arunkumar Solanki has left the company On the 14th of June, Arunkumar Solanki's tenure as MD & Executive Director of the company ended after 5.0 years in the role. We don't have any record of a personal shareholding under Arunkumar's name. Arunkumar is the only executive to leave the company over the last 12 months. Under Arunkumar's leadership, the company delivered a total shareholder return of 12%. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improved over the past week After last week's 15% share price gain to ₹67.60, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 21x in the Oil and Gas industry in India. Total loss to shareholders of 43% over the past three years. Reported Earnings • Feb 10
Third quarter 2021 earnings released: ₹0.09 loss per share (vs ₹0.89 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ₹3.70b (up 8.9% from 3Q 2020). Net loss: ₹27.6m (down 110% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Announcement • Feb 03
Gujarat Mineral Development Corporation Limited to Report Q3, 2021 Results on Feb 09, 2021 Gujarat Mineral Development Corporation Limited announced that they will report Q3, 2021 results on Feb 09, 2021 Announcement • Jan 06
MOIL Limited Signs Memorandum of Understanding with Gujarat Mineral Development Corporation Ltd MOIL Limited had signed Memorandum of Understanding (MoU) in October' 2019 with Gujarat Mineral Development Corporation Ltd. (GMDC), an undertaking of Government of Gujarat, to take up project of joint exploration of manganese bearing areas, exploring its feasibility and to conduct mining operations as well as to set up value addition plant in joint venture in Gujarat. For exploration and analysis of manganese ore body, a tripartite MoU has also been signed amongst MOIL, GMDC and Mineral Exploration Corporation Limited (MECL). MECL has completed exploratory work in first phase by geophysical prospecting and core drilling over 8200 m. Based on exploratory work of first phase, MECL has established sizeable resources base of 7.65 million tonnes of manganese ore in Pani area. MECL's report suggests availability of the good grade of ore having potential and viability for manganese mining. To explore the entire area and to establish the structure of the deposit, further exploration activities have also been taken up by MECL. This may generate additional resources of manganese ore from the same area. MOIL is now preparing Techno Economic Feasibility Report based on the first phase report of MECL for underground mining operations in the long run. As the property seems to be viable, a JVC will be formed between MOIL and GMDC with shareholding of 51% and 49% respectively, in terms of the MoU already signed. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₹58.55, the stock is trading at a trailing P/E ratio of 8.6x, up from the previous P/E ratio of 7.4x. This compares to an average P/E of 19x in the Oil and Gas industry in India. Total return to shareholders over the past three years is a loss of 62%. Is New 90 Day High Low • Jan 04
New 90-day high: ₹58.55 The company is up 23% from its price of ₹47.70 on 06 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 4.0% over the same period. Announcement • Dec 10
Gujarat Mineral Development Corporation Limited, Annual General Meeting, Dec 31, 2020 Gujarat Mineral Development Corporation Limited, Annual General Meeting, Dec 31, 2020, at 12:30 Indian Standard Time. Agenda: To receive, consider and adopt the financial statements (standalone & consolidated) for the year ended on March 31, 2020, including the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement as at that date together with the Report of the Board of Directors and Auditors thereon; to consider declaration of Dividend on Equity Shares; to consider fix up the remuneration of Statutory Auditors for the year 2020-21; and to consider other matter. Is New 90 Day High Low • Dec 02
New 90-day high: ₹47.75 The company is up 1.0% from its price of ₹47.35 on 03 September 2020. The Indian market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Oil and Gas industry, which is down 7.0% over the same period. 
