Gujarat Mineral Development Corporation LimitedQ1 FY27 Results & Financial Update
Gujarat Mineral Development Corporation Limited: Q1 FY27 consolidated results and company financials – revenue ₹906.64 Cr, PAT ₹163.43 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Gujarat Mineral Development Corporation Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Gujarat Mineral Development Corporation Limited reported consolidated revenue from operations of INR 906.64 crore for the quarter ended June 30, 2026.
Total consolidated income for the quarter stood at INR 982.79 crore, bolstered by other income of INR 76.15 crore.
Profit before tax (PBT) for the first quarter of fiscal 2027 was recorded at INR 227.25 crore on a consolidated basis.
Consolidated net profit after tax (PAT) for the quarter ended June 30, 2026, reached INR 163.43 crore.
Basic and diluted earnings per share (EPS) for the quarter were both reported at INR 5.14 based on an equity share capital of INR 63.60 crore.
The mining segment remained the primary earnings engine, generating segment revenue of INR 841.01 crore and segment operating results of INR 208.07 crore.
The power segment recorded revenue of INR 111.25 crore but registered a segment operating loss of INR 6.00 crore for the quarter.
01 · Business model
What does Gujarat Mineral Development Corporation do?
Gujarat Mineral Development Corporation Limited is a Government of Gujarat enterprise engaged primarily in mining and mineral extraction operations alongside power generation activities.
The company's core operations are structured around two primary operating segments: Mining (comprising lignite and other mineral extraction) and Power (comprising thermal and wind energy generation).
Geographically, the enterprise operates within the state of Gujarat, serving industrial consumers dependent on mineral raw materials and electricity.
The economic model relies on efficient mineral extraction, lignite sales to various industrial sectors, and power generation capacities that contribute to its overarching operating results.
02 · Historical context
What shaped the business before this quarter
Pursuant to a Composite Scheme of Amalgamation and Arrangement sanctioned by the Ministry of Corporate Affairs on April 8, 2026 (effective upon filing with RoC, Ahmedabad on May 1, 2026), the company's investment in Gujarat State Petroleum Corporation Limited (GSPC) stood extinguished.
On the record date of May 12, 2026, the company received 10 equity shares of INR 2 each of Gujarat Energy Limited (GEL) for every 305 shares previously held in GSPC.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹906.64 Cr |
| Total income | ₹982.79 Cr |
| Profit before tax | ₹227.25 Cr |
| Profit after tax | ₹163.43 Cr |
| EPS | ₹5.14 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Mining operations generated INR 841.01 crore in gross segment revenue before inter-segment eliminations.
Power generation operations contributed INR 111.25 crore in segment revenue for the quarter.
Other income added INR 76.15 crore to the overall income pool of INR 982.79 crore.
What drove margins
Loading of lignite and overburden removal expenses formed a major cost component at INR 436.78 crore.
Royalties and other tax levies accounted for INR 86.70 crore during the quarter.
Other operating expenses were recorded at INR 144.07 crore, while employee benefit expenses stood at INR 42.27 crore.
Depreciation and amortisation expenses amounted to INR 33.33 crore, and finance costs were contained at INR 6.61 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The mining segment delivered segment results of INR 208.07 crore on revenue of INR 841.01 crore, with total segment assets standing at INR 4,095.65 crore.
The power segment registered an operating loss of INR 6.00 crore on revenue of INR 111.25 crore, with segment assets of INR 1,224.17 crore.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The Board of Directors approved the execution of a Memorandum of Understanding (MoU) with Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) to jointly evaluate opportunities across the coal-to-chemicals value chain using gasification technologies, including Underground Coal Gasification (UCG).
The Board approved the execution of an MoU with M/s IREL (India) Limited to explore collaboration opportunities in the Rare Earth Elements (REE) sector.
07 · Reported developments
What changed operationally
The mining division sustained healthy operating profitability with segment results exceeding INR 208 crore.
08 · Pressure points & risks
What is not going smoothly
The power generation segment incurred a segment operating loss of INR 6.00 crore for the quarter.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
GSPL Transmission Demerger Entitlement
Pursuant to the demerger of the gas transmission undertaking, the company is entitled to receive 1 equity share of INR 10 each of GPL Transmission Limited (GTL) for every 3 shares held in Gujarat Energy Limited.
10 · Key Q&A
The quarter, answered directly
What does Gujarat Mineral Development Corporation do?
Gujarat Mineral Development Corporation Limited is a Government of Gujarat enterprise engaged primarily in mining and mineral extraction operations alongside power generation activities.
What is the clearest takeaway from Q1 FY27?
Gujarat Mineral Development Corporation Limited reported consolidated revenue from operations of INR 906.64 crore for the quarter ended June 30, 2026.
What drove revenue or demand?
Mining operations generated INR 841.01 crore in gross segment revenue before inter-segment eliminations.
What mattered most for margins or profitability?
Loading of lignite and overburden removal expenses formed a major cost component at INR 436.78 crore.
What changed operationally beyond the headline numbers?
The Board of Directors approved the execution of a Memorandum of Understanding (MoU) with Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) to jointly evaluate opportunities across the coal-to-chemicals value chain using gasification technologies, including Underground Coal Gasification (UCG).
What are the main pressure points disclosed for the quarter?
The power generation segment incurred a segment operating loss of INR 6.00 crore for the quarter.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of GNFC and IREL Memorandums of Understanding: Monitor the formal execution and subsequent detailed disclosures regarding the strategic MoUs signed with GNFC and IREL (India) Limited.
- 02
Power Segment Turnaround: Track operational adjustments in the power segment to assess future profitability recovery from thermal and wind assets.
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