Integrated Filing — IndAS



General information about company

Scrip Code 532181
NSE Symbol GMDCLTD
MSEI Symbol NOTLISTED
ISIN INE131A01031
Name of company GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 14-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 06-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 14-05-2026   16:00:00
End date and time of board meeting 14-05-2026   18:25:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 81,405.00 2,65,338.00
Other income 15,489.00 42,387.00
Total income 96,894.00 3,07,725.00
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (255.00) (558.00)
(d) Employee benefit expense 3,224.00 19,048.00
(e) Finance costs 537.00 714.00
(f) Depreciation, depletion and amortisation expense 4,876.00 11,471.00
(f) Other Expenses
1 Royalties and other tax levies 7,944.00 23,786.00
2 GST Compensatory Cess Expenses 0.00 13,075.00
3 Loading of lignite and overburden removal expenses 38,791.00 1,09,191.00
4 Other Expenses 21,281.00 56,418.00
Total other expenses 68,016.00 2,02,470.00
Total expenses 76,398.00 2,33,145.00
3 Total profit before exceptional items and tax 20,496.00 74,580.00
4 Exceptional items 3,002.00 52,265.00
5 Total profit before tax 23,498.00 1,26,845.00
6 Tax expense
7 Current tax (915.00) 27,102.00
8 Deferred tax 4,971.00 4,005.00
9 Total tax expenses 4,056.00 31,107.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 19,442.00 95,738.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method (33.00) (71.00)
16 Total profit (loss) for period 19,409.00 95,667.00
17 Other comprehensive income net of taxes 1,876.00 (429.00)
18 Total Comprehensive Income for the period 21,285.00 95,238.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 19,409.00 95,667.00
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 1,876.00 (429.00)
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 6,360.00 6,360.00
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve 7,00,914.00
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 6.1 30.08
Diluted earnings (loss) per share from continuing operations 6.1 30.08
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 6.1 30.08
Diluted earnings (loss) per share from continuing and discontinued operations 6.1 30.08
24 Debt equity ratio 0.0400 0.0400
25 Debt service coverage ratio 18.00 25.3800
26 Interest service coverage ratio 49.7400 183.3400
27 Disclosure of notes on financial results



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio Higher duue to low interest cost compare to proift


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 1,48,040.00
Capital work-in-progress 21,511.00
Investment property 3,402.00
Goodwill 0.00
Other intangible assets 49,949.00
Intangible assets under development 1,03,255.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 46,354.00
Trade receivables, non-current 0.00
Loans, non-current 651.00
Other non-current financial assets
1 Security deposits 513.00
2 Bank Deposits with Original maturity more than 12 Months 1,321.00
3 Bank Deposits with Original maturity more than 12 Months (Security against guarantees) 0.00
4 Deposits with Corporate Bodies 19,737.00
5 Balance with banks in Escrow Accounts 1,16,690.00
6 Advance to others (Proposed JV to be formed with MOIL) 769.00
7 Others - Receivable from KEPCO 542.00
8 Deposits with Corporate Bodies - Doubtful 4,212.00
9 Others * 38.00
10 Less: Provision for impairment (4,250.00)
Total of other non-current financial assets 1,39,572.00
Total non-current financial assets 1,86,577.00
Deferred tax assets (net)
Other non-current assets
1 Capital advances 1,970.00
2 Advances to contractors / suppliers 6,022.00
3 Balances with Government Authorities 37,148.00
4 Prepaid expenses 1,714.00
5 Non-Current Tax Assets (Net) 15,402.00
Total of other non-current assets 62,256.00
Total non-current assets 5,74,990.00
2 Current assets
Inventories 9,614.00
Current financial asset
Current investments 0.00
Trade receivables, current 7,166.00
Cash and cash equivalents 9,431.00
Bank balance other than cash and cash equivalents 44,581.00
Loans, current 446.00
Other current financial assets
Total of other current financial assets 1,48,559.00
Total current financial assets 2,10,183.00
Current tax assets (net) 6,627.00
Other current assets
1 Balances with Government Authorities 84,354.00
2 Prepaid Expenses 2,895.00
3 Advances to contractors / suppliers 332.00
4 Stripping Activity Adjustment Assets 9,233.00
Total of other current assets 96,814.00
Total current assets 3,23,238.00
3 Non-current assets classified as held for sale 70.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 8,98,298.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 6,360.00
Other equity 7,00,914.00
Total equity attributable to owners of parent 7,07,274.00
Non controlling interest 0.00
Total equity 7,07,274.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 27,907.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Lease Liabilities 725.00
2 Security and other deposits liability - NC 3,677.00
Total of other non-current financial liabilities 4,402.00
Total non-current financial liabilities 32,309.00
Provisions, non-current 72,050.00
Deferred tax liabilities (net) 8,163.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Deferred Operation & Maintenance Liability 506.00
2 Others 2.00
Total of other non-current liabilities 508.00
Total non-current liabilities 1,13,030.00
Current liabilities
Current financial liabilities
Borrowings, current 2,948.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 203.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 25,670.00
Total Trade payable 25,873.00
Other current financial liabilities
1 Lease Liabilities 71.00
2 Capital creditors -Total outstanding dues of creditors other than micro enterprises and small enterprises 19,548.00
3 Unpaid Dividends 185.00
4 Security and other deposits liability - NC 3,940.00
5 Earnest money deposits 770.00
6 Other financial liabilities 5,957.00
Total of other current financial liabilities 30,471.00
Total current financial liabilities 59,292.00
Other current liabilities 17,733.00
1 Advance from customers (Contract Liabilities) 4,616.00
2 Statutory taxes payable 8,432.00
3 Deferred Government Grant 4,200.00
4 Others - C 485.00
Total of other current liabilities 17,733.00
Provisions, current 969.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 77,994.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 1,91,024.00
Total equity and liabilites 8,98,298.00
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Mining 77,437.00 2,50,762.00
2 Power 8,165.00 21,572.00
Total Segment Revenue 85,602.00 2,72,334.00
Less: Inter segment revenue 4,197.00 6,996.00
Revenue from operations 81,405.00 2,65,338.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Mining 17,151.00 60,750.00
2 Power (4,098.00) (7,961.00)
Total Profit before tax 13,053.00 52,789.00
i. Finance cost 537.00 714.00
ii. Other Unallocable Expenditure net off Unallocable income (10,982.00) (74,770.00)
Profit before tax 23,498.00 1,26,845.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Mining 4,06,943.00 4,06,943.00
2 Power 1,23,657.00 1,23,657.00
Total Segment Asset 5,30,600.00 5,30,600.00
Un-allocable Assets 3,67,698.00 3,67,698.00
Net Segment Asset 8,98,298.00 8,98,298.00
4 Segment Liabilities
Segment Liabilities
1 Mining 1,12,484.00 1,12,484.00
2 Power 11,671.00 11,671.00
Total Segment Liabilities 1,24,155.00 1,24,155.00
Un-allocable Liabilities 66,869.00 66,869.00
Net Segment Liabilities 1,91,024.00 1,91,024.00
Disclosure of notes on segments Textual Information(2)



Text Block

Textual Information(2) The above results have been reviewed by the Audit Committee of the Board of Directors in its meeting held on 13th May 2026 and have been taken on record by the Board of Directors in its meeting held on 14th May 2026. The Board of directors has recommended _% dividend ( Rs. ) per equity share of Rs. 2 each for the financial year ended March 2026 subject to the approval of the shareholders in the annual general meeting. The above financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, read together with the Companies (Indian Accounting Standard) Rules, 2015 (as amended). With the recent changes in GST Rate with effect from 22nd September,2025 on the supply of Lignite (from earlier 5 percentage to now 18 percentage supplemented with removal of compensation cess), the Group is eligible to utlise GST Input Credit of Rs. 492.63 Crores (available in ECL), which was expensed out in earlier financial periods considering remote possibilities of utilisation of input tax credit against output tax liabilities when the supply of lignite was under inverted duty structure. Accordingly, the Group has recognized the input tax credit asset of Rs. 492.63 Crore with consequential credit as an exceptional item in the Statement of Profit and Loss considering revised realisation estimate owing to cessation of inverted duty structure. ITC pertaining to earlier years which were under litigation and was written off in books of accounts, has now been restored following withdrawal of appeal approved by the Joint Commissioner of State Tax. Accordingly, Rs .30.02 crore has been recognised as ITC asset with a corresponding exceptional item in the Statement of Profit and Loss. Government of India has consolidated 29 labour laws into four new Codes(Codes) effective November 21, 2025. On the basis of the provisions of the Codes, the Group has assessed its immediate financial impact Rs. 3.02 crore and recognised it in the quarter ended 31 March 2026. A full impact evaluation on employee benefits will be conducted upon the notification of all Central/State rules. During the current financial year, the Group has reassessed it's control over Gujarat Mineral Research and Industrial Consultancy Society (GMRICS) and GMDC Science and Research Centre. The Group exercised the significant judgment and assessed that the Group does not exercise the control lacking an exposure to the variable returns. Hence, with effect from 1st April, 2025, these entities ceases to be a subsidiary of the Group. Accordingly, the assets and liabilities pertaining to these entities as included in the comparative year ended 31 March 2025 have been derecognized as on 1 April 2025 and the resulting loss of Rs. 26.56 crore is accounted as Other Expenses in the Statement of Profit and Loss for the quarter and year ended 31st March 2026. Gujarat Foundation for Entrepreneurial Excellence is a company incorporated under section 8 of the Companies Act 2013 and this company is prohibited to give any right over their profits to its members. In view of restrictions on Section 8 companies, the Group has discontinued equity accounting for the investments in this joint venture with effect from 1st April 2025 and the investment in this joint venture is carried at cost as on 31st March 2026 in the consolidated financial statements. The loss amounting to Rs. 6.87 Crore between the carrying value as on 31 March 2025 and its cost is reversed and accounted as Loss on de-recognition of assets and liabilities under Other Expenses in the Statement of Profit and Loss for the year ended 31st March 2026. The figures for the quarter ended 31st March 2026 and 31st March 2025 are the balancing figures between audited figures in respect of the full financial year ended 31st March 2026 and 31st March 2025 and published unaudited year - to -date figures up to third quarter of the respective financial year. Corresponding figures of the previous periods / year's have been re-grouped / re-arranged / re-classified / restated and revised, wherever necessary, for rounding off to nearest crore rupee and / or to make them comparable with the figures of the current period.



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Changes in fair value of equity instruments measured at fair value through other comprehensive income ( FVTOCI) 1,341.00 (1,314.00)
2 Remeasurement of post - employment benefit obligations 550.00 1,084.00
Total Amount of items that will not be reclassified to profit and loss 1,891.00 (230.00)
2 Income tax relating to items that will not be reclassified to profit or loss 15.00 199.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 1,876.00 (429.00)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 1,26,845.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 714.00
Adjustments for decrease (increase) in inventories (481.00)
Adjustments for decrease (increase) in trade receivables, current 1,253.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (11,671.00)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (3,376.00)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 1,686.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 9,006.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 11,471.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 19,896.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 12,763.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 938.00
Adjustments for interest income 17,849.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 1,902.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 24,376.00
Net cash flows from (used in) operations 1,51,221.00
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 15,142.00
Other inflows (outflows) of cash (61,707.00)
Net cash flows from (used in) operating activities 74,372.00
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 154.00
Purchase of property, plant and equipment 1,03,403.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 938.00
Interest received 16,673.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 24,351.00
Net cash flows from (used in) investing activities (61,287.00)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 18,411.00
Repayments of borrowings 0.00
Payments of lease liabilities 119.00
Dividends paid 32,118.00
Interest paid 1,568.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (15,394.00)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (2,309.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (2,309.00)
Cash and cash equivalents cash flow statement at beginning of period 11,740.00
Cash and cash equivalents cash flow statement at end of period 9,431.00





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Dhirubhai & Shah Co. Yes 30-11-2028