Gujarat Mineral Development Corporation Limited Earnings Summary — Q4 FY2026
GMDC Reports Q4 FY26 Revenue Growth Amidst Margin Compression and Significant Non-Operating Income
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 4 consecutive quarters.
- Revenue of ₹907 Cr is 23.8% higher year-on-year.
- Revenue has compounded at 8.8% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹163 Cr is 0.2% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -5.9% annualised across the period.
- Operating margin stands at 21.1% in Q1 FY2027.
- Operating margin compressed by 202 bps year-on-year.
- Over the last two years operating margin has contracted by 477 bps.
- PBT margin is 25.1%.
- Expenses grew 27.0% against revenue growth of 23.8%.
- Operating profit of ₹191 Cr is 12.9% higher year-on-year.
- Operating leverage continues to improve.
- 3 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 58/100 (Healthy) on the latest 10 quarters.
- Business momentum is broadly stable quarter to quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Accelerating | 907 | 814 | 579 | 528 | 733 | 786 | 653 | 593 | 818 | 750 |
| Expenses | Accelerating | 716 | 710 | 478 | 458 | 563 | 593 | 562 | 453 | 607 | 562 |
| Operating Profit | Volatile | 191 | 104 | 101 | 69 | 169 | 194 | 92 | 140 | 211 | 189 |
| Operating Margin | Accelerating | 21.1% | 12.8% | 17.4% | 13.1% | 23.1% | 24.6% | 14.1% | 23.7% | 25.8% | 25.1% |
| Other Income | Volatile | 77 | 185 | 101 | 583 | 78 | 118 | 115 | 62 | 60 | 72 |
| Interest | Volatile | 7 | 5 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | Accelerating | 33 | 49 | 22 | 22 | 22 | 27 | 26 | 21 | 21 | 22 |
| Profit Before Tax | Volatile | 228 | 235 | 179 | 629 | 224 | 285 | 179 | 181 | 249 | 238 |
| Tax | Volatile | 64 | 41 | 46 | 164 | 61 | 59 | 32 | 53 | 65 | 50 |
| Net Profit | Volatile | 163 | 194 | 133 | 466 | 164 | 226 | 148 | 128 | 184 | 187 |
| Net Margin | Volatile | 18.0% | 23.8% | 23.0% | 88.3% | 22.4% | 28.8% | 22.6% | 21.6% | 22.5% | 25.0% |
Key Takeaways
- Revenue for Q4 FY2026 stood at INR 814 Cr, reflecting a steady recovery from the preceding three quarters of the fiscal year.
- Operating Profit Margin (OPM) has experienced a sharp decline to 13%, down from 25% in the same quarter last year, highlighting significant cost pressures.
- Net Profit was bolstered by a substantial 'Other Income' contribution of INR 185 Cr during the quarter, mitigating the impact of high expenses.
- The company maintains a strong balance sheet despite a notable increase in borrowings to INR 317 Cr by March 2026 to fund capital expenditures.
- Cyclicality remains a core risk, as evidenced by the fluctuation in OPM ranging from 13% to 23% throughout the fiscal year.
- Capital Work in Progress (CWIP) reduced significantly to INR 215 Cr as projects transitioned to Fixed Assets, which doubled YoY to INR 3,039 Cr.
Management Guidance
Management is focusing on digital transformation and strategic diversification into rare earth minerals through partnerships like the Cambridge initiative, though these have yet to yield financial results.
Sentiment Shift
Stable
While top-line growth and net profit have improved sequentially, the persistent erosion of operating margins and reliance on other income prevent a positive outlook shift.
Outlook
The outlook remains tepid due to heavy reliance on non-operating income and inflationary pressure on mining expenses; future growth hinges on the commissioning of new lignite assets and diversification into rare earth minerals.
From the Annual Report (Key Quotes)
“Financial performance historically exhibits high cyclicality, moving in lockstep with commodity price cycles.”
“Core mining operations are currently under pressure as Other Income nearly equals the Operating Profit.”
“Strategic focus has recently shifted toward digital transformation and 'Rare Earth' observatories.”
Official Quarterly Documents
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This summary is AI-generated from Gujarat Mineral Development Corporation Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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