Gujarat Mineral Development Corporation Ltd (GMDCLTD) Q2 FY27 Results Analysis: Revenue Jumps 71%, Power Segment Turns Profitable
Gujarat Mineral Development Corporation Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 902.97 Cr (+71.15% YoY) and PAT growth of -63.60% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 902.97 Cr (+71.15% YoY) |
| PAT (Q2) | Rs. 171.23 Cr (-63.60% YoY) |
| EBITDA margin | 30.35% (-412 bps YoY) |
| EPS (Q2) | Rs. 5.38 (-63.63% YoY) |
Quarter Snapshot
GMDC delivered a clean quarter with revenue up 71.15% YoY to Rs.902.97 Cr and normalized PAT up 44.66% YoY with zero exceptional items; the reported PAT decline of 63.60% is entirely the year-ago Rs.474.43 Cr GST ITC exceptional base effect. The Power segment turned profitable at Rs.8.70 Cr — its first positive quarter in the disclosed series — confirming the LTPS turnaround, while H1 cash conversion was strong (CFO/PAT 2.01x, FCF +Rs.375.96 Cr). No prior management guidance numbers for revenue, margin, or earnings are shown in the source, so no guidance-beat surprise is quantifiable; the 97 lakh MT FY27 despatch target remains the key disclosure to track.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Volumes/revenue | "in-line to behind on volumes, with a substitution offset" — Morbi disruption, heavy monsoon | Revenue +71.15% YoY, −0.40% QoQ — YoY strong on a weak base; sequential flat | Partially |
| Margins | "compressing YoY, roughly flat sequentially" | Generic-basis margin 21.07% — flat QoQ, +709 bps YoY; company-basis 27.77% of total income vs 28.61% YoY — the Q2 FY26 base was cess/monsoon-depressed); company-basis compression is a treasury-income effect | Contradicted on the operating basis |
| Power segment | "main positive margin bridge" | +Rs.8.70 Cr profit — exceeded | Played out |
| Treasury/other income | Watch other income vs Rs.76.15 Cr Q1 | Rs.83.81 Cr, +10.06% QoQ, −22.47% YoY | Partially |
| Watch item: H1 despatch vs 97 lakh MT | Watch-list item | Not addressed in the filing — remains open for the call | Not observable |
| Watch item: 350 MW LTPS expansion, MoU conversion | Watch-list item | Not addressed in the filing — remains open | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY26 dividend Rs.9.50/share, Rs.302.10 Cr (~30% of standalone PAT) | Dividend announcement, October 2026 | Rs.302.10 Cr paid in H1 FY27 per cash flow | Met |
| LTPS/Akrimota turnaround "central to the power business" and in progress | Management commentary in FY26 annual report | Power segment result +Rs.8.70 Cr in Q2 FY27 vs Rs.(6.00) Cr Q1 and Rs.(14.37) Cr year-ago | Confirmed |
| FY26 GST ITC gain "should be read with balance; recurring earnings depend on mine output… cost control" | Management commentary in FY26 annual report | Q2 FY27 PBT-ex +47.08% YoY on volume-led operations with zero exceptional items | Confirmed |
| Power margin repair as "main positive bridge" | Pre-call expectation framing | Delivered — segment swung to profit — actuals | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Power segment result (Rs. Cr) | (79.61) | (6.00) | +8.70 |
| Mining segment margin (%) | 24.22 | 24.74 | 23.99 |
| Lignite despatch (lakh MT) | 78.84 | not disclosed | not disclosed in filing |
Key Investment Insights
Key Positives
- Revenue from operations grew 71.15% YoY to Rs.902.97 Cr; H1 FY27 revenue Rs.1,809.61 Cr, +44.75% YoY
- Power segment swung to Rs.8.70 Cr operating profit from Rs.(6.00) Cr in Q1 FY27 and Rs.(14.37) Cr in Q2 FY26 — first positive quarter in the disclosed series
- Normalized PAT grew 44.66% YoY to Rs.171.23 Cr with zero exceptional items; PBT before exceptional items +47.08% YoY and +3.23% QoQ
- Mining segment result +78.88% YoY to Rs.194.26 Cr with margin expanding to 23.99% from 21.95%
- H1 FY27 CFO of Rs.671.88 Cr was 2.01x PAT; FCF of +Rs.375.96 Cr vs Rs.(67.72) Cr negative in H1 FY26
- Net-cash balance sheet: cash & bank Rs.673.95 Cr vs total borrowings Rs.333.80 Cr
- Rs.302.10 Cr FY26 final dividend (Rs.9.50/share, ~30.5% payout) paid in H1 while balance sheet strengthened
Risk Factors
- Other income fell 22.47% YoY to Rs.83.81 Cr, with interest & dividend income down 27.99% YoY to Rs.74.05 Cr
- Other expenses rose 41.61% YoY and 15.40% QoQ to Rs.166.26 Cr, rising faster than revenue sequentially; driver not itemised
- Finance costs of Rs.6.60 Cr vs Rs.0.58 Cr YoY reflect a new borrowing-interest layer started in FY26
- Un-allocable corporate drag widened to Rs.(52.20) Cr from Rs.(50.94) Cr QoQ
- Trade receivables rose Rs.36.16 Cr to Rs.107.82 Cr vs 31-Mar-2026
- Company-basis EBITDA margin compressed YoY to 30.35% from 34.47%
Ask about this
Ask Cofacto a question about this result. Answers cite filings and company data.
Related
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.