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) |
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.
| 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.
| 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 |
| 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 |
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.