Gujarat Mineral Development Corporation Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026. The filing reveals a significant expansion in environmental footprints alongside a turnover of ₹2,653.38 crore.

The report was filed pursuant to Regulation 34(2)(f) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. JointValues ESG Services Pvt. Ltd provided reasonable assurance on the core indicators disclosed in the standalone report.

Environmental Impact Expansion

Total greenhouse gas emissions surged during the period. Scope 1 emissions reached 3,79,923 tCO2e, while Scope 2 emissions stood at 58,946 tCO2e. Combined, total Scope 1 and 2 emissions totaled 4,38,869 tCO2e, up from 1,59,431 tCO2e in the previous year.

Water withdrawal increased to 35,18,707 kilolitres from 24,44,570 kilolitres. Total energy consumption rose sharply to 40,43,128 GJ, compared to 13,81,131 GJ in FY25. The company attributed these increases primarily to the operationalisation of the lignite-based Akrimota Thermal Power Station.

What the Numbers Show

The divergence between revenue growth and environmental intensity metrics highlights the impact of new capacity addition. While turnover grew to ₹2,653.38 crore, energy intensity per rupee of turnover adjusted for PPP more than tripled from 1,001 GJ/million USD to 3,099 GJ/million USD. Similarly, water intensity per rupee of turnover adjusted for PPP rose from 932 kilolitres/million USD to 1,249 kilolitres/million USD. This indicates that the additional revenue generated did not offset the proportional increase in resource consumption driven by the thermal power operations.

Operational Metrics

The company reported no fatalities among its employees, though one fatality was recorded among workers. The Lost Time Injury Frequency Rate for workers decreased to 0.05 from 0.21. GMDC implemented Zero Liquid Discharge systems across all mining sites and planted 2,92,117 saplings during the year.

Gujarat Mineral Development Corporation reported a standalone net profit of ₹163.01 crore for the quarter ended June 30, 2026, a marginal decline from ₹164.13 crore in the corresponding period of FY25. Revenue from operations rose 23.8% year-on-year to ₹906.64 crore, driven by higher mining segment revenues. The Board of Directors approved these unaudited financial results on July 31, 2026, alongside strategic partnerships aimed at diversifying into coal-to-chemicals and rare earth elements.

The company’s consolidated net profit was ₹163.43 crore, compared to ₹163.77 crore in Q1FY25. Consolidated revenue from operations remained consistent with standalone figures at ₹906.64 crore. The statutory auditors, Dhirubhai Shah & Co LLP, issued a limited review report on the interim financial results pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The mining segment, which constitutes the core business, generated ₹841.01 crore in revenue, up from ₹685.24 crore in Q1FY25. Segment operating results for mining improved to ₹208.07 crore from ₹172.60 crore year-ago. Conversely, the power segment reported an operating loss of ₹6.00 crore, compared to a profit of ₹10.59 crore in the previous year’s quarter. Total comprehensive income for the standalone entity stood at ₹156.53 crore.

Strategic Partnerships

During the same meeting, the Board approved the execution of a Memorandum of Understanding (MoU) with Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC). This agreement aims to jointly evaluate opportunities across the coal-to-chemicals value chain using gasification technologies, including Underground Coal Gasification (UCG). Additionally, the Board sanctioned an MoU with M/s IREL(India) Limited to explore collaboration opportunities in the Rare Earth Elements (REE) sector. The company stated it would submit further details on the execution of these MoUs in due course.

What the Numbers Show

Despite a significant 23.8% increase in revenue from operations, net profitability remained flat. This divergence suggests that cost pressures or lower margins offset the top-line growth. Specifically, loading of lignite and overburden removal expenses rose to ₹436.78 crore from ₹290.90 crore in Q1FY25, indicating higher operational costs associated with increased production volumes. Furthermore, the power segment’s shift from profit to loss highlights volatility in this non-core vertical, while the mining segment’s robust operating result of ₹208.07 crore underscores its continued dominance in driving overall earnings stability.