gujarat mineral development corporation has entered into a strategic collaboration with the University of Cambridge to establish a dedicated Rare Earth Observatory at its International Centre of Excellence in Mining. The observatory will deploy Artificial Intelligence to deliver a first-of-its-kind interactive intelligence platform tracking the complete Rare Earth Elements (REE) value chain in real time from mine to magnet. This initiative addresses national strategic priorities by providing actionable intelligence on price movements, processing capacity, supply disruptions, and geopolitical risk across global REE supply chains.

The collaboration unites GMDC's mining expertise with the Institute for Manufacturing (IfM) at Cambridge, specifically its Industrial Resilience Group, which is recognised for its work in critical mineral supply chains and AI-driven industrial analytics. Structured as a phased two-year programme, the project entails an investment of £600,000. The partnership aims to deliver scalable, operationally deployable intelligence tools that position Gujarat and India at the forefront of rare earth supply chain resilience.

With India's REPM consumption projected to double by 2030, driven by sectors such as electric vehicles, renewable energy, and defence, the observatory will serve as a critical resource for policy calibration, industrial procurement, and strategic stockpiling. The implementation will be facilitated through iCEM, an organization supported by GMDC, ensuring full access to Cambridge's advanced research tools and global network. This integration of world-class analytical capability with on-ground Indian mining operations is designed to advance GMDC's evolution into a knowledge-driven enterprise.

Shri Roopwanti Singh, IAS, Managing Director, GMDC, emphasized the strategic importance of the initiative, stating that rare earth elements represent a sovereignty story rather than merely a commodity. He highlighted that the AI-driven intelligence architecture for the REE value chain is a contribution to solving national-level challenges. By integrating Cambridge’s research capability with iCEM’s operational depth, the company aims to build the strategic capabilities required to support the nation's Atmanirbhar Bharat and Viksit Bharat ambitions.

Gujarat Mineral Development Corporation reported its audited standalone and consolidated financial results for the financial year ended March 31, 2026, at a Board meeting held on May 14, 2026. The company delivered a strong year-on-year improvement in profitability, aided significantly by exceptional items related to GST input tax credit recognition, even as revenue from operations declined modestly year-on-year. The Board also recommended a dividend of ₹9.50 per equity share of ₹2 each (475%) for FY26, subject to shareholder approval at the ensuing Annual General Meeting. The audited financial results were subsequently published as newspaper advertisements on May 15, 2026 pursuant to Regulation 47 of the SEBI (LODR) Regulations, 2015, in leading publications including The Economic Times, Mint, Financial Express (All India), and regional newspaper Divya Bhaskar.

FY26 Consolidated Financial Performance

On a consolidated basis, Gujarat Mineral Development Corporation posted a net profit of ₹956.67 crore for FY26, a significant increase from ₹679.85 crore in FY25. Revenue from operations stood at ₹2,653.38 crore, compared to ₹2,850.84 crore in the previous year. Total income for the year was ₹3,077.25 crore versus ₹3,199.42 crore in FY25. Profit before tax (after exceptional items) came in at ₹1,268.45 crore, sharply higher than ₹889.83 crore in FY25, primarily on account of exceptional income of ₹522.65 crore. Total comprehensive income for the year was ₹952.38 crore, up from ₹610.00 crore in FY25.

The following table summarizes the key consolidated financial metrics for FY26:

Q4 FY26 Consolidated Performance

For the quarter ended March 31, 2026, consolidated revenue from operations was ₹814.05 crore, compared to ₹786.28 crore in Q4 FY25. Net profit for the quarter stood at ₹194.09 crore, against ₹226.22 crore in the corresponding quarter of the previous year. Profit before tax (after exceptional items) for Q4 FY26 was ₹234.98 crore, compared to ₹284.89 crore in Q4 FY25. Exceptional income of ₹30.02 crore was recognized during the quarter. Net profit before tax and exceptional items for Q4 FY26 was ₹204.96 crore versus ₹284.89 crore in Q4 FY25.

FY26 Standalone Financial Performance

On a standalone basis, revenue from operations for FY26 was ₹2,653.38 crore, compared to ₹2,850.84 crore in FY25. Standalone net profit for the year was ₹990.81 crore, significantly higher than ₹681.92 crore in FY25. Profit before tax (after exceptional items) stood at ₹1,301.88 crore versus ₹890.78 crore in FY25. Total comprehensive income was ₹986.52 crore, up from ₹612.07 crore. Basic and diluted EPS on a standalone basis were ₹31.16 each for FY26, compared to ₹21.44 in FY25. For Q4 FY26 standalone, net profit after tax stood at ₹221.18 crore, with basic and diluted EPS of ₹6.96.

Exceptional Items and Key Developments

The sharp improvement in profitability was materially supported by exceptional income totalling ₹522.65 crore for the full year. This arose from two key developments. First, following changes in GST rates on the supply of lignite effective September 22, 2025 — from 5% to 18% with removal of compensation cess — the company became eligible to utilise GST input tax credit of ₹492.63 crore (available in the Electronic Credit Ledger), which had been expensed out in earlier periods. This was recognised as an exceptional item in the Statement of Profit and Loss. Second, ITC pertaining to earlier years that was under litigation and had been written off was restored following withdrawal of an appeal approved by the Joint Commissioner of State Tax, resulting in recognition of ₹30.02 crore as an ITC asset with a corresponding exceptional item.

Additionally, the Government of India consolidated 29 labour laws into four new Codes effective November 21, 2025. The company assessed an immediate financial impact of ₹3.02 crore and recognised it in Q4 FY26. During the year, the Group also reassessed its control over Gujarat Mineral Research and Industrial Consultancy Society (GMRICS) and GMDC Science and Research Centre, concluding that control was absent. These entities ceased to be subsidiaries effective April 1, 2025, with a resulting loss of ₹26.56 crore recognised as Other Expenses. Further, the Group discontinued equity accounting for its investment in Gujarat Foundation for Entrepreneurial Excellence with effect from April 1, 2025, and a loss of ₹6.87 crore between the carrying value as on March 31, 2025 and its cost was reversed and accounted as "Loss on de-recognition of assets and liabilities" under Other Expenses.

Segment Performance

The consolidated segment results for FY26 reflect continued dominance of the Mining segment. Mining revenue stood at ₹2,507.62 crore for the year, compared to ₹2,713.76 crore in FY25, while the Power segment contributed ₹215.72 crore, up from ₹160.28 crore. On the operating results front, Mining delivered a segment profit of ₹607.50 crore versus ₹699.13 crore in FY25, while the Power segment reported a loss of ₹79.61 crore compared to a loss of ₹21.94 crore in FY25.

Balance Sheet and Cash Flow Highlights

As at March 31, 2026, consolidated total assets stood at ₹8,982.98 crore, up from ₹7,749.19 crore as at March 31, 2025. Total equity increased to ₹7,072.74 crore from ₹6,441.54 crore. Net cash flow from operating activities on a consolidated basis was ₹743.72 crore for FY26, compared to ₹1,065.58 crore in FY25. Net cash used in investing activities was ₹612.87 crore, while financing activities used ₹153.94 crore, which included dividend payments of ₹321.18 crore. Cash and cash equivalents at the end of the year stood at ₹94.31 crore.

Dividend Recommendation

The Board of Directors has recommended a dividend of ₹9.50 per equity share of ₹2 each (475%) for the financial year ended March 2026, subject to approval of shareholders at the ensuing Annual General Meeting. The audited financial results received an unmodified opinion from the statutory auditors, Dhirubhai Shah & Co LLP, Chartered Accountants, as declared by the company's CFO pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015. The results were signed on behalf of the Board of Directors by Roopwant Singh, IAS, Managing Director, at Ahmedabad on May 14, 2026.

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