Gujarat Mineral Development (GMDCLTD) Q2 25/26 earnings summary

Executive summary

• Total revenue for Q2 FY26 was ₹636 Cr, down 3% year-over-year; H1 FY26 revenue was ₹1,446 Cr, down 6% year-over-year.

• Total income for Q2 FY26 was ₹527.58 crore, down from ₹732.60 crore in Q1 FY26 and ₹593.01 crore in Q2 FY25; H1 FY26 at ₹1,260.18 crore versus ₹1,411.14 crore in H1 FY25.

• Profit before tax surged to ₹634 Cr in Q2 FY26 (up 246% YoY) and ₹859 Cr in H1 FY26 (up 99% YoY), driven by exceptional income.

• Net profit after tax (standalone) for Q2 FY26 was ₹470.35 crore, up from ₹164.13 crore in Q1 FY26 and ₹129.18 crore in Q2 FY25; H1 FY26 at ₹634.48 crore versus ₹313.75 crore in H1 FY25.

• Exceptional income of ₹474.43 crore in Q2 FY26 due to GST Input Tax Credit write-back following a change in GST rate on lignite.

Financial highlights

• Gross sales declined 11% in Q2 FY26 and 10% in H1 FY26 year-over-year.

• Revenue from operations fell 11% in both Q2 and H1 FY26 year-over-year.

• Standalone EPS for Q2 FY26 was ₹14.79, up from ₹5.16 in Q1 FY26 and ₹4.07 in Q2 FY25; H1 FY26 EPS was ₹19.95 versus ₹9.87 in H1 FY25.

• Consolidated net profit after tax for Q2 FY26 was ₹465.75 crore, with H1 FY26 at ₹629.52 crore, both significantly higher year-over-year.

• Other income increased 75% in Q2 FY26 and 52% in H1 FY26 year-over-year.

Outlook and guidance

• The company expects improved realizations and profitability due to the cessation of the inverted GST duty structure on lignite, enabling utilization of previously unclaimed input tax credits.

• No explicit forward-looking statements or guidance provided.