Gujarat Mineral Development Corporation (GMDC) has presented a dividend cheque of ₹223.55 crore to the Gujarat government, representing the state’s share of the company’s final dividend for FY26.
The company’s board recommended a dividend of ₹9.50 per equity share, with a face value of ₹2, on May 14, 2026. Shareholders approved the dividend at GMDC’s 63rd annual general meeting on September 30. The total payout to shareholders amounts to ₹302.10 crore.
Ajay Bhadoo, managing director of GMDC, said the dividend reflected the company’s financial discipline. He added that GMDC would focus on strengthening its lignite business, advancing coal and critical mineral projects, and pursuing responsible growth.
The Gujarat government holds a 74% stake in GMDC and will receive ₹223.55 crore from the payout.
GMDC’s FY26 profit rises to ₹991 crore
GMDC reported standalone profit after tax of ₹990.81 crore for FY26, up from ₹687.92 crore in FY25. The company said its FY26 profit included an exceptional gain of ₹522.65 crore from input tax credit following the rationalisation of goods and services tax (GST) rates on lignite.
The total dividend payout represents around 30% of GMDC’s standalone profit after tax for FY26, in line with the Gujarat government’s dividend policy for state public sector enterprises.
Including the latest payout, GMDC’s dividends to the Gujarat government over the five financial years from FY22 to FY26 have exceeded ₹1,050 crore.
GMDC expands beyond lignite
Lignite remains the mainstay of GMDC’s business. The company is also developing a portfolio that includes three coal blocks in Odisha, copper and rare earth element projects, and 205.9 MW of wind and solar power capacity.
The dividend cheque was presented to Gujarat Chief Minister Bhupendra Patel by Bhadoo on October 21, 2026, in the presence of GMDC Chairman Hasmukh Adhia and other state government officials.
GMDC shares fell 3.53% to ₹442.55 on Wednesday, losing ₹16.20 during the session. The company is scheduled to announce its September-quarter results on October 30.
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