GMDC Dividend, October 21, 2026: ₹223.55 Crore Cheque Handed to Gujarat Government

The GMDC dividend for FY 2025-26 reached its biggest shareholder on Wednesday, October 21, 2026. Gujarat Mineral Development Corporation, the state-run lignite miner listed as GMDCLTD on NSE, handed Gujarat Chief Minister Bhupendra Patel a cheque for ₹223.55 crore, the state government’s share of the final dividend. The company filed a press release on the handover with the exchanges that evening.

On its face this is a ceremony. But the filing carries a few numbers that say more about GMDC’s year than the photo-op does.

GMDC dividend: the numbers in the filing

According to the press release filed with NSE:

• The final dividend is ₹9.50 per equity share of face value ₹2, which is 475% of face value.
• The board recommended it on May 14, 2026, and shareholders approved it at the 63rd AGM on September 30, 2026.
• Total payout to all shareholders is ₹302.10 crore.
• ₹223.55 crore of that goes to the Government of Gujarat, which holds 74% of GMDC’s equity. The exact cheque amount was ₹2,23,55,40,000.
• Managing Director Ajay Bhadu handed over the cheque, with Chairman Dr Hasmukh Adhia present.

The split checks out. Seventy-four per cent of ₹302.10 crore is ₹223.55 crore, so the remaining roughly ₹78.5 crore goes to public and institutional shareholders.

A profit jump with an asterisk

The release says GMDC reported standalone profit after tax of ₹990.81 crore for FY 2025-26, against ₹687.92 crore in FY 2024-25. That is a rise of about 44%, by our calculation.

Here’s the catch, and the company says it plainly. The year’s profit includes an exceptional gain of ₹522.65 crore from input tax credit, which came after GST rates on lignite were rationalised. Strip that out and our rough maths puts the remaining profit near ₹468 crore, around 32% lower than the previous year’s reported figure. That is a plain subtraction on our part, not a company figure, and it ignores any tax effect on the one-off. Our guide on how to analyse quarterly results walks through why exceptional items need to be pulled out before comparing years.

GMDC says the total dividend equals about 30% of standalone profit after tax, in line with the Gujarat government’s progressive dividend policy for state public sector enterprises. Measured against the profit excluding the tax-credit gain, the same ₹302.10 crore would be closer to 65%. Again, that is our arithmetic.

What the state has collected

Counting this payout, GMDC says its dividends to the Government of Gujarat over the five years from FY 2021-22 to FY 2025-26 add up to more than ₹1,050 crore. For minority shareholders, it’s a reminder that payouts at state-owned firms often track government policy.

Bhadu, quoted in the release, said that “every rupee we return to the State is a return on Gujarat’s own mineral wealth”, and pointed to the lignite business and the company’s coal and critical mineral projects as the next phase.

Where the business goes from here

Lignite remains GMDC’s main business. The company runs five lignite mines across Kutch, South Gujarat and Bhavnagar, and a 250 MW lignite-based thermal power station at Akrimota. It is also building a wider portfolio: three coal blocks in Odisha, copper and rare earth element projects, and 205.9 MW of wind and solar capacity, per the company’s profile in the filing.

So what does this mean for investors? Not much on its own, since the dividend was approved in September. What we would watch is the September-quarter result. With the GST tax-credit gain behind it, that quarter will show what GMDC earns from mining and power alone, and whether the payout pace looks sustainable without one-offs.

We tracked GMDC alongside other mining and metal names in our metal stocks to watch note last week, and for another dividend story from this week, see our piece on Hexaware’s dividend.

Sources: Gujarat Mineral Development Corporation press release and covering letter filed with NSE and BSE under Regulation 30 (October 21, 2026).

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.