The gains follow renewed interest in domestic mineral companies after the government cleared the scheme to promote manufacturing of sintered Rare Earth Permanent Magnets (REPM) on 26 November 2025. The programme carries an outlay of Rs 7,280 crore and aims to set up 6,000 MTPA of integrated REPM capacity in India.
The scheme will support facilities that convert rare earth oxides into metals, then alloys, and finally finished magnets. It includes Rs 6,450 crore in sales-linked incentives over five years and Rs 750 crore in capital subsidies. Capacity will be allocated to five beneficiaries through global competitive bidding, with each allowed up to 1,200 MTPA. The scheme will run for seven years, including a two-year setup period and five years of incentives.
Rare earth permanent magnets are critical for electric vehicles, renewable energy equipment, consumer electronics, aerospace and defence. India’s demand is expected to double by 2030, but the country currently depends on imports. The government said the initiative will help build an integrated domestic supply chain, support strategic industries and advance India’s long-term self-reliance and clean-energy goals.
GMDC, India’s second-largest lignite producer and the leading merchant seller of lignite, is a state-owned enterprise with the Gujarat government holding a 74% stake. The company mines lignite from deposit-rich regions across the state and supplies it to high-growth industries such as textiles, chemicals, ceramics, bricks, and captive power.
On a consolidated basis, GMDC's net sales came in at Rs 527.58 crore, down 11.03% year-on-year (YoY). PBT before exceptional items fell 14.71% YoY to Rs 155.27 crore.
In contrast, PAT jumped 264.27% YoY to Rs 465.75 crore, boosted by a sharp rise in exceptional income. GMDC booked an exceptional gain of Rs 474.43 crore following the GST rate hike on lignite from 5% to 18% effective 22 September 2025 and the removal of compensation cess. The change ended the earlier inverted duty structure, enabling the company to recognise accumulated input tax credit that had been expensed in prior periods.
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