Shareholders meeting

NO. GMDC/CS/NSE/BSE/029/2026 September 5, 2026 To, To, National Stock Exchange of India, Bombay Stock Exchange Ltd. Exchange Plaza, 25th Floor, P.J. Towers Bandra Kurla Complex Dalal Street Bandra (East) , Mumbai – 400 051 Fort, Mumbai-400 001 Code : GMDCLTD Code : 532181 Dear Sir / Madam, Sub.: Annual Report together with Notice of 63rd Annual General Meeting (AGM) of the Company for the FY 2025-26. With reference to our earlier letter dated September 3, 2026, wherein the Company had informed that the 63rd AGM of the Company is scheduled to be held on Wednesday, September 30, 2026 at 11:00 A.M. through Video Conferencing / Other Audio Visual Means. Pursuant to Regulation 30 read with Para A of Part A of Schedule III and Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we enclose herewith the Annual Report along with the Notice of 63rd AGM and other Statutory Reports of the Company for the FY 2025-26, which is being sent through electronic mode to all the Shareholders of the Company whose email addresses are registered with the Company / its Registrar and Transfer Agent (RTA) / Depository Participants (DPs). Further, pursuant to Regulation 36(1)(b) of the Listing Regulations, the Company is also sending a letter to the Shareholders whose e-mail addresses are not registered with the Company / RTA / DPs, providing a web-link for accessing the Annual Report of the Company. The Annual Report together with the Notice of the 63rd AGM is also available on the website of the Company at: https://gmdcltd.com/pdf/GMDC-annual-report-2025-26.pdf You are requested to kindly take the same on record. Thanking you, Yours faithfully, For Gujarat Mineral Development Corporation Limited Company Secretary Gujarat Mineral Development Corporation Limited (A Government of Gujarat Enterprise) CIN : L14100GJ1963SGC001206 “Khanij Bhavan”, 132 Ft. Ring Road, Near University Ground, Vastrapur, Ahmedabad-52 Phone : 27913200/3501 Email: cs.co@gmdcltd.com Website: www.gmdcltd.com of Viksit Bharat 63rd Integrated Annual Report 2025-26 C O N T E N T S Corporate Overview Statutory Reports From Aspirations to Ambitions: Financial Highlights for the last ten years 71 Enabling Billion Dreams 3 Notice 72 GMDC at a Glance 4 Board’s Report 80 Board of Directors 6 Comments of C & AG 91 FY 2026: A Year of Enabling Milestones 7 Business Responsibility & Sustainability Report 101 Chairman’s Desk 8 Report on Corporate Governance 154 Managing Director’s Desk 10 Management Discussion and Analysis Report 176 Annual Report on CSR 192 Enabling India’s Energy & Resource Security Lignite 15 Coal 20 Financial Statements Bauxite 22 Limestone 24 Independent Auditors' Report - Standalone 196 Renewable Energy 25 Standalone Financial Statements 210 Lakhpat Thermal Power Station (LTPS) 27 Independent Auditors' Report - Consolidated 269 Enabling the Next Resource Era Consolidated Financial Statements 282 Rare Earth Elements, Ambadungar 29 Copper Project, Ambaji 33 Underground Coal Gasification 35 Enabling Intelligent Mining Digitalisation 41 International Center of Mining Excellence (iCEM) 43 Gujarat Mineral Research Industrial Consultancy Society (GMRICS) 45 GMDC Science & Research Centre (GSRC) 47 Enabling Shared Prosperity GMDC Gramya Vikas Trust (GVT) 48 Human Resources 54 Safety 57 Enabling Responsible Growth Environment 61 Environmental, Social and Governance (ESG) 63 Once those were Aspirations, Now they are Ambitions of a Future, Fully Made in Bharat India is entering one of the most defining chapters in its history. Driven by the vision of Viksit Bharat and Aatmanirbhar Bharat, the nation is accelerating towards becoming a global leader in manufacturing, clean energy, advanced technologies and industrial innovation. At the heart of this transformation lies a strategic imperative: securing the natural resources that make sustainable growth possible. For over six decades, GMDC has proudly contributed to this national journey. As India's leading Mining PSU, we have transformed the nation's mineral wealth into the energy, resources and capabilities that power industries, strengthen infrastructure and support economic progress. Today, our role extends far beyond mining. Through our expanding presence in coal, critical minerals, renewable energy, Underground Coal Gasification and value-added mineral ecosystems, we are helping build the foundations of India's next era of growth. As the nation advances towards greater self-reliance and global competitiveness, GMDC remains committed to catalysing national priorities. From mining the resources that India needs, to making the capabilities that India demands, to fulfilling the aspirations of a nation on the rise, we’re committed towards Enabling Billion Dreams of Viksit Bharat. GMDC At a Glance Enabling Bharat’s Growth Evolution Evolution is driven by the ability to adapt, innovate and From its expanding lignite operations across Gujarat that grow with changing times. For India, it reflects a defining continue to strengthen the state's industrial and energy national shift towards self-reliance, technological ecosystem, to its three coal assets in Odisha that reinforce leadership and the confidence to build a future powered by India's long-term energy security, GMDC remains its own resources, capabilities and enterprise. As the nation committed to developing the resources that power the advances towards the vision of Viksit Bharat @2047, nation. The Company is also advancing the Ambaji Copper strategic natural resources are becoming increasingly Project and the Ambadungar Rare Earth Elements Project, central to manufacturing excellence, energy security and securing minerals that are indispensable for electric economic resilience. It is within this evolving national mobility, renewable energy, advanced electronics, defence landscape that GMDC has continually transformed itself technologies and next-generation manufacturing. over the past six decades. Today, as one of India's leading Beyond conventional mining, GMDC is pioneering Mining PSUs, the Company is building a diversified Underground Coal Gasification (UCG) projects at EFG Valia portfolio of strategic mineral and energy assets that not and Ghala in Gujarat, with another project progressing at only addresses the needs of the present but also enables Burapahar in Odisha. By converting deep coal reserves into the ambitions of a future-ready India. cleaner synthesis gas, UCG has the potential to create an tarahB tiskiV smaerD noilliB gnilbanE entirely new value chain for India, supporting the developed, processed and value-added within the country. production of methanol, ammonia, urea, hydrogen and Guided by responsible mining, technological innovation other strategic industrial feedstocks that can strengthen and an unwavering commitment to nation-building, GMDC agriculture, chemicals, fertilisers and clean energy while continues to transform India's natural wealth into enduring reducing dependence on imported resources. strategic strength, advancing the nation's journey towards Together, these assets represent far more than a diversified Aatmanirbhar Bharat, Viksit Bharat and a truly Swadeshi business. They form an interconnected resource resource ecosystem. ecosystem that strengthens domestic value chains, reduces import dependence and builds India's strategic capability across the energy and mineral spectrum. Every project, every reserve and every innovation contributes to a larger national purpose, ensuring that the resources shaping India's future are increasingly discovered, Corporate Overview Statutory Reports Financial Statements GMDC Annual Report 2025-26 Board of Directors Dr. Hasmukh Adhia, IAS (Retd.) Chairman, GMDC Principal Advisor to Hon’ble Chief Minister of Gujarat Smt. Mamta Verma, IAS Shri Sandeep Kumar, IAS Shri Roopwant Singh, IAS Director Director Managing Director, GMDC Addit [Showing first 8,000 characters — download PDF for full document]