GMDC grew lignite volumes to 8 MT, missing the initial 10 MT target due to safety and land delays.

Existing mines should grow 10%-15% in FY26; six new mines (Lakhpat, Walia, Damlai) aim for 15 MT lignite production by 2035. Odisha coal projects are progressing, with Baitarani West mine starting soon and targeting 1 MT initial output.

Coal pricing will track international and Coal India benchmarks at a premium; margins may be lower but balanced by volume.

Copper and rare earth projects ramp up toward FY28 and beyond.

Power division faces spare parts delays but has approved CAPEX and a price hike of ~₹0.30/unit.

FY26 revenue is expected to grow 15%-20%, driven by coal and lignite.

CAPEX of ₹1,500-2,500 Cr annually will scale to ₹13,000 Cr by 2030, funded by reserves, accruals, and debt.

Management targets ₹14,500 Cr turnover by 2030, focusing on diversification into critical minerals.