1. Project Shikhar - 4× revenue by FY30 - Management’s Lakshya 2030 plan targets group revenue of \~₹14,500 crore by FY30, a fourfold increase from the current base, with a major share from lignite and coal and the remaining from critical minerals. The target implies a complete reshaping of the earnings mix away from a single-commodity lignite miner, with non-lignite businesses expected to contribute at least 50% of income.
2. Baitarani West coal mine ramp-up - The 15 MTPA peak-rated Baitarani West block in Odisha (1,152 mt reserves, low 1.5× stripping ratio) has Stage-I forest and environmental clearance, a mining partner appointed, and groundbreaking expected in FY26 with first coal by FY2026. At peak capacity by FY30, this single mine would add volumes roughly double GMDC’s entire current lignite output, with pricing set independently and an MoU already signed with NTPC for offtake.
3. Ambaji copper - first underground mine - The Ambaji project holds over 10 mt of copper-lead-zinc resource at a combined grade exceeding 10%, with copper at 1.5-1.75%, and carries a guided margin above 40% on a \~₹800 crore total capex. Management expects to provide a timeline with more certainty by the end of the financial year, and the overall asset value is estimated at ₹22,000 crore - larger than GMDC’s current market capitalisation.
4. Six new lignite mines - 12 MTPA peak capacity - Six new Gujarat lignite blocks with over 483 mt of reserves and a combined peak capacity exceeding 12 MTPA are advancing through statutory clearances, with volumes expected from FY27 onward. Together with existing mines, management targets \~15 mt of annual lignite production by 2035, roughly doubling current output.
5. Lakhpat-Punrajpur limestone - 30 MTPA anchor for a cement hub - Environmental clearance was received in February 2026 for the Lakhpat-Punrajpur mine, which will produce 3 MTPA of lignite and 29.81 MTPA of limestone, with three firms finalised for long-term supply agreements under Limestone Wave-I. This is the first wave of a 2.5-billion-tonne limestone development in Kutch, anchored by a 40-year supply agreement with J K Cement, positioning GMDC as the raw-material backbone of India’s largest cement hub.
6. ATPS overhaul - pass-through returns and captive lignite demand - The 250 MW Akrimota plant has completed a ₹300 crore refurbishment under Project Disha with L&T and Honeywell, targeting over 80% plant availability. A regulator-approved supplementary PPA makes electricity \~30 paise/unit more expensive with the refurbishment cost recovered as a pass-through, adding \~₹33 crore annually, while the plant consumes \~1 mt of captive lignite at optimum load.
7. Coal gasification with NTPC - syngas pathway - An MoU with NTPC covers pilot surface and underground coal gasification at the Burapahar block and lignite gasification in Gujarat, with NTPC assessing syngas end-use and both parties targeting joint commercialisation. Success would unlock a higher-value use for GMDC’s coal and lignite reserves beyond bulk fuel sales, with preliminary downstream marketing assessments already underway.
8. Bauxite scale-up - 45% revenue growth in FY25 - Bauxite revenue reached ₹105 crore in FY25, up 45% year-on-year on a 55% increase in despatch volumes to 5 lakh tonnes, with the customer base expanded by 33% during the year. While small relative to lignite, both the Saurashtra and Kutch mines are now contributing, and management expects the segment to reach ₹80-100 crore.