Note: ROE as Screener reports it (it looks low against FY26 profit); Rare-earth project at pilot/MoU stage
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Hard-rock rare-earth deposits are mined in open pits, crushed and concentrated, then cracked and separated. Unlike monazite they can be developed by companies other than IREL.
Why it matters
This is the listed route into Indian rare-earth supply. GMDC received BARC's indigenous process technology for its Ambadungar deposit in Jan 2026 and signed an MoU with NMDC in Mar 2026 to study an integrated rare-earth chain in Gujarat. The Geological Survey of India has identified about 482.6 million tonnes of rare-earth ore resources.
Where the value pool sits
Long-dated optionality: pilot scale first, commercial output likely years away. Today it is a re-rating story for GMDC and a minor one for NMDC, not an earnings stream.
Key drivers
NCMM exploration incentives and critical-mineral auctions