| Parameter | SEML (Sarda Energy & Minerals) | GMDC (Gujarat Mineral Development Corp.) | IREL (India) Limited | Vedanta Limited |
|---|---|---|---|---|
| Core Business | Manufacture of sponge iron, steel billets, ferro alloys, power generation, iron ore mining. | Mining of lignite, bauxite, fluorspar, and manganese; power generation. | Mining and processing of rare earth minerals, heavy minerals (monazite, ilmenite, zircon, etc.), and rare earth oxides. | Diversified natural resources company with interests in zinc, lead, silver, iron ore, aluminium, copper, oil & gas, and power generation. |
| Primary Revenue Driver | Steel, ferro alloys, power generation. | Lignite mining, bauxite mining, and power generation. | Rare earth processing and mineral sand mining. | Mining and metals production including zinc, aluminium, iron ore, copper, and oil & gas. |
| Product Segments | Sponge iron, billets, ferro alloys, captive power, coal mining. | Lignite, bauxite, power generation. | Rare earth oxides, mineral sands, thorium, zircon, etc. | Zinc, aluminium, iron ore, copper, crude oil, natural gas. |
| Vertical Integration | Partially integrated. Produces raw materials like sponge iron and consumes it internally. | Partially integrated with lignite mining and power generation. | Fully integrated mining and processing of heavy minerals. | Highly integrated from mining to processing to finished metal production. |
| Government Involvement | Private listed company. | Government of Gujarat holds 74% stake. | 100% Government of India owned (DPSU – Department of Atomic Energy). | Privately held (promoters include Vedanta Resources Ltd.). |
| Parameter | SEML | GMDC | IREL | Vedanta |
|---|---|---|---|---|
| Primary Revenue Source | Steel, power, ferro alloys. | Lignite mining, power generation, bauxite mining. | Rare earth minerals (Ilmenite, Monazite, Zircon, etc.) | Zinc, Aluminium, Iron ore, Oil & Gas. |
| Diversification | Medium | Low (mostly lignite) | Low (mostly rare earth minerals) | High (multiple commodity exposures). |
| Export Revenue (%) | ~15% | Negligible | Significant (rare earth minerals are highly export-oriented). | High export revenue especially in aluminium and zinc. |
| Metric | SEML | GMDC | IREL | Vedanta |
|---|---|---|---|---|
| Revenue (FY24) | ₹4,500 Cr (Approx) | ₹3,600 Cr (Approx) | ₹1,900 Cr (Approx) | ₹1,40,000 Cr (Approx) |
| Net Profit (FY24) | ₹450 Cr | ₹800 Cr | ₹450 Cr | ₹12,000 Cr |
| EBITDA Margin | ~20% | ~35% | ~32% | ~30% |
| Debt-to-Equity Ratio | 0.45x | 0.00x (Debt-Free) | 0.00x (Debt-Free) | 1.1x |
| Market Cap (Mar 2025) | ₹6,300 Cr | ₹11,500 Cr | ₹7,000 Cr (Unlisted, Est.) | ₹1,45,000 Cr |
| Dividend Yield | ~0.7% | ~1.5% | NA | ~6.0% |
| P/E Ratio (TTM) | ~12x | ~14x | NA | ~11x |
| Parameter | SEML | GMDC | IREL | Vedanta |
|---|---|---|---|---|
| Strengths | High profitability from ferro alloys and captive power generation. | Monopoly in lignite mining in Gujarat. Strong cash flow. | Monopoly in rare earth mineral mining and processing. Strategic government ownership. | Global leader in Zinc, Aluminium, Iron ore. Strong dividend payout. |
| Weaknesses | High dependence on steel demand cycles. | Over-reliance on lignite, limited diversification. | Heavy government control, slower decision-making. | High debt, cyclical business, exposed to commodity price swings. |
| Parameter | SEML | GMDC | IREL | Vedanta |
|---|---|---|---|---|
| Growth Drivers | Expanding ferro alloys and captive power capacity. | Expansion of lignite mining and renewable power. | Growing demand for rare earth materials globally. | Increasing demand for metals, rising commodity prices. |
| Risks | Steel demand slowdown, raw material prices. | Lignite demand may reduce in renewable shift. | Over-reliance on government support. | High debt, commodity price volatility. |
| Future Opportunities | Expansion into value-added steel products. | Wind & solar energy projects. | Large growth potential in rare earth exports. | Green energy transition will benefit metals demand. |
| Parameter | SEML | GMDC | IREL | Vedanta |
|---|---|---|---|---|
| Promoter Holding | 73% (Sarda Family) | 74% (Govt. of Gujarat) | 100% (Govt. of India) | 65% (Vedanta Resources Ltd.) |
| Retail Holding | ~12% | ~10% | NA (unlisted) | ~25% |
| FII/DII Holding | ~15% | ~16% | NA | ~10% |
| Parameter | SEML | GMDC | IREL | Vedanta |
|---|---|---|---|---|
| Primary Customers | Steel manufacturers, power companies. | Power plants, industrial users. | Export market (China, Europe). | Global industrial buyers (zinc, aluminium, iron, crude). |
| Government Contracts | Low | High | Very High | Moderate |
| Metric | SEML | GMDC | IREL | Vedanta |
|---|---|---|---|---|
| P/E Ratio | ~12x | ~14x | NA | ~11x |
| EV/EBITDA | ~7.5x | ~5.5x | NA | ~6.5x |
| Dividend Yield | ~0.7% | ~1.5% | NA | ~6% |
| Debt-to-Equity | 0.45x | 0.00x | 0.00x | 1.1x |
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