| 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 |
Sumitomo Chemical India leads with strong growth and margins backed by its Japanese parent. Dhanuka Agritech offers efficient domestic exposure. Sharda Cropchem thrives in exports with an asset-light model but faces regulatory risks. Excel Industries remains a niche player with stable returns but limited scale. Each caters to distinct investor profiles.
If you’re looking at equities, NSE leads, but BSE offers niche opportunities. For commodities, MCX is the top choice, while NeML is revolutionizing rural markets with digital solutions.
Mastek, Persistent Systems, KPIT, and Mphasis cater to different IT segments. KPIT leads in automotive software (high growth, expensive valuation). Persistent is strong in digital transformation, Mphasis in BFSI, and Mastek in cloud ERP (UK-focused). Persistent offers a balance of growth and valuation, while KPIT has industry tailwinds.
