MSTCLTD

MSTC share price & financials

Price
₹692.75
Market cap
₹4.9k Cr
Sector
Services
Calls analysed
8
Latest concall · Q1 FY27 · call held 14 Aug 2026

MSTC Q1 FY27

Revenue from Operations ₹94.25 cr +22%EBITDA ₹81.49 cr +32%EBITDA Margin 69.05% PAT ₹58.12 cr +31%

What went well

  • Revenue from operations grew 21.72% YoY to ₹94.25 crores (Q1 FY27 vs ₹77.43 crores Q1 FY26).
  • E-commerce revenue reached a Q1 high of ₹89.49 crores, up 27.79% YoY (vs ₹70.03 crores Q1 FY26).
  • EBITDA percentage of total income was 69.05%, nearly 3% higher than the corresponding period of FY26.

What to watch

  • Operationalization of EPR certificate exchange and TREDS platform is subject to regulatory approvals and government formalization, with no firm timelines.
  • The e-commerce revenue, with 50-55% from scrap sales, is subject to cyclicality in the steel sector and fluctuating rates/volumes.
Read the full call →

What MSTC does

MSTC Limited is a Category-I Mini Ratna Central Public Sector Enterprise under the Ministry of Steel, Government of India, that builds and operates e-commerce platforms for e-auction/e-sale, e-procurement and custom trading software for government and private clients. It earns commission/service fee income by conducting online auctions of coal mines, mineral blocks, coal linkages, industrial scrap, end-of-life vehicles, NPA bank properties and other assets on behalf of ministries, PSUs and private principals. It also runs a legacy marketing/trading vertical (being wound down) and holds a 50:50 joint venture with the Mahindra Group for metal and end-of-life-vehicle recycling. The company is transitioning to focus primarily on its e-commerce/digital-platform business.

Segments

  • E-commerce
  • Marketing/Trading
  • Others
Office network
19 offices - registered office (Kolkata), corporate office (New Delhi), 8 branch offices and 11 regional offices spanning most Indian states
Ownership status
Category-I Mini Ratna Central Public Sector Enterprise (CPSE) under the Ministry of Steel, Government of India
Recycling joint venture
50:50 JV with the Mahindra Group - Mahindra MSTC Recycling Private Limited (MMRPL), processing end-of-life vehicles and white goods into shredded scrap
Government e-auction/e-bidding platforms built
10+ national digital platforms developed for ministries/PSUs, including Spectrum, UDAN, DEEP, SHAKTI, e-RaKAM, MSTC Reality, ITD Portal and the CEPI enemy-property auction portal
New platforms in development
EPR Trading Platform for Extended Producer Responsibility certificates, MSTC Smart Travel (B2B travel), and a machinery purchase/leasing portal
Core service lines
E-auction/e-sale, e-procurement, and custom e-commerce software/solutions development
Founded 1964Headquarters Kolkata, West Bengal (registered office); New Delhi (corporate office) Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 7 delivered 7 missed 5 open
  • FSNL Sale Closure delivered said Q2 FY25 Promised: by January 15, 2025 Q1 FY27: Already achieved in prior quarters.
  • New Project Revenue Recognition missed said Q2 FY25 Promised: revenues coming in Q3/Q4 FY25 Q1 FY27: Original timeline missed. New timelines for individual projects like EPR and Travel portal are now being tracked separately.
  • MMRPL Profitability on track said Q4 FY25 Promised: at least a couple of years Q1 FY27: The JV achieved a positive PAT for the first time in Q1 FY27, showing significant progress towards sustained profitability within the original 'couple of years' timeframe.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.1%, net profit up 31.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue72 81 89 77 85 +18%88 +9%119 +34%94 +22%
EBITDA40 49 44 46 52 +30%51 +4%75 +70%58 +26%
Net profit43 252 67 44 49 +14%52 −79%76 +13%58 +32%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +39.5% 1Y

₹400₹500₹600₹700₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 19 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 14 Aug 2026

1Y: ₹529.3 on 10 Sept 2025 → ₹738.55. High ₹785.65 (7 Sept 2026), low ₹365.85 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+7.4%
14 Aug
Q4 FY26
+0.9%
30 May
Q3 FY26
−3.0%
12 Feb
Q2 FY26
−1.5%
19 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 15.7% a year over 3 years, FY23 to FY26. Operating margin widened to 60.7%.

Year endingFY23FY24FY25FY26
Revenue₹616 Cr₹316 Cr₹311 Cr₹369 Cr
Operating profit₹181 Cr₹89 Cr₹173 Cr₹224 Cr
Operating margin29.4%28.2%55.6%60.7%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹17 Cr₹8 Cr₹9 Cr₹11 Cr
Net profit₹241 Cr₹173 Cr₹402 Cr₹221 Cr
Net margin39.1%54.7%129.3%59.9%
Cash from operations₹768 Cr₹-283 Cr₹260 Cr₹-28 Cr
Free cash flow₹765 Cr₹-390 Cr₹236 Cr₹-50 Cr
ROCE46.0%37.0%28.0%30.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹70 Cr₹70 Cr₹70 Cr₹70 Cr₹70 Cr₹70 Cr
Reserves₹285 Cr₹395 Cr₹524 Cr₹594 Cr₹760 Cr₹850 Cr
Borrowings₹154 Cr₹150 Cr₹145 Cr₹145 Cr₹145 Cr₹145 Cr
Other liabilities₹1.3k Cr₹999 Cr₹1.5k Cr₹1.0k Cr₹1.0k Cr₹962 Cr
Total liabilities₹1.9k Cr₹1.6k Cr₹2.3k Cr₹1.8k Cr₹2.0k Cr₹2.0k Cr
Fixed assets₹14 Cr₹69 Cr₹66 Cr₹68 Cr₹207 Cr₹206 Cr
Capital work in progress₹50 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹38 Cr₹44 Cr₹46 Cr₹46 Cr₹13 Cr₹28 Cr
Other assets₹1.7k Cr₹1.5k Cr₹2.2k Cr₹1.7k Cr₹1.8k Cr₹1.8k Cr
Total assets₹1.9k Cr₹1.6k Cr₹2.3k Cr₹1.8k Cr₹2.0k Cr₹2.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.52 pp while FIIs trimmed −0.46 pp. The shareholder count grew 4% to 87,424.

Promoters
64.8%
FIIs
4.9%
DIIs
1.3%
Public
29.1%

Since Jun 2025

  • Public +0.52 pp
  • FIIs −0.46 pp
  • DIIs −0.05 pp

How it drifted, 12 quarters

Over this window FIIs went from 3.6% to 4.9% — +1.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 64.8%, FIIs 3.6%, DIIs 1.4%, Public 30.2%.Dec '23: Promoters 64.8%, FIIs 3.3%, DIIs 1.4%, Public 30.6%.Mar '24: Promoters 64.8%, FIIs 5.6%, DIIs 1.2%, Public 28.4%.Jun '24: Promoters 64.8%, FIIs 5.8%, DIIs 1.9%, Public 27.6%.Sep '24: Promoters 64.8%, FIIs 6.2%, DIIs 1.6%, Public 27.4%.Dec '24: Promoters 64.8%, FIIs 6.2%, DIIs 1.7%, Public 27.4%.Mar '25: Promoters 64.8%, FIIs 5.5%, DIIs 1.7%, Public 28.1%.Jun '25: Promoters 64.8%, FIIs 5.4%, DIIs 1.3%, Public 28.5%.Sep '25: Promoters 64.8%, FIIs 4.1%, DIIs 1.2%, Public 30.0%.Dec '25: Promoters 64.8%, FIIs 3.8%, DIIs 1.2%, Public 30.2%.Mar '26: Promoters 64.8%, FIIs 3.9%, DIIs 1.2%, Public 30.1%.Jun '26: Promoters 64.8%, FIIs 4.9%, DIIs 1.3%, Public 29.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of MSTC above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 64.75%unchanged
Jupiter India Fund Global fund house1.72%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹739, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹488 — downside of 34%.

Growth the price implies
17.9% a year
for 7 years, fading to 4%
It has actually compounded at
10.0% a year
net profit, FY23–FY26 · EPS 10.0%
The gap
0.1 pp
-34% downside if it only repeats history
Price today ₹738.55 Value at the reference growth ₹487.58

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse MSTC

Guides on how to read this kind of business and the numbers that matter.