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MMTC Limited (MMTC)

₹56.49 -0.65% last close, 16 Oct

📊 NSE: MMTC 🏢 Trading & Distributors 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, MMTC's revenue was ₹0.7 Cr (-32.0% year on year, -32.0% on the previous quarter), and net profit ₹104 Cr (+136.9% year on year); the operating margin was -2969.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹0.7	-32.0%	-32.0%
Operating profit	₹-20.2	loss narrowed	loss narrowed
Net profit	₹104	+136.9%	-17.3%
EPS (₹)	0.69	+130.0%	-17.9%
Operating margin	-2969.1%	—	—

Full quarterly financials → Results calendar →

MMTC delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 30.11% of the MMTC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 35.21%. That is close to its usual level. Volume was 0.3 times its average, well below normal.

30.11%Delivery, 16 Oct

35.21%Own 20-session average

0.3×Volume vs its average

₹56.49NSE close · -0.65%

Delivery in the last 5 sessions: 39.4% · 2.6% · 7.5% · 26.3% · 30.1%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

MMTC Processes 458 Physical Share Transfer Re-Lodgment Requests in September 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 12:17 PM

MMTC has submitted a monthly compliance report via its RTA, MCS Share Transfer Agent, concerning the re-lodgment of physical share transfer requests for September 2026. A total of 458 requests were received and processed during the month under the special SEBI circular framework. Out of these, 435 requests were approved and 23 were rejected due to shares being transferred to IEPF. This is an administrative procedural filing with zero financial or operational bearing on the company.

458 share re-lodgment requests received and processed in September 2026
435 requests were approved during the month
23 requests were rejected because shares were already transferred to IEPF
Average processing time taken was 15 days

💡 No investor action required as this is purely a statutory share transfer compliance report. Investors should continue monitoring government policy announcements regarding MMTC's operational status and asset liquidation.

MMTC Concludes 63rd AGM; Transacts Board Appointments and FY26 Financial Accounts

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 05:02 PM

MMTC Limited concluded its 63rd Annual General Meeting on September 17, 2026. The shareholders considered and adopted the audited standalone and consolidated financial statements for FY25-26. Resolutions were also put forward for the appointment of key board members, including Director (Marketing), Director (Finance), and two Government Nominee Directors. As the company has ceased core trading operations (TTM revenue of Rs 3 Cr vs historical peaks), the meeting comprised standard procedural and administrative ratifications.

Held 63rd Annual General Meeting on 17.09.2026 via VC/OAVM facility.
Adopted FY26 Audited Standalone and Consolidated Financial Statements along with C&AG comments.
Proposed appointments of Shri Jatinderjit Singh Mann as Director (Marketing) and Shri Kundan Kumar Mishra as Director (Finance).
Proposed appointments of Ms. Nigar Fatima Husain and Shri A.K.M. Kashyap as Non-executive Government Nominee Directors.
Remote e-voting was conducted from 14.09.2026 to 16.09.2026 alongside AGM e-voting.

💡 Track the disclosure of formal voting results on the exchanges and monitor government directives regarding the formal winding up or asset liquidation of the company.

MMTC: CAG Appoints M/s R S P H & Associates as Statutory Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 01:43 PM

The Comptroller & Auditor General of India (CAG) has appointed M/s R S P H & Associates as the Statutory Auditor of MMTC Limited for the financial year 2026-27. The formal appointment order was received by the company on September 16, 2026, pursuant to Section 139 of the Companies Act, 2013. The appointment will be regularized in the company's upcoming Board Meeting. This is a standard statutory procedure for Central Public Sector Undertakings (PSUs) and does not reflect any change in operational trajectory.

CAG letter dated 08/09/2026 conveyed the appointment of Statutory Auditor for FY 2026-2027
Formal order received by MMTC on 16.09.2026
M/s R S P H & Associates (DE0581), New Delhi, named as the Statutory Auditor
Formal appointment to be regularized in the upcoming Board Meeting

💡 Track the upcoming Board meeting intimation for formal regularization of the appointment; operational wind-down and asset liquidation developments remain the primary fundamental focus.

MMTC Receives and Approves 458 Physical Share Transfer Re-Lodgment Requests in August 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Sep 2026, 12:55 PM

MMTC Limited disclosed the processing status of physical share re-lodgment requests received under a special SEBI window for the month of August 2026. The Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, received 458 requests during the month, all 458 of which were processed and approved. The average processing time taken was 15 days, with 0 rejections reported for the period. This is an administrative compliance reporting process and does not affect the financial or operational position of the company.

458 requests for re-lodgment of physical share transfers received in August 2026
458 requests processed and approved during the month (100% processed)
0 requests rejected during the month
Average processing turnaround time was 15 days

💡 Track formal government announcements regarding the divestment or final closure of MMTC's operations, as core operating trading activities remain stalled.

MMTC Reports Non-Compliance With SEBI LODR Due to Zero Independent Directors on Board

🔴 NEGATIVE ⭐ 3/10

REGULATORY 📅 31 Aug 2026, 01:39 PM

MMTC Limited has disclosed non-compliance with SEBI (LODR) Regulations 17(1), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2) as it currently has zero Independent Directors on its Board. Due to this absence, the company is unable to constitute mandatory Board sub-committees including the Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management committees. The company highlighted that director appointments are under the sole purview of the Ministry of Commerce & Industry, Government of India, which has been regularly apprised.

SEBI LODR non-compliance reported across Regulations 17(1), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2)
Currently 0 Independent Directors present on the Board of MMTC Limited
Unable to constitute or reconstitute mandatory sub-committees of the Board
Appointments are dependent on the Ministry of Commerce & Industry (promoter holding at 89.93%)

💡 Track government notifications regarding independent director appointments to MMTC's board and monitor any exchange-levied standard operating procedure (SOP) penalties.

MMTC Convenes 63rd AGM on September 17, 2026; Board Appointments on Agenda

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 01:12 PM

MMTC Limited has issued a notice convening its 63rd Annual General Meeting (AGM) on September 17, 2026, at 11:00 AM IST via Video Conferencing. The key agenda items include the adoption of FY26 standalone and consolidated financial statements, fixing the remuneration of Statutory Auditors for FY27, and regularizing director appointments. Key appointments include Shri Jatinderjit Singh Mann as Director (Marketing) and Shri Kundan Kumar Mishra as Director (Finance) and CFO, along with two Government Nominee Directors. The filing is procedural in nature and does not alter ongoing liquidation or operational wind-down activities.

63rd Annual General Meeting scheduled for Thursday, September 17, 2026, at 11:00 AM IST via VC/OAVM.
Proposed appointment of Shri Kundan Kumar Mishra as Director (Finance) and Chief Financial Officer (CFO).
Proposed appointment of Shri Jatinderjit Singh Mann as Director (Marketing).
Approval of Government Nominee Directors Ms. Nigar Fatima Husain and Shri A.K.M. Kashyap.

💡 Track the outcome of the AGM resolutions post-September 17, 2026, and watch for any government policy announcements regarding formal closure or asset monetisation.

MMTC Clarifies No Undisclosed Material Events Behind Recent Trading Volume Spurt

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 10:30 AM

MMTC Limited has responded to an exchange query dated August 20, 2026, regarding a significant increase in trading volume. The company confirmed that there is no undisclosed material information or event under Regulation 30 of SEBI LODR that requires reporting. Management reiterated that it regularly informs exchanges of all price-sensitive developments as mandated by law.

Response submitted to NSE and BSE on 21.08.2026 following exchange query on 20.08.2026
Company confirmed zero undisclosed events under Regulation 30 of SEBI (LODR) Regulations, 2015
Trading volume surge attributed to market-driven factors rather than corporate announcements

💡 Track upcoming quarterly financial disclosures and official corporate announcements on stock exchanges for fundamental triggers rather than speculative volume movements.

Rs 82.82 Cr Audit Qualification: MMTC Disputes Provisioning in Anglo Coal Case

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 11 Aug 2026, 07:37 PM

MMTC's auditors have qualified the Q1 FY27 results due to a shortfall of Rs 82.82 crore in provisions related to the long-standing Anglo Coal litigation. While management estimated a remaining liability of Rs 170.58 crore, they only provided Rs 87.76 crore, arguing that accrued interest on court deposits (approx. Rs 259.74 crore) will offset the balance. The auditors contend this violates Ind AS 37, as the provision is understated and contingent liabilities are overstated. This dispute is significant given MMTC's minimal current operations, with TTM revenue of just Rs 3 crore.

Auditors flagged a Rs 82.82 crore shortfall in legal provisions, leading to a 'Qualified Opinion' on financial results.
Management admitted a total liability of Rs 1,169.14 crore in court filings as of November 2025.
Rs 1,000 crore was released to Anglo Coal on November 17, 2025, following the dismissal of MMTC's appeal by the Supreme Court.
Management claims Rs 259.74 crore in interest has accrued on court deposits, which they believe negates the need for further provisions.
If the qualification were accepted, standalone Net Profit for the period would drop from Rs 93.73 crore to just Rs 10.91 crore.

💡 Monitor the Delhi High Court's final adjudication on the applicable exchange rate and interest methodology, as this will determine if MMTC must eventually recognize the additional Rs 82.82 crore loss.

Rs 93.7 Cr Net Profit in Q1 FY27; Auditor Qualifies Rs 82.8 Cr Provision Shortfall

🔵 WATCH ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 07:19 PM

MMTC reported a net profit of Rs 93.73 Cr for Q1 FY27, primarily driven by Other Income of Rs 145.44 Cr as core operations remain negligible with revenue at just Rs 0.68 Cr. The statutory auditor issued a qualified opinion regarding a Rs 82.82 Cr shortfall in provisions for the Anglo Coal legal case, where the company admits a liability of Rs 1169.14 Cr. Management argues that accrued interest of Rs 259.74 Cr on court deposits will offset this liability, though auditors maintain this violates accounting standards. The company continues to operate without a growth strategy, focusing on asset liquidation and closure.

Net Profit rose to Rs 93.73 Cr in Q1 FY27 compared to Rs 36.67 Cr in the same quarter last year.
Revenue from operations remains minimal at Rs 0.68 Cr, down from Rs 1.36 Cr in Q1 FY26.
Auditors flagged a Rs 82.82 Cr understatement of provisions related to the Anglo Coal litigation.
Management disclosed that Rs 1000 Cr was released to Anglo Coal on 17.11.2025 following court orders.
Other Income of Rs 145.44 Cr constitutes nearly 99.5% of the total income for the quarter.

💡 Investors should monitor the final judicial determination of the Anglo Coal case and any updates regarding the formal closure of operations or asset liquidation progress.

MMTC Reports Nil Re-lodgement Requests for Physical Share Transfers in July 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 11:13 AM

MMTC Limited has submitted a routine compliance report regarding the re-lodgement of physical share transfer requests for July 2026. The company reported zero (0) requests received, processed, or approved during the month under the special SEBI window. This filing is purely administrative and does not impact the company's financial position or its ongoing process of winding down operations. Investors should note that the company currently has minimal business operations, with TTM revenue at just Rs 3 Cr.

0 requests received for re-lodgement of physical share transfers in July 2026
0 requests processed, approved, or rejected during the reporting period
Compliance filing as per SEBI circular dated January 30, 2026
Report confirmed by MCS Share Transfer Agent Limited on August 06, 2026

💡 Investors should focus on updates regarding asset liquidation and the formal closure of operations rather than routine administrative filings, as the company is currently withdrawing from all markets.

MMTC Appoints Kundan Kumar Mishra as Director (Finance) for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Aug 2026, 02:55 PM

MMTC Limited has appointed Shri Kundan Kumar Mishra as Director (Finance) effective August 03, 2026, following an order from the Department of Commerce. Mr. Mishra, a Fellow Cost & Works Accountant with 28 years of experience, previously served as Additional General Manager at NTPC and CFO at its subsidiary KBUNL. This appointment is significant for the company's financial oversight as it manages a transition phase, having reported a TTM revenue of only Rs 3 Cr and a focus on asset liquidation. The appointment is for a five-year tenure with a pay scale of Rs 1,80,000 - 3,40,000.

Appointment of Shri Kundan Kumar Mishra as Director (Finance) effective August 03, 2026
Appointee brings 28 years of experience, including a prior role as CFO at KBUNL (NTPC subsidiary)
Tenure fixed for a period of 5 years or until further orders from the Government of India
Approved pay scale for the position is Rs 1,80,000 - 3,40,000 (IDA)
Company currently operates with minimal revenue (Rs 3 Cr TTM) and 0% active market share

💡 Investors should monitor the new Finance Director's role in managing the company's asset liquidation process and debt repayment, as the core trading business has effectively ceased.

MMTC Appoints Shri Kundan Kumar Mishra as Director (Finance) for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Aug 2026, 02:26 PM

MMTC Limited has appointed Shri Kundan Kumar Mishra as Director (Finance) effective August 03, 2026, for a five-year term. Mr. Mishra joins from NTPC Limited with 28 years of experience, including a previous role as CFO at KBUNL. This appointment is significant as the company manages its transition toward the cessation of operations and asset liquidation, following a collapse in TTM revenue to just ₹3 Cr. His role will likely focus on financial oversight during the company's winding-down phase and debt repayment.

Shri Kundan Kumar Mishra appointed as Director (Finance) effective August 03, 2026
Appointment is for a period of 5 years in the pay scale of ₹1,80,000 - ₹3,40,000 (IDA)
Appointee brings 28 years of experience, including a tenure as CFO at KBUNL (NTPC subsidiary)
Company currently reports a TTM revenue of only ₹3 Cr, down from historical peaks like ₹28,979 Cr in FY19
MMTC is currently focused on asset liquidation, including the completed ₹12,100 Cr NINL sale

💡 Investors should focus on the progress of asset liquidation and the final government directives regarding the formal closure of operations rather than management changes, given the lack of active business growth.

MMTC announces cessation of Independent Director Nabarun Nayak effective August 2, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 03 Aug 2026, 11:24 AM

MMTC Limited has reported the cessation of Shri Nabarun Nayak as a Non-Executive Independent Director effective August 2, 2026, following the expiry of his tenure. This is a routine administrative change to the board composition. The company is currently in a state of operational wind-down, with TTM revenue at a minimal ₹3 Cr and a focus on asset liquidation rather than business growth. The promoter holding remains high at 89.93%, reflecting its status as a government-controlled entity in transition.

Shri Nabarun Nayak (DIN 10258327) ceased to be a Non-Executive Independent Director on August 2, 2026.
The cessation is due to the expiry of his tenure as per the terms of appointment.
MMTC reports TTM revenue of only ₹3 Cr, down from historical peaks like ₹28,979 Cr in FY19.
The company maintains a market capitalization of ₹9,528 Cr despite having no active business operations.

💡 Investors should monitor the appointment of a successor to ensure the board remains compliant with SEBI LODR regulations, though the primary driver for the stock remains the government's liquidation and closure process.

MMTC Clarifies Audit Qualification Filing Delays and EPS Discrepancies for FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 15 Jul 2026, 12:01 PM

MMTC Limited has responded to NSE queries regarding its financial results for the quarter ended March 31, 2026. The company clarified that the delay in submitting the Statement of Impact of Audit Qualifications was due to a medical emergency involving the Audit Committee Chairperson. Additionally, MMTC corrected a typing error in its consolidated EPS figures via a revised XBRL filing and noted that DIPAM granted an exemption from dividend payments for FY 2025-26. These administrative updates occur against a backdrop of minimal business activity, with TTM revenue standing at just ₹3 Cr.

Statement of Impact of Audit Qualifications submitted following a delay due to a medical emergency.
Revised XBRL filing (Acknowledgment No. 169228) submitted to correct a typing error in Yearly EPS figures.
DIPAM granted an exemption for dividend payment for FY 2025-26 on September 19, 2025.
Company reported TTM revenue of only ₹3 Cr, reflecting the cessation of core trading operations.
Operating profit for the March 2026 quarter was negative ₹113.0 Cr despite a net profit of ₹126.0 Cr.

💡 Investors should examine the specific 'Audit Qualifications' once available to understand the nature of the modified opinion. Given the company's 0% active market share and lack of growth strategy, focus should remain on asset liquidation progress rather than operational metrics.

MMTC Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 03:48 PM

MMTC Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The Registrar and Transfer Agent, MCS Share Transfer Agent, confirmed that all securities received for dematerialization were processed, mutilated, and cancelled within the mandated 15-day period. This is a standard administrative filing required for all listed companies. Given MMTC's current status of winding down operations, with TTM revenue at just Rs 3 Cr, this filing has no impact on business fundamentals.

Compliance certificate issued for the quarter ended June 30, 2026
Dematerialization requests processed within the statutory 15-day limit
Company maintains listing compliance despite TTM revenue falling to Rs 3 Cr
RTA confirmed the substitution of depository names in records for dematerialized shares

💡 Investors should focus on the company's asset liquidation progress and the final announcement regarding the closure of operations rather than routine compliance filings.

View All MMTC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating income declined by 49.6% from INR 5.34 Cr in FY24 to INR 2.69 Cr in FY25. Segment-specific growth is not applicable as the company has ceased active business operations across its six major divisions (minerals, metals, precious metals, agro products, fertilizers, and coal).

Geographic Revenue Split

Not disclosed in available documents, though historically focused on facilitating India's foreign trade. Current revenue is minimal (INR 2.69 Cr) and likely derived from residual domestic activities or asset disposals.

Profitability Margins

Operating margins are deeply negative due to the lack of scale; PBILDT stood at INR -138.66 Cr in FY25. However, the company reported a Net Profit (PAT) of INR 69.53 Cr in FY25, a 1.9% increase from INR 68.21 Cr in FY24, primarily driven by 'Other Income' of INR 567 Cr and exceptional items related to asset sales.

EBITDA Margin

EBITDA margin is not meaningful as PBILDT is a loss of INR 138.66 Cr against a revenue of only INR 2.69 Cr. Core profitability has vanished as the company awaits a final announcement on the closure of operations.

Capital Expenditure

Historical Capex is not detailed; however, the company is currently in a divestment and liquidation phase rather than an expansion phase, following the strategic sale of its interest in Neelachal Ispat Nigam Limited (NINL) for a portion of the INR 12,100 Cr aggregate consideration.

Credit Rating & Borrowing

CARE Ratings has withdrawn all ratings (previously CARE D; Issuer Not Cooperating) as of October 27, 2025, because the company has repaid its bank facilities in full. Overall gearing is 0.00 as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

As a trading entity, MMTC does not consume raw materials for manufacturing. Historically, its 'traded goods' included minerals, metals, precious metals, agro products, fertilizers, and coal. Currently, these represent 0% of active procurement as operations have ceased.

Import Sources

Historically sourced globally to facilitate Indian imports; however, there is currently no active sourcing or import activity reported.

Key Suppliers

Not applicable as there are no current business operations. Historical suppliers included global commodity miners and producers.

Capacity Expansion

Current capacity is 0 MTPA/units for manufacturing. There are no planned expansions; the company is awaiting formal closure of operations.

Raw Material Costs

Cost of traded goods has dropped to near zero, reflecting the cessation of trading activities. Expenses of INR 5 Cr were reported in the most recent quarter against sales of INR 1 Cr.

Manufacturing Efficiency

Not applicable as MMTC is a trading and services company with no active manufacturing plants.

Logistics & Distribution

Historically significant for a global trader, but currently 0% of revenue as there is no active movement of goods.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

There is no growth strategy. The company management has apprised that there are no business operations currently and the final announcement on its closure of operations is awaited. The focus is on debt repayment and asset liquidation, such as the completed sale of NINL to Tata Steel Long Products.

Products & Services

Historically provided canalization services for minerals and metals, and traded in precious metals (gold/silver), agro products, and fertilizers. Currently, no products are being actively sold.

Brand Portfolio

MMTC (Metals and Minerals Trading Corporation of India).

New Products/Services

None. The company is not launching new products and is instead exiting all market segments.

Market Expansion

None. The company is withdrawing from all domestic and international markets.

Market Share & Ranking

Formerly India's largest international trading house; currently holds 0% active market share in its core trading segments.

Strategic Alliances

The most significant historical alliance was the Joint Venture in Neelachal Ispat Nigam Limited (NINL), which has been successfully divested to Tata Steel Long Products (TSLP).

🌍 External Factors

Industry Trends

The trading and distribution industry for PSUs is disrupting as the government moves toward privatization and direct procurement, leading to the closure of legacy canalizing agencies like MMTC.

Competitive Landscape

The company no longer competes with private traders like Adani Enterprises or Vedant as it has exited the market.

Competitive Moat

The historical moat was a government-mandated monopoly on certain imports/exports (canalization). This moat has been entirely dismantled by policy changes, making the business model unsustainable.

Macro Economic Sensitivity

Highly sensitive to government policy regarding Public Sector Undertakings (PSUs) and foreign trade canalization. The shift away from canalization has led to the company's obsolescence.

Geopolitical Risks

Historically impacted by global commodity prices and trade barriers; currently, the main risk is the domestic regulatory decision to close the entity.

⚖️ Regulatory & Governance

Industry Regulations

Under the administrative control of the Ministry of Commerce & Industry. Operations are governed by the Department of Disinvestment & Public Asset Management (DIPAM) closure guidelines.

Environmental Compliance

Not applicable as the company has no manufacturing operations.

Taxation Policy Impact

The company reported a tax expense despite operating losses, likely due to taxes on 'Other Income' and asset sales. Tax % was 2% in the most recent quarter.

Legal Contingencies

Ongoing discussions and potential disputes regarding the waiver of penal interest and other charges on previously outstanding bank debt. Specific case values for other legacy labor or consumer disputes are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timing and final terms of the formal closure of operations, which could impact the residual value for the 10.07% non-promoter shareholders.