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MSTCLTD - MSTC

📊 NSE: MSTCLTD 🏢 Trading 📅 Last Updated: 12/14/2025 10:03

📢 Recent Corporate Announcements

MSTC Limited Credit Ratings Reaffirmed at ACUITE A+ and A1+ for Rs 110 Crore Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 28 Apr 2026, 03:40 PM

Acuité Ratings & Research Limited has reaffirmed the credit ratings for MSTC Limited's bank facilities totaling Rs 110 crore. The long-term rating for Rs 10 crore of facilities remains at 'ACUITE A+' with a stable outlook, while the short-term rating for Rs 100 crore is maintained at 'ACUITE A1+'. This reaffirmation indicates the company's stable financial profile and its consistent ability to meet debt obligations. There has been no change in the ratings compared to the previous assessment, reflecting steady creditworthiness.

Long-term rating for Rs 10.00 crore bank facilities reaffirmed at ACUITE A+ with a Stable outlook.
Short-term rating for Rs 100.00 crore bank facilities reaffirmed at ACUITE A1+.
Total bank facilities covered under this rating action amount to Rs 110.00 crore.
The rating action was communicated by Acuité Ratings & Research Limited on April 28, 2026.

💡 As the ratings have been reaffirmed with no change, investors can view this as a sign of continued financial stability. No immediate portfolio action is required based on this routine update.

MSTC Limited Submits Compliance Certificate for Dematerialization for Quarter Ended March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Apr 2026, 03:47 PM

MSTC Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The company's Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd., confirmed that all dematerialization requests were processed within the mandated 15-day timeframe. The physical certificates received were duly mutilated, cancelled, and replaced by the name of the depositories in the register of members. This is a standard administrative filing to ensure the integrity of electronic shareholding records.

Compliance certificate covers the quarter from January 1, 2026, to March 31, 2026.
Registrar Bigshare Services Pvt. Ltd. confirmed processing of demat requests within 15 days.
Physical security certificates were mutilated and cancelled after due verification.
Securities comprised in the certificates are listed on the stock exchanges where earlier securities were listed.

💡 This is a routine regulatory update regarding share registry maintenance. No action is required from investors as it does not impact the company's financial performance or business operations.

MSTC Ltd: Independent Director Ramesh Kumar Soni Completes Tenure Effective April 15, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 15 Apr 2026, 01:37 PM

MSTC Limited has announced that Shri Ramesh Kumar Soni has completed his tenure as a Non-Executive Independent Director on April 14, 2026. Consequently, he ceased to be a director of the company effective April 15, 2026. Mr. Soni held significant leadership roles, serving as the Chairman of the Audit Committee, Risk Management Committee, and the Nomination and Remuneration Committee. This transition is a routine administrative change for the Government of India enterprise following the completion of a fixed term.

Shri Ramesh Kumar Soni (DIN: 09399355) ceased to be an Independent Director effective April 15, 2026.
The cessation follows the successful completion of his tenure on April 14, 2026.
He vacated the Chairmanship of four key board committees: Audit, Risk Management, CSR, and Nomination & Remuneration.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine board rotation. Investors should monitor future filings for the appointment of a new Independent Director to fill the committee vacancies.

MSTC Limited Promoter Confirms Zero Pledged Shares for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 08 Apr 2026, 05:32 PM

MSTC Limited has submitted a disclosure from its promoter, the Government of India (Ministry of Steel), confirming that no equity shares were pledged or encumbered during the financial year ended March 31, 2026. This filing is a mandatory annual requirement under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. The declaration ensures that the promoter's stake remains free of any debt-related liens, providing transparency to the market. As a PSU, this reinforces the stability of the company's ownership structure.

Promoter (Ministry of Steel) confirms zero encumbrance on equity holdings for FY 2025-26
Compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
The declaration covers the entire financial year ending March 31, 2026
Confirmation issued by the Economic Adviser, Ministry of Steel, on behalf of the President of India

💡 This is a routine regulatory filing confirming a clean promoter holding with no pledged shares. No immediate action is required as it reflects standard compliance and ownership stability.

MSTC Limited Partners Exclusively with EaseMyTrip for Government Sector Travel Services

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 26 Mar 2026, 05:29 PM

MSTC Limited has entered into an exclusive strategic partnership with EaseMyTrip to provide comprehensive travel solutions to the government sector. Under this agreement, EaseMyTrip will integrate its API into MSTC's system, offering services including flights, hotels, and holiday packages. This collaboration allows MSTC to facilitate corporate travel for government organizations by leveraging EaseMyTrip's inventory of over 400 airlines and 2.9 million hotels. The move is aimed at digitizing and streamlining procurement processes across MSTC's extensive government network.

Exclusive partnership to power travel services for the Government Sector through MSTC's platform.
Integration of EaseMyTrip APIs providing access to 400+ international and domestic airlines.
Access to a global inventory of over 2.9 million hotels, holiday packages, and cab services.
Strategic expansion for MSTC into the travel-tech procurement segment for high-value government clients.
EaseMyTrip to provide end-to-end technical support for seamless booking and user experience.

💡 Investors should monitor the revenue contribution from this new service vertical as it leverages MSTC's existing government relationships. This diversification into travel-tech procurement could provide a steady, high-volume transaction stream.

MSTC Limited Receives Reaffirmed Credit Ratings for Rs 110 Crore Bank Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 17 Mar 2026, 03:24 PM

MSTC Limited has received a reaffirmation of its credit ratings from CARE Ratings Limited for bank facilities totaling Rs 110 crore. The long-term rating for Rs 10 crore in fund-based limits is maintained at 'CARE BBB+; Stable', while the short-term rating for Rs 100 crore in non-fund based limits is reaffirmed at 'CARE A2'. This review considered the company's audited financial performance for FY25 and unaudited results for 9MFY26. The stable outlook reflects the rating agency's expectation of continued steady performance and financial stability.

CARE Ratings reaffirmed the long-term rating at 'CARE BBB+; Stable' for Rs 10.00 crore facilities.
The short-term rating for Rs 100.00 crore of bank facilities was reaffirmed at 'CARE A2'.
The total value of the rated bank facilities stands at Rs 110.00 crore.
Ratings were based on audited FY25 and unaudited 9MFY26 financial and operational data.

💡 The reaffirmation of ratings suggests that MSTC's credit profile remains stable with no immediate change in its ability to service debt. Investors can maintain their current positions as this news does not alter the company's fundamental risk-reward profile.

BSE Imposes ₹5.43 Lakh Fine on MSTC for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 02 Mar 2026, 04:10 PM

BSE has levied a fine of ₹5,42,800 (including GST) on MSTC Limited for the quarter ended December 31, 2025. The penalty is due to non-compliance with SEBI Regulation 17(1) regarding the composition of the Board of Directors, specifically the lack of required Independent Directors. MSTC, a Mini Ratna PSU, clarified that director appointments are managed by the Ministry of Steel, and the company has no direct control over the process. The company has requested a waiver of the fine and stated that this event does not impact its core operations or financial health.

BSE imposed a fine of ₹5,42,800 (including GST) for the quarter ended December 31, 2025.
The fine relates to non-compliance with SEBI Regulation 17(1) concerning Board composition.
MSTC is a PSU under the Ministry of Steel, which holds the power to appoint Independent Directors.
The company has formally requested BSE to waive the fine, citing lack of control over government appointments.
Management states there is no impact on the financial, operation, or other activities of the company.

💡 This is a routine regulatory issue for many Indian PSUs and the financial impact is negligible. Investors should monitor if the Ministry of Steel fills the vacancies to ensure full corporate governance compliance.

MSTC Limited Emerges as L1 Bidder for Coal India's NRS Linkage Auction Contract

🟢 POSITIVE ⭐ 7/10

OTHER 📅 26 Feb 2026, 06:48 PM

MSTC Limited has been declared the L1 bidder for a significant tender hosted by Coal India Limited (CIL) on the GeM portal. The contract appoints MSTC as the External Service Provider for conducting Linkage Auctions for the Non-Regulated Sector (NRS). This domestic engagement is set for a duration of three years and involves managing the entire auction process through MSTC's platform. While the exact financial value is currently unquantified, the partnership with a major PSU like Coal India reinforces MSTC's market position in the e-auction space.

MSTC emerged as the L1 bidder for Coal India's NRS Linkage Auction tender on the GeM portal.
The contract duration is fixed for a period of three years.
MSTC will provide end-to-end services from conducting auctions to the execution of agreements.
The contract is with a domestic entity and does not involve any related party transactions.
Financial consideration is currently unquantified but expected to contribute to service revenue over the next 3 years.

💡 Investors should view this as a positive development that secures long-term service volume for MSTC's e-commerce platform. Monitor for future updates regarding the specific revenue impact as the contract is executed.

MSTC Q3 FY26: Adjusted PAT Grows 10% YoY; New EPR Exchange and Travel Platform to Launch Soon

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 17 Feb 2026, 03:53 PM

MSTC reported a steady 9.87% YoY growth in total revenue for 9M FY26, reaching 302.67 crore INR, primarily driven by its e-commerce segment. While reported PAT fell due to a high base from last year's 273.5 crore INR FSNL disinvestment gain, adjusted PAT grew by approximately 10% to 145.89 crore INR. The company is diversifying into high-margin software platforms, including a first-of-its-kind EPR certificate exchange and a new travel booking vertical launching in April 2026. Losses in the MMRPL joint venture are narrowing sequentially, signaling a potential turnaround in the recycling business.

9M FY26 EBITDA increased by 9.61% YoY to 199.95 crore INR with a 9.26% rise in e-commerce revenue.
Adjusted PAT (excluding last year's FSNL sale proceeds) grew 10% YoY to 145.89 crore INR.
Successfully completed the first tranche of gold bullion allocation for DGFT; silver and other commodities to follow.
Launching a unified B2B/B2C travel booking platform in April 2026 to diversify digital service revenue.
MMRPL joint venture losses are reducing sequentially following cost rationalization and the relocation of units.

💡 Investors should monitor the scaling of the new EPR exchange and travel platform as these high-margin digital services could significantly boost future profitability. The stock remains a strong play on government digitalization and the formalization of scrap and commodity markets.

MSTC Ltd Issues Addendum to Q3 FY25 Newspaper Financial Results Publication

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Feb 2026, 04:45 PM

MSTC Limited has issued a formal addendum to its newspaper publication regarding the unaudited financial results for the quarter and nine months ended December 31, 2025. The update was necessitated by the inadvertent omission of a note containing a QR code for accessing detailed financial formats in the original advertisement. The company has confirmed that all financial figures and other contents of the previously released results remain unchanged. This filing serves as a procedural compliance update under SEBI (LODR) Regulations.

Addendum pertains to the Unaudited Financial Results for the period ended December 31, 2025.
The correction involves the inclusion of a missing QR code link for detailed financial data access.
Original results were published on February 12, 2026, in newspapers including Financial Express and Jansatta.
Company confirms that all other financial data and contents of the original publication remain unchanged.

💡 No action is required as this is a clerical correction to a newspaper advertisement. Investors should continue to refer to the original financial results for fundamental analysis.

MSTC Limited Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 01:22 PM

MSTC Limited has released the audio recording of its investor and analyst conference call held on February 12, 2026. The call focused on the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's official website to hear management's detailed commentary.

Audio recording of the investor call held on February 12, 2026, is now available.
Discussion covered financial results for Q3 FY26 and the nine months ended December 31, 2025.
The filing is in compliance with Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements).
Recording is accessible on the MSTC website under the Investor relations section.

💡 Investors should listen to the recording to gain insights into management's perspective on the Q3 performance and future growth outlook. This is particularly useful for understanding qualitative factors not visible in the balance sheet.

MSTC Reports 9.7% Growth in Core Profit for 9M FY26; EBITDA Reaches ₹199.95 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 06:53 PM

MSTC Limited reported a steady 9.87% YoY growth in total revenue to ₹302.67 crore for the nine months ended December 2025. While Profit After Tax (PAT) decreased by 56.57% to ₹145.89 crore, this was entirely due to a high base effect from a ₹273.54 crore exceptional gain in the previous year. Core operational performance remains healthy, with EBITDA rising 9.61% to ₹199.95 crore and Profit Before Exceptional Items growing 9.70% to ₹192.29 crore. The company is diversifying into new digital platforms, including an EPR certificate exchange and a centralized travel portal.

EBITDA for 9M FY26 increased by 9.61% YoY to ₹199.95 crore.
Profit Before Exceptional Items rose 9.70% YoY to ₹192.29 crore, indicating strong core business growth.
Total value of goods transacted through the MSTC ecosystem stood at ₹525.55 billion for 9M FY26.
Successfully auctioned prime plots for HMDA fetching ₹2,708 crore and sold 3.5 million MT of Iron Ore for NMDC.
Announced the launch of India's first EPR certificate trading exchange and a centralized travel portal by April 2026.

💡 Investors should look past the headline PAT decline, which was caused by a one-time exceptional gain in the prior year, and focus on the consistent ~10% growth in core operating profits. The upcoming launch of the EPR exchange and travel portal provides high-margin growth catalysts for FY27.

MSTC Ltd Declares ₹7.60 Interim Dividend; Q3 PAT Surges to ₹252 Cr on Exceptional Gains

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 11 Feb 2026, 06:48 PM

MSTC Limited has declared a substantial interim dividend of ₹7.60 per share (76%) for FY 2025-26, with the record date set for February 18, 2026. The company reported a massive jump in standalone Profit After Tax (PAT) to ₹25,242.89 Lakhs for Q3 FY26, compared to ₹4,914.90 Lakhs in the previous year. This surge is primarily attributed to a significant exceptional gain of ₹27,354.08 Lakhs during the quarter. While core revenue from operations saw a slight year-on-year decline to ₹8,114.38 Lakhs, the overall bottom line was bolstered by legal resolutions and refunds.

Interim dividend of ₹7.60 per equity share (76% of face value) declared for FY 2025-26.
Standalone PAT surged over 400% YoY to ₹252.43 crore, driven by ₹273.54 crore in exceptional income.
Record date for dividend eligibility is fixed as February 18, 2026, with payment within 30 days.
Revenue from operations for Q3 FY26 stood at ₹81.14 crore versus ₹85.01 crore in Q3 FY25.
Exceptional gains include impacts from long-standing legal disputes and refunds related to Standard Chartered Bank proceedings.

💡 Investors should benefit from the high dividend payout, but must recognize that the current profit surge is driven by one-time exceptional items rather than core operational growth. Monitor the sustainability of core revenue in future quarters.

MSTC Q3 PAT Surges to ₹252 Cr on Exceptional Gains; Declares ₹7.60 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 06:20 PM

MSTC Limited reported a massive surge in standalone Profit After Tax (PAT) to ₹252.43 crore for Q3 FY26, compared to ₹49.15 crore in the same quarter last year, primarily driven by a one-time exceptional gain of ₹275.48 crore. Revenue from operations saw a slight year-on-year decline of 4.5%, coming in at ₹81.14 crore. The board has rewarded shareholders by declaring a substantial interim dividend of ₹7.60 per share (76% of face value). The exceptional gain is linked to the resolution of long-standing legal disputes and refunds involving Standard Chartered Bank.

Standalone PAT jumped to ₹25,242.89 Lakhs in Q3 FY26 from ₹4,914.90 Lakhs in Q3 FY25.
Exceptional gain of ₹27,548 Lakhs recorded in Q3 FY26 following legal dispute resolutions.
Interim dividend of ₹7.60 per equity share declared with a record date of February 18, 2026.
Revenue from operations stood at ₹8,114.38 Lakhs, a marginal decline from ₹8,500.60 Lakhs YoY.
Employee benefit expenses increased by ₹238.17 Lakhs due to enhanced gratuity limits.

💡 Investors should recognize that the bottom-line growth is driven by non-recurring exceptional items rather than core operations. However, the high dividend payout and resolution of legacy legal issues are positive triggers for the stock's valuation.

MSTC Ltd Schedules Q3 FY26 Earnings Conference Call for February 12, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 03 Feb 2026, 12:30 PM

MSTC Limited has scheduled a conference call on February 12, 2026, at 11:30 A.M. IST to discuss its financial performance for the third quarter and nine months ended December 31, 2025. The call will be hosted by Equirus Securities and will feature the company's top management, including the Chairman & Managing Director and the Director of Finance. This interaction is intended to provide analysts and institutional investors with deeper insights into the company's recent financial results and future growth strategies. Investors can participate via universal access numbers or international toll-free lines provided in the announcement.

Conference call set for February 12, 2026, at 11:30 A.M. IST to discuss Q3 FY26 results.
Management participants include CMD Shri Manobendra Ghoshal and Director (Finance) Shri Subrata Sarkar.
The event is organized by Equirus Securities and includes a Diamond Pass for express joining.
International toll-free dial-in options are available for investors in the USA, UK, Singapore, and Hong Kong.

💡 Investors should monitor the call for management's commentary on e-commerce auction volumes and margin trends. It is a good opportunity to assess the company's progress on its nine-month performance targets.

View All MSTCLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations grew 15.22% YoY to INR 162.43 Cr in H1 FY26. E-commerce revenue increased 18.47% to INR 146.28 Cr, while Marketing revenue surged 52.24% to INR 1.02 Cr. E-Procurement revenue declined 27.22% to INR 2.30 Cr.

Geographic Revenue Split

Not disclosed in available documents; primarily domestic operations with headquarters in Kolkata.

Profitability Margins

Consolidated operating profit margin declined to 22.26% in FY24 from 27.24% in FY23 due to higher employee costs and provisions. Standalone PAT margin for H1 FY26 stood at 47.7% (INR 93.47 Cr PAT on INR 195.96 Cr total revenue).

EBITDA Margin

Standalone EBITDA margin reached 66.7% in H1 FY26, with EBITDA growing 10.24% YoY to INR 130.71 Cr. This high margin reflects the low-cost nature of the service-based e-commerce model.

Capital Expenditure

Priority CAPEX is allocated to current server maintenance, IT equipment, and new business ventures like the CPCB portal and travel portal. The company is also considering the acquisition of office space.

Credit Rating & Borrowing

ACUITE BBB+/Stable (Unsupported). The rating is notched up due to the Government of India's 64.75% controlling stake. Finance costs dropped 100% to zero in H1 FY26 as the company deleveraged.

⚙️ Operational Drivers

Raw Materials

As a service provider, core costs are IT Infrastructure (Servers/Software) and Human Capital. Employee benefit expenses represent 23.6% of total revenue (INR 46.34 Cr in H1 FY26).

Import Sources

Not applicable for service model; IT security infrastructure includes OEM Next Generation Firewalls sourced from global technology providers.

Key Suppliers

Technology vendors for server maintenance and cybersecurity (OEM Next Generation Firewall providers).

Capacity Expansion

Not applicable for digital platforms; however, the company is expanding its ecosystem to accommodate B2C and private sector stakeholders, expected to be operational by FY27 Q1.

Raw Material Costs

Employee costs rose 3.65% YoY to INR 46.34 Cr in H1 FY26. Other expenses, including provisions and write-offs, increased 18.26% to INR 18.91 Cr.

Manufacturing Efficiency

Not applicable; operational efficiency is measured by PBT per employee and transaction volumes.

Logistics & Distribution

Not applicable; MSTC acts as an agent/intermediary for e-auctions and e-sales.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth will be driven by expanding from government B2B into B2C and private sector markets by FY27 Q1. Strategic MoUs like the INR 5,000 Cr, 30-year agreement with Kolkata Port Trust and new portals for CPCB, coal gasification, and offshore mineral blocks are key drivers.

Products & Services

E-auction services for scrap disposal, coal, and iron ore; e-procurement portals; marketing and trading of indigenous materials.

Brand Portfolio

MSTC Limited (Mini Ratna Category-I PSU).

New Products/Services

New travel portal and CPCB portal; coal gasification e-commerce solutions; offshore mineral block allotment portals.

Market Expansion

Entry into B2C and private sector B2B transactions with an operational target of FY27 Q1.

Market Share & Ranking

Dominant position in government e-auctions and scrap disposal as a state-owned enterprise.

Strategic Alliances

MoU with Kolkata Port Trust (INR 5,000 Cr project); development of EXIM portals for IOCL and ONGC.

🌍 External Factors

Industry Trends

Increasing digitalization of government procurement and disposal processes; shift toward transparent e-auctioning for natural resources like coal and minerals.

Competitive Landscape

Competes with private e-auction platforms, though it maintains a near-monopoly on specific government scrap and mineral auctions.

Competitive Moat

Durable moat derived from GoI ownership, Mini Ratna status, and long-standing relationships with major PSUs which mandate MSTC for transparent disposal of assets.

Macro Economic Sensitivity

Highly sensitive to industrial production and steel sector cycles, which dictate the volume of scrap generated and traded.

Consumer Behavior

Shift toward B2C models and increased demand for transparent, digital-first procurement solutions in the private sector.

Geopolitical Risks

Trade barriers affecting the export/import of ferrous scrap could impact transaction volumes on the platform.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (LODR) Regulations 2021 and Department of Public Enterprise (DPE) guidelines.

Environmental Compliance

Involved in environmental projects like the CPCB portal for waste management and scrap disposal, supporting circular economy initiatives.

Taxation Policy Impact

Effective tax rate of approximately 25.7% based on H1 FY26 figures (INR 32.32 Cr tax on INR 125.79 Cr PBT).

Legal Contingencies

Standard Chartered Bank (SCB) litigation involving a claim of INR 143.62 Cr; MSTC recently received a refund of INR 90 Cr pre-deposit plus INR 53.43 Cr interest after the DRAT Mumbai set aside the liability.

⚠️ Risk Analysis

Key Uncertainties

Unfavorable outcomes in ongoing legal proceedings with SCB or insurance companies; volatility in industrial scrap demand impacting transaction volumes.