🔍

MSTCLTD - MSTC

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

📢 Recent Corporate Announcements

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.

MSTC Limited Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 04:22 PM

MSTC Limited has submitted its quarterly compliance certificate for the period ending December 31, 2025, as per SEBI (Depositories and Participants) Regulations. The company's Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd., confirmed that all share dematerialization requests were processed within the mandatory 15-day window. The process involved the verification, cancellation of physical certificates, and substitution of the depository's name in the register of members. This is a standard regulatory filing that confirms the company's adherence to share transfer protocols.

Compliance certificate for the quarter ended December 31, 2025, successfully submitted.
RTA Bigshare Services Pvt. Ltd. confirmed processing of demat requests within 15 days.
Physical share certificates were mutilated and cancelled after due verification.
Confirms that securities are listed on the stock exchanges where previously issued.

💡 This is a routine administrative filing with no impact on the company's financial performance or stock valuation; no action is required from investors.

MSTC Limited Responds to Stock Exchange Fines Over Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 30 Dec 2025, 01:38 PM

MSTC Limited's Board addressed the fines imposed by BSE and NSE on November 28, 2025, regarding non-compliance with SEBI board composition regulations. The company noted that while three independent directors were appointed in the June 2025 quarter, one vacancy still remains. As a Government of India enterprise, MSTC clarified that the power to appoint directors rests solely with the Ministry of Steel. The company has formally requested a waiver of the fines, arguing that the compliance delay is beyond its internal control.

Fines imposed by BSE and NSE on Nov 28, 2025, for non-compliance with Regulation 17(1) of SEBI LODR.
Three independent directors were appointed during the June 2025 quarter, satisfying woman director requirements.
One independent director vacancy currently remains on the Board.
Company has requested a waiver of the fine as director appointments are controlled by the Ministry of Steel.
Board is actively following up with the administrative Ministry to expedite the final appointment.

💡 This is a common regulatory hurdle for PSUs where board appointments are government-dependent; investors should monitor for the fine waiver and final vacancy fulfillment.

MSTC Limited Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 01:51 PM

MSTC Limited has notified the stock exchanges regarding the closure of its trading window starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons, including directors and officers, until 48 hours after the financial results are declared. This is a standard regulatory procedure followed by listed companies prior to the release of financial performance data.

Trading window closure begins on January 1, 2026.
Closure pertains to the financial results for the quarter and nine months ended December 31, 2025.
The window will reopen 48 hours after the announcement of the unaudited financial results.
Restriction applies to all designated persons and their immediate relatives.

💡 No action is required as this is a routine regulatory compliance filing. Investors should await the announcement of the quarterly financial results for performance updates.

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.