MSTC Ltd(MSTCLTD)

NSE: MSTCLTDBSE: 542597

₹ 582-2.85%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,097 crWebsite: www.mstcindia.co.inUpdated: 24 Oct 2026

About

MSTC Ltd is a central public sector enterprise that operates India's largest government-linked e-commerce platform, conducting e-auctions and e-procurement of minerals, coal, scrap and other assets on behalf of PSUs, government departments and private clients. In FY26, standalone revenue from operations reached ₹369.66 cr (+18.88% YoY), the highest in four years, with e-commerce contributing 91.1% of segment revenue. The company is nominated agency for coal and mineral block allocations across India and holds the CPCB contract to develop and operate India's first EPR certificate trading exchange.^{[1][2][3][4][5]}

Business segments

E-commerce segment: 91.1% of segment revenue (₹412.53 cr) in FY26, conducting e-auctions and e-procurement of minerals, coal, scrap and government assets; EBIT margin 99.2%.^[3]
Marketing/trading segment: 5.6% of segment revenue (₹25.47 cr) in FY26; fully wound down in Q1 FY27 with revenue falling to zero and segmental reporting discontinued.^[3][6]
E-commerce sub-segments in FY26: e-auction/e-sale ₹321.29 cr (+16.50% YoY) and e-procurement ₹8.43 cr (+55.25% YoY).^[1]

Key operating numbers

Gross Trading Volume (GTV): ₹23,814 cr in Q1 FY27.^[6]
Total value of goods transacted (GMV): ₹797.37 bn in FY26 (-11.23% YoY); ₹525.55 bn in 9M FY26 (-17.84% YoY).^[1][7]
E-commerce revenue: ₹89.49 cr in Q1 FY27 (+27.79% YoY), the highest Q1 since listing in March 2019; ₹329.72 cr in FY26 (+17.25% YoY).^[6][1]
EBITDA margin (% of total income): 69.05% in Q1 FY27, approximately +3 percentage points YoY.^[6]
E-commerce constituted ~99.80% of total business volume in FY25 (vs 99.86% in FY24) and ~94.48% of revenue from operations (vs 93.95% in FY24).^[5]

Products and services

Core platform: e-auction and e-sale services for iron ore, coal mine blocks (10 blocks in FY26), 200+ major mineral blocks, scrap and plant sales, and coal linkage auctions for Coal India Limited.^[1]
DGFT gold bullion TRQ platform: nominated by DGFT to administer online allocation of tariff rate quotas for gold bullion import; first tranche successfully completed in Q3 FY26.^[7][4]
KPKB retail portal: software for Kendriya Police Kalyan Bhandar covering retail store operations, in final delivery stage as of H1 FY26.^[4]
Private sector clients onboarded include Reliance Industries, Vedanta, Tata Power, Indus Towers and Jindal Power Ltd as of FY25.^[5]

Customers and distribution

New mandates in Q3 FY26: Mata Vaishno Devi Shrine Board (precious metals/scrap/ELV), Ministry of AYUSH, Central Information Commission, Tamil Nadu mineral blocks, and HMDA property auctions (₹2,708 cr transacted for client).^[7]
New mandates in Q1 FY27: Karnataka liquor license auctions, selling agency agreement with RINL for prime products and process scrap, and EV charge-point operator selection for Kerala State Electricity Board (KSEBL) under PM E-DRIVE.^[6]
30-year MoU with Syama Prasad Mookerjee Port, Kolkata for lease of port property at Kolkata and Haldia; total lease value expected ~₹5,000 cr.^[4]
SBI CAPS partnership for end-to-end transaction advisory covering asset value realisation for PSUs, government departments and private entities.^[1]
MSTC is the nominated agency for coal and mineral block allocations across India; coal auction mandate for Coal India regained through competitive bidding in Q4 FY25.^[5]

MMRPL joint venture (recycling)

Mahindra-MSTC Recycling Pvt. Ltd. (MMRPL) posted positive PBT of ₹0.20 cr in Q1 FY27, the first quarterly profit after four consecutive years of losses; MSTC's share of profit was ₹0.10 cr vs share of loss of ₹1.98 cr in Q1 FY26.^[6]
MSTC's share of loss in MMRPL was ₹4.70 cr in FY26, improved from ₹5.97 cr in FY25 (~21% reduction); Q3 FY26 quarterly loss was ₹1.05 cr vs ₹1.57 cr in Q3 FY25.^[1][7]
Profitability improvement driven by higher end-of-life vehicle (ELV) inflows from EPR norms for automobile manufacturers and OEM trade-in incentives.^[6]
MSTC is strategically positioned in recycling verticals including ferrous material, ELVs, aircraft dismantling, e-waste and textile recycling.^[5]

New platform initiatives

EPR Electronic Trading Platform (ETP): fully built with all integrations and security testing complete as of Q1 FY27; awaiting formal government notification from CPCB; initially covering 5 sectors, expanding to ~15 sectors over time.^[6]
TReDS (Trade Receivables Discounting System) platform: in advanced development; RBI regulatory approval applied for; management targets operationalization within FY27; revenue model is primarily transaction-fee based.^[6]
MSTC Smart Travel portal: operational for internal corporate travel and offered to sister PSUs as of Q1 FY27; B2C rollout pending IATA empanelment; initial partnership with EaseMyTrip as aggregator.^[6]
Upkaran portal: national platform for equipment listing, leasing and services targeting construction, mining and industrial sectors; in advanced development as of Q4 FY26.^[1][5]
Coal and mineral exchange feasibility: initial stakeholder discussions underway as of Q1 FY27; management notes this is at a very early evaluation stage.^[6]

Infrastructure

New Delhi corporate office at World Trade Center completed; PPE rose from ~₹53 cr (March 2025) to ~₹196 cr (September 2025) primarily due to this office construction.^[7]

Recent developments

Trading/marketing segment fully exited in Q1 FY27: revenue from that segment fell to zero and segmental reporting discontinued, leaving e-commerce as the sole reported segment.^[6]
FSNL strategic disinvestment completed in FY25, sharpening focus on digital and e-commerce operations.^[1]
61st AGM scheduled for 24 September 2026 via VC/OAVM; record date for final FY26 dividend set at 17 September 2026.^[8]
CPCB EPR exchange live site launched 31 January 2026; actual trading was expected by 31 March 2026 but remained awaiting formal government notification as of Q1 FY27.^[7][6]
Board composition non-compliance: no Independent Directors on board from 1 November 2024 to 15 April 2025, causing non-compliance with SEBI LODR on mandatory committee functioning.^[5]

Market Cap

₹4,097 Cr

High / Low

₹804 / 362

Stock P/E

17.5

Price / Book

4.5

Book Value

₹128

EPS

₹31.0

No. of Shares

7.04 Cr

ROCE

30.2%

ROE

26.6%

OPM

65.6%

Debt / Equity

0.16

Sales

₹370 Cr

Net Profit

₹218 Cr

Promoter holding

64.8%

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MSTC Ltd(MSTCLTD)

About

Business segments

Key operating numbers

Products and services

Customers and distribution

MMRPL joint venture (recycling)

New platform initiatives

Infrastructure

Recent developments

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