Mstc Limited (MSTCLTD)
Micro CapServices stocks · Micro cap · NSE
MSTC Limited provides e-commerce services, including e-auction and e-procurement platforms, and is developing new digital products. The company is strategically exiting its erstwhile trading vertical to focus on technology-driven business lines and digital platforms.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +22% YoY · PAT +38% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹94 Cr | +22.1% | -21.0% |
| EBITDA | ₹58 Cr | +31.8% | -23.7% |
| Operating margin | 61.0% | +500 bps | -300 bps |
| PAT | ₹58 Cr | +38.1% | -24.7% |
| PAT margin | 61.7% | +715 bps | -301 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
MSTC reported its highest revenue from operations in four years at INR 369.66 Cr for FY26. Standalone EBITDA increased 18.25% YoY to INR 307.49 Cr, and PAT (without exceptional items) rose 22.84% YoY to INR 221.69 Cr, driven by e-commerce growth.
The company's strategic pivot towards digital platforms and exit from the trading vertical is progressing, supported by strong financial performance in its core e-commerce segment. New platform developments indicate continued focus on technology-driven growth, despite a decline in the total value of goods transacted.
Total Revenue by Segment (Standalone, FY26)
Latest issuer-disclosed distribution across 3 reported categories.
EPR Trading Platform
MSTC has successfully developed the Electronic Trading Platform (ETP) for trading of EPR certificates, which is live and ready, pending formal approval for launch.
SBI CAPS Advisory Partnership
Agreement with SBI CAPS for providing comprehensive transaction advisory solutions, including e-auction services, to various clients.
New Digital Products
Developing new platforms for Travel Services and Purchase/Leasing of Machinery, which are in advanced stages of development and expected to launch shortly.
EPR Trading Platform
Successfully developed and made live, awaiting formal launch approval.
New Digital Platforms
Platforms for Travel Services and Purchase/Leasing of Machinery are in advanced stages of development.
Digital Transformation Focus
Company plans to exit the trading vertical to enable sharper focus on digital platforms, e-commerce services, and technology-driven business lines.
Government Sector Engagement
Successfully completed sale of 10 Coal Mines and auctioned 200+ Major Mineral Blocks in 2025-26. Selected by CIL for Coal Linkage Auctions.
Decline in Value of Goods Transacted
Total value of goods transacted through MSTC eco-system decreased by 11.23% YoY to INR 797.37 bn in 2025-26.
Exit from Trading Vertical
Plans to completely exit the erstwhile trading vertical during FY 2026–27, which may impact revenue from this segment.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation primarily provides full-year comparisons (2025-26 vs 2024-25) for financial and operational metrics, making YoY the most relevant comparison for assessing annual performance and strategic shifts.
Revenue from Operations (Standalone)
Achieved Rs.369.66 Cr, highest in last four years.
EBITDA (Standalone)
INR 307.49 crore in 2025-26 vis-à-vis INR 260.04 crore in 2024-25 (18.25% increase YoY).
PAT (Standalone, without Exceptional Items)
INR 221.69 crore in 2025-26 vis-à-vis INR 180.13 crore in 2024-25 (22.84% increase YoY).
Revenue – E-commerce
INR 329.72 crore in 2025-26 vis-à-vis INR 281.21 crore in 2024-25 (17.25% increase YoY).
Strategic Focus Shift
Management plans to completely exit the erstwhile trading vertical during FY 2026–27 to focus on digital platforms, e-commerce services, and technology-driven business lines.
Upcoming Platform Launches
New platforms for Travel Services and Purchase/Leasing of Machinery are in advanced stages of development and are expected to be launched shortly.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EPR Trading Platform Launch | Platform is live and ready, pending formal approval. | Formal launch announcement and initial user adoption rates. |
| New Digital Products Launch | Platforms for Travel Services and Machinery are in advanced stages of development. | Timely launch of these new platforms and their initial revenue contribution. |
| Trading Vertical Exit Completion | Plans to completely exit during FY 2026–27. | Confirmation of the exit and its impact on the company's financial structure and segment mix. |
| Value of Goods Transacted | INR 797.37 bn (down 11.23% YoY). | Reversal of the declining trend and growth in the total value of goods transacted through the ecosystem. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
71Bullishfull bull SMA stack · SMA20 +12.0% / mo · MACD + · near 52W high
Technical chart
MSTCLTDdaily · 1Y · AUTO+66.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 61. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~10.8% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 103% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.4%.
- Fair-value margin of safety is positive at 16.0%.
- Quality contributes 18/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 88th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 64.8%. Key concern: Operating cash flow is negative at ₹-28 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 88th pctile, median 66 · Micro: 66th pctile, median 73
113 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 64.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.4%.
- ▸9 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-28 Cr.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 22.10
- P/B
- 5.73
- EV/EBITDA
- 21.78
- Market Cap
- 5169.00Cr
Profitability
- ROE
- 26.60%
- ROCE
- 30.30%
- ROA
- 11.05%
- Dividend Y
- 2.14%
Growth (CAGR)
- Revenue 5Y
- -14.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- -20.00%
- EPS 3Y
- -3.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- —
- Altman Z
- 3.80
- Book Value
- 128.00
Cash Flow
- FCF Yield
- 4.43%
- FCF Positive Y
- 9/5
- OCF
- -28.00 Cr
- EPS TTM
- 33.29
Shareholding
- Promoter Hold
- 64.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.