Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 10 Sep - CAG appoints Mookherjee Biswas & Pathak as MSTC statutory auditor for FY2026-27.
Source: Bse
Mstc Limited (MSTCLTD)
Micro CapServices stocks · Micro cap · NSE
MSTC Limited is a Government of India enterprise providing e-commerce services, primarily conducting auctions for various government entities and public sector undertakings. It has recently completed the planned process of exiting its legacy trading business to focus on its core e-commerce operations.
₹623.95
-22.65 · -3.50%
Market cap ₹4,552 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result13 Aug, 05:56 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -4.9% / mo · MACD −
Stock trend: 44
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
MSTCLTDD candles · FIT view+44.0%Latest close ₹623.95 on 2026-10-19
Bar
-3.5%
RSI
31
MACD hist
-8.96
52W pos
59%
2026-10-19O ₹646.75H ₹648.00L ₹615.05C ₹623.95Vol 2.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MSTCLTDNifty 500
- MSTCLTD
- +1.5%
- Nifty 500
- -5.6%
- Vs Nifty 500
- +7.1 pp
Chart stats
19 Oct 2026- From 52W high
- -22.5%
- 52W range position
- 59%
- ATR (14)
- 4.4%
- Volume vs 20D
- 1.08x
- Avg traded value
- ₹13 Cr
- 20D price channel
- ₹615.1 - ₹760.9
₹805
₹362.2 - ₹805
₹27.7
Latest completed session
20-session average
33.1% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE54
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +22.1% · PAT +38.1% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model+29.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +22% YoY · PAT +38% YoY · margin expansion · operating leverage
Filed 13 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 19.40
- P/B
- 5.05
- EV/EBITDA
- 19.25
- Market Cap
- 4552.00Cr
Profitability
- ROE
- 26.60%
- ROCE
- 30.30%
- ROA
- 11.05%
- Dividend Y
- 2.43%
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
- 3.50
- Book Value
- 128.00
Cash Flow
- FCF Yield
- 5.03%
- FCF Positive Y
- 9/5
- OCF
- -28.00 Cr
- EPS TTM
- 33.29
Shareholding
- Promoter Hold
- 64.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 94.0-21.0% vs prev
Net Profit
₹ CrLatest: 58.0-24.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 31.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 72% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
80
RS percentile
Stage 2 UptrendEstablished S2
1M return
-13.8%
3M return
+1.5%
6M return
+38.0%
1Y return
+17.1%
RS 1D
-1
RS 20D
-8
Sector rank
#12
Industry rank
-
Stage evidence
- Price is 7.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
22 Jun 2026
S2 age
84 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 136.03-2.50%
RS vs Nifty 500136
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth13/25
Quality18/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
54
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
54/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 5.0%.
- Fair-value margin of safety is positive at 29.4%.
- Quality contributes 18/20 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
19.4
PB
5.0
EV/EBITDA
19.3
ROE
26.6%
ROCE
30.3%
FCF Yield
5.0%
Debt/Equity
0.2
MoS
+29.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
54
Previous: 54
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+29.4%
Previous: +29.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
51
51
51
51
51
51
54
54
53
53
54
54
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹309.64
-101.5% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹883.85
+29.4% MoS
PEG
1.39
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
STCINDIA
Small
The State Trading Corporation of India Limited
Trading
match 74
70
15.2
17.4%
+96%
UNDERVALUED
MMTC
Large
MMTC Limited
Trading
match 72
24
43.6
-14.3%
-69%
OVERVALUED
PHOGLOBAL
SME
Phoenix Overseas Ltd.
Trading
match 72
27
9.5
4.2%
-14%
OVERVALUED
AUSOMENT
Small
Ausom Enterprise Limited
Trading
match 60
50
7.6
12.6%
+28%
FAIR VALUE
ECOLINE
SME
Ecoline Exim Ltd.
Trading
match 60
67
20.2
32.0%
+66%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T16:13:43.410Z
Management commentary snapshot
MSTC reported highest ever Q1 PBT and PAT since listing, with standalone PAT up 31.14% YoY to INR 58.12 crore and consolidated PAT up 37.51% YoY to INR 58.22 crore, driven by strong e-commerce growth and the exit from its legacy trading business.
The company delivered robust Q1 results with significant YoY growth in profitability, achieving record PBT and PAT. The strategic exit from the legacy trading business and continued expansion of e-commerce services, including new partnerships and auction mandates, support the growth trajectory.
Current business mix
Revenue by Vertical (Standalone)
Latest issuer-disclosed distribution across 2 reported categories.
E-commerce75.8%
Others24.2%
Growth engines
Government Auction Mandates
Continued to auction Major and Minor Mineral Blocks, Sand Blocks, etc. for Government of India and various State Governments.
Critical Mineral & Exploration License Auctions
4 EL Blocks successfully allocated in 2nd tranche, and 10 blocks successfully allocated in 7th tranche of Critical Mineral Auctions.
New Selling Agency Agreements
Entered into a Selling Agency Agreement with M/s. Rashtriya Ispat Nigam Ltd for the sale of Prime Products and Secondary arisings.
E-commerce Services for Government Schemes
Partnered with KSEBL for e-commerce services for Selection of Charge Point Operators under PM E-DRIVE Scheme.
Capacity and execution
Commercial Coal Block Auctions
MSTC will conduct the 15th round of Commercial Coal Block Auctions containing 17 mines.
Tailwinds
Government Focus on Resource Monetization
Continued to auction Major and Minor Mineral Blocks, Sand Blocks, etc. for Government of India and various State Governments.
Strategic Exit from Trading Business
MSTC has now completed the planned process of exiting the legacy Trading business.
Management accountability
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.
Analyst reading lens
Compare YOY
The presentation explicitly provides year-on-year comparisons for all key financial metrics and highlights Q1 performance against the previous year's Q1, indicating a focus on annual growth trends.
Sector KPIs management disclosed
Value of Goods Transacted (E-commerce)
During 2026-27-Q1 the Company crossed INR 238.14 bn in terms of value of goods transacted through its e-commerce vertical.
E-commerce Revenue (Standalone)
E-commerce revenue of INR 89.49 crore in 2026-27-Q1 vis-à-vis INR 70.03 crore in 2025-26-Q1, a 27.79% YoY growth.
JV Profitability (MMRPL)
JV (MMRPL) has posted Q1 profit Rs.0.20 cr after continuous loss for the last 4 years.
Management forward view
B2C Travel Portal Expansion
MSTC Travel Portal for B2B is ready and currently being upgraded for B2C operation.
Feasibility of Mineral Exchanges
MSTC is in the process of examining the feasibility of setting up Coal & other Mineral exchanges.
TREDs Platform Development
MSTC is developing a TREDs platform and has applied to RBI for requisite clearance.
EPR Certification Platform
ETP for EPR certification has been developed on behalf of CPCB and is awaiting go ahead for operation.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| E-commerce Revenue Growth | 27.79% YoY in Q1 2026-27 | Sustained growth rate in e-commerce revenue and new auction mandates. |
| Profitability of Joint Venture (MMRPL) | Q1 profit of Rs.0.20 cr | Continued profitability and positive contribution from the JV after 4 years of losses. |
| Progress on New Business Initiatives | Travel portal upgrade, mineral exchange feasibility, TREDs platform, EPR certification platform in development. | Timelines and successful launch/implementation of these new platforms and services. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 87th percentile within Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
113 docs text-extracted · 58 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Services: 87th pctile, median 66 · Micro: 66th pctile, median 73
Evidence depth
Financial-only
113 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
62
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
72
acceptable · quarterly consistency
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.
Continue researching Mstc Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Copy of Newspaper Publication for Notice of 61st Annual General Meeting, E-Voting Information, Book Closure and Record Date.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug - Copy of Newspaper Publication regarding convening of 61st AGM through VC/OAVM.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Newspaper publication of unaudited financial results for the quarter ended 30th June, 2026
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
AnnouncementApr 2026
Apr 2026 · Announcement under Regulation 30 (LODR)-Cessation 15 Apr - Shri Ramesh Kumar Soni ceased as Independent Director effective 15 April 2026 after completing tenure.
Source: Bse
Credit ratingApr 2026
Apr 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 28 Apr - Acuite reaffirmed MSTC’s bank ratings on 28 April 2026 for ₹110 crore facilities.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.