MSTCLTD
Micro CapMstc Limited
Services
MSTC Limited is an Indian government-owned e-commerce service provider, specializing in e-auctions, e-sales, and e-procurement for various commodities and services. It is transitioning to a pure-play digital platform company, exiting its erstwhile trading vertical.
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.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
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 31 Mar 2026
Good · 65/100Rev +34% YoY · PAT +1% YoY · margin expansion · +35% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹119 Cr | +33.7% | +35.2% |
| EBITDA | ₹76 Cr | +43.4% | +52.0% |
| Operating margin | 64.0% | +500 bps | +800 bps |
| PAT | ₹77 Cr | +1.3% | +51.0% |
| PAT margin | 64.7% | -2068 bps | +676 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
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 in FY26. Standalone PAT (without exceptional items) increased 23.07% YoY to INR 221.69 Cr, driven by 17.25% YoY growth in e-commerce revenue, despite an 11.23% YoY decline in total value of goods transacted.
The company's strategic pivot to a pure-play digital platform is progressing, evidenced by strong e-commerce revenue growth and the planned exit from the trading vertical. While the total value of goods transacted declined, the focus on higher-margin service revenue is positive.
Total Revenue by Source (Standalone)
Latest issuer-disclosed distribution across 3 reported categories.
E-commerce Services
E-commerce revenue grew 17.25% YoY to INR 329.72 crore in 2025-26.
E-Procurement Platform
E-Procurement revenue increased by 55.25% YoY to INR 8.43 crore in 2025-26.
Specialized Auction Services
MSTC successfully completed sale of 10 Coal Mine(s) and auctioned 200+ Major Mineral Blocks in 2025-26.
New Digital Products
Developing new platforms for Travel Services and Purchase/Leasing of Machinery, expected to launch shortly.
EPR Trading Platform
MSTC has successfully developed the Electronic Trading Platform (ETP) for trading of EPR certificates. The portal is live and ready, pending formal approval for launch.
Government Mandates for Auctions
CIL has selected MSTC through competitive bidding for Coal Linkage Auctions.
Diversification of Auctioned Goods
Higher Revenue in Scrap Sale(s) & End of Life Power plants contributed significantly. Mineral Sale(s) were also high contributors.
Decline in Total Value of Goods Transacted
Total value of goods traded through MSTC eco-system declined 11.23% YoY to INR 797.37 bn.
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 document primarily presents full-year financial results and operational highlights comparing 2025-26 with 2024-25, making year-over-year comparison most relevant for assessing performance trends.
Revenue from Operations
Revenue from Operations achieved Rs.369.66 Cr is highest in last four years.
Total value of goods transacted
During 2025-26 the Company crossed INR 797.37 bn in terms of value of goods transacted, a YoY decline of 11.23%.
Standalone PAT (Without Exceptional Items)
PAT (Without Exceptional Items) of INR 221.69 crore in 2025-26 vis-à-vis INR 180.13 crore in 2024-25 (23.07% increase YoY).
Standalone EBITDA
EBITDA of INR 307.49 crore in 2025-26 vis-à-vis INR 260.04 crore in 2024-25 (18.25% increase YoY).
Exit from Trading Vertical
MSTC plans to completely exit the erstwhile trading vertical during FY 2026–27, enabling sharper focus on digital platforms, e-commerce services and technology - driven business lines.
Strategic Partnerships
MSTC has entered into an agreement with SBI CAPS for providing comprehensive transaction advisory solutions, including e-auction services, to various clients.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EPR Trading Platform Launch | Portal is live and ready, pending formal approval. | Formal approval and commercial launch of the EPR trading platform. |
| New Digital Products Launch | Platforms for Travel Services and Purchase/Leasing of Machinery are in advanced stages of development. | Timely launch and adoption of new digital platforms. |
| Trading Vertical Exit | Plan to completely exit during FY 2026-27. | Progress and completion of the exit from the trading vertical. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 -2.0% / mo · near 52W high
Technical chart
MSTCLTDweekly · 3Y-14.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 65. Wait for confirmation.
- SMA20 falling (~2.0% over last month) — short-term momentum negative.
- RSI(14) at 65 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 5% off 52W high · 50% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.6%.
- Fair-value margin of safety is positive at 51.2%.
- Quality contributes 16/20 to the score.
Main drags
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; 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: -1 points.
Factor attribution
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 73rd percentile of the scored universe and 78th percentile within Services. Main check: results consistency is weak at 31/100.
Healthy Trust Lite: Promoter holding is 64.8%. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 78th pctile, median 66 · Micro: 60th pctile, median 71
0 documents indexed, 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 14.2%.
- ▸9 years of positive FCF.
Trust risks
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.7%.
- ▸OPM spread across recent quarters is 76%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.80
- P/B
- 3.83
- EV/EBITDA
- 15.69
- Market Cap
- 3448.00Cr
Profitability
- ROE
- 26.60%
- ROCE
- 30.30%
- ROA
- 10.29%
- Dividend Y
- 8.26%
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
- 2.92
- Book Value
- 128.00
Cash Flow
- FCF Yield
- 6.64%
- FCF Positive Y
- 9/5
- OCF
- -28.00 Cr
- EPS TTM
- 31.03
Shareholding
- Promoter Hold
- 64.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.