MSTC logo

MSTC

MSTCLTD NSE

Key Fundamentals

MicrocapTrading & DistributorsCommercial Services
Market Cap
₹5,298 Cr
Volatility
Moderate
P/E Ratio
22.19
EBITDA
₹308 Cr
Return on Equity
24.16%
Debt to Equity
0.16
Book Value
₹128.4
EPS
₹30.63
52W High
₹805
52W Low
₹362.15

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 21.3%
  • Company has been maintaining a healthy dividend payout of 62.2%

Weaknesses

3
  • The company has delivered a poor sales growth of -13.9% over past five years.
  • Earnings include an other income of Rs.91.0 Cr.
  • Company has high debtors of 224 days.

Growth Rate

Revenue Growth
16.9% higher than 3Y
Net Income Growth
-46.35% lower than 3Y
Cash Flow Change
-111% lower than 3Y
ROE
-56.18% lower than 3Y
ROCE
-52.64% lower than 3Y
EBITDA Margin (Avg.)
1.13% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

MSTC Ltd is a government-owned e-commerce and trading company with a market cap of Rs.4,334 Cr, trading at a PE of 19.5x and PB of 4.7x. The company delivers strong return on equity (3-year ROE of 26%) and maintains a healthy dividend payout of 54.1%, but faces persistent revenue decline with a 5-year sales CAGR of -14% and elevated debtor days of 224.

Bull Case 7
  • Strong return on equity with 3-year ROE of 26% and 5-year ROE of 29%, indicating efficient capital deployment
  • Healthy dividend payout ratio of 54.1% with a current dividend yield of 1.26%, reflecting shareholder-friendly capital allocation
  • Last year ROE of 27% shows consistency in profitability metrics without deterioration
  • TTM sales growth of 19% indicates a potential reversal of the multi-year revenue decline trend
  • Compounded profit growth of 14% over 5 years demonstrates ability to grow earnings despite revenue headwinds
  • 10-year compounded profit growth of 11% shows long-term earnings resilience across business cycles
  • Stock CAGR of 27% over 1 year and 16% over 5 years suggests market recognition of improving fundamentals
Bear Case 8
  • Severe revenue decline with 5-year compounded sales CAGR of -14% and 10-year sales CAGR of -19%, indicating structural shrinkage
  • High debtor days of 224 days signals significant working capital stress and potential collection risk
  • Other income of Rs.83.4 Cr forms a material portion of earnings, raising concerns about core operating profit quality
  • 3-year compounded sales decline of -20% shows the revenue erosion has accelerated in recent years
  • 3-year compounded profit CAGR of -3% shows earnings have not grown over the medium term despite high ROE
  • Price-to-book ratio of 4.7x is elevated for a company with declining revenues, limiting margin of safety
  • PE of 19.5x needs to be viewed against TTM profit growth of only 11%, resulting in a PEG above 1.7x
  • Dependence on government contracts and e-auction volumes exposes the business to policy and cyclical risks with limited diversification visibility

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Neutral 3
  • MoA altered for travel business Jul 12

    Board approved alteration of Memorandum of Association on July 10, 2026 to include travel agency and tour operator businesses, subject to shareholder consent via postal ballot.

  • Shareholder vote on tourism entry Jul 27

    MSTC issued a Postal Ballot Notice seeking Special Resolution approval from shareholders to formally add travel and tourism as a new business clause in its MoA.

  • Two independent directors appointed Jul 15

    Siraiong Singpho and Niwas Mandal appointed as independent directors for three years effective July 18, 2026, following Ministry of Steel orders dated July 14, 2026.

TL;DR: MSTC's recent newsflow is entirely governance and diversification-related with no earnings or operational catalysts. The company is seeking to enter travel and tourism, a non-core area for a commercial services PSU, which is neither clearly positive nor negative until execution details emerge. Board refreshment with two new independent directors is routine. The near-term outlook depends on core e-commerce and scrap auction volumes rather than these procedural developments.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
179
81
185
199
69
72
81
89
77
85
88
119
94
Expenses
114
33
123
232
30
33
34
36
34
35
39
43
37
Operating Profit
65
48
62
-33
39
39
47
53
44
50
50
76
58
OPM %
36%
60%
34%
-17%
56%
54%
58%
59%
56%
59%
56%
64%
61%
Other Income
21
29
19
147
17
19
291
13
16
17
18
32
24
Interest
0
2
0
0
0
0
0
0
0
0
0
0
0
Depreciation
5
0
7
6
2
3
2
2
2
3
3
3
3
PBT
81
75
75
107
53
55
336
64
58
65
65
105
79
Tax %
37%
26%
33%
55%
26%
25%
25%
-19%
27%
26%
22%
26%
26%
Net Profit
51
55
50
48
39
41
251
76
42
48
51
77
58
EPS in Rs
7.19
7.86
7.1
6.88
5.58
5.89
35.63
10.73
6.01
6.75
7.3
10.97
8.27
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,689
3,225
1,739
2,265
3,292
1,231
780
876
721
316
311
370
386
Expenses
5,525
3,386
1,603
2,578
3,498
1,083
831
867
528
234
133
150
153
Operating Profit
164
-161
136
-313
-206
148
-51
9
193
82
178
220
233
OPM %
2.9%
-5%
8%
-14%
-6%
12%
-7%
1%
27%
26%
57%
59%
60%
Other Income
90
83
137
528
48
65
214
247
158
203
340
83
91
Interest
93
104
78
85
65
30
8
3
0
0
0
0
0
Depreciation
8
12
12
12
15
17
19
21
22
7
9
10
11
PBT
152
-194
183
117
-237
167
136
233
329
278
508
292
313
Tax %
32%
27%
24%
34%
29%
42%
17%
15%
26%
41%
20%
25%
—
Net Profit
103
-247
139
77
-307
97
113
199
242
165
407
218
234
EPS in Rs
118
-281
79.06
21.94
-43.62
13.78
16.05
28.28
34.37
23.44
57.82
31.03
33.29
Div. Payout %
18%
-7%
25%
34%
-17%
0%
27%
46%
44%
66%
70%
51%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
9
9
18
35
70
70
70
70
70
70
70
70
Reserves
829
306
388
696
318
404
488
584
716
577
668
834
Borrowings
1,106
653
688
766
615
259
154
150
145
145
145
145
Other Liabilities
4,082
3,194
3,505
3,607
1,826
1,469
1,536
1,211
1,758
1,030
1,235
962
Total Liabilities
6,026
4,162
4,600
5,104
2,829
2,201
2,249
2,015
2,690
1,822
2,118
2,011
Fixed Assets
73
62
66
69
83
96
89
142
141
68
65
206
CWIP
2
4
2
10
23
29
52
0
0
0
0
0
Investments
0
0
3
9
14
11
14
21
19
28
12
12
Other Assets
5,951
4,096
4,529
5,015
2,708
2,065
2,093
1,853
2,529
1,725
2,042
1,792
Total Assets
6,026
4,162
4,600
5,104
2,829
2,201
2,249
2,015
2,690
1,822
2,118
2,011
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-150
116
-519
21
101
222
681
170
844
-283
260
-28
Investing
72
68
377
84
60
255
11
-72
-551
-272
165
257
Financing
233
-476
12
-94
-217
-233
-107
-98
-119
-96
-289
-54
Net Cash Flow
154
-292
-130
11
-56
245
585
0
175
-651
136
176
Free Cash Flow
-165
112
-534
-3
67
187
647
148
811
-390
236
-50
CFO/OP
-41
-100
-342
-22
-73
173
-1,379
2,309
469
-270
185
7
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
266
292
726
642
207
434
416
228
235
366
363
224
Inventory Days
11
3
22
1
1
4
10
12
35
—
—
—
Days Payable
213
291
761
598
134
388
722
356
903
—
—
—
Cash Conversion Cycle
64
3
-13
45
74
50
-295
-116
-634
366
363
224
Working Capital Days
24
-50
-105
-35
-47
-38
-304
-249
-599
-894
-1,154
-789
ROCE %
14%
-6%
25%
16%
-14%
23%
20%
31%
38%
32%
29%
30%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs1.28%Promot.64.75%FIIs4.92%Others6.25%Public22.81%As ofJun 2026

Documents

Frequently Asked Questions about MSTC

What does MSTC Ltd do?
MSTC (Metal Scrap Trade Corporation) Ltd is a Mini-Ratna Category-I PSU of GoI and was set up in September 1964 for regulating export of ferrous scrap from India. Currently, the company is under the Ministry of Steel, GoI and is engaged in trading items and e-commerce services, e-auctions and e-p...
Where is MSTC Ltd (MSTCLTD) listed?
MSTC Ltd trades as MSTCLTD on the NSE and under code 542597 on the BSE.
Which sector does MSTC Ltd belong to?
MSTC Ltd is classified under the Commercial Services sector, in the Trading & Distributors industry.
What is the market capitalisation of MSTC Ltd?
MSTC Ltd has a market capitalisation of ₹5,298 Cr, which places it in the Mid Cap band.
What is the PE ratio of MSTC Ltd?
MSTC Ltd trades at a PE ratio of 22.19, on earnings per share of ₹30.63, against a book value of ₹128.4 per share.
What is the 52-week high and low of MSTC Ltd?
Over the last 52 weeks MSTC Ltd has traded between ₹362.15 and ₹805.
Does MSTC Ltd pay dividends?
MSTC Ltd has a dividend yield of 2.13%.
What is the Return on Equity (ROE) of MSTC Ltd?
MSTC Ltd reported a return on equity of 24.16%. Its debt-to-equity ratio is 0.16.

Company Information

MSTC (Metal Scrap Trade Corporation) Ltd is a Mini-Ratna Category-I PSU of GoI and was set up in September 1964 for regulating export of ferrous scrap from India. Currently, the company is under the Ministry of Steel, GoI and is engaged in trading items and e-commerce services, e-auctions and e-procurement services.[1]

Website mstcindia.co.in
CEO Mr. Manobendra Ghoshal
Employees 299
Listed 2019-03-29
Face Value ₹ 10
Issued Size 7,04,00,000

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