MSTC Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • E-Commerce: 91.1% • Marketing: 5.6% • Others: 3.3%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company has a healthy return on capital (ROCE) of 41.1%
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.1%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 37.5% YoY, showing strong momentum
- Operating margins have improved to 60.4% from 49.1%
- Company has been maintaining a healthy dividend payout of 50.6%
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (28.8% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.06x)
- Company's sales have been declining over the last five years
- Contingent liabilities are large at 61.9% of net worth
- Valuation is stretched - P/E of 22.2 is well above its own 5-year median (11.8)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ETERNAL | 323.00 | 719.88 | 311706.33 | 0.00 | 92.00 | 268.00 | 20211.00 | 182.00 | 3.29 | 2.94 |
| MEESHO | 216.60 | 70.11 | 100203.94 | 0.00 | -1328.35 | -359.07 | 37128.11 | 1382.83 | -41.16 | -6.05 |
| NYKAA | 343.20 | 383.80 | 98302.60 | 0.00 | 79.76 | 225.95 | 2782.00 | 29.10 | 20.15 | 8.48 |
| SWIGGY | 277.90 | 0.00 | 76709.11 | 0.00 | -791.00 | 33.92 | 6812.00 | 37.31 | -27.59 | -9.56 |
| INDIAMART | 1698.15 | 20.70 | 10213.21 | 3.53 | 172.20 | 12.18 | 414.40 | 11.37 | 28.39 | 31.83 |
| SHIPROCKET | 134.05 | 0.00 | 9753.18 | 0.00 | -137.14 | — | 5920.87 | — | -3.02 | -1.84 |
| FIRSTCRY | 168.60 | 69.07 | 8802.45 | 0.00 | -43.95 | 33.91 | 2106.23 | 13.08 | -0.20 | 2.83 |
| IBULLSLTD | 25.89 | 14.41 | 6038.08 | 0.00 | 1410.20 | 53516.67 | 3594.50 | — | 0.00 | 42.82 |
| MSTCLTD | 738.05 | 22.18 | 5195.87 | 2.13 | 58.22 | 37.50 | 94.24 | 21.71 | 30.28 | 61.36 |
| ISFT | 79.38 | 9.44 | 129.48 | 0.00 | 4.54 | 10.85 | 139.63 | 8.25 | 6.12 | 3.50 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 179 | 81 | 71 | 82 | 69 | 72 | 81 | 89 | 77 | 85 | 88 | 119 | 94 | |
| 113 | 31 | 36 | 133 | 29 | 32 | 32 | 34 | 32 | 33 | 37 | 43 | 39 | |
| Operating Profit | 66 | 51 | 35 | -51 | 40 | 40 | 49 | 54 | 46 | 52 | 51 | 76 | 55 |
| OPM % | 37.15% | 62.39% | 49.75% | -61.91% | 57.81% | 56.10% | 60.11% | 61.29% | 58.96% | 60.63% | 57.64% | 63.95% | 58.12% |
| 21 | 20 | 24 | 121 | 17 | 19 | 291 | 13 | 16 | 17 | 18 | 32 | 24 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 3 | 3 | 3 | 3 |
| Profit before Tax | 82 | 69 | 58 | 68 | 54 | 57 | 337 | 65 | 60 | 66 | 66 | 105 | 79 |
| Tax % | 36.62% | 28.77% | 31.75% | 71.24% | 25.73% | 24.55% | 25.17% | -18.42% | 25.67% | 25.71% | 21.17% | 26.33% | 25.95% |
| Net Profit | 0 | 0 | 0 | 0 | 619 | 56 | 251 | 76 | 42 | 48 | 51 | 77 | 58 |
| 7.19 | 6.69 | 5.26 | 2.60 | 5.58 | 5.89 | 35.63 | 10.73 | 6.01 | 6.75 | 7.30 | 10.97 | 8.27 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,739 | 2,265 | 3,292 | 1,231 | 780 | 876 | 721 | 316 | 311 | 370 | 386 | |
| 1,602 | 2,577 | 3,495 | 1,080 | 831 | 867 | 525 | 227 | 127 | 146 | 153 | |
| Operating Profit | 137 | -312 | -203 | 151 | -50 | 9 | 196 | 89 | 184 | 223 | 233 |
| OPM % | 7.87% | -13.75% | -6.17% | 12.26% | -6.44% | 1.04% | 27.13% | 28.21% | 59.06% | 60.43% | 60.35% |
| 137 | 528 | 48 | 65 | 214 | 247 | 158 | 203 | 340 | 84 | 91 | |
| Interest | 78 | 85 | 65 | 30 | 8 | 3 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 12 | 12 | 15 | 17 | 19 | 21 | 22 | 7 | 9 | 10 | 11 |
| Profit before Tax | 183 | 117 | -237 | 167 | 136 | 233 | 329 | 278 | 508 | 292 | 316 |
| Tax % | 23.87% | 34.08% | -29.34% | 41.82% | 16.87% | 14.51% | 26.50% | 40.54% | 19.87% | 25.31% | 25.02% |
| Net Profit | 139 | 77 | -307 | 97 | 113 | 199 | 242 | 165 | 407 | 218 | 237 |
| EPS | 79.06 | 10.97 | -43.62 | 13.78 | 16.05 | 28.28 | 34.37 | 23.44 | 57.82 | 31.03 | — |
| Dividend Payout % | 21.00% | 33.73% | 0.00% | 23.95% | 27.42% | 45.61% | 43.64% | 66.12% | 70.04% | 50.60% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -19%
- 5 Years:
- -14%
- 3 Years:
- -20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 14%
- 3 Years:
- -3%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 20%
- 3 Years:
- 22%
- 1 Year:
- 37%
RETURN ON EQUITY
- 10 Years:
- 22%
- 5 Years:
- 35%
- 3 Years:
- 36%
- Last Year:
- 27%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 35 | 70 | 70 | 70 | 70 | 70 | 70 | 70 | 70 |
| 388 | 696 | 318 | 404 | 488 | 584 | 716 | 577 | 668 | 834 | |
| 695 | 775 | 624 | 266 | 161 | 161 | 160 | 160 | 159 | 159 | |
| Trade Payables | 2,560 | 2,604 | 952 | 654 | 431 | 209 | 159 | 118 | 123 | 126 |
| 1,238 | 1,333 | 1,241 | 1,245 | 1,329 | 1,251 | 1,922 | 1,287 | 1,551 | 1,315 | |
| Total Liabilities | 4,899 | 5,442 | 3,205 | 2,639 | 2,479 | 2,275 | 3,027 | 2,212 | 2,572 | 2,505 |
| 66 | 69 | 83 | 96 | 89 | 142 | 141 | 69 | 65 | 206 | |
| Capital Work in Progress | 2 | 10 | 23 | 29 | 52 | 0 | 0 | 0 | 0 | 0 |
| 3 | 9 | 14 | 11 | 14 | 21 | 19 | 28 | 12 | 12 | |
| 74 | 4 | 6 | 7 | 5 | 6 | 5 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 317 | 310 | 227 | |
| Cash & Bank | 489 | 555 | 417 | 233 | 760 | 821 | 1,601 | 1,030 | 1,359 | 1,328 |
| 4,265 | 4,795 | 2,662 | 2,262 | 1,559 | 1,286 | 1,261 | 769 | 827 | 732 | |
| Total Assets | 4,899 | 5,442 | 3,205 | 2,639 | 2,479 | 2,275 | 3,027 | 2,212 | 2,572 | 2,505 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -466 | 68 | 150 | 257 | 705 | 210 | 905 | -283 | 260 | -28 | |
| Cash from Investing | 377 | 84 | 60 | 255 | 11 | -72 | -551 | -272 | 165 | 257 |
| Cash from Financing | 12 | -94 | -217 | -233 | -107 | -98 | -119 | -96 | -289 | -54 |
| -130 | 11 | -56 | 245 | 585 | 0 | 175 | -651 | 136 | 176 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Mstc Limited has informed the Exchange regarding Appointment of M/s. Mookherjee Biswas & Pathak as Statutory Auditors of the company for the FY 2026-27.
2026-09-02 - Mstc Limited has informed the Exchange about Copy of Newspaper Publication for Notice of 61st AGM, E-Voting, Book Closure and Record Date.
2026-09-01 - Mstc Limited has informed the Exchange about intimation of Book Closure for the purpose of AGM and payment of final dividend, if any, for FY 2025-26
2026-09-01 - Mstc Limited has informed the Exchange that Record date for the purpose of Final Dividend for FY 2025-26 is 17-Sep-2026.
2026-09-01 - Mstc Limited has informed the Exchange regarding Notice of 61st Annual General Meeting to be held on September 24, 2026
2026-08-28 - Mstc Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
2026-08-28 - Mstc Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
2026-08-27 - Mstc Limited has informed the Exchange about imposition of fine by NSE and BSE.
2026-08-20 - Mstc Limited has informed the Exchange about Copy of Newspaper Publication regarding convening of 61st AGM through VC/OAVM.
News
Recent coverage and analyst commentary for MSTCLTD
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