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MSTC Ltd.

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mstcindia.co.inBSE: 542597NSE: MSTCLTD
Market Cap₹ 5,196 Cr.
Current Price
High / Low₹ 805 / 362
Stock P/E22.2
Book Value₹ 137
Price to Book2.85
Dividend Yield2.13 %
ROCE30.3 %
ROE26.6 %
Face Value₹ 10

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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 GENERATED

Services

Buy

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.

Confidence
72%
View full sector analysis →

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

ServicesRetailinge-Commerce
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.ETERNAL323.00719.88311706.330.0092.00268.0020211.00182.003.292.94
2.MEESHO216.6070.11100203.940.00-1328.35-359.0737128.111382.83-41.16-6.05
3.NYKAA343.20383.8098302.600.0079.76225.952782.0029.1020.158.48
4.SWIGGY277.900.0076709.110.00-791.0033.926812.0037.31-27.59-9.56
5.INDIAMART1698.1520.7010213.213.53172.2012.18414.4011.3728.3931.83
6.SHIPROCKET134.050.009753.180.00-137.14—5920.87—-3.02-1.84
7.FIRSTCRY168.6069.078802.450.00-43.9533.912106.2313.08-0.202.83
8.IBULLSLTD25.8914.416038.080.001410.2053516.673594.50—0.0042.82
9.MSTCLTD738.0522.185195.872.1358.2237.5094.2421.7130.2861.36
10.ISFT79.389.44129.480.004.5410.85139.638.256.123.50
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1798171826972818977858811994
1133136133293232343233374339
Operating Profit665135-51404049544652517655
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%
2120241211719291131617183224
Interest0000000000000
Depreciation5222232223333
Profit before Tax8269586854573376560666610579
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 Profit000061956251764248517758
7.196.695.262.605.585.8935.6310.736.016.757.3010.978.27

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,7392,2653,2921,231780876721316311370386
1,6022,5773,4951,080831867525227127146153
Operating Profit137-312-203151-50919689184223233
OPM %7.87%-13.75%-6.17%12.26%-6.44%1.04%27.13%28.21%59.06%60.43%60.35%
13752848652142471582033408491
Interest788565308300000
Depreciation12121517192122791011
Profit before Tax183117-237167136233329278508292316
Tax %23.87%34.08%-29.34%41.82%16.87%14.51%26.50%40.54%19.87%25.31%25.02%
Net Profit13977-30797113199242165407218237
EPS79.0610.97-43.6213.7816.0528.2834.3723.4457.8231.03—
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

Corporate actions

2026

Sep 17

₹ 0.81

Rs.8.1000 per share(81%)Final Dividend

2026

Feb 18

₹ 0.76

Rs.7.6000 per share(76%)Interim Dividend

2025

Apr 2

₹ 0.45

Rs.4.5000 per share(45%)Interim Dividend

2025

Feb 14

₹ 3.20

Rs.32.0000 per share(320%)Interim Dividend

2024

Nov 22

₹ 0.40

Rs.4.0000 per share(40%)Interim Dividend

2024

Sep 10

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2024

Feb 20

₹ 0.50

Rs.5.0000 per share(50%)Interim Dividend

2023

Nov 16

₹ 0.55

Rs.5.5000 per share(55%)Interim Dividend

2023

Sep 12

₹ 0.32

Rs.3.2000 per share(32%)Final Dividend

2023

Feb 22

₹ 0.63

Rs.6.3000 per share(63%)Interim Dividend

2022

Nov 18

₹ 0.55

Rs.5.5000 per share(55%)Interim Dividend

2022

Sep 15

₹ 0.44

Rs.4.4000 per share(44%)Final Dividend

2022

Feb 22

₹ 0.65

Rs.6.5000 per share (65%) Second Interim Dividend

2021

Nov 22

₹ 0.20

Interim Dividend

2021

Sep 17

₹ 0.44

Rs.4.4000 per share(44%)Final Dividend

2020

Sep 16

₹ 0.33

Rs.3.3000 per share(33%)Dividend

2026

Sep 2

₹ 0.81

Rs.8.1000 per share(81%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital18357070707070707070
388696318404488584716577668834
695775624266161161160160159159
Trade Payables2,5602,604952654431209159118123126
1,2381,3331,2411,2451,3291,2511,9221,2871,5511,315
Total Liabilities4,8995,4423,2052,6392,4792,2753,0272,2122,5722,505
66698396891421416965206
Capital Work in Progress21023295200000
391411142119281212
74467565000
0000000317310227
Cash & Bank4895554172337608211,6011,0301,3591,328
4,2654,7952,6622,2621,5591,2861,261769827732
Total Assets4,8995,4423,2052,6392,4792,2753,0272,2122,5722,505

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-46668150257705210905-283260-28
Cash from Investing377846025511-72-551-272165257
Cash from Financing12-94-217-233-107-98-119-96-289-54
-13011-562455850175-651136176

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
64.7564.7564.7564.7564.7564.7564.7564.7564.75
5.766.216.185.475.374.063.803.934.91
1.941.631.661.681.341.221.221.201.29
Government0.000.000.000.000.000.000.000.000.00
27.5627.4027.4028.1028.5429.9730.2230.1129.05

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Appointment

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
Copy of Newspaper Publication

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
General Updates

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
Record Date

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
Shareholders meeting

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
Amendment to AOA/MOA

2026-08-28 - Mstc Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.

2026-08-28
Shareholders meeting

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
General Updates

2026-08-27 - Mstc Limited has informed the Exchange about imposition of fine by NSE and BSE.

2026-08-20
Copy of Newspaper Publication

2026-08-20 - Mstc Limited has informed the Exchange about Copy of Newspaper Publication regarding convening of 61st AGM through VC/OAVM.

News

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