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 42.0%
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.9%
- Latest quarter profit grew 31.1% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 49.9%
- Company comfortably covers its interest (1842.2x coverage)
- Company has a consistent dividend-paying track record
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (28.5% 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
- Operating margins have contracted to 60.0% from 98.6%
- Contingent liabilities are large at 60.8% of net worth
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ETERNAL | 320.00 | 713.19 | 308811.22 | 0.00 | 92.00 | 268.00 | 20211.00 | 182.00 | 3.29 | 2.94 |
| MEESHO | 216.95 | 70.22 | 100365.86 | 0.00 | -1328.35 | -359.07 | 37128.11 | 1382.83 | -41.16 | -6.05 |
| NYKAA | 343.00 | 383.58 | 98245.31 | 0.00 | 79.76 | 225.95 | 2782.00 | 29.10 | 20.15 | 8.48 |
| SWIGGY | 283.25 | 0.00 | 78185.88 | 0.00 | -791.00 | 33.92 | 6812.00 | 37.31 | -27.59 | -9.56 |
| INDIAMART | 1672.95 | 20.39 | 10061.65 | 3.59 | 172.20 | 12.18 | 414.40 | 11.37 | 28.39 | 31.83 |
| SHIPROCKET | 132.60 | 0.00 | 9647.68 | 0.00 | -137.14 | — | 5920.87 | — | -3.02 | -1.84 |
| FIRSTCRY | 172.65 | 70.72 | 9013.89 | 0.00 | -43.95 | 33.91 | 2106.23 | 13.08 | -0.20 | 2.83 |
| IBULLSLTD | 25.09 | 13.96 | 5851.50 | 0.00 | 1410.20 | 53516.67 | 3594.50 | — | 0.00 | 42.82 |
| MSTCLTD | 760.10 | 22.84 | 5351.10 | 2.07 | 58.22 | 37.50 | 94.24 | 21.71 | 30.28 | 61.36 |
| ISFT | 82.55 | 9.81 | 134.65 | 0.00 | 4.54 | 10.85 | 139.63 | 8.25 | 6.12 | 3.50 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 82 | 81 | 71 | 82 | 69 | 72 | 81 | 89 | 77 | 85 | 88 | 119 | 94 | |
| 28 | 31 | 36 | 133 | 29 | 32 | 32 | 44 | 32 | 33 | 37 | 44 | 39 | |
| Operating Profit | 54 | 51 | 35 | -51 | 40 | 40 | 49 | 44 | 46 | 52 | 51 | 75 | 55 |
| OPM % | 65.56% | 62.39% | 49.75% | -61.91% | 57.81% | 56.10% | 60.11% | 49.97% | 58.96% | 60.63% | 57.64% | 62.74% | 58.12% |
| 18 | 40 | 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 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 3 | 3 | 3 | 3 |
| Profit before Tax | 71 | 88 | 58 | 68 | 54 | 57 | 337 | 55 | 60 | 66 | 66 | 103 | 79 |
| Tax % | 36.83% | 22.53% | 31.75% | 71.24% | 25.73% | 24.55% | 25.17% | -21.79% | 25.67% | 25.71% | 21.17% | 26.69% | 25.99% |
| Net Profit | 45 | 69 | 39 | 20 | 40 | 43 | 252 | 67 | 44 | 49 | 52 | 76 | 58 |
| 6.33 | 9.73 | 5.59 | 2.77 | 5.75 | 6.11 | 35.86 | 9.53 | 6.30 | 6.98 | 7.45 | 10.77 | 8.26 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,429 | 1,946 | 2,927 | 831 | 428 | 471 | 325 | 316 | 311 | 370 | 386 | |
| 1,322 | 2,261 | 3,172 | 732 | 514 | 522 | 178 | 227 | 137 | 148 | 155 | |
| Operating Profit | 107 | -315 | -245 | 98 | -87 | -51 | 147 | 89 | 174 | 222 | 232 |
| OPM % | 7.48% | -16.18% | -8.38% | 11.83% | -20.24% | -10.91% | 45.19% | 28.21% | 55.82% | 60.04% | 59.98% |
| 69 | 513 | 42 | 62 | 211 | 279 | 173 | 203 | 340 | 84 | 91 | |
| Interest | 78 | 85 | 64 | 28 | 8 | 3 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 5 | 6 | 7 | 9 | 10 | 11 |
| Profit before Tax | 97 | 112 | -269 | 129 | 115 | 220 | 313 | 284 | 504 | 296 | 315 |
| Tax % | 32.27% | 31.33% | -20.53% | 41.92% | 11.87% | 9.09% | 23.69% | 39.56% | 20.03% | 25.03% | 25.14% |
| Net Profit | 65 | 77 | -324 | 75 | 101 | 200 | 239 | 172 | 403 | 222 | 235 |
| EPS | 37.18 | 10.89 | -46.09 | 10.68 | 14.36 | 28.42 | 33.98 | 24.42 | 57.24 | 31.49 | — |
| Dividend Payout % | 44.65% | 33.99% | 0.00% | 30.89% | 30.65% | 45.40% | 44.14% | 63.47% | 70.75% | 49.86% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -19%
- 5 Years:
- -3%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 17%
- 3 Years:
- -3%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 19%
- 3 Years:
- 20%
- 1 Year:
- 39%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 41%
- 3 Years:
- 37%
- Last Year:
- 27%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 499 | 528 | 138 | 209 | 285 | 395 | 524 | 594 | 681 | 850 | |
| 695 | 770 | 614 | 239 | 161 | 161 | 160 | 160 | 159 | 159 | |
| Trade Payables | 2,526 | 2,552 | 905 | 592 | 381 | 161 | 120 | 118 | 123 | 126 |
| 1,077 | 1,167 | 1,066 | 1,044 | 1,134 | 1,028 | 1,681 | 1,287 | 1,551 | 1,315 | |
| Total Liabilities | 4,816 | 5,052 | 2,793 | 2,154 | 2,031 | 1,816 | 2,555 | 2,229 | 2,585 | 2,521 |
| 5 | 4 | 13 | 16 | 14 | 69 | 66 | 69 | 65 | 206 | |
| Capital Work in Progress | 0 | 6 | 20 | 29 | 50 | 0 | 0 | 0 | 0 | 0 |
| 19 | 26 | 34 | 34 | 38 | 44 | 46 | 46 | 25 | 28 | |
| 71 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 317 | 310 | 227 | |
| Cash & Bank | 449 | 506 | 339 | 171 | 720 | 735 | 1,439 | 1,030 | 1,359 | 1,328 |
| 4,272 | 4,510 | 2,386 | 1,904 | 1,208 | 967 | 1,004 | 769 | 827 | 732 | |
| Total Assets | 4,816 | 5,052 | 2,793 | 2,154 | 2,031 | 1,816 | 2,555 | 2,229 | 2,585 | 2,521 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -450 | 105 | 99 | 264 | 676 | 96 | 826 | -283 | 260 | -28 | |
| Cash from Investing | 305 | 57 | 104 | 231 | -10 | 25 | -475 | -272 | 165 | 257 |
| Cash from Financing | 15 | -98 | -210 | -231 | -107 | -98 | -119 | -96 | -289 | -54 |
| -171 | 29 | -46 | 234 | 548 | -2 | 187 | -651 | 136 | 176 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
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