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MSTC Ltd.

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mstcindia.co.inBSE: 542597NSE: MSTCLTD
Market Cap₹ 5,351 Cr.
Current Price
High / Low₹ 805 / 362
Stock P/E22.7
Book Value₹ 139
Price to Book2.80
Dividend Yield2.07 %
ROCE30.2 %
ROE26.5 %
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 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

ServicesRetailinge-Commerce
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.ETERNAL320.00713.19308811.220.0092.00268.0020211.00182.003.292.94
2.MEESHO216.9570.22100365.860.00-1328.35-359.0737128.111382.83-41.16-6.05
3.NYKAA343.00383.5898245.310.0079.76225.952782.0029.1020.158.48
4.SWIGGY283.250.0078185.880.00-791.0033.926812.0037.31-27.59-9.56
5.INDIAMART1672.9520.3910061.653.59172.2012.18414.4011.3728.3931.83
6.SHIPROCKET132.600.009647.680.00-137.14—5920.87—-3.02-1.84
7.FIRSTCRY172.6570.729013.890.00-43.9533.912106.2313.08-0.202.83
8.IBULLSLTD25.0913.965851.500.001410.2053516.673594.50—0.0042.82
9.MSTCLTD760.1022.845351.102.0758.2237.5094.2421.7130.2861.36
10.ISFT82.559.81134.650.004.5410.85139.638.256.123.50
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
828171826972818977858811994
283136133293232443233374439
Operating Profit545135-51404049444652517555
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%
1840241211719291131617183224
Interest0000000000000
Depreciation2222232223333
Profit before Tax7188586854573375560666610379
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 Profit456939204043252674449527658
6.339.735.592.775.756.1135.869.536.306.987.4510.778.26

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,4291,9462,927831428471325316311370386
1,3222,2613,172732514522178227137148155
Operating Profit107-315-24598-87-5114789174222232
OPM %7.48%-16.18%-8.38%11.83%-20.24%-10.91%45.19%28.21%55.82%60.04%59.98%
6951342622112791732033408491
Interest788564288300000
Depreciation1112256791011
Profit before Tax97112-269129115220313284504296315
Tax %32.27%31.33%-20.53%41.92%11.87%9.09%23.69%39.56%20.03%25.03%25.14%
Net Profit6577-32475101200239172403222235
EPS37.1810.89-46.0910.6814.3628.4233.9824.4257.2431.49—
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

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
499528138209285395524594681850
695770614239161161160160159159
Trade Payables2,5262,552905592381161120118123126
1,0771,1671,0661,0441,1341,0281,6811,2871,5511,315
Total Liabilities4,8165,0522,7932,1542,0311,8162,5552,2292,5852,521
5413161469666965206
Capital Work in Progress0620295000000
19263434384446462528
71000000000
0000000317310227
Cash & Bank4495063391717207351,4391,0301,3591,328
4,2724,5102,3861,9041,2089671,004769827732
Total Assets4,8165,0522,7932,1542,0311,8162,5552,2292,5852,521

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-4501059926467696826-283260-28
Cash from Investing30557104231-1025-475-272165257
Cash from Financing15-98-210-231-107-98-119-96-289-54
-17129-46234548-2187-651136176

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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