Mstc Limited (MSTCLTD) · mywealthgrid

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About

MSTC Limited operates in trading and distribution within commercial services and supplies, a segment of the industrials sector. With a market cap of ₹4,388.74 Cr and recent quarterly revenue growing from ₹77.43 Cr to ₹118.8 Cr, the company maintains exceptionally high operating margins (60.63%) and low financial leverage (D/E 0.16).

Face value: ₹10

Market cap

₹4,969 Cr

P/E

21.2×

P/B

5.5×

Dividend yield

2.2%

ROE

26.6%

ROCE

34.9%

Debt / equity

0.16

OPM

60.6%

EPS (TTM)

₹33.3

Book value

₹128.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation: PE of 20.09 prices in strong growth; verify whether recent 29.92% annual returns have fully reflected earnings quality or if margin sustainability justifies the multiple.
Margin compression: Operating margins of 60%+ are significantly above typical commercial services averages; a decline from peak levels would materially impact profitability given the thin embedded revenue base.
Customer or product concentration: revenue per quarter (₹77–119 Cr) is relatively modest; verify whether the business depends on a small number of counterparties or trading flows, which would amplify downside risk.
Institutional underweight: FII holding at 4.92% and DII at 1.28% is low relative to market participation; verify whether this reflects deliberate avoidance, illiquidity, or a genuine information gap.

Generated analysis · source review pending

Growth drivers

Revenue expansion has accelerated over recent quarters (₹77.43 Cr in Jun 2025 to ₹118.8 Cr in Mar 2026), growing 53% year-over-year; verify whether this reflects underlying demand recovery in the trading/distribution sector or one-time flows.
EPS growth tracking and exceeding revenue growth (₹6.01 in Jun 2025 to ₹10.97 in Mar 2026, up 82% versus 53% revenue growth) suggests stable-to-improving cost structure; verify whether operational leverage is sustainable or driven by lower tax rates or finance costs rather than margin expansion.
ROE of 26.6% combined with D/E of 0.16 provides substantial capital-deployment headroom; verify whether reinvestment opportunities or acquisition capacity exist to sustain growth without increasing financial leverage.

Generated analysis · source review pending

1,850 historical price candles were omitted because the exchange source has not been verified.

₹705.8-1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 33.7% (3-yr avg)
+High return on capital employed of 33.3%
+Healthy operating margin of 60.6%
+Dividend payout of 47.2% of profit
+High promoter holding of 64.8% with no pledge

Cons

−Revenue shrank over the last 5 years (-13.9% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

66/100

Business quality: 94
Growth: 47
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,231	780	876	721	751	311	370
COGS	615	218	214	64	63	0	0
Gross profit	616	563	662	657	688	—	—
	469	615	653	464	534	133	150
	147	-52	9	193	154	178	219
OPM %	12%	-6.7%	1.1%	26.8%	20.5%	57.1%	59.4%
Depreciation	17	19	21	22	24	9	10
Interest	29	7	3	0	0	0	0
	65	214	247	158	211	340	83
Profit before tax	167	136	233	329	340	508	292
Tax	70	23	34	87	136	101	74
Tax %	41.8%	16.9%	14.5%	26.5%	39.9%	19.9%	25.3%
	97	113	199	242	204	407	218
PAT margin %	7.9%	14.5%	22.7%	33.6%	27.2%	130.9%	59.1%
EPS (₹)	13.8	16.1	28.3	34.4	29	57.8	31
EPS adjusted (₹)	13.8	16.1	28.3	34.4	29	57.8	31
	23.9%	27.4%	45.6%	43.6%	53.4%	62.3%	65.1%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	9	9	70	70	70	70	70	70	70
Reserves	595	646	404	488	584	716	819	668	834
	1,106	653	259	154	150	145	145	145	145
	4,060	3,194	1,469	1,535	1,210	1,757	1,215	1,235	962
Total equity & liabilities	5,769	4,503	2,201	2,248	2,014	2,688	2,249	2,118	2,011
	65	66	89	89	142	134	143	58	199
CWIP	—	—	29	52	0	0	0	0	0
Investments	—	—	11	14	21	19	13	12	12
	5,705	4,437	2,072	2,092	1,852	2,535	2,093	2,049	1,800
Total assets	5,769	4,503	2,201	2,248	2,014	2,688	2,249	2,118	2,011

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
E-commerce	412.53	409.2	0	0
Marketing	25.47	25.38	0	0
Others (unallocable)	15.03	-142.14

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	50%	72.1%	75.6%	91.1%	91.6%	—	—
EBITDA margin %	12.2%	-6.5%	1%	27.1%	21.5%	59%	60.6%
EBIT margin %	10.8%	-8.9%	-1.4%	24.1%	18.2%	56.1%	57.8%
PAT margin %	7.9%	14.5%	22.7%	33.6%	27.2%	130.9%	59.1%
Working capital
Receivable days	434	416	228	235	252	363	224
Inventory days	4	9	10	29	31	0	0
Payable days	—	722	356	1,108	968	353	316
NWC days	—	-297	-117	-844	-684	11	-92
Leverage
Current ratio	1.06	1.07	1.18	1.24	1.39	1.28	1.49
Debt to EBITDA	1.72	—	16.84	0.74	0.9	0.79	0.65
Debt to equity	0.55	0.28	0.23	0.18	0.16	0.2	0.16
Interest coverage	6.9	20.1	89.8	3,688	847.5	1,394.2	—
Asset turnover	0.56	0.35	0.44	0.27	0.33	0.15	0.18
Return ratios
Return on assets %	4.4%	5%	9.9%	9%	9.1%	19.2%	10.9%
Return on capital employed %	34.9%	23.4%	32.9%	40%	36.8%	28.4%	34.9%
Return on equity %	20.5%	20.2%	30.4%	30.8%	23%	55.1%	24.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.75%	64.75%	64.75%	64.75%	64.75%	64.75%	64.75%	64.75%	64.75%	64.75%	64.75%	64.75%
	3.58%	3.33%	5.64%	5.75%	6.22%	6.19%	5.47%	5.37%	4.06%	3.81%	3.93%	4.92%
	1.43%	1.35%	1.2%	1.94%	1.64%	1.68%	1.69%	1.34%	1.23%	1.23%	1.21%	1.28%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	30.24%	30.57%	28.41%	27.56%	27.39%	27.38%	28.09%	28.54%	29.96%	30.21%	30.11%	29.05%
No. of shareholders	—	—	—	—	—	—	—	—	85,904	92,047	92,581	87,424

Promoter holding up 0 percentage points since Sep 2023.

75 deals · 13 Aug 2021 – 17 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	3,99,803	₹697.10	₹27.87 Cr
17 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	3,74,972	₹694.71	₹26.05 Cr
16 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	6,81,024	₹686.41	₹46.75 Cr
16 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	6,79,810	₹686.63	₹46.68 Cr
16 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	6,02,664	₹691.10	₹41.65 Cr
16 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	6,02,664	₹690.90	₹41.64 Cr
16 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	5,27,988	₹680.22	₹35.91 Cr
16 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	5,13,180	₹680.75	₹34.93 Cr
16 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Sell	4,64,009	₹674.56	₹31.30 Cr
16 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Buy	4,60,773	₹683.95	₹31.51 Cr

1–10 of 75

1 / 8

Mr. MANOBENDRA GHOSHALExecutive Director-Chairperson-CEO-MD
Mrs. BHANU KUMARExecutive Director
Mr. SUBRATA SARKARExecutive Director
Mrs. Sudershan MendirattaNon-Executive - Nominee Director
Mrs. Alka ChandrakarNon-Executive - Independent Director
Mr. Chandra Shekhar BaghelNon-Executive - Independent Director
Mr. Siraiong SingphoNon - Executive Independent Director
Mr. Niwas MandaNon - Executive Independent Director
Mr. Ajay Kumar RaiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.09%

of the company's equity

All mutual funds

0.1%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	64,355	4.83	0.19%	0.091%	-1,409
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	440	0.03	0.01%	0.001%	+2
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	73	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

45 announcementsExport CSV

10 Sept 2026, 6:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	50%	72.1%	75.6%	91.1%	91.6%	—	—
EBITDA margin %	12.2%	-6.5%	1%	27.1%	21.5%	59%	60.6%
EBIT margin %	10.8%	-8.9%	-1.4%	24.1%	18.2%	56.1%	57.8%
PAT margin %	7.9%	14.5%	22.7%	33.6%	27.2%	130.9%	59.1%
Working capital
Receivable days	434	416	228	235	252	363	224
Inventory days	4	9	10	29	31	0	0
Payable days	—	722	356	1,108	968	353	316
NWC days	—	-297	-117	-844	-684	11	-92
Leverage
Current ratio	1.06	1.07	1.18	1.24	1.39	1.28	1.49
Debt to EBITDA	1.72	—	16.84	0.74	0.9	0.79	0.65
Debt to equity	0.55	0.28	0.23	0.18	0.16	0.2	0.16
Interest coverage	6.9	20.1	89.8	3,688	847.5	1,394.2	—
Asset turnover	0.56	0.35	0.44	0.27	0.33	0.15	0.18
Return ratios
Return on assets %	4.4%	5%	9.9%	9%	9.1%	19.2%	10.9%
Return on capital employed %	34.9%	23.4%	32.9%	40%	36.8%	28.4%	34.9%
Return on equity %	20.5%	20.2%	30.4%	30.8%	23%	55.1%	24.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Redington LimitedREDINGTONREDINGTON	₹31,112 Cr	₹33,749 Cr	₹1,28,133 Cr	₹2,537 Cr	1.9%	₹1,701 Cr	1.1%	21.7%	15.8%	34
Mmtc LimitedMMTCMMTC	₹8,444 Cr	₹8,444 Cr	₹3 Cr	₹-179 Cr	—	₹447 Cr	—	-0.5%	20.3%	-2,38,864
Mstc LimitedMSTCLTDMSTCLTD	₹4,969 Cr	₹5,114 Cr	₹386 Cr	₹236 Cr	60.6%	₹234 Cr	59.1%	34.9%	26.6%	-92
Bn Agrochem LimitedBNAGROCHEMBNAGROCHEM	₹2,228 Cr	₹2,310 Cr	₹299 Cr	₹-37 Cr	-12.5%	₹20 Cr	6.6%	12%	8.5%	130
Creative Newtech LimitedCNLCNL	₹1,619 Cr	₹1,943 Cr	₹2,783 Cr	₹99 Cr	3.2%	₹74 Cr	2.6%	29.2%	21.4%	75
Pervasive Commodities LtdPERVASIVEPERVASIVE	₹1,090 Cr	₹1,090 Cr	₹43 Cr	₹-0 Cr	-1.1%	₹-0 Cr	-0.1%	0%	-0.1%	548
RRP Defense LtdRRPDEFENSERRPDEFENSE	₹842 Cr	₹844 Cr	₹12 Cr	₹-1 Cr	-8.4%	₹-1 Cr	-8.2%	-13.7%	-13.7%	-15
The Yamuna Syndicate LtdYSLYSL	₹779 Cr	₹779 Cr	₹69 Cr	₹2 Cr	2.2%	₹52 Cr	75.3%	0.3%	4%	60
The State Trading Corporation Of India LimitedSTCINDIASTCINDIA	₹636 Cr	₹1,811 Cr	₹0 Cr	₹-46 Cr	—	₹21 Cr	—	—	—	—
SMT Engineering LtdSMTELSMTEL	₹598 Cr	₹679 Cr	₹162 Cr	₹41 Cr	25%	₹23 Cr	14.2%	33.2%	25.2%	395
Bijoy Hans LtdARVAYAARVAYA	₹576 Cr	₹579 Cr	₹0 Cr	₹-1 Cr	—	₹0 Cr	—	-3.9%	-3.9%	—
Riddhi Siddhi Gluco Biols LtdRIDDHIRIDDHI	₹505 Cr	₹787 Cr	₹236 Cr	₹-12 Cr	-5.2%	₹61 Cr	-5.2%	2.8%	-0.8%	65

Date	Category	Subject	Filing
10 Sept 2026, 6:05 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
2 Sept 2026, 12:01 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
1 Sept 2026, 2:13 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
1 Sept 2026, 2:06 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
1 Sept 2026, 1:57 pm	Corp. Action Record Date	Intimation Of Record Date For Final Dividend For FY 2025-26	PDF
1 Sept 2026, 1:53 pm	Corp. Action Book Closure	Intimation Of Book Closure	PDF
1 Sept 2026, 1:47 pm	AGM/EGM AGM	Notice Of 61St Annual General Meeting	PDF
28 Aug 2026, 2:56 pm	Company Update Amendments to Memorandum & Articles of Association	Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	223	-451	222	681	168	886	-312	260	-28
	305	309	255	11	-70	-593	-244	165	257
	-573	-75	-233	-107	-98	-119	-96	-289	-54
Net cash flow	—	—	245	585	0	175	-653	136	176
Free cash flow	—	—	—	645	96	865	-444	236	-50
CFO / Operating profit %	—	—	148%	—	—	453.3%	-193.8%	141.9%	-12.4%

Mstc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

16

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

E-Commerce · revenue

Mstc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends16

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

E-Commerce · revenue

16

1