Mstc LimitedFinancial ServicesMSTCLTD
Q1 FY27 concall · earnings callMstc Limited
MSTC delivered its highest-ever Q1 results on revenue and profit, driven by strong e-commerce growth and the complete exit from legacy trading, while advancing new digital platforms like EPR exchange, TReDS, and a travel portal.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from operations | ₹94.25 Cr | 22% | |
| E-commerce revenue | ₹89.49 Cr | — | |
| EBITDA % of total income | 69.05% | nearly 3% | |
| PAT (Standalone) | ₹58.12 Cr | 31.14% | |
| EPS (Standalone) | ₹8.26 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹81.14 Cr-56.1% YoY+12.8% QoQ | ₹250.85 Cr+402% YoY+344.8% QoQ | ₹35.63+401.8% YoY+504.9% QoQ |
| Q2 FY25 | ₹71.92 Cr-61.7% YoY-62% QoQ | ₹56.39 Cr+1.9% YoY-8.9% QoQ | ₹5.89-25.1% YoY-33% QoQ |
| Q1 FY25 | ₹189.50 Cr+5.9% YoY-4.8% QoQ | ₹61.90 Cr+22.3% YoY+27.8% QoQ | ₹8.79+22.3% YoY+27.8% QoQ |
| Q4 FY24 | ₹199.07 Cr+1.3% YoY+7.6% QoQ | ₹48.45 Cr-37% YoY-3% QoQ | ₹6.88-37.1% YoY-3.1% QoQ |
| Q3 FY24 | ₹184.98 Cr+9.5% YoY-1.5% QoQ | ₹49.97 Cr+6.2% YoY-9.7% QoQ | ₹7.10+6.3% YoY-9.7% QoQ |
TL;DR
- Revenue from operations grew 22% YoY to Rs. 94.25 crores, with e-commerce revenue at a record Rs. 89.49 crores.
- EBITDA margin improved to 69.05%, driving record Q1 PBT and PAT since listing.
- Legacy trading and marketing segment was fully exited, leaving only the e-commerce segment.
- New digital initiatives like the EPR certificate exchange, TReDS platform, and MSTC travel portal are at advanced stages awaiting regulatory/government approvals.
- The joint venture with Mahindra (MMRPL) showed a positive PAT for the first time in several quarters.
- Management aims to sustain double-digit revenue growth, though acknowledges some cyclicality in scrap sales.
Said on the call
“We have moved forward from being a canalizing agency trading house that MSTC primarily started out as, to being a digital solutions provider.”
From the Q&A
| Topic | What management said |
|---|---|
| Growth Sustainability and Drivers | Management attributed 20% YoY e-commerce growth mainly to higher mineral block sales and scrap sales, noting scrap is cyclical but has contributed 50-55% of e-commerce revenue historically; aim is to sustain double-digit growth overall. |
| TReDS Platform Business Model | Revenue will primarily come from transaction fees; scalability depends on the MSME financing ecosystem. Approval from RBI is pending, with hopes to operationalize within FY27. |
| EPR Exchange Launch Delay | The platform is complete and ready but awaits a government notification to start operations; management cannot predict timing as it's a policy decision. |
| Competition in Coal Exchange | Acknowledged that other entities like IEX are planning coal exchanges, and the government notification allows for multiple exchanges; MSTC believes its sector experience and credibility are advantages, but market share is uncertain. |
| Travel Portal Monetization | B2B segment is operational for government/PSU travel; B2C rollout awaits IATA empanelment. Revenue model will be fee-based, but specific numbers are not yet finalized as the platform stabilizes. |
| Revenue Concentration and New Verticals | While scrap contributes over 50% of e-commerce revenue, it comes from a large base of sellers (~3000). The focus is on expanding private sector clientele and new verticals like property auctions to de-risk and grow. |
| Mahindra JV Profitability Outlook | The JV showed a positive PAT this quarter; outlook is positive due to government policies on vehicle recycling, but management avoids speculation on future profits. |
Guidance
- Aim to sustain a double-digit revenue growth rate over the long term, averaging out periods of higher and lower growth.
- Expect to operationalize the TReDS platform within FY27, subject to RBI approvals.
- EPR certificate exchange is ready and awaiting government notification for launch.
- Travel portal B2C segment rollout is planned after obtaining IATA empanelment.
- Dividend policy is guided by DIPAM norms: minimum of 4% of net worth or 30% of PAT, whichever is higher.
Source
Summary written from the transcript filed by Mstc Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 13:20 IST.
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