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13 Nov 2025
MSTC Limited - Government of India E-Auction and Trading Platform
📊 Stock Analysis
Complete financial analysis with key metrics and investment outlook
MSTC Q2 FY2026 Financial Results
MSTC Limited (NSE: MSTCLTD), a Government of India enterprise engaged in e-commerce, trading, and auction services, announced its results for the quarter ended September 30, 2025 (Q2 FY26). The company reported steady top-line growth and a healthy increase in profit, supported by a growing number of e-auction contracts and digital service initiatives.
Stock Performance & Key Metrics
As of November 13, 2025:
- Current Price: ₹533
- Market Cap: ₹3,752 Crores
- Stock P/E: 17.0
- Book Value: ₹118 per share
- Dividend Yield: 7.58%
- ROCE: 29.3%
- ROE: 28.4%
- Debt to Equity: 0.17
- Debt: ₹145 Crores
- Face Value: ₹10
- EPS (Q2 FY26): ₹6.75
Q2 FY2026 Financial Highlights
| Particulars | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY Change |
|---|---|---|---|---|
| Revenue / Total Income | ₹85.0 Cr | ₹77.4 Cr | ₹71.9 Cr | ↑ 18% |
| EBITDA | ₹49.9 Cr | ₹43.7 Cr | ₹38.8 Cr | ↑ 29% |
| Net Profit (PAT) | ₹47.5 Cr | ₹42.27 Cr | ₹42.66Cr | ↑ 11% |
| EPS (₹) | 6.75 | 6.01 | 5.89 | ↑ 11% |
Result Summary
- Revenue grew 18% YoY to ₹85 Cr, supported by higher transaction volumes across e-auction platforms and trading activities.
- EBITDA rose 29% YoY to ₹49.9 Cr, reflecting operating efficiency and steady margin improvement.
- Net Profit increased 11% YoY to ₹47.5 Cr, indicating consistent profitability despite modest growth in government auction revenues.
- On a half-yearly basis (H1 FY26), MSTC reported standalone PAT of ₹93.47 Cr vs ₹83.48 Cr in H1 FY25 — up 12% YoY, and consolidated PAT of ₹89.84 Cr vs ₹80.70 Cr, up 11% YoY.
Key Business Developments
MSTC continued to strengthen its role as India’s digital auction and e-commerce partner across various ministries and public sector enterprises.
Major Contracts and Platforms
- Awarded contract by CPCB to develop and operate an Electronic Trading Platform (ETP) for Extended Producer Responsibility (EPR) Certificates.
- Nominated by DGFT to create an online Tariff Rate Quota (TRQ) allocation platform for import of gold and other commodities.
- Signed MoU with Government of Karnataka’s Excise Department for auctioning liquor shop licenses.
- Conducted auctions for 86 major mineral blocks, and is managing minor mineral auctions for multiple states including UP, Odisha, Assam, MP, Chhattisgarh, and Telangana.
- Developed the Green Steel Certification Portal for NISST, launched on October 13, 2025.
- Successfully auctioned two prime plots in Hyderabad for Telangana State Industrial Infrastructure Corporation, fetching ₹2,914 Cr at ₹177 Cr per acre.
- Signed a 30-year lease MoU with Syama Prasad Mookerjee Port, Kolkata, valued at around ₹5,000 Cr.
- Launched 14th round of commercial coal block auctions (41 mines) via MSTC portal.
- Developed Kendriya Police Kalyan Bhandar (KPKB) retail administration portal, soon to be launched.
New Initiatives
- Travel Portal Project: MSTC plans to launch a B2B/B2C travel platform, later to be expanded into a comprehensive travel service portal.
- Continued diversification of digital service offerings beyond traditional e-auctions, leveraging its government relationships and IT expertise.
Management Commentary
The management noted that MSTC maintained steady growth momentum despite a volatile market environment. Strong execution in the e-commerce and digital auction segment, combined with new government-backed projects, reinforced the company’s leadership position in India’s digital auction ecosystem.
The company continues to pursue expansion in new verticals to enhance non-traditional revenue streams and expects sustained growth from its EPR trading platform and coal/mineral auctions in upcoming quarters.
Outlook
MSTC’s outlook remains positive with:
- Increasing adoption of e-auction models by state and central agencies,
- Expansion into EPR, green steel, and travel portal businesses,
- Strong operational cash flows and healthy return ratios, and
- Focus on digital transformation and automation to improve service efficiency.
With one of the highest dividend yields (this year 7.5%,usually every year it will be in the range of 3 to 4 %) and a robust government-backed client base, MSTC remains a steady performer in the PSU digital commerce and auction space.
About the Company
MSTC Limited (Metal Scrap Trade Corporation) is a Government of India enterprise engaged in trading, e-commerce, and disposal of surplus and scrap materials including ferrous, non-ferrous metals, minerals, and industrial products. Founded in 1964 and headquartered in Kolkata, MSTC operates under the Ministry of Steel and is a key digital partner for numerous government auction and procurement systems.
Its primary business divisions include:
- E-Commerce: E-auctions, E-sales, E-procurement platforms for government and PSU clients.
- Trading: Sale and import/export of scrap, minerals, and industrial products.
- Recycling & Disposal: Digital management of waste and scrap assets.
MSTC continues to evolve as a technology-driven PSU with a focus on innovation, transparency, and national-scale digital infrastructure initiatives.
*For full financial results, refer to the official media release PDF*
*Data as of November 13, 2025 | Results approved by Board of Directors on November 12, 2025*
