MSTC Limited reported a 16.91% year-on-year increase in total revenue to ₹453.04 crore for the financial year ended March 31, 2026. The company achieved its highest revenue from operations in four years at ₹369.66 crore, driven by growth in e-commerce services. EBITDA rose 18.25% to ₹307.49 crore, reflecting improved operational efficiency despite a decline in profit after tax due to the absence of exceptional items recorded in the previous year. Following the results, the company held a conference call with investors and analysts on May 30, 2026, to discuss the financial performance for the quarter and year ended March 31, 2026.

Financial Performance

The company’s standalone EBITDA for FY26 stood at ₹307.49 crore, compared to ₹260.04 crore in FY25. Profit before tax (before exceptional items) grew 22.84% to ₹295.69 crore. However, profit after tax declined 44.99% to ₹221.69 crore, primarily because the prior year included exceptional item income of ₹263.19 crore. On a consolidated basis, PAT decreased 46.34% to ₹218.43 crore, with EBITDA increasing 18.25% to ₹307.49 crore.

The following table summarises the standalone financial highlights for FY26:

Operational Highlights

MSTC transacted goods worth ₹797.37 billion through its ecosystem during the year. The e-commerce segment revenue grew 17.25% to ₹329.72 crore. Business highlights included the successful sale of 10 coal mines and the auction of over 200 major mineral blocks. The company also auctioned Tariff Rate Quotas for gold bullion and was selected by Coal India Limited for coal linkage auctions.

Strategic Outlook

MSTC outlined its strategic path forward, focusing on digital platforms and technology-driven business lines. The company has developed an Electronic Trading Platform for Extended Producer Responsibility certificates, pending formal approval. It has entered an agreement with SBI CAPS for transaction advisory solutions and is developing new platforms for travel services and machinery leasing. MSTC plans to completely exit its erstwhile trading vertical during FY 2026–27 to sharpen its focus on these core areas.

MSTC Limited reported a standalone net profit of ₹22,168.87 lakh for the financial year ended March 31, 2026, a decrease from ₹40,298.09 lakh in the previous year. Revenue from operations for the year rose to ₹36,965.66 lakh from ₹31,095.96 lakh in FY25. The Board of Directors has recommended a final dividend of ₹8.10 per equity share, or 81% of the paid-up capital, subject to shareholder approval at the Annual General Meeting.

Financial Performance

For the quarter ended March 31, 2026, the company recorded a standalone net profit of ₹7,580.32 lakh, compared to ₹6,707.09 lakh in the corresponding period of the previous year. Total income for the quarter stood at ₹15,036.89 lakh, driven by revenue from operations of ₹11,879.72 lakh and other income of ₹3,157.17 lakh. On a consolidated basis, net profit for the year was ₹21,843.32 lakh, while quarterly profit was ₹7,722.37 lakh.

Key Highlights and Disclosures

The statutory auditors, M/s. S Guha & Associates, issued an unmodified opinion on the audited financial results. The financial statements include an impairment loss of ₹144 lakh regarding the company's investment in Mahindra MSTC Recycling Private Limited (MMRPL), bringing the cumulative impairment loss to ₹1,150 lakh. Other income includes a write-back of liabilities ageing more than five years amounting to ₹1,471.19 lakh. Additionally, employee benefit expenses increased by ₹238.17 lakh due to an enhancement in the gratuity limit.

During the previous financial year 2024-25, the company sold its wholly owned subsidiary, Ferro Scrap Nigam Limited (FSNL), to Konoike Transport Co. Ltd. for ₹32,000 lakh. The investment value was ₹1,581 lakh, and transaction costs incurred were ₹249.81 lakh. Pursuant to the Share Purchase Agreement dated October 24, 2024, MSTC transferred its entire shareholding in FSNL on January 21, 2025, after which FSNL ceased to be a subsidiary.

Board Decisions and AGM

The Board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Annual General Meeting is scheduled for September 24, 2026, via video conferencing. The Board also gave preliminary consent for altering the objects clause of the Memorandum of Association to include travel agency and tour operator businesses, subject to administrative ministry and shareholder approvals.