MSTC Limited conducted its Q3 FY26 earnings conference call on February 12, 2026, where management outlined the company's strong performance and strategic initiatives for future growth. The Government of India enterprise demonstrated continued momentum with double-digit growth across key metrics and announced several new business ventures.

Financial Performance and Growth Momentum

Chairman and Managing Director Manobendra Ghoshal highlighted the company's ability to maintain momentum from the previous two quarters, achieving nearly double-digit growth on total revenue and EBITDA year-on-year on a nine-month basis. Key financial highlights include:

The e-commerce segment remained the primary growth driver, contributing ₹21,623.00 lakhs in nine months compared to ₹19,791.00 lakhs in the previous year, representing a 9.26% growth.

Strategic Business Initiatives

MSTC announced several key developments that position the company for future growth:

EPR Trading Exchange

The company is developing India's first exchange for trading Extended Producer Responsibility (EPR) certificates on behalf of the Central Pollution Control Board (CPCB). The platform is in advanced stages with trading expected to begin in the coming fiscal year. Five categories of materials have been identified initially, with three to four additional categories expected to be added over the next two years.

Gold Bullion Allocation Platform

MSTC successfully completed the first tranche of gold bullion allocation through its electronic platform developed for the Directorate General of Foreign Trade (DGFT) for transparent allocation of tariff rate quotas. Further events have been scheduled by DGFT.

Travel Business Platform

The company is preparing to launch a unified travel booking platform by April 2026, targeting both government and private sectors (B2B and B2C). The platform aims to provide seamless and responsive booking experiences as a key differentiator.

Operational Highlights and Business Developments

Director Commercial Bhanu Kumar outlined several operational achievements:

The company also signed agreements with Mata Vaishno Devi Shrine Board for precious metals sales and completed sand block allocation for Chhattisgarh using a new methodology.

Joint Venture Performance Improvement

Mahindra MSTC Recycling Private Limited (MMRPL) showed sequential improvement with net losses reducing quarter-over-quarter. Key improvements include:

• Closure of high-cost Noida unit and opening of new facility at Kalyan, Maharashtra
• Improved inventory controls and OEM-driven volume increases
• Share of loss reduced from ₹1.65 lakhs in Q2 to ₹1.05 lakhs in Q3

Future Outlook and Investment Plans

Management expressed optimism about the EPR trading exchange contributing significantly to revenue growth from the next financial year. The company completed construction of its corporate office at World Trade Center, New Delhi, representing a major capital investment of approximately ₹150.00 lakhs to enhance business development capabilities.

MSTC maintains its asset-light business model with CAPEX primarily focused on end-of-life replacement of hardware and software infrastructure. The company follows DIPAM guidelines for dividend distribution, maintaining a minimum payout of 30% of PAT or 4% of net worth, whichever is higher.

MSTC Limited has scheduled key corporate events for February 2026 to review its quarterly financial performance and engage with stakeholders. The Government of India enterprise has formally notified stock exchanges about these important developments.

Board Meeting on February 11, 2026

The board meeting will address several key items as per the company's regulatory filing:

The meeting has been convened in accordance with Regulations 29, 33 and other applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Conference Call with Investors and Analysts

Pursuant to Regulation 30 of SEBI regulations, MSTC Limited will participate in a conference call to discuss the company's financial performance for the quarter and nine months ended December 31, 2025. The call is scheduled for February 12, 2026 at 11:30 AM IST, organized by Equirus Securities.

Management Participation

The conference call will feature key members of MSTC's senior management team:

Trading Window Restrictions

MSTC Limited has implemented trading restrictions in compliance with insider trading regulations. The company had previously communicated these restrictions through letter No. MSTC/CS/SE/670 dated December 24, 2025.

The trading window closure ensures compliance with the company's Code of Conduct for Prevention of Insider Trading and Fair disclosure of Unpublished Price Sensitive Information. Company Secretary and Compliance Officer Ajay Kumar Rai has signed both regulatory filings, ensuring proper corporate governance protocols are followed.