MSTC LimitedQ1 FY27 Results & Financial Update
MSTC Limited: Q1 FY27 consolidated results and company financials – total income ₹117.99 Cr, PAT ₹58.22 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore MSTC Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
MSTC Limited reported its unaudited consolidated financial results for the first quarter of fiscal year 2027, ending June 30, 2026.
Consolidated total income for the quarter stood at INR 117.99 crore, representing an increase compared to both the corresponding quarter of the previous year and the preceding quarter.
Profit before tax (PBT) on a consolidated basis reached INR 78.63 crore, demonstrating strong expansion year-on-year.
Consolidated profit after tax (PAT) for the quarter ended June 30, 2026, was recorded at INR 58.22 crore, translating to basic and diluted earnings per share of INR 8.27.
The consolidated joint venture, Mahindra MSTC Recycling Private Limited, contributed a net profit after tax of INR 0.99 crore for the quarter.
The Board of Directors previously decided to discontinue the procurement business under the bank-guarantee-backed model of the Marketing division, causing the Marketing business segment to cease to exist effective from fiscal year 2026-27.
During the quarter ended June 30, 2026, MSTC Limited reported total income of INR 117.99 crore, representing significant growth compared to the corresponding quarter of the previous year.
Profit before tax (PBT) for Q1 FY27 stood at INR 78.63 crore, reflecting strong operational performance and profitability improvements over the year-ago period.
01 · Business model
What does MSTC do?
MSTC Limited is a Government of India enterprise operating primarily in the e-commerce service sector, handling e-auctions, e-procurements, and marketing services for various government and private entities.
The company generates revenue streams through service charges and fees levied on its comprehensive e-commerce platforms, alongside other operating income and interest.
MSTC operates nationwide in India, providing transparent electronic disposal platforms for scrap, surplus stores, and minerals, catering to public sector undertakings, government departments, and industrial clients.
02 · Historical context
What shaped the business before this quarter
The Board of Directors decided in November 2025 to discontinue the procurement business under the BG-backed model of the Marketing division, resulting in the cessation of segment reporting for marketing effective from FY 2026-27.
Following past litigation regarding export bills of gold jewelry from 2008-09, an appellate tribunal ruling in August 2023 set aside previous debt claims against MSTC, leading to the release of attached properties and a refund of pre-deposits with interest.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Total income | ₹117.99 Cr | ₹93.66 Cr | ₹150.37 Cr |
| Profit before tax | ₹78.63 Cr | ₹57.65 Cr | ₹104.82 Cr |
| Profit after tax | ₹58.22 Cr | ₹42.34 Cr | ₹77.22 Cr |
| EPS | ₹8.27 | ₹6.01 | ₹10.97 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated total income for Q1 FY27 reached INR 117.99 crore, up from INR 93.66 crore in Q1 FY25, driven by underlying e-commerce and other operational activities.
Total income reached INR 117.99 crore for the quarter ended June 30, 2026, driven by core operations and other income contributions.
What drove margins
Consolidated employee benefits expense for the quarter was INR 27.50 crore, reflecting ongoing operational headcount costs.
Depreciation and amortisation expenses stood at INR 2.96 crore, while other expenses aggregated to INR 9.01 crore for the quarter.
Employee benefit expenses for the standalone entity stood at INR 27.50 crore for the quarter.
05 · Strategy & new businesses
How the company is trying to change its growth mix
Joint venture Mahindra MSTC Recycling Private Limited contributed a net profit after tax of INR 9.93 lakhs (INR 0.0993 crore) to the consolidated results for the quarter.
06 · Reported developments
What changed operationally
Consolidated net profit after tax grew to INR 58.22 crore for Q1 FY27 compared to INR 42.34 crore in the corresponding period of the previous year.
PAT grew substantially to INR 58.22 crore in Q1 FY27 compared to INR 42.34 crore in Q1 FY25.
07 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Current borrowings include INR 143.62 crore related to historical transactions with Standard Chartered Bank under a Receivable Purchase Agreement, which remains sub-judice and is disclosed simultaneously as borrowings and trade receivables.
Current borrowings include INR 143.62 crore related to payments made by Standard Chartered Bank following the purchase of export bills from 2008-09, which remains sub-judice and contingent upon court outcomes.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Auditor Review
The statutory auditors issued an unmodified conclusion on the standalone and consolidated financial results while drawing attention to matters concerning borrowings, gratuity liabilities under new labor codes, and the discontinuation of the marketing division.
Reported update
Statutory Auditor Review
S. Guha & Associates, Chartered Accountants, conducted a limited review of the standalone and consolidated financial results for the quarter ended June 30, 2026.
09 · Key Q&A
The quarter, answered directly
What does MSTC do?
MSTC Limited is a Government of India enterprise operating primarily in the e-commerce service sector, handling e-auctions, e-procurements, and marketing services for various government and private entities.
What is the clearest takeaway from Q1 FY27?
MSTC Limited reported its unaudited consolidated financial results for the first quarter of fiscal year 2027, ending June 30, 2026.
What drove revenue or demand?
Consolidated total income for Q1 FY27 reached INR 117.99 crore, up from INR 93.66 crore in Q1 FY25, driven by underlying e-commerce and other operational activities.
What mattered most for margins or profitability?
Consolidated employee benefits expense for the quarter was INR 27.50 crore, reflecting ongoing operational headcount costs.
What changed operationally beyond the headline numbers?
Joint venture Mahindra MSTC Recycling Private Limited contributed a net profit after tax of INR 9.93 lakhs (INR 0.0993 crore) to the consolidated results for the quarter.
What should the next disclosure help confirm?
Monitor the final disposal of pending court cases and legal matters regarding the Standard Chartered Bank claims and counterclaims.
10 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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11 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Legal Proceedings: Monitor the final disposal of pending court cases and legal matters regarding the Standard Chartered Bank claims and counterclaims.
- 02
Labour Code Implementation: Track further government notifications and state rules regarding the new labour codes and their ultimate financial impact on gratuity liabilities.
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