MSTC Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript MSTC Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
MSTC reported revenue from operations of about Rs 370 crore for FY26, which management said was the highest in four years, along with an 18.2% year-on-year increase in EBITDA to Rs 307.49 crore. Management described progress on exiting the marketing and trading business, the strategic disinvestment of FSNL, and development of two new digital platforms, an EPR trading portal and a B2B travel portal named MSTC Smart Travel, both awaiting launch. Management also discussed the joint venture MMRPL, coal and mineral e-auction volumes, and PAT growth of about 23% excluding the FSNL exceptional item.
Numbers mentioned
Revenue from operations: almost INR370 crores (FY26)
p. 3
“We have achieved a figure of almost INR370 crores from revenue from operations, which is the highest in the last four years.”
Manobendra Ghoshal, page 3 of the filed PDF · View the filing
Revenue from operations: INR359.33 crores (FY26)
p. 4
“revenue from operations has achieved at INR359.33 crores, which is highest in the last four years.”
Subrata Sarkar, page 4 of the filed PDF · View the filing
EBITDA: INR307.49 crores (FY26)
p. 4
“EBITDA stands at INR307.49 crores in '25-'26 vis-a-vis INR260.04 crores '24-'25, around an increase of 18.2% on a year-to-year basis.”
Subrata Sarkar, page 4 of the filed PDF · View the filing
PBT before exceptional items: INR295.69 crores (FY26)
p. 5
“PBT before exceptional items is INR295.69 crores in '25-'26 vis-a-vis INR240.71 crores in '24-'25.”
Subrata Sarkar, page 5 of the filed PDF · View the filing
PAT without exceptional items: INR221.69 crores (FY26)
p. 5
“PAT without exceptional items is INR221.69 crores in '25-'26, as compared to INR180.13 crores in '24-'25.”
Subrata Sarkar, page 5 of the filed PDF · View the filing
Reduction in impairment loss in investment in JV MMRPL: INR1.44 crores (FY26)
p. 5
“Reduction in impairment loss in investment in JV MMRPL is INR1.44 crores, previous year it was INR10.06 crores.”
Subrata Sarkar, page 5 of the filed PDF · View the filing
Consolidated PAT before exceptional items: INR218.43 crores (FY26)
p. 5
“And PAT before exceptional items from INR183.19 crores to INR218.43 crores.”
Subrata Sarkar, page 5 of the filed PDF · View the filing
Gross percentile value transacted: INR797.37 billion (FY26)
p. 4
“company has dealt with INR797.37 billion in terms of gross percentile value that was transacted through our portal.”
Subrata Sarkar, page 4 of the filed PDF · View the filing
Standalone total revenue: INR453.04 crores (FY26)
p. 5
“total revenue is INR453.04 crores as compared to INR387.50 crores, comprising of marketing INR1.49 crores, e-commerce definitely is INR329.72 crores, and others INR121.83 crores.”
Subrata Sarkar, page 5 of the filed PDF · View the filing
PAT: INR221.69 crores (FY26)
p. 6
“PAT stands at INR221.69 crores as compared to INR402.98 crores, though before exceptional items PBT has shown a great increase from INR240.71 crores to INR295.69 crores, that is an increase of 22.84%.”
Subrata Sarkar, page 6 of the filed PDF · View the filing
Consolidated profit: INR218.43 crores (FY26)
p. 6
“consolidated profit stands at INR218.43 crores as compared to INR407.07 crores and EPS stands at 31.03 as compared to 57.82 last year.”
Subrata Sarkar, page 6 of the filed PDF · View the filing
Consolidated share of loss (MMRPL): INR4.70 crores (FY26)
p. 6
“last year we had a share of loss of INR5.97 crores, this year it has reduced to INR4.70 crores.”
Subrata Sarkar, page 6 of the filed PDF · View the filing
Employee benefit expenses growth: 8.1% (FY26)
p. 6
“employee benefit expenses has not increased much, it is 8.1%, whereas other overhead has shown an increase”
Subrata Sarkar, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
E-commerce revenue growth — double-digit growth if possible · FY27
stated as an aspiration by Manobendra Ghoshal
p. 6
“It would not be fair to put a number to it, but the attempt shall be to maintain a double-digit growth if possible.”
Manobendra Ghoshal, page 6 of the filed PDF · View the filing
Organic e-commerce business growth — double digit growth · next two-three years
stated as an aspiration by Manobendra Ghoshal
p. 11
“our attempt will definitely be for a double-digit growth on the way forward. It will not be a very, very high growth, it will be incremental growth, and we shall be aiming at double digit growth on the way forward.”
Manobendra Ghoshal, page 11 of the filed PDF · View the filing
EPR trading platform launch — operationalization
stated conditionally by Manobendra Ghoshal
p. 12
“That is, as far as the portal is concerned, it is ready, it is integrated, and we are waiting for a go ahead for it to get operationalized.”
Manobendra Ghoshal, page 12 of the filed PDF · View the filing
Travel portal launch — B2B launch · quarter one
stated firmly by Manobendra Ghoshal
p. 12
“We are already in quarter one and as I said, we are in the stages of testing it, we will be rolling it out as quickly as possibly naturally.”
Manobendra Ghoshal, page 12 of the filed PDF · View the filing
Marketing and trading business exit — exit from trading vertical · first quarter of this year
stated firmly by Subrata Sarkar
p. 8
“we are going to close as we have already decided to close down our trading vertical and the revenue stream will also come to an end with the first quarter this year.”
Subrata Sarkar, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said e-commerce would continue to see incremental growth and the aim would be double-digit growth, without committing to a specific number.
Answered by Manobendra Ghoshal
Asked by Vedant: Will e-commerce revenue growth continue into FY27 and at what rate?
p. 6
“So, as far as e-commerce is concerned, year-on-year we shall definitely be looking at growth. It would not be fair to put a number to it, but the attempt shall be to maintain a double-digit growth if possible.”
Manobendra Ghoshal, page 6 of the filed PDF · View the filing
Management declined to give a revenue figure, saying they need to wait for the platform to operationalize and assess over the first several months.
Answered by Manobendra Ghoshal
Asked by Vedant: When will EPR trading platform and other new streams start generating revenue and how much?
p. 7
“Let us wait for the platform to get operationalized. As I said, it is complete, it is ready, it is integrated, it is waiting for the go-ahead to operationalize.”
Manobendra Ghoshal, page 7 of the filed PDF · View the filing
Management explained these are unallocated overhead expenses not a true loss, and said the issue would resolve once the trading segment is closed and only e-commerce remains.
Answered by Subrata Sarkar
Asked by Vedant: What is causing the losses in the 'others unallocated' segment and will they reduce?
p. 8
“So, that is why the unallocated portion is where there is no revenue, but there are only expenses. That is why it is a loss.”
Subrata Sarkar, page 8 of the filed PDF · View the filing
Management said accurate market figures are not currently available and declined to give a revenue estimate, saying it would become clearer once the platform is running for several months.
Answered by Manobendra Ghoshal
Asked by Harish: What is the total EPR trading market size and MSTC's expected revenue?
p. 9
“So an accurate assessment of what are actually the numbers is not possible at this stage.”
Manobendra Ghoshal, page 9 of the filed PDF · View the filing
Management said revenue would come from a transaction fee model similar to an exchange.
Answered by Subrata Sarkar
Asked by Harish: How will MSTC's revenue from EPR trading be structured?
p. 9
“No, it will be based on the fee basis. We will have some front kind of fee on the transaction.”
Subrata Sarkar, page 9 of the filed PDF · View the filing
Management said MSTC is only part of a broader ecosystem dependent on state-level regulatory frameworks and facilities, which are developing slower than anticipated.
Answered by Manobendra Ghoshal
Asked by Saket Jain: Why is MSTC capturing only a small fraction of the total vehicle scrappage potential and what are the roadblocks?
p. 10
“Major stakeholders in this case happen to be the states, who have to put in place certain regulations, regulatory framework, as well as facilities to be able to tap the market of ELVs for ethical and controlled scrappage.”
Manobendra Ghoshal, page 10 of the filed PDF · View the filing
Management said it is too early to assess the impact, as stakeholder consultations are ongoing and the ecosystem is still evolving.
Answered by Manobendra Ghoshal
Asked by Harish: How will a new coal exchange impact MSTC's coal auction revenues?
p. 11
“So this is something at the very, very initial stages and we shall be watching these developments closely to see how they impact our revenue stream going on.”
Manobendra Ghoshal, page 11 of the filed PDF · View the filing
Management said the travel portal is in final testing and will launch for B2B soon, without giving a revenue target.
Answered by Manobendra Ghoshal
Asked by Urvish Kothari: What is the timeline for the travel portal launch and the competitive strategy versus Balmer Lawrie?
p. 12
“Our portal, as a travel portal, is in our final stages of testing, and we should be able to launch it for the B2B segment in a very short time.”
Manobendra Ghoshal, page 12 of the filed PDF · View the filing
Risks flagged
Global macroeconomic uncertainty affecting business conditions
p. 3
“despite a considerable amount of global macroeconomic uncertainty, it's my pleasure to be able to report that MSTC has been able to end the year with good numbers.”
Manobendra Ghoshal, page 3 of the filed PDF · View the filing
Statutory obligations creating financial impact
p. 3
“Apart from this, there has been a financial impact on account of statutory obligations, about which our Director (Finance) will touch upon later.”
Manobendra Ghoshal, page 3 of the filed PDF · View the filing
Competition affecting EBITDA margin
p. 3
“Despite competition and with the overall global macroeconomic uncertainty looming over the last two quarters and the challenges of scaling up, we have still managed to maintain it at the same level.”
Manobendra Ghoshal, page 3 of the filed PDF · View the filing
State-level regulatory framework development slower than expected, limiting scrappage volumes
p. 10
“it has happened at a rate slower than what was originally visualized.”
Manobendra Ghoshal, page 10 of the filed PDF · View the filing
New coal exchange creating uncertainty for coal auction revenues
p. 11
“we are still nobody is at this point of time certain about how the entire ecosystem is going to evolve.”
Manobendra Ghoshal, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.