āagman

Not investment advice. Data and computed figures, for information only.

MSTC Ltd

NSE: MSTCLTD
₹649.40
−₹24.45 (−3.63%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹4,731 Cr
CMP
₹649.40
52-wk High / Low
₹805 / 362
P/E
20.2
P/B
5.3
Book Value
₹128.0
Div Yield
2.34%
ROCE
30.0%
ROE
26.6%
Face Value
₹10
D/E
0.16

Price+19.5% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹299
√(22.5 × EPS × book value per share)
ROIC
14.9%
vs 9.3% sector median
Cash flow to profit
−0.13
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+456
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
14.0%
ROE × earnings retention ratio
ROE stability
11.3
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +1.10DII −0.05
Latest quarter vs the previous one
Cash-accrual divergence
11.9%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 29% vs the 2025 sector median of 14%)
+Borrowings are down 77.8% since FY2016 (653 to 145)
+Price trades above its 200-day moving average (1.2x)
+FII holding rose by 4.6pp over the last year
+PE of 20.2x is below the sector median of 30.5x
Watch-outs
−Annualised volatility of 47.0% is in the high band (≥45%)
−Balance-sheet accruals of 11.9% of average assets — earnings are not cash-backed

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales179811851996972818977858811994
Expenses11433123232303334363435394337
Operating Profit654862−33393947534450507658
OPM %36.3%59.3%33.5%−16.6%56.5%54.2%58.0%59.6%57.1%58.8%56.8%63.9%61.7%
Other Income2129191471719291131617183224
Interest0200000000000
Depreciation5076232223333
Profit before tax81757510753553366458656510579
Net Profit515550483941251764248517758
EPS (₹)7.197.867.106.885.585.8935.6310.736.016.757.3010.978.27

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,6893,2251,7392,2653,2921,231780876721316311370386
Expenses5,5253,3861,6032,5783,4981,083831867528234133150153
Operating Profit164−161136−313−206148−51919382178220233
OPM %2.9%−5.0%7.8%−13.8%−6.3%12.0%−6.5%1.0%26.8%25.9%57.2%59.5%60.4%
Other Income908313752848652142471582033408391
Interest93104788565308300000
Depreciation81212121517192122791011
Profit before tax152−194183117−237167136233329278508292313
Net Profit103−24713977−30797113199242165407218234
EPS (₹)117.51−280.8079.0621.94−43.6213.7816.0528.2834.3723.4457.8231.0333.29

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital9918357070707070707070—
Reserves829306388696318404488584716577668834—
Borrowings1,106653688766615259154150145145145145—
Other Liabilities4,0823,1943,5053,6071,8261,4691,5361,2111,7581,0301,235962—
Total Liabilities6,0264,1624,6005,1042,8292,2012,2492,0152,6901,8222,1182,011—
Fixed Assets736266698396891421416865206—
CWIP2421023295200000—
Investments00391411142119281212—
Other Assets5,9514,0964,5295,0152,7082,0652,0931,8532,5291,7252,0421,792—
Total Assets6,0264,1624,6005,1042,8292,2012,2492,0152,6901,8222,1182,011—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity−150116−51921101222681170844−283260−28
Cash from Investing Activity7268377846025511−72−551−272165257
Cash from Financing Activity233−47612−94−217−233−107−98−119−96−289−54
Net Cash Flow154−292−13011−562455850175−651136176

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.0−6.025.016.0−14.023.020.031.038.032.029.030.0
ROE %———————————26.6
EPS (₹)117.51−280.8079.0621.94−43.6213.7816.0528.2834.3723.4457.8231.03
Book Value (₹)———————————128.0
Face Value (₹)———————————10
P/E———————————20.2
Div Yield %———————————2.34
NPM %1.8−7.57.42.8−9.27.511.417.727.531.862.548.1
OPM %2.9−5.08.0−14.0−6.012.0−7.01.027.026.057.059.0
D/E1.322.071.691.051.590.550.280.230.180.220.200.16
P/B———————————5.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years−19.0%
5 years−14.0%
3 years−20.0%
TTM+21.0%
Compounded profit growth
10 years+11.0%
5 years+14.0%
3 years−3.0%
TTM+8.0%
Stock price CAGR
5 years+10.0%
3 years+14.0%
Last year+24.0%
Return on equity
10 years17.0%
5 years26.0%
3 years21.0%
Last year27.0%

Shareholding pattern

As of 31 Dec 2025
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters64.75%64.75%64.75%64.75%64.75%64.75%64.75%64.75%64.75%64.75%64.75%
FIIs1.92%1.92%1.92%0.00%0.02%0.34%0.47%5.64%5.47%3.93%5.03%
DIIs14.65%14.65%14.65%10.94%5.45%2.36%1.41%1.19%1.68%1.20%1.15%
Government0.44%0.44%0.44%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public18.25%18.25%18.25%24.31%29.79%32.56%33.37%28.41%28.10%30.11%29.08%
No. of shareholders18,18118,18118,18113,23838,46462,88762,33769,53483,04792,58179,523
Change since Jun 2023 (pp)
Promoters +0.00FIIs +3.11DIIs −13.50Public +10.83

Documents

As of 11 Oct 2026
Announcements
Closure of Trading WindowShareholder Meeting / Postal Ballot-Scrutinizer''s ReportShareholder Meeting / Postal Ballot-Outcome of AGMAnnouncement under Regulation 30 (LODR)-Appointment of Statutory Auditor/sAnnouncement under Regulation 30 (LODR)-Newspaper Publication
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingJun 2026TranscriptJun 2026PPTJun 2026RecordingFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingNov 2025TranscriptNov 2025PPTAug 2025TranscriptAug 2025PPT

Corporate actions

As of 17 Sep 2026
17 Sep 2026DIVIDENDDividend - Rs 8.10 Per Share—
18 Feb 2026DIVIDENDInterim Dividend - Rs 7.60 Per Share—
2 Apr 2025DIVIDENDInterim Dividend - Rs 4.50 Per Share—
14 Feb 2025DIVIDENDInterim Dividend - Rs 32 Per Share—
22 Nov 2024DIVIDENDInterim Dividend - Rs 4 Per Share—
10 Sep 2024DIVIDENDAnnual General Meeting/Dividend - Rs 5 Per Share—
20 Feb 2024DIVIDENDInterim Dividend - Rs 5 Per Share—
16 Nov 2023DIVIDENDInterim Dividend - Rs 5.50 Per Share—
12 Sep 2023DIVIDENDAnnual General Meeting/Dividend - Rs 3.20 Per Share—
22 Feb 2023DIVIDENDInterim Dividend - Rs 6.30 Per Share—
18 Nov 2022DIVIDENDInterim Dividend - Rs 5.50 Per Share—
15 Sep 2022DIVIDENDAnnual General Meeting/Dividend - Rs 4.40 Per Share—
22 Feb 2022DIVIDENDInterim Dividend - Rs 6.50 Per Share—
22 Nov 2021DIVIDEND Interim Dividend - Rs 2 Per Share—
17 Sep 2021DIVIDEND Annual General Meeting/Dividend - Rs 4.40 Per Share—
16 Sep 2020DIVIDEND Annual General Meeting/Dividend - Rs 3.30 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman