1. Opening Hook
Just when investors thought PSUs only wake up during dividend season, MSTC decided to run half of India’s auctions. Scrap prices are soft, revenues are up, and management is pitching everything from gold bullion quotas to travel portals—because why not?
Q2 FY26 wasn’t about fireworks; it was about quiet confidence. Revenues grew, costs behaved, and profits politely climbed. Meanwhile, MSTC kept signing MoUs like a bureaucrat with a fresh pen—ports, sand, coal, liquor shops, police canteens, and now even gold imports.
The real story, though, isn’t today’s numbers. It’s the sheer number of plates management is spinning at once. Some will turn into revenue machines. Others may just remain fancy portals.
Read on. The boring PSU stereotype starts cracking a few pages later.
2. At a Glance
- Revenue up 9.3% – No miracle, just e-commerce doing the heavy lifting.
- EBITDA up 10.2% – Costs behaved, which is rare and commendable.
- PAT up ~12% – Slow, steady, PSU-style compounding.
- ₹301.7 bn goods transacted – Platform busy, even if pricing wasn’t.
- Scrap still ~50% of revenue – Old habits die hard.
3. Management’s Key Commentary
“We have sustained a good revenue trend both YoY and sequentially.”
(Translation: Nothing flashy, but no one messed up 😏)
“Revenue growth was led primarily by our flagship e-commerce segment.”
(Translation: Scrap and auctions still pay the bills.)
“EPR trading platform will be a game changer.”
(Translation: Not now, but please wait till FY28.)
“MMRPL has not yet become profitable, but performance is as per expectations.”
(Translation: Losses, but the ‘strategic’ kind.)
“We are moving towards long-term contracts of 30 years.”
(Translation: Sticky revenue, finally.)
“Travel portal will initially focus on government sector.”
