Q1 2027 MSTC Ltd Earnings Call Transcript
Key Points
- Record Q1 FY27 performance with revenue from operations up 22% YoY to INR94.25 crores, driven by highest-ever Q1 e-commerce revenue of INR89.49 crores.
- EBITDA margin improved to 69.05%, up nearly 3% YoY, leading to highest-ever Q1 PBT and PAT since listing.
- Successfully exited legacy trading and marketing segment, recovering all dues under the 110% BG model, and now focused as a digital solutions provider.
- Joint venture with Mahindra (MMRPL) turned profitable for the first time in several quarters, driven by higher feedstock inflows and government EPR norms.
- New growth initiatives progressing: EPR certificate trading platform ready, travel portal operational for B2B, and TReDS platform awaiting RBI approval, all expected to add future revenue streams.
- Revenue growth is partly dependent on cyclical scrap sales and mineral block auctions, which can be lumpy and may not sustain at 20%+ levels consistently.
- EPR certificate trading platform is ready but awaiting government notification for operationalization, with no clear timeline for launch.
- TReDS platform revenue generation is contingent on RBI approval, which is uncertain and may not materialize within FY27.
- Travel portal is in early stages, with B2C rollout dependent on IATA empanelment, and revenue contribution is expected to be slow.
- Coal exchange competition from entities like IEX could impact future auction volumes, though MSTC is exploring its own exchange.
Ladies and gentlemen, good day, and welcome to MSTC Limited Q1 FY27 earnings call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Deep Modi from Equirus Securities Private Limited. Thank you, and over to you, sir.
Good morning, everyone. On behalf of Equirus Securities, I welcome you all to Q1 FY27 earnings conference call of MSTC Limited. From the management, we have with us today Mr. Manobendra Ghoshal, Chairman and Managing Director; Ms. Bhanu Kumar, Director, Commercial; Mr. Subrata Sarkar, Director of Finance; and Mr. Ajay Kumar Rai, Company Secretary. We will begin the call with the opening remarks from the management, then we will open the line for Q&A.
I now hand over the call to Mr. Manobendra Ghoshal. Over to you, sir. Thank you.
Thank you. Good morning, Deep, and all our esteemed
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