MSTC Limited

NSE

MSTCLTD

Stock

Yield per half year: -10.39%
Dividend yield: 5.96%
Sector: Industrials

Reporting MSTC Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹				7.47	9.72	21.11	20.71	25.62		24.66	16.93	27.95
Revenue, bln ₹	28.49	14	18.43	28.33	7.61	3.82	4.27	7.21	7.51	7.51	6.08	-0.26
Net profit, bln ₹	-2.47	1.39	-0.0648	-3.07	0.9701	1.13	1.99	2.42	2.04	2.04	1.71	16.03
EV, bln ₹				12.65	11.7	15.2	14.28	9.14	57.32	57.32	21.53	37.41
EBIT, bln ₹	-0.968	2.75	5.6	-0.6952	2.33	3.23	2.35	3.32	3.41	3.41	2.93	7.91
EBITDA, bln ₹	-0.8519	2.87	5.73	-0.5483	2.49	3.42	2.56	3.54	3.65	3.65	3.13	7.95
OIBDA ₹					3.03	1.8	2.69	3.9	5.03	5.03	3.29	10.67
Book value, bln ₹	3.15	4.06	3.66	3.88	4.74	5.58	6.54	7.87	8.89	8.89	6.72	13.40
FCF, bln ₹	2.09	-5.39	0.6847	0.5919	1.83	6.45	0.9572	8.65	-4.44	-4.44	2.69	-219.40
Operating Cash Flow, bln ₹	2.23	-5.19	0.9476	0.9841	2.22	6.81	1.68	8.86	-3.12	-3.12	3.29	-207.04
Operating profit, bln ₹	-1.69	2.39	5.24	-1.05	1.84	1.3	2.12	2.78	3.42	3.42	2.29	13.20
Operating expenses, bln ₹	2.95	-0.656	-2.71	3.46	-0.746	-1.45	-2.18	-1.27	2.19	2.19	-0.6912	-224.03
CAPEX, bln ₹	0.14	0.1938	0.2629	0.3922	0.3878	0.3592	0.7273	0.2145	1.32	1.32	0.6018	27.76

	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Capitalization, bln ₹	9.11				10.93			26.03				20.27				32.75					19.82	29.16
Revenue, bln ₹											1.75	1.69	1.97	1.79	1.88	1.85	1.99	1.89	0.7192	0.8114	1.45	-15.20
Net profit, bln ₹											0.6367	0.4704	0.7695	0.5061	0.5534	0.4997	0.4845	0.619	0.5639	2.51	0.9354	38.10
EV, bln ₹									14.27		12.41	31.33	9.14	33.1	25.22	60.49	57.31		48.38		44.90	7.89
EBIT, bln ₹											1.53	0.6454	1.08	0.8056	0.8018	0.8235	1.07	0.8326	0.5553	3.37	1.33	32.55
EBITDA, bln ₹											1.58	0.7002	1.13	0.8602	0.8565	0.8406	1.13	0.8991	0.5818	3.39	1.37	32.17
OIBDA ₹																1.11	1.73	0.9224	0.395	1.45	1.12	5.49
Book value, bln ₹									6.54	6.54	7.87	7.87	7.87	7.87	8.94	8.94	8.89		9.71		8.87	4.29
FCF, bln ₹	0.4587	0.4587	0.4587	0.4587							0.1076	0.1095	0.1132	0.1093	0.1095	0.1391					0.1161	4.90
Operating Cash Flow, bln ₹				0.5556		6.81	1.31		1.68		0.1076	0.1095	0.1132	0.1093	0.1095	0.1391					0.1161	4.90
Operating profit, bln ₹											1.53	0.6454	1.08	0.8178	0.78	0.771	1.08	0.6423	0.377	0.5701	0.6881	-5.86
Operating expenses, bln ₹											0.9906	1.01	1.08	1.04	1.16	-0.8605	-4.8	0.5892	0.3422	0.2414	-0.8975	-177.55
CAPEX, bln ₹	0.0969	0.0969	0.0969	0.0969		0.3592	0.1229		0.7273		0.0486		0.2145		0.0542						0.2335	-15.10

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Cash, bln ₹	3.07	0.9024	1.76	0.9622	0.6068	7.46	7.46	9.21	2.68	2.68	5.48	34.59
Short-Term Investments ₹	7	3.98	3.78	3.19	0.848	0.393	1.56	0.016	8.8	8.8	2.32	59.67
Long-Term Investments ₹	0.2718	0.1798	0.385	0.1388							0.2439	-15.47
Accounts Receivable ₹	25.89	35.5	36.33	19.33	14.76	9.32	5.62	0.124	5.6	5.6	7.08	-17.62
Total Current Assets ₹	37.11	41.12	42.44	23.54	17.39	16.95	14.69	22.27	17.4	17.4	17.74	0.01
Net assets, bln ₹	0.6569	0.6637	0.7815	1.05	1.24	1.41	1.39	1.4		1.4	1.30	5.92
Assets, bln ₹	41.62	46	47.38	28.28	22.01	22.48	20.12	26.89	22.49	22.49	22.80	0.43
Short-Term Debt ₹	6.53	6.88	7.66	6.14	2.55	1.5	1.5	1.45	1.45	1.45	1.69	-10.68
Long-Term Debt ₹				0.0094	0.0339	0.0432					0.0288	66.26
Liabilities, bln ₹	38.48	41.94	43.72	24.4	17.27	16.9	13.58	19.04	13.61	13.61	16.08	-4.65
Net debt, bln ₹	3.46	5.98	5.9	5.18	1.98	-5.91	-5.96	-7.76	-1.23	-1.23	-3.7760	-190.92
Debt, bln ₹			7.66	6.15	2.59	1.54	1.5	1.45	1.45	1.45	1.71	-10.95
Interest Income ₹	0.2553	0.0613	0.0648	0.2775	0.1132	0.0801	0.0233	0.0275			0.1043	-37.02
Interest Expense, bln ₹	0.9738	0.6772	0.6736	0.5781	0.2872	0.0715	0.0262	0.0016	0.0041	0.0041	0.0781	-57.25
Net interest income, bln ₹		-0.3402	-0.5825	-0.2227	-0.1513	-0.0715	-0.0262	-0.000914		0.0275	-0.0945	-66.68
Amortization, bln ₹	0.1161	0.1213	0.1239	0.1469	0.1662	0.1868	0.2082	0.2184	0.2423	0.2423	0.2044	7.83
Cost of production, bln ₹	27.23	12.27	15.9	25.91	6.15	2.18	2.14	0.8134	0.6308	0.6308	2.38	-36.58
Inventory ₹	0.1917	0.7439	0.0416	0.0603	0.07	0.0516	0.0591	0.0515	0.0538	0.0538	0.0572	-5.13

	2018Q4	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Cash, bln ₹										7.46	-8.21	7.1	-10.83	9.21	-9.21	4.53	-13.36	2.68		2.55		-2.5620	-177.35
Short-Term Investments ₹										1.56	16.42	4.86	21.66	8.14	18.41	9.31	26.71	8.8		8.07		14.26	-15.21
Long-Term Investments ₹	0.1388	0.1388	0.1746																			0.1507	7.95
Accounts Receivable ₹						9.32	6.38	6.38	7.07	7.07		4.76		4.64		4.59		5.61		3.11		4.54	-8.16
Total Current Assets ₹										14.69	8.21	16.89	10.83	22.27	9.21	19.38	13.36	17.4		17.54		15.38	13.75
Net assets, bln ₹		0.9824	0.9872	1.24	1.23	1.41		1.43		1.39		1.34		1.4		1.34						1.38	-1.29
Assets, bln ₹						22.48	20.46	20.46	20.12	20.12		22.17		26.88		23.69		22.49		22.76		23.60	0.53
Short-Term Debt ₹						1.5	1.51	1.51	1.5	1.5		1.45		1.45		1.45		1.45		1.45		1.45	0.00
Long-Term Debt ₹	0.0094	0.0094		0.0339	0.0833	0.0432		0.0201														0.0380	16.42
Liabilities, bln ₹						16.9	14.74	14.74	13.58	13.58		14.3		19.02		14.74		13.61		13.05		14.94	-1.81
Net debt, bln ₹										-5.96	8.21	-5.65	10.83	-7.76	9.21	-3.08	13.36	-1.23		-1.1		3.43	-165.38
Debt, bln ₹				2.59	1.58	1.54		1.53		1.5		1.45		1.45		1.45		1.45		1.45		1.45	0.00
Interest Income ₹							0.018	0.0072	0.0032	0.0014	0.000485	0.0062	0.0107	0.0101	0.0122	0.0218						0.0122	28.59
Interest Expense, bln ₹									0.0014	0.00078	0.000914	0.7857	0.0099	0.035				0.0041	0.000881	0.00089	0.0000	0.0102	-38.23
Net interest income, bln ₹							-0.0154	-0.0085	-0.0014	-0.00078	-0.000914	0.0062	0.0107	0.5343	0.0122	0.0218						0.1170	28.59
Amortization, bln ₹												0.0538	0.0547	0.0566	0.0547	0.0547	0.0171	0.0626	0.0666	0.0265	0.0198	0.0385	2.98
Cost of production, bln ₹											0.1457	0.1665	0.168	0.1606	0.1409	0.155	0.1574	0.1775	0.6635		0.3435	0.2994	17.25
Inventory ₹					0.0638	0.0516	0.0687	0.0687	0.0591	0.0591		0.0625		0.0515		0.0553		0.0538				0.0564	-1.86

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	-0.9206	-43.62	13.78	16.05	28.28	34.37	29.03		29.03	24.30	16.07
Share price		142.4	163.8	329.15	294.35	669.2	679	528.6	528.6	500.06	9.94
Number of shares, mln	70.33	70.48	70.4	70.36	70.4	70.4	70.4		70.4	70.39	0.00
FCF/share	9.74	8.4	26.06	91.7	13.6	122.87	-63.07		-63.07	38.23	-219.34

	2018Q4	2019Q4	2020Q4	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS							9.04	6.68	10.93	7.19	7.86	7.09	6.88	8.79	8.01	35.63			13.28	38.11
Share price					329.69	302.51	257.48	287.81	282.7	303.87	405.04	465.3					514.75	528.6	443.51	11.71
Number of shares, mln	70.33	70.48	70.4	70.36				70.41				70.39							70.41	-0.03
FCF/share	2.1	6.51						1.55	1.61	1.55	1.55	1.97							1.65	4.91

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	-78.53	34.27	-1.77	-79.16	20.47	20.25	32.85	33.59	24.39		24.39	15.40	26.31	3.57
ROA, %	-5.94	3.03	-0.1368	-10.86	4.41	5.03	9.35	10.29	8.28		8.28	10.29	7.47	13.43
ROIC, %				-28.03	13.41	19.12	38.97	36.33			36.33	19.55	15.96	-205.32
ROS, %		9.94	-0.3517	-10.84	12.75	29.6	46.65	33.56	27.22	27.22	27.22	11.72	32.85	-1.66
ROCE, %		67.76	152.99	-17.92	49.14	57.95	30.71	37.23	34.12	38.38	38.38	28.06	39.68	-7.91
EBIT margin					26.16	37.92	55.17	46.05	45.36	45.36	45.36	16.95	45.97	3.65
EBITDA margin		20.52	31.07	-1.94	32.8	89.64	60.05	49.08	48.59	48.59	48.59	20.13	59.19	-11.53
Net margin	-8.67	9.94	-0.3517	-10.84	12.75	29.6	46.65	33.56	27.22		27.22	11.72	29.96	16.38
Operational efficiency, %		17.05	28.41	-3.7	24.21	33.99	49.57	38.53	45.57	45.57	45.57	19.24	42.65	6.04
FCF yield, %				7.92	18.87	30.56	4.62	33.76					19.15	33.64

	2019Q1	2019Q4	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %								14.67	8.3	8.09	5.98	9.78	6.43	6.92	6.04	5.68		7.45				15.40	6.50	2.99
ROA, %				3.37	1.64	1.38	2.05	4.77		2.87		2.86		4.67		4.31		4.95				10.29	3.93	11.52
ROIC, %	2.89		8.26	13.91		8.17																19.55	8.31	29.67
ROS, %												39.16	28.27	29.47	27.02	24.34	32.67	78.4	309.15	27.22	27.22	11.72	94.93	-3.58
ROCE, %						9.57	11.81	39.76		19.39		13.68		8.51		10.78		5.35		38.38	38.38	28.06	20.28	35.16
EBIT margin														42.7	44.52	53.86	43.93	77.22	415.72	45.36	45.36	16.95	125.52	0.64
EBITDA margin												57.62	48.06	45.61	45.44	57	47.45	80.9	418.16	48.59	48.59	20.13	128.74	0.48
Net margin										36.39	27.85	39.16	28.27	29.47	27.02	24.34	32.67	78.4	309.15			11.72	94.32	62.82
Operational efficiency, %												54.74	45.69	41.54	41.68	54.46	33.89	52.42	70.25	45.57	45.57	19.24	49.54	6.10
FCF yield, %		5.03									0.5401				0.4247								2.00	-56.13

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E			-2.43	10.02	18.69	10.17	6.98	28.65		28.65	157.78	14.90	23.38
P/BV			1.93	2.05	3.78	3.1	2.15	6.6		6.6	17.14	3.54	26.34
P/S			0.2637	1.28	5.53	4.74	2.34	7.8		7.8	22.19	4.34	43.54
P/FCF			12.62	5.3	3.27	21.63	2.96	-5.55	-5.55	-5.55	43.23	3.35	-211.16
E/P			-0.4112	0.0998	0.0535	0.0961	0.0944	0.0829	0.0829	0.0829	0.08	0.0820	9.15
EV/EBIT				4.04	10.76	6.07	2.75	16.83	16.83	16.83	135.97	10.65	9.36
EV/EBITDA		5.21	-23.08	4.69	4.44	5.57	2.58	15.71		15.71	104.63	6.60	27.35
EV/S			0.4466	1.54	3.98	3.35	1.27	7.63	7.63	7.63	22.33	4.77	13.90
EV/FCF			21.38	6.38	2.36	14.92	1.06	-12.91	-12.91	-12.91	160.12	-1.4960	-240.48
Debt/EBITDA		6.77	-11.21	1.04	0.4514	0.5834	0.4098	0.3975	0.3975	0.3975	1.16	0.4479	-2.51
Netdebt/Ebitda	2.08	1.03	-9.46	0.7935	-1.73	-2.33	-2.19	-0.3367	-0.3367	-0.3367	0.67	-1.3847	-27.92
Debt/Ratio			0.2174	0.1175	0.0687	0.0743	0.0539	0.0645	0.0645	0.0645	0.12	0.0652	-1.25
Debt/Equity			1.58	0.5458	0.2767	0.2286	0.1844	0.1631	1.53	1.53	0.88	0.4766	40.78
Debt/Net Income			-2	2.67	1.37	0.7509	0.5993	0.7095	0.7095	0.7095	6.66	0.8278	-12.33
PEG									0.2454	0.2454	12.85	0.2454	0.00
Beta							2.37	2.33	4.81	4.81	4.06	3.17	26.61
Altman Index			1.22	1.69	1.73	2.23	1.96	1.01	1.41	1.41	11.77	1.67	-4.01

	2019Q1	2019Q4	2020Q1	2020Q3	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E										7.07	43.09	6.98	10.03	12.31	20.23	28.65	28.87	22.84	11.45				157.78	22.41	-10.76
P/BV					2.32			4.55	3.09	2.29	2.58	2.15		3.16	3.66	6.6		5.09					17.14	4.13	18.81
P/S										6.21	12	2.34	3.32	3.86	6.3	7.8	8.18	7.67	8.83				22.19	7.76	6.99
P/FCF		19.87									185.14				235.46						-5.55	-5.55	43.23	85.87	-177.49
E/P		0.0372			0.0102			0.0159			0.0232				0.0153						0.0829	0.0829	0.08	0.0440	39.13
EV/EBIT														31.46	73.46	53.45		87.13			16.83	16.83	135.97	49.54	-25.53
EV/EBITDA									3.16	2.12	5.4	2.14	38.48	6.99	16.2	15.52		14					104.63	18.24	-18.31
EV/S													18.49	13.43	32.7	28.79		67.27			7.63	7.63	22.33	28.80	-25.25
EV/FCF													302.71	230.39	434.91						-12.91	-12.91	160.12	188.44	-153.21
Debt/EBITDA						0.7352	2.56		0.5626	0.918		1.28		1.69		1.28		2.49			0.3975	0.3975	1.16	1.25	-25.13
Netdebt/Ebitda										-3.57	15.47	-6.85	10.7	-3.59	15.89	-1.08		-1.89			-0.3367	-0.3367	0.67	2.45	-146.26
Debt/Ratio	0.2174		0.1175	0.0776		0.0687	0.0749							0.0612		0.0645		0.0637			0.0645	0.0645	0.12	0.0637	1.06
Debt/Equity	1.58		0.5458	0.3362		0.2767	0.2681							0.1621		0.1631		0.1493			1.53	1.53	0.88	0.7069	56.67
Debt/Net Income	27.39		54.96	5.51		2.04	5.42							2.62		2.99		2.57			0.7095	0.7095	6.66	1.92	-22.99
PEG																					0.2454	0.2454	12.85	0.2454	0.00
Beta																				5.12	1.62	4.81	4.06	3.85	-2.06
Altman Index																				1.41	1.41	1.41	11.77	1.41	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	0.2631	0.1822	0.3476	0.2499	0.2605	0.0125	0.2323	1.14	0.9645			0.9645		0.5220	29.93
Dividend						3.3	6.4	16.2	13.7	41	4.5	45.5		16.36	-6.80
Dividend yield, %						2.39	2.13	8.1	2.13	9.91	8.7	5.96	0.92	6.19	32.50
Dividends / profit, %		-7.37	24.98	-385.59	-8.48	1.29	20.57	45.61	47.14	47.19		47.19	24.58	32.36	105.42
Dividend coverage ratio											2.12	2.12	17.78	2.12	0.00

	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q3	2023Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Div. payout, bln	0.0625	0.0625	0.0651	0.0651	0.0651	0.2323	0.2323	0.3098		0.9082			1.14						0.5645	37.46
Dividend						3.3		4.4	2	6.5	4.4	5.5	6.3	3.2	5.5				4.98	4.56
Dividend yield, %						2.14		1.52	0.5407	1.97	1.71	1.91	2.23	0.79	1.18			0.92	1.56	-7.15
Dividends / profit, %	74.71	11.54	22.2	29.02	22.4	80.79	30.64	109.46		94.62			148.2					24.58	92.74	12.90
Dividend coverage ratio																2.12	2.12	17.78	2.12	0.00

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Revenue, %	5.1	9.41	17.04	2.98	17.57	17.57	28.07
Staff, people				300	300		0.00

	CAGR 5

	CAGR 5