NSE: MMTC · BSE: 513377
MMTC LIMITED
Operates as a government-owned trading house historically dealing in precious metals, metals, minerals, coal and hydrocarbon, agro products, and fertilizers. In FY26, revenue from operations was Rs 3.41 crore against total income of Rs 180.58 crore, with the gap between the two figures coming from non-operating sources. The segment split for the year-to-date period shows 'Others' at 77.1% of period segment revenue (Rs 2.63 crore), Precious Metals at 21.4% (Rs 0.73 crore), Fertilizers at 1.5% (Rs 0.05 crore), and Metals, Minerals, Coal & Hydrocarbon, and Agro Products at 0% each. Standalone profit after tax of Rs 212.07 crore in FY26 (up from Rs 69.53 crore in FY25) was driven by exceptional items including Rs 411.76 crore from the NINL divestment and Rs 13.21 crore from confiscated gold jewellery, rather than trading income. The government has directed the company to prepare a roadmap for scaling down manpower and exiting business operations, and auditors flagged a material uncertainty regarding going concern. Employee costs were 2,292.7% of revenue, reflecting the imbalance between fixed overheads and the current trading activity. Operating cash flow was negative Rs 605.27 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Others (77%), Precious Metals (21%), Fertilizers (2%), Metals (0%), Minerals (0%), Coal & Hydrocarbon (0%), Agro Products (0%). Government-owned trading entity in managed wind-down, with negligible current trading volumes and profits driven by one-off divestments
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,796 | 3,528 | 5 | 3 | 3 |
| EBITDA (ex other income) | 286 | 1,309 | (118) | (153) | 292 |
| margin % | 2.4 | 37.1 | (2208.2) | (5687.4) | 8564.5 |
| Owners' profit | 0 | 1,562 | 192 | 87 | 387 |
| EPS, as reported (₹) | (1.75) | 10.42 | 1.28 | 0.58 | 387.38 |
| ROE % · ROCE % | 177.2 · (280.0) | 110.7 · 95.6 | 11.8 · 4.6 | 5.1 · 5.9 | 18.3 · 21.6 |
| Debt / equity (x) | (17.70) | 0.14 | 0.09 | 0.00 | 0.00 |
| Cash from operations | (0) | 754 | (353) | (363) | (605) |
| Capex | (1) | 0 | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Profit before tax | 39 | 3 | 13 | 46 | 392 | 10 | 16 | 125 |
| Net profit | 48 | 4 | 2 | 44 | 171 | 46 | 126 | 104 |
| EPS (₹) | 0.32 | 0.02 | 0.01 | 0.30 | 1.14 | 0.31 | 0.84 | 0.69 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Precious Metals | 1 | 21.4 |
| f) Fertilizer | 0 | 1.5 |
| g) Others | 3 | 77.1 |
| Total, before eliminations | 3 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 28,026 | 16.5 | 2.69 | 13.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED ◆ | 7,680 | 17.2 | 3.62 | 16.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,932 | 16.8 | 4.35 | 11.5 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,637 | 25.1 | 4.23 | 18.8 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,125 | — | 12.51 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 737 | 8.1 | 0.57 | 185.4 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 734 | 64.6 | 6.08 | 46.9 | 6.0 | 6.9 | — | 4.9 |
| THE STATE TRADING CORPN | 601 | 0.9 | — | 50.9 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.2 | 14.3 | 73 of 130 | 44% |
| P/B | 3.6 | 0.9 | 121 of 150 | 20% |
| ROCE | 21.6 | 2.1 | 12 of 177 | 94% |
| ROE | 18.3 | 2.3 | 13 of 158 | 92% |
| Debt / Equity | 0.0 | 0.1 | 1 of 154 | 73% |
| EBITDA margin | 18426.5 | 4.5 | 1 of 137 | 100% |
| Revenue growth | (50.0) | (8.6) | 94 of 135 | 31% |
| Profit growth | 135.5 | 0.6 | 35 of 157 | 78% |
| Market cap | 7680 | 21 | 2 of 179 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · MMTC reports 458 re-lodgment requests for physical shares in September 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · MMTC submits quarterly dematerialization certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · MMTC statutory auditor M/s Dinesh Jain & Associates completes tenure at AGM | management changes | medium | — | — |
| 24 Sept 2026 · MMTC trading window closed from Oct 1 until Q2 results are declared | compliance | minimal | — | — |
| 17 Sept 2026 · MMTC 63rd AGM held; financials adopted, new directors appointed | board shareholder meetings | low | — | — |
| 17 Sept 2026 · New Statutory Auditor appointed for FY 2026-27 by CAG | management changes | medium | — | — |
| 8 Sept 2026 · MMTC reports 458 physical share re-lodgment requests in August 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · MMTC reports non-compliance with SEBI board composition rules | regulatory legal | high | — | — |
| 24 Aug 2026 · MMTC 63rd AGM Notice Published in Business Standard | compliance | minimal | — | — |
| 24 Aug 2026 · MMTC 63rd AGM notice on September 17, 2026 via video conferencing | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.