Integrated Filing — IndAS



General information about company

Scrip Code 542597
NSE Symbol MSTCLTD
MSEI Symbol NOTLISTED
ISIN INE255X01014
Name of company MSTC LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 29-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 19-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 29-05-2026   14:00:00
End date and time of board meeting 29-05-2026   17:45:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 11,879.72 36,965.66
Other income 3,157.17 8,338.03
Total income 15,036.89 45,303.69
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 2,581.25 9,872.50
(e) Finance costs 0.00 0.00
(f) Depreciation, depletion and amortisation expense 269.92 1,036.32
(f) Other Expenses
1 Provisions and Write Off (90.50) (90.50)
2 Others 1,791.91 4,772.30
Total other expenses 1,701.41 4,681.80
Total expenses 4,552.58 15,590.62
3 Total profit before exceptional items and tax 10,484.31 29,713.07
4 Exceptional items 0.00 0.00
5 Total profit before tax 10,484.31 29,713.07
6 Tax expense
7 Current tax 2,676.13 7,188.12
8 Deferred tax 83.86 212.08
9 Total tax expenses 2,759.99 7,400.20
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 7,724.32 22,312.87
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method (1.95) (469.55)
16 Total profit (loss) for period 7,722.37 21,843.32
17 Other comprehensive income net of taxes 112.41 59.20
18 Total Comprehensive Income for the period 7,834.78 21,902.52
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 0.00 0.00
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 0.00 0.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 7,040.00 7,040.00
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 83,353.51
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 10.97 31.03
Diluted earnings (loss) per share from continuing operations 10.97 31.03
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 10.97 31.03
Diluted earnings (loss) per share from continuing and discontinued operations 10.97 31.03
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes: 1) The above results for the quarter and year ended 31st March 2026 have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 29th May 2026. The statutory auditor has reviewed the results as required under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (SEBI LODR) as amended. 2) The figures for the quarter ended March 31, 2026 and March 31, 2025 are the balancing figures between the audited figures in respect of the full financial year and published year to date figures up to the third quarter of respective financial years. 3) Employee Benefit Expenses include Rs. 238.17 Lakhs pertaining to liability on account of increase in Gratuity limit from Rs. 20.00 Lakhs to Rs. 25.00 Lakhs (due to increase in DA above 50% of Basic Pay in terms of DPE guidelines). 4) The Government of India notified new labour codes, effective from November 21, 2025. The Ministry of Labour & Employment has published draft Rules and FAQs to enable assessment of the financial impact due to changes in regulation. The Company has provided for Rs. 10.20 Lakhs on account of Gratuity liability of fixed term employees in this regard, in terms of Actuarial Valuation based on internal assessment of the Company. The Company continues to monitor the notification of State Rules and clarifications from the Government on other aspects of the Labour Code. It is also in the process of detailed assessment and would provide appropriate accounting effect on the basis of such developments as needed. 5) Other Income include Rs. 1,471.19 Lakhs liabilities ageing more than five years written back in terms of Accounting Policy approved by the Board. 6) The Current Borrowings includes Rs.14,361.97 Lakhs (Previous period Rs.14,361.97 Lakhs) towards payment made by Standard Chartered Bank (SCB), after purchase of export bills of MSTC raised on foreign buyers against export of Gold Jewelleries to the buyers during 2008-09, under a Receivable Purchase Agreement. On non-receipt of the proceeds from the foreign buyers against the bills, SCB submitted claims with the Insurance Company, who, however, wrongfully repudiated the claim of SCB. Thereafter, SCB converted the receivables purchased from MSTC under the Receivables Purchase Agreement into loans or debts as if owing by MSTC, claimed the amount from MSTC with interest and filed a case, being the Original Application (OA) in the Debt Recovery Tribunal (DRT), Mumbai in the year 2012, which MSTC has denied and disputed. The claim of SCB is contingent upon the outcome of legal cases. Pending final disposal of all such Court cases where the matters are currently pending, MSTC has disclosed the amount simultaneously as Borrowings and as Trade Receivables. The matter is sub-judice and is contingent in nature, at this juncture. 7) There were no exceptional items during the quarter and year ended 31st March 2026. Exceptional items of previous year include expenditure of Rs. 3,850.33 lakhs (USD 38.93 Lakhs and Rs. 481.98 Lakhs) towards payment and provision on account of very old arbitration awards and profit on sale of investment in FSNL of Rs. 30,169.19 Lakhs (net of sale proceeds of Rs. 32,000.00 lakhs minus Rs. 1,581.00 lakhs original value of investment and Rs. 249.81 lakhs direct expenses on sale) to Konoike Transport Company Limited. 8) The audited Accounts are subject to Supplementary Audit by the Comptroller and Auditor General of India under section 143(6) of the Companies Act, 2013. 9) The Board of Directors has declared Final Dividend at the rate of 81 percent per equity share of face value of Rs. 10.00 each i.e. Rs. 8.10 per equity share for the financial year 2025-26, subject to approval of the shareholders in the Annual General Meeting. 10) Figures of the previous period or year have been regrouped, reclassified, rearranged to conform to the classification of the current period or year, wherever necessary.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 19,413.05
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 0.00
Other intangible assets 480.84
Intangible assets under development 48.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 1,188.11
Non-current financial assets
Non-current investments 0.00
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Other Financial Assets 290.66
Total of other non-current financial assets 290.66
Total non-current financial assets 290.66
Deferred tax assets (net) 9,551.25
Other non-current assets
1 Other Non-Current Asstes 5,245.71
2 Non-Current Tax Asstes (Net) 3,741.04
3 Leasehold Land 694.11
Total of other non-current assets 9,680.86
Total non-current assets 40,652.77
2 Current assets
Inventories 0.00
Current financial asset
Current investments 0.00
Trade receivables, current 22,690.48
Cash and cash equivalents 55,372.35
Bank balance other than cash and cash equivalents 77,385.73
Loans, current 0.00
Other current financial assets
Total of other current financial assets 4,405.54
Total current financial assets 1,59,854.10
Current tax assets (net)
Other current assets
1 Other current assets 564.62
Total of other current assets 564.62
Total current assets 1,60,418.72
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 2,01,071.49
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 7,040.00
Other equity 83,353.51
Total equity attributable to owners of parent 90,393.51
Non controlling interest 0.00
Total equity 90,393.51
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Other Financial Liabilities 338.03
Total of other non-current financial liabilities 338.03
Total non-current financial liabilities 338.03
Provisions, non-current 1,647.31
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Other non-current liabilities 1,092.78
Total of other non-current liabilities 1,092.78
Total non-current liabilities 3,078.12
Current liabilities
Current financial liabilities
Borrowings, current 14,500.20
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 12,616.32
Total Trade payable 12,616.32
Other current financial liabilities
1 Other current financial liabilities 78,446.60
Total of other current financial liabilities 78,446.60
Total current financial liabilities 1,05,563.12
Other current liabilities 1,950.78
1 Other current liabilities 1,950.78
Total of other current liabilities 1,950.78
Provisions, current 85.96
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 1,07,599.86
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 1,10,677.98
Total equity and liabilites 2,01,071.49
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Marketing 0.0030778 2,547.38
2 E-commerce 13,254.01 41,253.07
3 Others (unallocable) 1,475.10 1,503.24
Total Segment Revenue 15,036.89 45,303.69
Less: Inter segment revenue 0.00 0.00
Revenue from operations 15,036.89 45,303.69
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Marketing 304.59 2,538.21
2 E-commerce 13,224.97 40,919.60
3 Others (unallocable) (3,047.20) (14,214.29)
Total Profit before tax 10,482.36 29,243.52
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax 10,482.36 29,243.52
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Marketing 0.00 0.00
2 E-commerce 0.00 0.00
3 Others (unallocable) 0.00 0.00
Total Segment Asset 0.00 0.00
Un-allocable Assets 0.00 0.00
Net Segment Asset 0.00 0.00
4 Segment Liabilities
Segment Liabilities
1 Marketing 0.00 0.00
2 E-commerce 0.00 0.00
3 Others (unallocable) 0.00 0.00
Total Segment Liabilities 0.00 0.00
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 0.00 0.00
Disclosure of notes on segments Textual Information(2)



Text Block

Textual Information(2) 1) In terms of IndAS 108 the Group has identified Marketing and E-Commerce as its two Primary Reportable Business Segments. There is no Secondary Segment. 2) Assets and liabilities used in the Group business are not identified to any of the reportable segments, as these are used interchangably between the segments. Hence the Management believes, that it is currently not practicable to provide segment disclosure related to assets and liabilities.



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement of the net defined benefit plans 153.17 77.20
2 Share of Other Comprehensive Income of Joint Venture (2.21) 1.43
Total Amount of items that will not be reclassified to profit and loss 150.96 78.63
2 Income tax relating to items that will not be reclassified to profit or loss 38.55 19.43
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 112.41 59.20



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 29,713.07
Adjustments for reconcile profit (loss)
Adjustments for finance costs 0.00
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 9,794.98
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (3,342.43)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (27,065.27)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities (310.43)
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 1,043.78
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 109.38
Adjustments for provisions, non-current (1,561.69)
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 6,834.79
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 7.49
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (28,158.98)
Net cash flows from (used in) operations 1,554.09
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 4,333.51
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (2,779.42)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 7.66
Purchase of property, plant and equipment 2,225.56
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 500.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 7,733.31
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 20,666.35
Net cash flows from (used in) investing activities 25,681.76
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 0.00
Dividends paid 5,350.40
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (5,350.40)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 17,551.94
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 17,551.94
Cash and cash equivalents cash flow statement at beginning of period 37,820.41
Cash and cash equivalents cash flow statement at end of period 55,372.35





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 S Guha & Associates Yes 31-03-2027