MSTC Q1 FY27 Results (NSE: MSTCLTD)

13 Aug 2026 · Analysis by Alpha Inflection

Signal: Growth decelerated

The read

The core trajectory improved as revenue rose 21.7% YoY to ₹9,423.99 lakh and EBITDA grew 31.7% to ₹8,148.41 lakh, reversing the recent Q3FY26 margin contraction; nevertheless, PAT growth of 37.5% remains partly non-operating because other income of ₹2,375.50 lakh contributed 30.3% of PBT, while the discontinuation of Marketing removes a business line from future comparisons.

P&L walk

Revenue increased to ₹9,423.99 lakh (+21.7% YoY), EBITDA rose 31.7% to ₹8,148.41 lakh with an 86.5% margin, and PAT grew 37.5% to ₹5,821.96 lakh; however, other income of ₹2,375.50 lakh represented 30.3% of PBT.

Segments

Segment reporting was discontinued because the Marketing business ceased from FY26-27; the consolidated result was only ₹9.93 lakh above standalone PAT due to the joint venture's profit.

Key positives

• Revenue increased 21.7% YoY to ₹9,423.99 lakh, accelerating from 8.6% YoY growth in Q3FY26 and following 33.7% growth in Q4FY26.
• EBITDA grew 31.7% YoY to ₹8,148.41 lakh versus revenue growth of 21.7%, while employee costs rose 18.3% YoY, below revenue growth.
• Consolidated PAT rose 37.5% YoY to ₹5,821.96 lakh and EPS increased 37.6% YoY to ₹8.27, with the PAT-to-EPS check clean.

Key concerns

• Other income of ₹2,375.50 lakh represented 30.3% of consolidated PBT, so the 37.5% PAT growth is not entirely representative of core operating earnings.
• Marketing business revenue is no longer reported after the BG-backed procurement business ceased from FY26-27, reducing business breadth and comparability.
• Depreciation increased 31.6% YoY to ₹295.67 lakh, faster than employee costs at 18.3%, although the filing does not provide an asset-base figure.

Earnings quality: includes non-operating other income

View original filing

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