MSTC e-commerce revenue rose 33% as legacy trading exited

MSTC Limited reported Rs 195.24 crore of e-commerce revenue in 2026-27-H1, up 33.47% from Rs 146.28 crore, as it completed its planned exit from legacy trading. MSTC's standalone profit after tax rose 41.99% to Rs 132.72 crore in the half year ended 30 September 2026.

How did MSTC's e-commerce revenue change in H1 2026-27?

MSTC's e-commerce revenue rose by Rs 48.96 crore to Rs 195.24 crore in 2026-27-H1 from Rs 146.28 crore in 2025-26-H1. The reported 33.47% increase was higher than the 31.25% increase in total standalone revenue, which reached Rs 257.20 crore from Rs 195.96 crore over the same periods.

MSTC said the value of goods transacted through its e-commerce vertical crossed Rs 54,580 crore in 2026-27-H1. This value of goods transacted is an operational measure rather than segment revenue. The presentation does not provide a comparable 2025-26-H1 transaction value, so it does not establish growth in this measure.

Other revenue increased by Rs 13.30 crore to Rs 61.96 crore in 2026-27-H1, while marketing revenue declined by Rs 1.02 crore to nil. The Rs 61.24 crore increase in total revenue therefore reflected higher e-commerce and other revenue, rather than the marketing activity. MSTC does not provide a further breakdown of the other-revenue category in its H1 financial highlights.

Has MSTC completed its exit from legacy trading?

MSTC says it has completed the planned process of exiting its legacy trading business. Its financial table records marketing revenue of Rs 0.00 crore in 2026-27-H1, compared with Rs 1.02 crore in 2025-26-H1. The presentation uses Marketing as the financial-segment label and legacy Trading business in its operating highlights.

The source does not specify the date during 2026-27-H1 on which the exit was completed or identify any remaining obligations from the former business. It does show that e-commerce contributed Rs 195.24 crore of the Rs 257.20 crore total revenue reported for the half year, while Marketing contributed nil.

MSTC continued to report auction-led activity in 2026-27-Q2. It sold residential, multi-purpose land and stray bits in Hyderabad valued at Rs 2,863 crore on behalf of Telangana State Industrial Infrastructure Corporation Limited and Hyderabad Metropolitan Development Authority. MSTC also reported the sale of around 4 lakh metric tonnes of chrome valued at around Rs 718 crore and 1.54 million metric tonnes of coal for Rs 175 crore; these transaction values are not presented as segment revenue.

How did MSTC's H1 profit compare with last year?

MSTC's standalone profit after tax, or PAT, increased 41.99% to Rs 132.72 crore in 2026-27-H1 from Rs 93.47 crore in 2025-26-H1. Profit before tax, or PBT, rose 41.55% to Rs 178.06 crore from Rs 125.79 crore. MSTC described H1 PBT of Rs 178.06 crore as its highest since its March 2019 listing.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 41.19% to Rs 184.55 crore from Rs 130.71 crore. Depreciation was Rs 6.49 crore in 2026-27-H1, up from Rs 4.92 crore, while interest was Rs 0.01 crore. The presentation reports a Q2 PBT of Rs 99.53 crore and Q2 PAT of Rs 74.60 crore as the highest such quarterly figures since listing.

Consolidated PAT rose 48.19% to Rs 133.13 crore from Rs 89.84 crore, exceeding standalone PAT by Rs 0.41 crore in 2026-27-H1. The consolidated accounts included a Rs 0.41 crore share of joint-venture profit, compared with a Rs 3.63 crore share of joint-venture loss in 2025-26-H1. MSTC said joint venture M M R P L posted an H1 profit of Rs 0.82 crore after losses for the preceding four years.

What activity and future plans has MSTC disclosed?

MSTC reported that bids for 125 Karnataka liquor-shop and bar-and-restaurant licences in the first tranche of an e-auction fetched about Rs 125 crore of revenue for the Karnataka Excise Department. The licences comprised CL2A liquor shops and CL9A bars and restaurants. The presentation identifies the amount as revenue for the department, not revenue for MSTC.

MSTC conducted its first coal-gasification event for the Ministry of Coal, allocated seven commercial coal blocks under Round 15, and launched Round 16 through its portal. It also launched Tranche VIII auctions of critical mineral blocks, comprising 13 new blocks and seven old blocks. The source does not assign revenue or profit to these individual assignments.

MSTC is examining the feasibility of setting up coal and other mineral exchanges. Its business-to-business travel portal is ready and is being upgraded for business-to-consumer operations. MSTC is also developing a Trade Receivables Discounting System, or TReDS, platform and has applied to the Reserve Bank of India for requisite clearance; the presentation gives no launch date or revenue projection for either platform.

Conclusion

MSTC's 2026-27-H1 results show a revenue mix led by e-commerce after Marketing revenue declined from Rs 1.02 crore to nil. E-commerce revenue added Rs 48.96 crore year on year, while standalone PAT increased by Rs 39.25 crore to Rs 132.72 crore. Consolidated PAT grew by Rs 43.29 crore, with the joint-venture contribution moving from a Rs 3.63 crore loss to a Rs 0.41 crore profit share.

The next disclosed developments to watch are MSTC's feasibility work on coal and mineral exchanges, the planned business-to-consumer upgrade of its travel portal, and Reserve Bank of India clearance for the proposed TReDS platform. MSTC processed more than Rs 54,580 crore of goods through e-commerce in 2026-27-H1, but it has not disclosed targets, launch dates or projected revenue for these planned businesses.