MSTC posts four-year high revenue as it prepares to launch two new digital platforms
The state-owned e-commerce firm hit INR359.33 crore in revenue from operations for FY26, with earnings growing 18% and new verticals on the cusp of launch.
— 2 earlier stories on MSTC Ltd. →What's new
- FY26 revenue from operations hit a four-year high of INR359.33 crore; EBITDA rose 18.2% to INR307.49 crore.
- Management confirmed its EPR certificate trading portal is built and ready for launch; a B2B travel portal is in final testing.
- Losses in the Mahindra JV have narrowed over the last three quarters; legacy marketing business exit is in final stages.
Why this matters
MSTC's pivot from legacy trading to digital platforms is moving from strategy to execution. The EPR portal and travel portal are the first concrete products from that shift. Combined with a JV that is finally losing less money, the company is betting its future on platform economics rather than the merchant trade it was built for.
What we're watching
- The official launch date and initial transaction volumes for the EPR certificate portal.
- Go-live timing for the MSTC Smart Travel B2B portal.
- Whether the asset-monetisation advisory business with SBI Caps produces a near-term revenue stream.
The full read
MSTC, the state-owned e-commerce firm, is at a turning point. It posted its strongest revenue in four years at INR359.33 crore for FY26, with EBITDA up 18.2% to INR307.49 crore. But the past is less interesting than the future. Management used the earnings call to signal that its first major new platform, an electronic trading portal for EPR certificates, is built and ready for launch. A second, the B2B travel portal MSTC Smart Travel, is in final testing. This is the payoff from its strategic exit from the legacy marketing business, which is now in its final stage. The JV with Mahindra, which had been a drag, is losing less money each quarter. The company's next move is to partner with SBI Caps to advise government entities on asset monetisation. The financials are solid, but the real test is whether these new digital verticals can deliver revenue at the scale the old trading business did.
Questions answered
- How did MSTC's financial performance change in FY26?
- Revenue from operations reached INR359.33 crore, the highest in four years. EBITDA rose 18.2% year-on-year to INR307.49 crore, and profit after tax before exceptional items grew 23% to INR221.69 crore.
- What are the two new digital platforms MSTC is preparing to launch?
- An electronic trading portal for Extended Producer Responsibility (EPR) certificates, which management says is fully developed, and a B2B travel portal called MSTC Smart Travel, which is in advanced testing and expected to become operational shortly.
- What is happening with MSTC's legacy business?
- The company is in the final stages of exiting its marketing and trading business to focus entirely on its e-commerce platforms. The pivot is a deliberate move away from the traditional merchant trade.
- How is the Mahindra joint venture performing?
- Losses in the JV have narrowed significantly over the last three quarters. The filing does not specify the current loss amount or a timeline to profitability.
- What is the SBI Caps partnership for?
- MSTC has partnered with SBI Caps for advisory services on asset monetisation for government entities. It is an advisory role, not a direct business line.
Story so far
All notes on MSTCLTD →- 4 Jun 2026 · 12:43 PM IST MSTC posts four-year high revenue as it prepares to launch two new digital platforms
- 5d ago MSTC to quit legacy trading by 2027, bet on digital platforms
- 6d ago MSTC is getting into the travel business after its EaseMyTrip deal