MMTC
MMTC
Commercial ServicesKey Fundamentals
MicrocapTrading & DistributorsCommercial ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
6- Stock is trading at 4.38 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of -85.2% over past five years.
- Company has a low return on equity of -0.40% over last 3 years.
- Earnings include an other income of Rs.904 Cr.
- Company has high debtors of 4,120 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoMMTC Ltd is a government-owned trading company with a market cap of Rs.9,090 Cr trading at a PE of 23.3x and PB of 4.25x. The company is virtually debt-free but has seen a severe sales decline of -86% over five years, with earnings heavily supported by other income of Rs.828 Cr and exceptionally high debtors of 6,223 days.
- Company is almost debt-free, significantly reducing financial risk and interest burden
- TTM sales growth of 21% suggests a potential recovery in trading volumes after years of decline
- Company has actively reduced debt over recent periods, improving balance sheet health
- Compounded profit growth of 10% over the last 10 years shows long-term ability to generate earnings
- Stock CAGR of 16% over 3 years indicates sustained investor interest and re-rating potential
- Being a government enterprise (PSU) provides implicit sovereign backing and access to large government trading contracts
- TTM profit growth of 3% shows the company remains profitable despite revenue headwinds
- Compounded sales growth of -86% over 5 years reflects a severe and sustained erosion of core business volumes
- Debtors at 6,223 days indicates extreme difficulty in collecting receivables, raising serious cash flow and asset quality concerns
- Other income of Rs.828 Cr forms a disproportionately large share of earnings, meaning core operating profitability is questionable
- Return on equity of just 5% in the last year and 7% over 3 years is well below cost of equity for most investors
- Stock trades at 4.25x book value which is expensive given the low ROE of 6.85% over 3 years
- Zero dividend yield despite repeated profitability means shareholders receive no direct cash returns
- 10-year compounded sales decline of -60% suggests structural shrinkage in the company's trading relevance
- Stock has delivered negative 1-year return of -7%, underperforming broader market indices
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 82d ago- Audit qualification on Anglo Coal Jun 16
Qualified audit opinion for FY26 due to Rs. 82.82 crore provision shortfall in the Anglo Coal case. Adjusted net profit falls to Rs. 129.25 crore standalone after accounting for the shortfall.
- Strong FY26 standalone net profit Jun 02
MMTC reported audited standalone net profit of Rs. 463.30 crore for FY26, indicating solid operating performance before audit adjustments.
- CMD tenure extended one year May 29
Shri Nitin Kumar Yadav's term as CMD extended from April 27, 2026 to April 26, 2027, providing leadership continuity.
- Independent director term expires Jun 08
Non-Executive Independent Director Smt. S Meenakshi's term ended on June 8, 2026, disclosed under SEBI LODR Regulation 30.
- Board meeting rescheduled to May 29 May 25
Board meeting moved to May 29, 2026 to consider FY26 audited results. Trading window closed until 48 hours post-results.
TL;DR: MMTC delivered a healthy Rs. 463.30 crore standalone net profit for FY26, but a qualified audit opinion tied to Rs. 82.82 crore in Anglo Coal provisions reduces adjusted profit significantly to Rs. 129.25 crore. Leadership continuity is secured with the CMD extension. The key risk is the unresolved Anglo Coal liability and its potential to erode future earnings if provisioning requirements grow.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 214 | -210 | 1 | 1 | 1 | 2 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Expenses | 277 | -180 | 37 | 33 | 51 | 32 | 31 | 27 | 24 | 23 | 23 | 114 | 21 |
| Operating Profit | -63 | -30 | -36 | -33 | -51 | -30 | -31 | -27 | -23 | -22 | -23 | -113 | -20 |
| OPM % | -29% | — | -4982% | -5123% | -7788% | -1938% | -12224% | -12971% | -1699% | -2005% | -6768% | -18605% | -2969% |
| Other Income | 83 | 86 | 95 | 103 | 95 | 81 | 39 | 48 | 78 | 453 | 70 | 226 | 156 |
| Interest | 0 | 1 | -1 | 0 | 0 | 0 | 1 | 5 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| PBT | 18 | 54 | 59 | 69 | 43 | 49 | 7 | 14 | 53 | 430 | 46 | 110 | 135 |
| Tax % | 21% | 3% | 6% | -1% | 25% | 3% | 49% | 85% | 17% | 60% | -1% | -15% | 23% |
| Net Profit | 15 | 52 | 56 | 70 | 33 | 48 | 4 | 2 | 44 | 171 | 46 | 126 | 104 |
| EPS in Rs | 0.1 | 0.35 | 0.37 | 0.47 | 0.22 | 0.32 | 0.02 | 0.01 | 0.3 | 1.14 | 0.31 | 0.84 | 0.69 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 23,931 | 12,607 | 11,825 | 16,450 | 29,439 | 26,304 | 30,000 | 11,795 | 3,527 | 3 | 1 | 2 | 3 |
| Expenses | 23,931 | 12,668 | 11,937 | 16,428 | 29,256 | 26,436 | 30,045 | 11,338 | 3,634 | 165 | 139 | 184 | 181 |
| Operating Profit | 0 | -62 | -112 | 23 | 183 | -132 | -45 | 457 | -107 | -162 | -138 | -181 | -179 |
| OPM % | 0% | -0.5% | -0.9% | 0.1% | 0.6% | -0.5% | -0.1% | 3.9% | -3% | -4800% | -11820% | -8520% | -6547% |
| Other Income | 168 | 5 | 136 | 49 | 36 | -8 | -859 | -126 | 2,000 | 368 | 258 | 826 | 904 |
| Interest | 40 | 31 | 23 | 18 | 68 | 144 | 203 | 225 | 122 | 1 | 1 | 1 | 1 |
| Depreciation | 24 | 6 | 7 | 5 | 6 | 6 | 6 | 5 | 5 | 4 | 5 | 5 | 5 |
| PBT | 105 | -94 | -6 | 48 | 146 | -291 | -1,112 | 101 | 1,766 | 200 | 114 | 639 | 720 |
| Tax % | 26% | 3% | 435% | 21% | 25% | 0% | -29% | 355% | 12% | 4% | 24% | 39% | — |
| Net Profit | -42 | -97 | -30 | 38 | 109 | -292 | -789 | -258 | 1,562 | 192 | 87 | 387 | 447 |
| EPS in Rs | -0.28 | -0.64 | -0.2 | 0.25 | 0.72 | -1.94 | -5.26 | -1.72 | 10.42 | 1.28 | 0.58 | 2.58 | 2.98 |
| Div. Payout % | -59% | -31% | -101% | 80% | 41% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 100 | 100 | 100 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
| Reserves | 1,264 | 1,168 | 1,101 | 1,103 | 1,119 | 733 | -50 | -298 | 1,262 | 1,476 | 1,552 | 1,971 |
| Borrowings | 436 | 273 | 440 | 519 | 961 | 3,850 | 2,422 | 2,626 | 203 | 159 | 2 | 2 |
| Other Liabilities | 4,499 | 2,117 | 4,207 | 3,450 | 2,150 | 1,677 | 2,952 | 2,306 | 2,064 | 1,902 | 1,774 | 673 |
| Total Liabilities | 6,300 | 3,659 | 5,848 | 5,172 | 4,380 | 6,410 | 5,474 | 4,783 | 3,678 | 3,687 | 3,478 | 2,796 |
| Fixed Assets | 122 | 57 | 57 | 52 | 49 | 49 | 42 | 38 | 34 | 29 | 24 | 19 |
| CWIP | 153 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 275 | 214 | 247 | 128 | 147 | 80 | 82 | 102 | 127 | 276 | 328 | 533 |
| Other Assets | 5,749 | 3,386 | 5,544 | 4,992 | 4,184 | 6,282 | 5,350 | 4,643 | 3,517 | 3,382 | 3,126 | 2,244 |
| Total Assets | 6,300 | 3,659 | 5,848 | 5,172 | 4,380 | 6,410 | 5,474 | 4,783 | 3,678 | 3,687 | 3,478 | 2,796 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -178 | -54 | 273 | -455 | -367 | -2,588 | 1,704 | 0 | 754 | -353 | -367 | -605 |
| Investing | 85 | 87 | -68 | 117 | 9 | -58 | 11 | 3 | 1,959 | 198 | 278 | 579 |
| Financing | -178 | -119 | 110 | 26 | 339 | 2,689 | -1,634 | -5 | -2,547 | -43 | -1 | -1 |
| Net Cash Flow | -271 | -86 | 315 | -312 | -19 | 42 | 80 | -3 | 166 | -198 | -90 | -27 |
| Free Cash Flow | -201 | -61 | 271 | -456 | -369 | -2,594 | 1,706 | -2 | 754 | -353 | -367 | -605 |
| CFO/OP | -53,291 | 77 | -287 | -1,973 | -186 | 1,943 | -3,748 | 0 | -873 | 221 | 249 | 288 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 46 | 24 | 16 | 8 | 5 | 28 | 10 | 12 | 42 | 42,537 | 37,136 | 4,120 |
| Inventory Days | 5 | 13 | 78 | 41 | 4 | 3 | 1 | 1 | 0 | 164 | — | 0 |
| Days Payable | 53 | 29 | 23 | 25 | 15 | 10 | 13 | 18 | 37 | 1,53,948 | — | — |
| Cash Conversion Cycle | -1 | 7 | 71 | 23 | -6 | 22 | -2 | -5 | 5 | -1,11,246 | 37,136 | 4,120 |
| Working Capital Days | 5 | 14 | 3 | 16 | 10 | 6 | -10 | -23 | -28 | -21,522 | -53,664 | -40,983 |
| ROCE % | 6% | -8% | -5% | 4% | 11% | -3% | -1% | 19% | 23% | 9% | 8% | 9% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY11–FY26.
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Company Information
MMTC Limited is a Government of India enterprise incorporated in 1963 under the Ministry of Commerce & Industry. It focuses on statutory compliance, legacy matters and management of its assets and investments[1]
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