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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹9803 Cr.
Stock P/E
113.2
P/B
4.6
Current Price
₹65.4
Book Value
₹ 14.1
Face Value
1
52W High
₹75.7
52W Low
₹ 51.3
Dividend Yield
0%

MMTC Overview

Business

MMTC Ltd. (Minerals and Metals Trading Corporation of India) is a Public Sector Undertaking (PSU) and one of the largest foreign trading companies in India. Its core business involves the import and export of various commodities. MMTC acts as a canalizing agency for the Government of India for certain bulk commodities and also engages in general international trade. It makes money primarily through trading margins on the commodities it buys and sells, as well as through commissions for facilitating trade. Its operations span across minerals (iron ore, manganese ore, chrome ore), precious metals (gold, silver), non-ferrous metals, fertilizers, agro products (wheat, rice, pulses, edible oils), coal & hydrocarbons, and industrial raw materials.

Revenue Mix

Historically, MMTC's revenue mix has been dominated by:

Precious Metals: Gold and silver imports often constitute a significant portion of total revenue, sometimes exceeding 50-60%, driven by domestic demand and government policies.

Minerals & Metals: Trading in various ores (iron, manganese, chrome), as well as base metals. This segment is highly dependent on global demand and prices for raw materials.

Agro Products & Fertilizers: Import of essential food items and fertilizers to meet domestic shortages, often under government directives.

Coal & Hydrocarbons: Import of coal for industrial use and other energy-related commodities.

The exact percentage contribution from each segment can fluctuate significantly year-on-year based on commodity prices, government policies, and specific trading mandates.

Industry

MMTC operates within India's commodity trading sector, competing with both private sector trading houses and, to a lesser extent, other government-owned entities (though the State Trading Corporation of India, STC, has largely wound down operations). Its positioning is unique due to its PSU status, which provides it with:

Preferential access to government tenders and mandates for bulk imports/exports crucial for national security or economic stability (e.g., food security, strategic raw materials).

A mandate to act as a canalizing agent for certain commodities.

A vast established global network and experience in international trade.

MOAT

MMTC's competitive advantages primarily stem from its PSU status:

Government Backing & Mandates: Its role as a government-owned entity often leads to preferential treatment in large-scale government-to-government (G2G) trade deals or being designated as the exclusive importer/exporter for certain critical commodities.

Extensive Network & Experience: Decades of experience in international trade, a wide network of overseas offices and trading partners, and expertise in navigating complex global trade regulations.

Creditworthiness: Strong financial backing and perceived sovereign guarantee due to its government ownership, which facilitates large-scale credit lines and transactions.

Scale: Ability to handle massive volumes of commodities, leveraging economies of scale in logistics and procurement for bulk trading.

Growth Drivers

Government Initiatives: "Make in India" campaigns and infrastructure development projects could drive demand for imported industrial raw materials (metals, minerals).

Food & Fertilizer Security: Continued need for imports of agro products and fertilizers due to domestic production shortfalls, which MMTC often facilitates under government mandates.

Strategic Gold Imports: While volatile, India's persistent demand for gold makes MMTC's role in its import significant, subject to policy consistency.

Diversification: Expansion into new commodities, markets, or value-added services within its trading portfolio.

Global Trade Revival: Recovery in global trade volumes and commodity prices could boost trading activity and margins.

Risks

Commodity Price Volatility: High exposure to global price fluctuations of various commodities, directly impacting trading margins and inventory values.

Government Policy Changes: Adverse changes in import/export policies, canalization rules, duties, or trade agreements can significantly affect its business model, especially for precious metals.

Global Economic Downturns: Reduced demand for industrial raw materials and general trade slowdowns can impact volumes and profitability.

Forex Fluctuations: Exposure to currency exchange rate volatility given its international trading operations.

Competition: Increasing competition from agile private sector trading firms that may have lower overheads and faster decision-making processes.

Working Capital Intensity: Large-scale commodity trading requires substantial working capital, making it susceptible to liquidity constraints during adverse cycles.

Bureaucratic Inefficiencies: As a PSU, MMTC may face challenges related to slower decision-making processes and bureaucratic hurdles compared to private counterparts.

Management & Ownership

MMTC Ltd. is a Public Sector Undertaking, with the majority stake held by the President of India (i.e., the Government of India). This makes the Government of India its ultimate promoter. The management team consists of a Chairman & Managing Director and Functional Directors, who are appointed by the Government of India through a prescribed process. As a PSU, its operations and strategic direction are subject to government oversight, directives, and public accountability norms.

Outlook

MMTC's outlook is intrinsically linked to government policies, global commodity markets, and its ability to adapt to changing trade dynamics. The company benefits from its strategic importance to the Indian economy, acting as a reliable channel for critical imports and exports, especially in sectors vital for national security and development. Its extensive network and sovereign backing provide a strong foundation. However, its performance is highly sensitive to external factors like commodity price volatility and shifts in government trade policies, which can introduce significant uncertainty. Furthermore, inherent bureaucratic processes typical of PSUs might hinder rapid response to market changes or diversification efforts. While its role as a key state trading entity offers stability and specific mandates, fierce competition from private players and the cyclical nature of commodity markets present ongoing challenges.

MMTC Share Price

Live · BSE / NSE · Inception: 1963
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

MMTC Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 1 1 1 2 0 0 1 1 0 1
Other Income 63 64 138 43 35 44 70 37 34 35
Total Income 63 65 139 45 35 44 72 38 35 36
Total Expenditure 37 33 51 32 31 27 24 23 23 114
Operating Profit 26 32 87 13 5 17 47 15 11 -78
Interest -1 0 0 0 1 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 2
Exceptional Income / Expenses 0 1 -44 28 0 -3 0 378 -0 96
Profit Before Tax 26 31 42 39 3 13 46 392 10 16
Provision for Tax 3 -1 11 1 4 12 9 259 -1 -16
Profit After Tax 23 32 32 38 -1 0 37 134 10 32
Adjustments 33 38 1 10 4 2 8 37 36 94
Profit After Adjustments 56 70 33 48 4 2 44 171 46 126
Adjusted Earnings Per Share 0.4 0.5 0.2 0.3 0 0 0.3 1.1 0.3 0.8

MMTC Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 23932 12608 11827 16451 29440 26305 30001 11796 3528 5 3 3
Other Income 146 106 45 46 21 43 30 18 93 199 260 176
Total Income 24078 12714 11872 16497 29461 26348 30031 11814 3621 204 263 181
Total Expenditure 23931 12685 11851 16428 29256 26367 30055 11336 3633 167 141 184
Operating Profit 146 29 21 69 205 -20 -24 478 -12 37 122 -5
Interest 41 32 24 18 69 149 206 228 124 1 6 0
Depreciation 24 6 7 5 6 7 6 5 5 4 5 5
Exceptional Income / Expenses 23 65 91 -8 -10 -44 -877 -155 1417 45 -14 474
Profit Before Tax 105 -94 -6 48 146 -291 -1112 101 1766 200 114 464
Provision for Tax 27 3 24 10 37 1 -323 359 204 8 28 251
Profit After Tax 78 -97 -30 38 109 -292 -789 -258 1562 192 87 213
Adjustments -120 -1 0 0 0 0 0 0 0 9 0 175
Profit After Adjustments -42 -97 -30 38 109 -292 -789 -258 1562 202 87 387
Adjusted Earnings Per Share -0.3 -0.6 -0.2 0.3 0.7 -1.9 -5.3 -1.7 10.4 1.3 0.6 2.5

MMTC Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1364 1268 1201 1203 1269 883 100 -148 1412 1626 1702
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 50 0 0 0 0 167 0 0 0 0 0
Other Non-Current Liabilities -19 -52 -45 -51 -42 -180 -508 -173 -106 -129 -128
Total Current Liabilities 4681 2211 4459 3786 2923 5309 5326 4890 2217 2029 1747
Total Liabilities 6077 3428 5615 4937 4149 6179 4918 4569 3523 3525 3321
Fixed Assets 122 57 53 48 45 45 38 35 30 26 22
Other Non-Current Assets 547 482 374 227 225 162 162 178 205 341 386
Total Current Assets 5408 2888 5189 4662 3879 5965 4711 4356 3288 3158 2914
Total Assets 6077 3428 5615 4937 4149 6179 4918 4569 3523 3525 3321

MMTC Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 702 133 48 363 51 33 75 155 152 319 121
Cash Flow from Operating Activities -178 -53 273 -455 -367 -2588 1704 -0 754 -353 -363
Cash Flow from Investing Activities 85 87 -68 117 9 -58 11 3 1959 198 278
Cash Flow from Financing Activities -178 -119 110 26 339 2689 -1634 -5 -2547 -43 -6
Net Cash Inflow / Outflow -271 -86 315 -312 -19 42 80 -3 166 -198 -91
Closing Cash & Cash Equivalent 431 48 363 51 33 75 155 152 319 121 30

MMTC Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -0.28 -0.65 -0.2 0.25 0.72 -1.95 -5.26 -1.72 10.42 1.34 0.58
CEPS(Rs) 0.68 -0.6 -0.15 0.29 0.76 -1.9 -5.22 -1.69 10.45 1.31 0.61
DPS(Rs) 0.17 0.2 0.2 0.2 0.3 0 0 0 0 0 0
Book NAV/Share(Rs) 9.1 8.46 8 8.02 8.46 5.89 0.66 -0.99 9.41 10.84 11.35
Core EBITDA Margin(%) 0 -0.61 -0.2 0.14 0.63 -0.24 -0.18 3.9 -2.98 -3029.03 -5140.89
EBIT Margin(%) 0.61 -0.49 0.16 0.4 0.73 -0.54 -3.02 2.79 53.57 3773.22 4463.2
Pre Tax Margin(%) 0.44 -0.74 -0.05 0.29 0.5 -1.11 -3.71 0.86 50.06 3745.32 4249.07
PAT Margin (%) 0.32 -0.77 -0.25 0.23 0.37 -1.11 -2.63 -2.19 44.28 3598.88 3220.45
Cash Profit Margin (%) 0.42 -0.72 -0.19 0.26 0.39 -1.08 -2.61 -2.14 44.43 3680.15 3388.1
ROA(%) 1.42 -2.03 -0.66 0.71 2.39 -5.65 -14.22 -5.44 38.61 5.45 2.53
ROE(%) 5.52 -7.34 -2.41 3.12 8.8 -27.11 -160.55 0 247.26 12.65 5.21
ROCE(%) 7.64 -3.69 1.15 3.93 10.85 -4.07 -24.99 13.18 92.62 11.9 6.9
Receivable days 36.5 55.96 20.54 9.59 4.85 17.17 17.53 19.12 41.7 0 0
Inventory Days 4.96 10.64 42.72 45.24 12.34 3.45 1.6 1.17 1.6 51.61 48.85
Payable days 37.63 66.54 26.66 20.98 14.33 13.03 10.62 26.23 47.2 0 0
PER(x) 0 0 0 148.34 38.63 0 0 0 2.68 49.41 90.42
Price/Book(x) 3.57 2.95 5.16 4.63 3.31 2.1 63.77 -44.72 2.96 6.13 4.6
Dividend Yield(%) 0.51 0.8 0.48 0.54 1.07 0 0 0 0 0 0
EV/Net Sales(x) 0.2 0.3 0.52 0.36 0.17 0.21 0.28 0.77 0.86 1645.47 2414.18
EV/Core EBITDA(x) 33.44 134.34 293.22 86.7 24.53 -278.07 -358.01 18.92 -254.6 235.95 53.32
Net Sales Growth(%) -14.96 -47.32 -6.19 39.1 78.95 -10.65 14.05 -60.68 -70.09 -99.85 -49.63
EBIT Growth(%) -6.05 -142.39 129.75 260.27 224.37 -166.12 -538.94 136.32 474.42 -89.34 -40.41
PAT Growth(%) 30.62 -224.38 69.22 226.08 189.77 -368.35 -170.53 67.28 705.02 -87.7 -54.92
EPS Growth(%) -133.86 -129.41 69.46 226.06 189.8 -368.35 -170.53 67.28 705 -87.1 -57.03
Debt/Equity(x) 0.32 0.22 0.37 0.43 0.76 4.36 24.24 -17.7 0.14 0.09 0
Current Ratio(x) 1.16 1.31 1.16 1.23 1.33 1.12 0.88 0.89 1.48 1.56 1.67
Quick Ratio(x) 1.08 1.12 0.63 0.78 1.23 1.08 0.88 0.88 1.48 1.56 1.67
Interest Cover(x) 3.59 -1.92 0.77 3.6 3.13 -0.95 -4.39 1.44 15.25 135.23 20.84
Total Debt/Mcap(x) 0.09 0.07 0.07 0.09 0.23 2.08 0.38 0.4 0.05 0.02 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -40% -94% -84% -59%
Operating Profit CAGR +230% -37% -2%
PAT CAGR -55% +1%
Share Price CAGR -11% +27% +1% +10%
ROE Average +5% +88% +21% +8%
ROCE Average +7% +37% +20% +10%

MMTC Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 89.93 %
FII 0.13 %
DII (MF + Insurance) 1.77 %
Public (retail) 10.07 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 89.9389.9389.9389.9389.9389.9389.9389.9389.9389.93
FII 00.150.020.090.110.160.110.090.020.13
DII 2.432.72.672.141.861.871.871.851.761.77
Public 10.0710.0710.0710.0710.0710.0710.0710.0710.0710.07
Others 0000000000
Total 100100100100100100100100100100

MMTC Peer Comparison

MMTC Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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MMTC Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 88%
  • Company is almost debt free.

Cons

  • Stock is trading at 4.6 times its book value.
  • Earnings include an other income of Rs. 260 Cr.
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