Trading · Founded 1963 · www.mmtclimited.com · BSE 513377 · NSE MINERAL&METL · ISIN INE123F01029
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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.
Price goes above X
Price falls below X
PE goes above X
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| #(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 |
| #(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 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -40% | -94% | -84% | -59% |
| Operating Profit CAGR | 230% | -37% | 0% | -2% |
| PAT CAGR | -55% | 0% | 0% | 1% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -11% | 27% | 1% | 10% |
| ROE Average | 5% | 88% | 21% | 8% |
| ROCE Average | 7% | 37% | 20% | 10% |
| #(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 |
| #(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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 |
| FII | 0 | 0.15 | 0.02 | 0.09 | 0.11 | 0.16 | 0.11 | 0.09 | 0.02 | 0.13 |
| DII | 2.43 | 2.7 | 2.67 | 2.14 | 1.86 | 1.87 | 1.87 | 1.85 | 1.76 | 1.77 |
| Public | 7.64 | 7.22 | 7.39 | 7.84 | 8.1 | 8.05 | 8.09 | 8.13 | 8.29 | 8.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 |
| FII | 0 | 0.23 | 0.03 | 0.13 | 0.16 | 0.24 | 0.17 | 0.14 | 0.03 | 0.19 |
| DII | 3.65 | 4.05 | 4 | 3.21 | 2.79 | 2.8 | 2.8 | 2.77 | 2.65 | 2.66 |
| Public | 11.46 | 10.84 | 11.08 | 11.76 | 12.16 | 12.07 | 12.14 | 12.2 | 12.43 | 12.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
| # | 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% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 | 89.93 |
| FII | 0 | 0.15 | 0.02 | 0.09 | 0.11 | 0.16 | 0.11 | 0.09 | 0.02 | 0.13 |
| DII | 2.43 | 2.7 | 2.67 | 2.14 | 1.86 | 1.87 | 1.87 | 1.85 | 1.76 | 1.77 |
| Public | 10.07 | 10.07 | 10.07 | 10.07 | 10.07 | 10.07 | 10.07 | 10.07 | 10.07 | 10.07 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 | 134.89 |
| FII | 0 | 0.23 | 0.03 | 0.13 | 0.16 | 0.24 | 0.17 | 0.14 | 0.03 | 0.19 |
| DII | 3.65 | 4.05 | 4 | 3.21 | 2.79 | 2.8 | 2.8 | 2.77 | 2.65 | 2.66 |
| Public | 15.11 | 15.11 | 15.11 | 15.11 | 15.11 | 15.11 | 15.11 | 15.11 | 15.11 | 15.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
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