Trading · Founded 1956 · www.stclimited.co.in · BSE 512531 · NSE STC INDIA · ISIN INE655A01013
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Business
The State Trading Corporation Of India Ltd. (STCINDIA) is a government-owned enterprise engaged in various trading activities, both domestic and international. Its core business model revolves around facilitating the import and export of a wide range of commodities and industrial products. Historically, it has played a significant role in canalized imports/exports (where the government designates specific agencies for trade in certain goods) and managing buffer stocks. The company primarily makes money through margins on its trading transactions, commissions on agency functions, and potentially through storage and logistics services.
Revenue Mix
Specific and detailed breakdown of revenue by major business segments is not publicly available or provided. Historically, STC has been involved in trading agricultural commodities (like wheat, sugar, rice, edible oils), minerals, metals, chemicals, fertilizers, and industrial products. Its revenue mix likely fluctuates based on government mandates, commodity market conditions, and its strategic involvement in various supply chains.
Industry
The company operates within the broad trading sector in India, which is highly diverse and includes various private and public players. The overall trading industry for bulk commodities can be competitive, with many private domestic and international firms. As a "State Trading Corporation," STCINDIA occupies a unique position, often acting as an extended arm of the government for strategic trade, price stabilization, and ensuring supply of essential goods. Its positioning is less about direct market competition with agile private traders in all segments, and more about fulfilling government mandates or participating in large-scale strategic procurements/exports.
MOAT
STCINDIA's primary competitive advantages stem from its status as a government-owned entity. This often translates into:
Government Mandate/Backing: Preferential treatment or designated roles in specific government-to-government (G2G) deals, canalized trade, or large public sector procurements.
Scale & Reach: Ability to handle large volumes of commodities due to institutional support and established infrastructure over decades.
Credibility: Backing by the Government of India provides a degree of trust and reliability, particularly in international trade.
However, it generally lacks typical consumer brand power, strong network effects in competitive markets, or significant switching costs for non-mandated trade partners.
Growth Drivers
Key factors that could drive STCINDIA's growth include:
Government Policy & Mandates: Increased reliance by the government on STC for managing strategic reserves, essential commodity imports/exports, or price stabilization.
Trade Liberalization/Agreements: New trade agreements or policies that create opportunities for large-scale commodity movements, where STC could play a facilitative role.
Diversification: Successful expansion into new, profitable commodity markets or value-added services (e.g., logistics, warehousing for specific sectors).
Economic Growth: Overall growth in India's economy leading to increased demand for raw materials and finished goods, thereby boosting trade volumes.
Risks
Commodity Price Volatility: Exposure to fluctuations in global commodity prices can significantly impact profitability.
Changes in Government Policy: Reduced or altered government mandates, liberalization of canalized trade, or increased private sector participation can diminish STC's strategic role and revenue.
Geopolitical Risks: Global trade disruptions, protectionism, and international sanctions can affect its international trading operations.
Competition: Increasing competition from efficient private trading houses in non-mandated segments.
Forex Fluctuations: Exposure to currency risks given its international trading activities.
Operational Inefficiencies: As a PSU, it may face challenges related to agility, decision-making speed, and cost efficiency compared to private players.
Management & Ownership
The State Trading Corporation Of India Ltd. is predominantly owned by the Government of India. As a Public Sector Undertaking (PSU), its management typically consists of civil servants or professionals appointed by the government. The focus of management is often aligned with government policies, social objectives, and stability rather than aggressive market-share driven growth or maximizing short-term shareholder returns in a purely private-enterprise sense.
Outlook
STCINDIA operates in a complex environment where its fortunes are closely tied to government policy and the broader Indian and global trade landscape. The company benefits from its state backing, which provides a level of stability and preferential access to strategic trading opportunities. However, its growth trajectory is heavily dependent on specific government mandates and its ability to adapt to a more liberalized trading environment. While it has a foundational role in India's trade history, its future could be characterized by continued involvement in strategic sectors, but also by the challenge of remaining competitive and agile alongside private sector counterparts. Potential for significant market-driven growth outside of specific government roles may be constrained by its public sector structure and objectives.
| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 25 | 27 | 40 | 30 | 27 | 28 | 23 | 26 | 25 | 22 |
| Total Income | 25 | 27 | 40 | 30 | 27 | 28 | 23 | 26 | 25 | 22 |
| Total Expenditure | 11 | 12 | 12 | 10 | 12 | 14 | 13 | 10 | 10 | 12 |
| Operating Profit | 14 | 15 | 28 | 20 | 15 | 14 | 10 | 16 | 15 | 10 |
| Interest | 0 | 2 | 0 | 1 | 0 | 1 | 0 | 0 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 1 | 0 | -27 | -0 | 0 | -0 | 606 | -0 | 4 |
| Profit Before Tax | 14 | 14 | 27 | -7 | 14 | 14 | 10 | 621 | 14 | 13 |
| Provision for Tax | -0 | 0 | -0 | 0 | 13 | 10 | 0 | 9 | -2 | 4 |
| Profit After Tax | 14 | 14 | 27 | -7 | 2 | 3 | 10 | 612 | 17 | 10 |
| Adjustments | 0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 14 | 14 | 27 | -7 | 2 | 3 | 10 | 612 | 17 | 10 |
| Adjusted Earnings Per Share | 2.3 | 2.4 | 4.6 | -1.2 | 0.3 | 0.5 | 1.6 | 102 | 2.8 | 1.6 |
| #(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 | 14494 | 10601 | 7814 | 10866 | 8903 | 2937 | 250 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 260 | 271 | 273 | 307 | 110 | 78 | 58 | 86 | 86 | 96 | 125 | 96 |
| Total Income | 14754 | 10872 | 8088 | 11173 | 9013 | 3015 | 307 | 86 | 86 | 96 | 125 | 96 |
| Total Expenditure | 14541 | 10704 | 7918 | 10970 | 9026 | 3032 | 342 | 54 | 48 | 47 | 48 | 45 |
| Operating Profit | 212 | 169 | 170 | 203 | -13 | -17 | -35 | 31 | 38 | 49 | 77 | 51 |
| Interest | 568 | 633 | 721 | 836 | 156 | 7 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 21 | 16 | 17 | 17 | 15 | 15 | 16 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | -5 | 24 | -144 | 30 | -714 | -74 | 3 | -71 | 0 | 4 | -27 | 610 |
| Profit Before Tax | -381 | -457 | -712 | -620 | -899 | -114 | -50 | -41 | 36 | 51 | 48 | 658 |
| Provision for Tax | 5 | 5 | 17 | -4 | -16 | 0 | 0 | 45 | 4 | 0 | 23 | 11 |
| Profit After Tax | -386 | -462 | -729 | -616 | -883 | -114 | -50 | -87 | 32 | 51 | 25 | 649 |
| Adjustments | 0 | 0 | 0 | 0 | 2 | 1 | 4 | 6 | 21 | 21 | 6 | 0 |
| Profit After Adjustments | -386 | -462 | -729 | -616 | -881 | -113 | -47 | -81 | 52 | 72 | 31 | 649 |
| Adjusted Earnings Per Share | -64.4 | -77 | -121.4 | -102.7 | -147.2 | -18.9 | -7.8 | -13.5 | 8.7 | 12 | 5.1 | 108 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | -100% | -100% |
| Operating Profit CAGR | 57% | 35% | 0% | -10% |
| PAT CAGR | -51% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -22% | -8% | -1% | -2% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | 0% | 0% |
| #(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 | -1823 | -2285 | -3016 | -3632 | -4513 | -4627 | -4673 | -4755 | -4702 | -4633 | -4603 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 176 | 0 | 146 | 0 | 1185 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1196 | 1168 | 1077 | 1076 | 1059 | 1060 | 1024 | -13 | -14 | -16 | 0 |
| Total Current Liabilities | 5053 | 5901 | 6005 | 7115 | 4990 | 6170 | 6115 | 7179 | 7171 | 7037 | 6982 |
| Total Liabilities | 4603 | 4785 | 4213 | 4560 | 2721 | 2604 | 2466 | 2411 | 2455 | 2387 | 2379 |
| Fixed Assets | 964 | 950 | 934 | 605 | 904 | 887 | 574 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1136 | 1117 | 1028 | 1351 | 1001 | 1034 | 1264 | 0 | 0 | 0 | 0 |
| Total Current Assets | 2502 | 2717 | 2251 | 2604 | 817 | 683 | 628 | 2411 | 2455 | 2387 | 2379 |
| Total Assets | 4603 | 4785 | 4213 | 4560 | 2721 | 2604 | 2466 | 2411 | 2455 | 2387 | 2379 |
| #(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 | 45 | 2 | 9 | 7 | 21 | 518 | 244 | 192 | 195 | 222 | 288 |
| Cash Flow from Operating Activities | 24 | -153 | 71 | 207 | 1371 | -449 | -194 | 5 | -62 | -23 | -171 |
| Cash Flow from Investing Activities | 26 | 29 | 33 | 36 | 27 | 376 | 143 | 7 | 81 | 95 | 123 |
| Cash Flow from Financing Activities | -93 | 131 | -106 | -229 | -901 | -200 | -2 | 0 | 0 | -6 | 0 |
| Net Cash Inflow / Outflow | -43 | 7 | -2 | 14 | 497 | -273 | -53 | 12 | 20 | 66 | -48 |
| Closing Cash & Cash Equivalent | 2 | 9 | 7 | 21 | 518 | 245 | 192 | 204 | 215 | 288 | 240 |
| # | 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) | -64.4 | -77.04 | -121.42 | -102.7 | -147.17 | -18.87 | -7.82 | -13.54 | 8.74 | 12.03 | 5.1 |
| CEPS(Rs) | -60.96 | -74.33 | -118.63 | -99.92 | -144.59 | -16.42 | -5.76 | -14.47 | 5.3 | 8.51 | 4.12 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -453.57 | -528.48 | -650.27 | -752.97 | -899.86 | -918.52 | -926.34 | -939.88 | -931.14 | -919.11 | -914.01 |
| Core EBITDA Margin(%) | -0.33 | -0.97 | -1.33 | -0.96 | -1.38 | -3.25 | -37.08 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 1.29 | 1.66 | 0.11 | 1.99 | -8.35 | -3.63 | -19.33 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | -2.63 | -4.32 | -9.11 | -5.7 | -10.1 | -3.88 | -20.12 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | -2.67 | -4.36 | -9.32 | -5.67 | -9.92 | -3.88 | -20.19 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | -2.52 | -4.21 | -9.11 | -5.52 | -9.74 | -3.35 | -13.83 | 0 | 0 | 0 | 0 |
| ROA(%) | -9.83 | -9.85 | -16.19 | -14.05 | -24.25 | -4.28 | -1.99 | -3.56 | 1.31 | 2.11 | 1.04 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivable days | 55.32 | 87.22 | 111.02 | 72.79 | 48 | 18.14 | 225.99 | 0 | 0 | 0 | 0 |
| Inventory Days | 0.08 | 0.1 | 0.94 | 0.67 | 0.01 | 0.02 | 0.19 | 0 | 0 | 0 | 0 |
| Payable days | 13.7 | 23.48 | 19.23 | 6.6 | 8.26 | 23.96 | 262.13 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.83 | 10.32 | 24.99 |
| Price/Book(x) | -0.32 | -0.17 | -0.24 | -0.18 | -0.15 | -0.03 | -0.08 | -0.1 | -0.07 | -0.14 | -0.14 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.23 | 0.31 | 0.49 | 0.34 | 0.33 | 0.72 | 9.38 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 15.95 | 19.74 | 22.38 | 18.08 | -221.84 | -124.66 | -66.91 | 80.48 | 63.14 | 51.64 | 35.11 |
| Net Sales Growth(%) | -6.72 | -26.86 | -26.29 | 39.05 | -18.06 | -67.02 | -91.49 | -100 | 0 | 0 | 0 |
| EBIT Growth(%) | 155.2 | -5.91 | -94.93 | 2327.38 | -443.56 | 85.64 | 54.75 | 18.35 | 196.24 | 40.34 | -6.3 |
| PAT Growth(%) | 54.26 | -19.63 | -57.61 | 15.42 | -43.3 | 87.09 | 55.75 | -72.16 | 136.6 | 60.67 | -51.55 |
| EPS Growth(%) | 54.26 | -19.63 | -57.61 | 15.42 | -43.3 | 87.18 | 58.56 | -73.18 | 164.5 | 37.72 | -57.58 |
| Debt/Equity(x) | -0.93 | -0.88 | -0.73 | -0.65 | -0.41 | -0.36 | -0.36 | -0.35 | -0.36 | -0.36 | -0.36 |
| Current Ratio(x) | 0.5 | 0.46 | 0.37 | 0.37 | 0.16 | 0.11 | 0.1 | 0.34 | 0.34 | 0.34 | 0.34 |
| Quick Ratio(x) | 0.49 | 0.46 | 0.37 | 0.37 | 0.16 | 0.11 | 0.1 | 0.34 | 0.34 | 0.34 | 0.34 |
| Interest Cover(x) | 0.33 | 0.28 | 0.01 | 0.26 | -4.76 | -14.68 | -24.69 | -19.67 | 19.54 | 27.48 | 24.77 |
| Total Debt/Mcap(x) | 2.87 | 5.2 | 2.99 | 3.62 | 2.68 | 10.69 | 4.46 | 3.41 | 4.84 | 2.66 | 2.59 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.04 | 0 |
| DII | 0.59 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.46 | 0.46 | 0.46 | 0.43 |
| Public | 9.41 | 9.49 | 9.5 | 9.5 | 9.5 | 9.5 | 9.54 | 9.53 | 9.5 | 9.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Public | 0.56 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | -100% | -100% |
| Operating Profit CAGR | +57% | +35% | — | -10% |
| PAT CAGR | -51% | — | — | — |
| Share Price CAGR | -22% | -8% | -1% | -2% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | 0% | 0% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.04 | 0 |
| DII | 0.59 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.46 | 0.46 | 0.46 | 0.43 |
| Public | 9.41 | 9.49 | 9.5 | 9.5 | 9.5 | 9.5 | 9.54 | 9.53 | 9.5 | 9.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Public | 0.56 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
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