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MMTC Ltd

MMTC

NSE

₹54.89-2.83%19 Oct 2026

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Trading

MMTC Ltd

MMTC

NSE

₹54.89

-2.83%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

MMTC Limited is India’s original state trading giant, now a company in deliberate retreat. Born in 1963 as the government’s own import-export arm for bulk commodities, it once moved everything from gold to iron ore to urea on a national scale. Today, under a formal government directive to exit all non-strategic businesses, it is a downsizing operation that has largely stopped trading and now lives off the residual cash flows of a single precious-metals joint venture while it unwinds its past.

Business segments

Three engines at different stages - a precious-metals refinery that throws off cash, a vestigial trading desk that still moves some goods, and a wind-farm sideline - all operating in the shadow of a government mandate to close.

1. Precious metals: the refinery stake that now carries the company

MMTC no longer trades bullion itself, but its 26% share in India’s only LBMA-accredited gold and silver refinery generates the profits that sustain the parent while everything else is wound down.

A refinery, not a trading desk - the segment’s value sits inside MMTC-PAMP India Pvt. Ltd., a joint venture with PAMP SA of Switzerland that runs what is described as the world’s most advanced precious-metals processing facility and is India’s first and only LBMA Good Delivery Refinery for both gold and silver.
The JV prints its own cash - MMTC-PAMP reported revenue of ₹37,809 crore in FY24 and ₹31,504 crore in FY23, making it an independently profitable industrial operation that requires no fresh capital from MMTC.
What remains is a brand and a custody fee - the company still retails gold and silver medallions under the “SANCHI” brand and used to earn fees by running e-auctions of precious metals for customs authorities and temple trusts, though even its custodianship at the SEEPZ Mumbai vault was terminated in early 2023.

2. General trade: the residual trading desk

A catch-all segment that now consists of a handful of small, disconnected activities - exporting a controlled timber, supplying bitumen, and selling wind power - because the company’s core commodity mandates have been revoked.

A single exotic export - the group handles the export of Red Sanders, a rare wood whose trade is tightly controlled, based on allocations received from the Directorate of Revenue Intelligence.
Bitumen and alloy on the side - it also imports silver-gold alloy and supplies bitumen emulsion domestically, small-scale activities that keep a few desks open.
A wind farm in Karnataka - MMTC operates a wind farm at Gajendragad whose power is sold to the Hubbali Electricity Supply Company, and it also sells the carbon credits the turbines generate, making this a tiny but self-contained energy sideline.
The customer base is razor-thin - in FY24, a single customer accounted for roughly three-quarters of the segment’s entire revenue, underlining how concentrated and fragile the remaining activity is.

3. The shuttered engines: minerals, fertilizers, coal and metals

Four former mainstays that together once delivered the bulk of MMTC’s revenue but are now completely dormant - zero revenue, no fresh contracts, and their operating licences either expired or withdrawn.

Iron ore: the five-decade franchise that ended - MMTC was the designated State Trading Enterprise for high-grade iron ore exports to Japanese and South Korean steel mills under long-term agreements, but the last agreement was not renewed after March 2021, and the business stopped.
Fertilizers: delisted as the government’s buyer - the company used to import roughly half to three-quarters of India’s urea requirement on behalf of the Department of Fertilizers, until a DGFT notification in November 2021 removed its State Trading Enterprise status for urea, killing the segment overnight.
Coal: a supplier to power plants that lost its flow - MMTC supplied imported steam coal to coastal power utilities and coking coal to its former joint venture steel plant, but the steel plant shut in March 2020 and the coal trading desk has recorded no revenue since FY22.
Metals and minerals: outcompeted and out of mandate - the non-ferrous metals desk faced stiff competition from domestic producers and overseas traders selling directly to Indian customers, while manganese and chrome ore exports were limited to low-grade fines with thin demand, and both segments have been at zero revenue since FY24.

Group structure and partners

MMTC is a 90% government-owned shell that is systematically shedding its subsidiaries and joint ventures, with only the MMTC-PAMP refinery stake surviving as a genuinely valuable asset.

The parent is a Mini-Ratna CPSE under the Commerce Ministry - the Government of India holds 89.93% of the equity and appoints the full board, including the Chairman and Managing Director and all functional and independent directors.
The Singapore subsidiary has been ordered to be wound up - MMTC Transnational Pte. Ltd., a wholly owned commodity-trading outfit in Singapore, defaulted on roughly US$11.5 million in bank repayments and was ordered wound up by the Singapore High Court in September 2023.
The steel joint venture was sold to Tata Steel - Neelachal Ispat Nigam Limited, a loss-making integrated steel plant in Odisha in which MMTC held 49.78%, was divested through a government-run auction to Tata Steel Long Products in July 2022 for an enterprise value of ₹12,100 crore, a sale that was critical to settling MMTC’s own bank debts.
A shrinking workforce - the company had 597 permanent employees as of FY22, but introduced a Voluntary Retirement Scheme in May 2023 that around 85 officials took, cutting headcount to match the cessation of business.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹8,190Cr

Close Price

₹54.60

Industry

Trading

Price To Earnings

18.32

Price To Sales

3,000.00

Revenue

₹3Cr

Rev Gr TTM

Revenue Growth TTM

-19.23%

PAT Gr TTM

PAT Growth TTM

355.56%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	-211	1	1	1	2	0	0	1	1	0	1	1
Growth YoY Revenue Growth YoY%	-138.6	-99.9	-99.9	-99.7	100.7	-65.8	-67.2	109.2	-29.5	36.0	190.5	-50.0
Expenses ExpensesCr	-180	37	33	51	32	31	27	24	23	23	114	21
Operating Profit Operating ProfitCr	-30	-36	-33	-51	-30	-31	-27	-23	-22	-23	-113	-20
OPM OPM%	14.4	-4,982.2	-5,123.4	-7,787.7	-1,938.5	-12,224.0	-12,971.4	-1,698.5	-2,004.5	-6,767.6	-18,604.9	-2,969.1
Other Income Other IncomeCr	86	95	103	95	81	39	48	78	453	70	226	156
Interest Expense Interest ExpenseCr	1	-1	0	0	0	1	5	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	2	1
PBT PBTCr	54	59	69	43	49	7	14	53	430	46	110	135
Tax TaxCr	1	3	-1	11	1	4	12	9	259	-1	-16	31
PAT PATCr	52	56	70	33	48	4	2	44	171	46	126	104
Growth YoY PAT Growth YoY%	-96.7	-42.9	608.4	123.0	-7.7	-93.4	-96.8	35.4	255.5	1,164.2	5,552.0	135.5
NPM NPM%	-24.7	7,631.5	10,903.1	5,029.2	3,080.1	1,464.0	1,061.9	3,254.4	15,528.2	13,608.8	20,662.3	15,329.4
EPS EPS₹	0.3	0.4	0.5	0.2	0.3	0.0	0.0	0.3	1.1	0.3	0.8	0.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	-211	1	1	1	2	0	0	1	1	0	1	1
Growth YoY Revenue Growth YoY%	-138.6	-99.9	-99.9	-99.7	100.7	-65.8	-67.2	109.2	-29.5	36.0	190.5	-50.0
Expenses ExpensesCr	-180	37	33	51	32	31	27	24	23	23	114	21
Operating Profit Operating ProfitCr	-30	-36	-33	-51	-30	-31	-27	-23	-22	-23	-113	-20
OPM OPM%	14.4	-4,982.2	-5,123.4	-7,787.7	-1,938.5	-12,224.0	-12,971.4	-1,698.5	-2,004.5	-6,767.6	-18,604.9	-2,969.1
Other Income Other IncomeCr	86	95	103	95	81	39	48	78	453	70	226	156
Interest Expense Interest ExpenseCr	1	-1	0	0	0	1	5	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	2	1
PBT PBTCr	54	59	69	43	49	7	14	53	430	46	110	135
Tax TaxCr	1	3	-1	11	1	4	12	9	259	-1	-16	31
PAT PATCr	52	56	70	33	48	4	2	44	171	46	126	104
Growth YoY PAT Growth YoY%	-96.7	-42.9	608.4	123.0	-7.7	-93.4	-96.8	35.4	255.5	1,164.2	5,552.0	135.5
NPM NPM%	-24.7	7,631.5	10,903.1	5,029.2	3,080.1	1,464.0	1,061.9	3,254.4	15,528.2	13,608.8	20,662.3	15,329.4
EPS EPS₹	0.3	0.4	0.5	0.2	0.3	0.0	0.0	0.3	1.1	0.3	0.8	0.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	12,608	11,827	16,451	29,440	26,305	30,001	11,796	3,528	5	3	3	3
Growth Revenue Growth%	-47.3	-6.2	39.1	79.0	-10.7	14.1	-60.7	-70.1	-99.8	-49.6	26.8	-19.2
Expenses ExpensesCr	12,670	11,853	16,430	29,258	26,368	30,047	11,355	3,636	168	141	185	181
Operating Profit Operating ProfitCr	-62	-27	21	182	-63	-46	441	-108	-163	-139	-182	-179
OPM OPM%	-0.5	-0.2	0.1	0.6	-0.2	-0.1	3.7	-3.1	-3,043.8	-5,154.6	-5,327.0	-6,547.3
Other Income Other IncomeCr	5	49	49	36	-79	-859	-126	2,000	368	263	826	904
Interest Expense Interest ExpenseCr	30	21	17	67	142	202	209	121	1	5	1	1
Depreciation DepreciationCr	6	7	5	6	7	6	5	5	4	5	5	5
PBT PBTCr	-94	-6	48	146	-291	-1,112	101	1,766	200	114	639	720
Tax TaxCr	3	24	10	37	1	-323	359	204	8	28	251	273
PAT PATCr	-97	-30	38	109	-292	-789	-258	1,562	192	87	387	447
Growth PAT Growth%	-224.4	69.2	226.1	189.8	-368.4	-170.5	67.3	705.0	-87.7	-54.9	347.2	355.6
NPM NPM%	-0.8	-0.3	0.2	0.4	-1.1	-2.6	-2.2	44.3	3,598.9	3,220.4	11,360.1	16,386.8
EPS EPS₹	-0.7	-0.2	0.3	0.7	-1.9	-5.3	-1.8	10.4	1.3	0.6	2.6	3.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	12,608	11,827	16,451	29,440	26,305	30,001	11,796	3,528	5	3	3	3
Growth Revenue Growth%	-47.3	-6.2	39.1	79.0	-10.7	14.1	-60.7	-70.1	-99.8	-49.6	26.8	-19.2
Expenses ExpensesCr	12,670	11,853	16,430	29,258	26,368	30,047	11,355	3,636	168	141	185	181
Operating Profit Operating ProfitCr	-62	-27	21	182	-63	-46	441	-108	-163	-139	-182	-179
OPM OPM%	-0.5	-0.2	0.1	0.6	-0.2	-0.1	3.7	-3.1	-3,043.8	-5,154.6	-5,327.0	-6,547.3
Other Income Other IncomeCr	5	49	49	36	-79	-859	-126	2,000	368	263	826	904
Interest Expense Interest ExpenseCr	30	21	17	67	142	202	209	121	1	5	1	1
Depreciation DepreciationCr	6	7	5	6	7	6	5	5	4	5	5	5
PBT PBTCr	-94	-6	48	146	-291	-1,112	101	1,766	200	114	639	720
Tax TaxCr	3	24	10	37	1	-323	359	204	8	28	251	273
PAT PATCr	-97	-30	38	109	-292	-789	-258	1,562	192	87	387	447
Growth PAT Growth%	-224.4	69.2	226.1	189.8	-368.4	-170.5	67.3	705.0	-87.7	-54.9	347.2	355.6
NPM NPM%	-0.8	-0.3	0.2	0.4	-1.1	-2.6	-2.2	44.3	3,598.9	3,220.4	11,360.1	16,386.8
EPS EPS₹	-0.7	-0.2	0.3	0.7	-1.9	-5.3	-1.8	10.4	1.3	0.6	2.6	3.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	100	100	100	150	150	150	150	150	150	150	150
Reserves ReservesCr	1,168	1,101	1,103	1,119	733	-50	-298	1,262	1,476	1,552	1,971
Current Liabilities Current LiabilitiesCr	2,211	4,459	3,786	2,923	5,309	5,326	4,890	2,217	2,029	1,747	646
Non Current Liabilities Non Current LiabilitiesCr	179	188	184	189	218	48	42	49	32	30	29
Total Liabilities Total LiabilitiesCr	3,659	5,848	5,172	4,380	6,410	5,474	4,783	3,678	3,687	3,478	2,796
Current Assets Current AssetsCr	2,888	5,189	4,662	3,879	5,973	4,718	4,356	3,288	3,158	2,914	2,196
Non Current Assets Non Current AssetsCr	770	659	511	501	437	755	427	390	529	565	600
Total Assets Total AssetsCr	3,659	5,848	5,172	4,380	6,410	5,474	4,783	3,678	3,687	3,478	2,796

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	100	100	100	150	150	150	150	150	150	150	150
Reserves ReservesCr	1,168	1,101	1,103	1,119	733	-50	-298	1,262	1,476	1,552	1,971
Current Liabilities Current LiabilitiesCr	2,211	4,459	3,786	2,923	5,309	5,326	4,890	2,217	2,029	1,747	646
Non Current Liabilities Non Current LiabilitiesCr	179	188	184	189	218	48	42	49	32	30	29
Total Liabilities Total LiabilitiesCr	3,659	5,848	5,172	4,380	6,410	5,474	4,783	3,678	3,687	3,478	2,796
Current Assets Current AssetsCr	2,888	5,189	4,662	3,879	5,973	4,718	4,356	3,288	3,158	2,914	2,196
Non Current Assets Non Current AssetsCr	770	659	511	501	437	755	427	390	529	565	600
Total Assets Total AssetsCr	3,659	5,848	5,172	4,380	6,410	5,474	4,783	3,678	3,687	3,478	2,796

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-54	273	-455	-367	-2,588	1,704	0	754	-353	-367	-605
Investing Cash Flow Investing Cash FlowCr	87	-68	117	9	-58	11	3	1,959	198	278	579
Financing Cash Flow Financing Cash FlowCr	-119	110	26	339	2,689	-1,634	-5	-2,547	-43	-1	-1
Net Cash Flow Net Cash FlowCr	-86	315	-312	-19	42	80	-3	166	-198	-90	-27
Free Cash Flow Free Cash FlowCr	-61	271	-456	-369	-2,594	1,706	-2	754	-353	-367	-605
CFO To PAT CFO To PAT%	55.3	-917.0	-1,213.1	-337.2	887.2	-215.8	0.1	48.3	-183.7	-423.9	-156.2
CFO To EBITDA CFO To EBITDA%	85.8	-1,029.0	-2,157.1	-201.2	4,120.9	-3,715.5	-0.1	-697.3	217.1	264.8	333.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-54	273	-455	-367	-2,588	1,704	0	754	-353	-367	-605
Investing Cash Flow Investing Cash FlowCr	87	-68	117	9	-58	11	3	1,959	198	278	579
Financing Cash Flow Financing Cash FlowCr	-119	110	26	339	2,689	-1,634	-5	-2,547	-43	-1	-1
Net Cash Flow Net Cash FlowCr	-86	315	-312	-19	42	80	-3	166	-198	-90	-27
Free Cash Flow Free Cash FlowCr	-61	271	-456	-369	-2,594	1,706	-2	754	-353	-367	-605
CFO To PAT CFO To PAT%	55.3	-917.0	-1,213.1	-337.2	887.2	-215.8	0.1	48.3	-183.7	-423.9	-156.2
CFO To EBITDA CFO To EBITDA%	85.8	-1,029.0	-2,157.1	-201.2	4,120.9	-3,715.5	-0.1	-697.3	217.1	264.8	333.2

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	3,740	6,195	5,565	4,200	1,853	6,360	6,623	4,185	9,962	7,833	7,826	8,190
Price To Earnings Price To Earnings			146.4	38.9				2.7	51.9	90.0	20.2	18.3
Price To Sales Price To Sales	0.3	0.5	0.3	0.1	0.1	0.2	0.6	1.2	1,865.5	2,911.9	2,294.9	3,000.0
Price To Book Price To Book	3.0	5.2	4.6	3.3	2.1	64.2	-44.6	3.0	6.1	4.6	3.7	3.9
EV To EBITDA EV To EBITDA	-61.5	-230.3	281.5	27.6	-87.2	-186.0	20.5	-28.1	-54.1	-46.9	-33.3	-37.4
Profitability Ratios Profitability Ratios
GPM GPM%	1.5	2.1	2.3	1.6	0.7	0.4	5.1	1.0	-30.0	-190.7	-114.7	-114.7
OPM OPM%	-0.5	-0.2	0.1	0.6	-0.2	-0.1	3.7	-3.1	-3,043.8	-5,154.6	-5,327.0	-6,547.3
NPM NPM%	-0.8	-0.3	0.2	0.4	-1.1	-2.6	-2.2	44.3	3,598.9	3,220.4	11,360.1	16,386.8
ROCE ROCE%	-4.1	1.0	3.7	9.5	-3.1	-36.1	12.5	116.9	11.2	7.0	30.1	30.1
ROE ROE%	-7.6	-2.5	3.1	8.6	-33.0	-791.3	174.4	110.7	11.8	5.1	18.3	18.3
ROA ROA%	-2.6	-0.5	0.7	2.5	-4.5	-14.4	-5.4	42.5	5.2	2.5	13.9	13.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	3,740	6,195	5,565	4,200	1,853	6,360	6,623	4,185	9,962	7,833	7,826	8,190
Price To Earnings Price To Earnings			146.4	38.9				2.7	51.9	90.0	20.2	18.3
Price To Sales Price To Sales	0.3	0.5	0.3	0.1	0.1	0.2	0.6	1.2	1,865.5	2,911.9	2,294.9	3,000.0
Price To Book Price To Book	3.0	5.2	4.6	3.3	2.1	64.2	-44.6	3.0	6.1	4.6	3.7	3.9
EV To EBITDA EV To EBITDA	-61.5	-230.3	281.5	27.6	-87.2	-186.0	20.5	-28.1	-54.1	-46.9	-33.3	-37.4
Profitability Ratios Profitability Ratios
GPM GPM%	1.5	2.1	2.3	1.6	0.7	0.4	5.1	1.0	-30.0	-190.7	-114.7	-114.7
OPM OPM%	-0.5	-0.2	0.1	0.6	-0.2	-0.1	3.7	-3.1	-3,043.8	-5,154.6	-5,327.0	-6,547.3
NPM NPM%	-0.8	-0.3	0.2	0.4	-1.1	-2.6	-2.2	44.3	3,598.9	3,220.4	11,360.1	16,386.8
ROCE ROCE%	-4.1	1.0	3.7	9.5	-3.1	-36.1	12.5	116.9	11.2	7.0	30.1	30.1
ROE ROE%	-7.6	-2.5	3.1	8.6	-33.0	-791.3	174.4	110.7	11.8	5.1	18.3	18.3
ROA ROA%	-2.6	-0.5	0.7	2.5	-4.5	-14.4	-5.4	42.5	5.2	2.5	13.9	13.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RRP	LLOYDSENT	SGMART	MMTC	PTC	PERNIASPOP	BUILDPRO
Market CapitalizationMkt CapCr	10,960	10,540	9,729	8,190	4,417	4,304	2,706
Close PriceClose₹	8,044.35	68.94	771.70	54.60	149.23	537.60	223.20
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		34.30	78.19	18.32	8.69		7.47
Price To SalesPS	-1,606.98	5.30	1.50	3,000.00	0.25	7.72	0.38
RevenueRevenueCr	-7	1,988	6,480	3	17,535	558	7,147
Revenue Growth TTMRev Gr TTM%	-125.8%	32.9%	10.5%	-19.2%	13.3%		26.3%
PAT Growth TTMPAT Gr TTM%	-220.0%	-31.6%	13.6%	355.6%	-43.0%		40.7%

	RRP	LLOYDSENT	SGMART	MMTC	PTC	PERNIASPOP	BUILDPRO
Market CapitalizationMkt CapCr	10,960	10,540	9,729	8,190	4,417	4,304	2,706
Close PriceClose₹	8,044.35	68.94	771.70	54.60	149.23	537.60	223.20
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		34.30	78.19	18.32	8.69		7.47
Price To SalesPS	-1,606.98	5.30	1.50	3,000.00	0.25	7.72	0.38
RevenueRevenueCr	-7	1,988	6,480	3	17,535	558	7,147
Revenue Growth TTMRev Gr TTM%	-125.8%	32.9%	10.5%	-19.2%	13.3%		26.3%
PAT Growth TTMPAT Gr TTM%	-220.0%	-31.6%	13.6%	355.6%	-43.0%		40.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26