MMTC Q2 profit crashes 85% to ₹25 crore; stock down 18% in 2026
Synopsis
MMTC's Q2 FY27 net profit collapsed 85.3% to just ₹25 crore despite a 15.5% rise in revenue — a stark sign that top-line growth is not filtering through to earnings. With shares already down nearly 18% in 2026 and a two-year loss of over 31%, the state-run trading giant faces mounting questions about its profitability model.
Key Takeaways
MMTC Limited reported a 85.3% year-on-year drop in consolidated net profit to ₹25 crore for Q2 FY27 (quarter ended September 2026).
Net profit stood at ₹171 crore in the same quarter of the previous year ( Q2 FY26 ).
Revenue from operations rose 15.5% to ₹1.27 crore , but failed to lift profitability.
Other income fell 1.9% to ₹36.7 crore from ₹37.4 crore a year ago.
MMTC shares closed at ₹53.97 on 10 November 2026 , with year-to-date losses at 17.89% and a two-year decline of 31.23% .
MMTC Limited, a central public sector enterprise under the Ministry of Commerce and Industry, reported a steep decline in earnings for the quarter ended September 2026, with consolidated net profit plunging 85.3% year-on-year to ₹25 crore — down from ₹171 crore in the same quarter a year earlier (Q2 FY26). The numbers, disclosed in a stock exchange filing on Tuesday, 10 November 2026, underscore persistent profitability pressure at one of India's oldest state-run trading enterprises.
Revenue Rises, Profits Do Not
MMTC's revenue from operations grew 15.5% to ₹1.27 crore during the quarter, compared with ₹1.10 crore in the year-ago period, according to its regulatory filing. However, the top-line improvement failed to translate into bottom-line gains, pointing to cost or margin pressures that eroded operational leverage.
Other income also slipped marginally by 1.9% to ₹36.7 crore, from ₹37.4 crore in the corresponding quarter of the previous year. With both profit and other income contracting, the quarter signals structural stress beyond a one-time blip.
What MMTC Does and Why It Matters
MMTC is among India's largest international trading organisations, engaged in the export and import of minerals, metals, agro-products, and fertilisers. The company also has a foothold in precious metals refining through its joint venture MMTC-PAMP India Private Limited. As a central public sector enterprise, its financial health is of relevance to both the government's disinvestment calculus and retail investors who hold the stock.
Market Reaction and Stock Performance
MMTC shares settled at ₹53.97 on Tuesday, slipping ₹0.41 or 0.75% from the previous close, as investors exercised caution following the earnings announcement. While the stock has posted short-term gains — up 3.35% over the past week and 6.47% over the past fortnight — the broader trajectory remains weak.
Over the past month, the stock has declined 1.75%, and over three months it is down 15.61%. The pain deepens over longer horizons: MMTC has shed 20.28% in the last six months, with year-to-date losses at 17.89%. On an annual basis, shares are down 17.40%, and have lost 31.23% over two years.
What to Watch Next
Analysts and investors will be watching whether MMTC can demonstrate margin recovery in Q3 FY27, particularly given the commodity trading environment and any policy signals from the Ministry of Commerce. The company's ability to convert revenue growth into profit — a persistent challenge this quarter — will be the key performance indicator going forward.
Point of View
And not a flattering one. For a central public sector enterprise whose mandate spans minerals, metals and agro-commodities, the inability to convert turnover into earnings raises questions about cost control and pricing power. MMTC's two-year share price decline of over 31% suggests the market has been pricing in structural underperformance for some time. With disinvestment discussions around PSEs periodically surfacing in government policy circles, results like these could either accelerate the conversation or complicate it.
NationPress
11 Nov 2026
Frequently Asked Questions
What were MMTC's Q2 FY27 earnings results?
MMTC reported a consolidated net profit of ₹25 crore for Q2 FY27 (quarter ended September 2026), an 85.3% decline from ₹171 crore in the same quarter last year. Revenue from operations rose 15.5% to ₹1.27 crore, but could not offset the sharp profit contraction.
Why did MMTC's profit fall so sharply despite revenue growth?
MMTC's revenue from operations grew 15.5% year-on-year, but the gains did not translate into profit, suggesting higher costs or margin compression during the quarter. Other income also slipped 1.9% to ₹36.7 crore, adding to the pressure on the bottom line.
How have MMTC shares performed in 2026?
MMTC shares have declined 17.89% year-to-date in 2026, settling at ₹53.97 on 10 November. The stock is down 20.28% over six months and has shed 31.23% over two years, reflecting sustained weakness in investor sentiment.
What does MMTC do and who controls it?
MMTC Limited is one of India's largest international trading organisations, dealing in exports and imports of minerals, metals, agro-products, and fertilisers. It is a central public sector enterprise under the administrative control of the Ministry of Commerce and Industry, and holds a stake in the precious metals refining joint venture MMTC-PAMP India Private Limited.
What should investors watch for MMTC going forward?
Investors will focus on whether MMTC can recover margins in Q3 FY27 and demonstrate that revenue growth can convert into profit. Policy signals from the Ministry of Commerce and any disinvestment-related developments around PSEs will also be closely watched.
