Master Trust Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Brokerage and Allied: 89.7% • Share Trading and Others: 4.1% • Portfolio Management Services: 3.3%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 60.5% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 29.5%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.1%
- Asset quality is healthy - gross NPA of just 0.0%
- Solid return on assets for a lender - ROA of 1.3%
CONS
- Capital adequacy is tight at 0.0% - limited headroom to grow
- Thin net interest margin of 0.0%
- Growth is decelerating - 3Y profit CAGR (33.5%) trails the 5Y trend (60.5%)
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1055.00 | 32.35 | 656838.18 | 0.57 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1029.95 | 21.41 | 242345.54 | 1.05 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| TATACAP | 367.80 | 28.89 | 156126.28 | 0.15 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| CHOLAFIN | 1824.90 | 27.10 | 155858.50 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| JIOFIN | 233.50 | 74.61 | 154183.36 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11055.60 | 13.89 | 123041.65 | 1.76 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2896.70 | 10.23 | 116293.37 | 1.04 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 396.20 | 26.43 | 108461.67 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 308.50 | 24.30 | 77320.98 | 0.89 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 668.55 | 27.96 | 63622.10 | 0.37 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 682.70 | 26.07 | 56716.32 | 0.59 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| MASTERTR | 92.18 | 8.48 | 1133.96 | 0.00 | 34.65 | 27.81 | 149.79 | 83.84 | 30.16 | 41.28 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 92 | 120 | 124 | 164 | 160 | 99 | 85 | 77 | 81 | 79 | 81 | 83 | 150 | |
| 55 | 75 | 71 | 95 | 98 | 90 | 84 | 69 | 80 | 68 | 76 | 117 | 104 | |
| Operating Profit | 37 | 46 | 53 | 69 | 62 | 64 | 64 | 53 | 52 | 59 | 61 | 64 | 62 |
| OPM % | 40.11% | 37.86% | 42.51% | 41.88% | 38.61% | 64.66% | 75.21% | 68.48% | 63.59% | 75.50% | 75.13% | 77.16% | 41.28% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 12 | 14 | 15 | 16 | 15 | 15 | 16 | 15 | 15 | 15 | 15 | 14 | 15 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 25 | 31 | 37 | 52 | 45 | 49 | 47 | 37 | 36 | 43 | 45 | 49 | 46 | |
| Tax % | 23.01% | 23.61% | 24.29% | 26.88% | 23.80% | 24.03% | 25.64% | 34.39% | 24.42% | 27.38% | 29.39% | 26.00% | 25.06% |
| Net Profit | 0 | 0 | 0 | 0 | 35 | 37 | 35 | 25 | 27 | 31 | 32 | 36 | 35 |
| 9 | 2 | 3 | 4 | 3 | 3 | 3 | 2 | 2 | 3 | 3 | 3 | 0 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 104 | 111 | 160 | 134 | 136 | 225 | 331 | 337 | 500 | 584 | 393 | |
| 82 | 85 | 127 | 101 | 103 | 162 | 222 | 219 | 297 | 341 | 363 | |
| Operating Profit | 22 | 26 | 33 | 33 | 33 | 62 | 109 | 118 | 204 | 243 | 29 |
| OPM % | 20.82% | 23.51% | 20.67% | 24.72% | 24.16% | 27.77% | 32.91% | 34.88% | 40.73% | 41.62% | 7.43% |
| 0 | 0 | 2 | 1 | 0 | 1 | 0 | 3 | 0 | 0 | 0 | |
| Interest | 14 | 15 | 19 | 13 | 18 | 19 | 35 | 33 | 56 | 61 | 59 |
| Depreciation | 2 | 2 | 3 | 1 | 2 | 1 | 2 | 3 | 4 | 4 | 4 |
| Profit before Tax | 5 | 9 | 13 | 20 | 13 | 43 | 72 | 85 | 144 | 179 | 183 |
| Tax % | 32.25% | 33.56% | 22.54% | 14.28% | 8.39% | 19.89% | 23.29% | 22.21% | 24.85% | 26.57% | 26.92% |
| Net Profit | 4 | 6 | 10 | 17 | 12 | 34 | 55 | 66 | 108 | 131 | 134 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 5.66 | 15.80 | 25.36 | 30.29 | 49.69 | 11.69 | — |
| Dividend Payout % | 0.00% | 0.00% | 10.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 34%
- 3 Years:
- 21%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 30%
- 5 Years:
- 61%
- 3 Years:
- 33%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 21%
- 3 Years:
- 23%
- Last Year:
- 24%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Minority Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 2 | 2 | 2 |
| 160 | 166 | 174 | 196 | 203 | 245 | 289 | 354 | 468 | 608 | |
| 85 | 74 | 69 | 69 | 112 | 95 | 97 | 162 | 188 | 258 | |
| Trade Payables | 139 | 199 | 213 | 250 | 197 | 401 | 602 | 667 | 1,033 | 933 |
| 32 | 13 | 23 | 45 | 32 | 34 | 29 | 33 | 161 | 141 | |
| Total Liabilities | 428 | 464 | 491 | 572 | 555 | 786 | 1,027 | 1,228 | 1,863 | 1,953 |
| 10 | 9 | 8 | 10 | 10 | 10 | 12 | 14 | 15 | 15 | |
| 23 | 25 | 21 | 40 | 27 | 23 | 7 | 6 | 15 | 19 | |
| 16 | 14 | 22 | 27 | 19 | 12 | 32 | 17 | 23 | 19 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125 | 161 | |
| Cash & Bank | 174 | 228 | 233 | 295 | 328 | 576 | 836 | 1,015 | 1,493 | 1,471 |
| 205 | 189 | 208 | 200 | 171 | 165 | 142 | 177 | 193 | 269 | |
| Total Assets | 428 | 464 | 491 | 572 | 555 | 786 | 1,027 | 1,228 | 1,863 | 1,953 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 56 | 55 | 1 | 85 | 15 | -18 | 1 | 197 | 458 | -37 | |
| Cash from Investing | 1 | 2 | 7 | -18 | 19 | 12 | 6 | -164 | -493 | 54 |
| Cash from Financing | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 25 | 18 |
| 54 | 54 | 5 | 62 | 33 | -13 | -9 | 13 | -10 | 35 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Master Trust Limited has informed the Exchange about Newspaper Publication of Notice of 41st AGM of the Company
2026-09-04 - Master Trust Limited has informed the Exchange about Book closure for 41st Annual General Meeting to be held on 30.09.2026
2026-09-04 - Master Trust Limited has informed the Exchange about Remote e-voting details for the 41st Annual General Meeting of the Company to be held on 30.09.2026
2026-09-04 - Master Trust Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-03 - Master Trust Limited has informed the Exchange regarding Outcome of Board Meeting held on September 03, 2026.
2026-08-27 - Master Trust Limited has informed the Exchange about Outcome of Investors/Analyst Meeting
2026-08-21 - Master Trust Limited has informed the Exchange about Schedule of meet
2026-08-06 - Master Trust Limited has informed the Exchange about General Updates about Newspaper publication of un-audited financial results 30.06.2026
2026-08-05 - Master Trust Limited has informed the Exchange regarding a press release dated August 05, 2026, titled "Master Trust Reports Q1 FY27 Performance with 13.8% Growth in Total Income & 27.8% Surge in PAT".
News
Recent coverage and analyst commentary for MASTERTR
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