Master Trust Ltd.

•

mastertrust.co.inBSE: 511768NSE: MASTERTR

Market Cap₹ 1,093 Cr.

Current Price

High / Low₹ 164 / 56

Stock P/E79.7

Book Value₹ 59

Price to Book2.58

Dividend Yield0.00 %

ROCE3.2 %

ROE1.6 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Interest: 94.0% • Share Trading and Others: 6.0%

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence

84%

View full sector analysis →

PROS

Asset quality is healthy - gross NPA of just 0.0%
Solid return on assets for a lender - ROA of 1.3%
Latest quarter profit grew 74.0% YoY, showing strong momentum
Operating margins have improved to 92.4% from 80.0%
Company has delivered good sales growth of 19.7% CAGR over last 5 years

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
Recent results are weak - TTM profit is down 52.3% versus prior year
Company has a low return on capital employed of 3.6%
Company has a low return on equity of 2.0% over last 3 years
Thin net interest margin of 0.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1060.50	32.52	660262.45	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1041.00	21.64	244945.59	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	375.00	29.46	159182.59	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	JIOFIN	239.85	76.64	158376.35	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
5.	CHOLAFIN	1839.00	27.31	157062.74	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
6.	BAJAJHLDNG	11148.75	14.01	124078.35	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2920.00	10.31	117228.79	1.03	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	404.80	27.00	110814.49	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	314.00	24.73	78699.47	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.90	27.52	62608.60	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.25	26.05	56678.94	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	MASTERTR	88.83	8.18	1092.75	0.00	34.65	27.81	149.79	83.84	30.16	41.28

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	4	5	4	7	5	4	5	5	5	5	7	7	7
	0	0	0	0	0	0	1	0	0	0	0	0	2
Operating Profit	4	5	4	7	5	5	5	5	5	6	9	8	6
OPM %	92.55%	95.12%	92.45%	95.01%	93.81%	105.22%	94.01%	99.16%	96.18%	112.19%	133.14%	112.72%	94.48%
Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	2	3	2	4	2	2	2	2	2	1	2	2	2
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	2	2	2	3	2	3	2	3	3	4	7	6	5
Tax %	0.00%	0.00%	2.67%	2.46%	0.41%	3.10%	13.52%	92.16%	24.81%	37.11%	53.90%	25.63%	25.16%
Net Profit	2	2	1	3	2	2	2	0	2	3	3	4	3
	1	0	1	0	0	0	0	0	0	0	0	0	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	11	6	19	8	8	14	12	10	20	19	26
	7	3	16	1	1	10	2	2	1	1	3
Operating Profit	4	3	3	7	6	4	9	8	19	17	23
OPM %	36.79%	52.76%	15.13%	84.13%	81.61%	27.07%	79.90%	78.54%	93.48%	92.36%	86.62%
	0	0	2	0	0	1	0	1	1	1	0
Interest	4	2	3	5	5	3	4	4	11	8	8
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	0	1	2	2	1	2	6	5	8	10	22
Tax %	80.49%	16.50%	-1.90%	11.62%	14.16%	9.08%	0.13%	-20.14%	1.31%	28.47%	37.05%
Net Profit	0	1	2	2	1	2	6	6	8	7	14
EPS	0.00	0.00	0.00	0.00	0.00	0.78	2.57	2.61	3.82	0.65	—
Dividend Payout %	0.00%	0.00%	59.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 1%
5 Years:: 20%
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: 7%
5 Years:: 55%
3 Years:: 9%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -43%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 2%
3 Years:: 2%
Last Year:: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	64	65	65	167	173	208	241	294	378	536
	51	26	36	37	39	41	27	43	82	85
	11	11	7	51	33	33	40	-3	24	20
Total Liabilities	137	112	119	265	256	293	319	345	495	652
	0	0	0	0	0	0	0	0	0	0
	20	19	32	165	173	206	225	253	334	454
	6	4	4	9	5	1	10	8	8	4
Cash & Bank	2	3	2	2	2	2	26	2	26	30
	109	86	80	89	76	83	58	81	128	164
Total Assets	137	112	119	265	256	293	319	345	495	652

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-7	-1	3	3	-2	-2	-31	-2	1	-22
Cash from Investing	6	2	-3	-1	2	3	31	2	-26	4
Cash from Financing	0	0	0	-1	0	0	0	0	25	18
	-1	1	-0	-0	0	0	-0	0	-0	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.04	0.54	1.68	1.70	0.37	0.78	2.57	2.61	3.82	0.65
Book Value (₹)	68.67	69.27	69.92	163.09	84.40	100.43	115.93	140.03	178.83	48.67
Dividend per Share (₹)	0.00	0.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.01	0.06	0.17	0.17	0.08	0.16	0.51	0.52	0.76	0.65
PROFITABILITY
Operating Margin %	36.79%	52.76%	25.09%	84.14%	81.82%	33.85%	80.01%	86.88%	93.48%	92.36%
Net Margin %	0.44%	10.19%	9.81%	22.29%	10.49%	12.13%	47.44%	55.97%	41.74%	38.50%
ROE %	0.06%	0.79%	2.41%	1.46%	0.45%	0.84%	2.37%	2.04%	2.39%	1.55%
ROCE %	2.97%	2.63%	4.32%	4.26%	2.92%	1.99%	3.50%	2.82%	4.68%	3.24%
	0.03%	0.47%	1.58%	0.96%	0.31%	0.62%	1.82%	1.71%	1.98%	1.26%
EFFICIENCY
Debtor Days	0	0	0	0	0	0	0	0	0	0
Inventory Days	240	316	81	281	326	82	170	326	149	112
Payable Days	0	0	0	0	0	0	0	0	0	0
	240	316	81	281	326	82	170	326	149	112
FINANCIAL HEALTH
Debt to Equity (x)	0.68x	0.34x	0.47x	0.21x	0.17x	0.19x	0.11x	0.14x	0.21x	0.16x
Interest Coverage (x)	1.07x	1.31x	1.64x	1.43x	1.18x	1.65x	2.47x	2.16x	1.75x	2.20x
	1.84x	2.53x	2.01x	1.48x	1.65x	2.02x	3.28x	1.98x	1.98x	2.49x
GROWTH
Revenue Growth %	-34.87%	-47.22%	220.03%	-55.39%	-7.40%	81.62%	-15.67%	-13.71%	95.91%	-5.27%
Operating Profit Growth %	-72.87%	-24.30%	52.19%	49.61%	-9.96%	-24.85%	99.30%	-6.29%	123.33%	-5.70%
Net Profit Growth %	-98.69%	1133.33%	208.28%	1.32%	-56.41%	109.93%	229.96%	1.81%	46.09%	-12.62%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	46.09%	-83.07%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	37.70x	194.46x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.02x	2.58x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	82.30x	78.94x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.77	72.49	72.49	72.49	69.24	71.93	71.93	71.93	71.93
	0.02	0.07	0.03	0.02	0.15	0.00	0.02	0.02	0.03
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.22	27.44	27.48	27.49	30.61	28.07	28.04	28.05	28.04

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

General Updates

2026-09-05 - Master Trust Limited has informed the Exchange about Newspaper Publication of Notice of 41st AGM of the Company

2026-09-04

General Updates

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

General Updates

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

Shareholders meeting

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

Outcome of Board Meeting

2026-09-03 - Master Trust Limited has informed the Exchange regarding Outcome of Board Meeting held on September 03, 2026.

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Master Trust Limited has informed the Exchange about Outcome of Investors/Analyst Meeting

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Master Trust Limited has informed the Exchange about Schedule of meet

2026-08-06

General Updates

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

Press Release

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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Master Trust Ltd.

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Free 5nance Account

Name

BAJFINANCE

1060.50

32.52

660262.45

0.57

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1041.00

21.64

244945.59

1.04

3452.77

59.90

13400.43

17.46

11.49

74.63

TATACAP

375.00

29.46

159182.59

0.15

16281.80

1464.16

88219.30

1051.00

8.66

75.72

JIOFIN

239.85

76.64

158376.35

0.25

830.25

155.73

2004.47

227.28

2.11

69.71

CHOLAFIN

1839.00

27.31

157062.74

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

BAJAJHLDNG

11148.75

14.01

124078.35

1.75

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2920.00

10.31

117228.79

1.03

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

404.80

27.00

110814.49

0.00

1223.85

43.85

12179.54

137.84

8.82

41.91

LTF

314.00

24.73

78699.47

0.88

915.99

30.70

5212.92

22.38

8.54

62.13

SBICARD

657.90

27.52

62608.60

0.38

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

682.25

26.05

56678.94

0.59

785.20

38.31

4937.90

18.71

9.09

57.98

MASTERTR

88.83

8.18

1092.75

0.00

34.65

27.81

149.79

83.84

30.16

41.28

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

Operating Profit

OPM %

92.55%

95.12%

92.45%

95.01%

93.81%

105.22%

94.01%

99.16%

96.18%

112.19%

133.14%

112.72%

94.48%

Other Income

Interest

Depreciation

Tax %

0.00%

2.67%

2.46%

0.41%

3.10%

13.52%

92.16%

24.81%

37.11%

53.90%

25.63%

25.16%

Net Profit

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

OPM %

36.79%

52.76%

15.13%

84.13%

81.61%

27.07%

79.90%

78.54%

93.48%

92.36%

86.62%

Interest

Depreciation

Profit before Tax

Tax %

80.49%

16.50%

-1.90%

11.62%

14.16%

9.08%

0.13%

-20.14%

1.31%

28.47%

37.05%

Net Profit

EPS

0.00

0.78

2.57

2.61

3.82

0.65

—

Dividend Payout %

0.00%

59.59%

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

167

173

208

241

294

378

536

-3

Total Liabilities

137

112

119

265

256

293

319

345

495

652

165

173

206

225

253

334

454

Cash & Bank

109

128

164

Total Assets

137

112

119

265

256

293

319

345

495

652

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-7

-1

-2

-31

-2

-22

Cash from Investing

-3

-1

-26

Cash from Financing

-1

-0

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

0.04

0.54

1.68

1.70

0.37

0.78

2.57

2.61

3.82

0.65

Book Value (₹)

68.67

69.27

69.92

163.09

84.40

100.43

115.93

140.03

178.83

48.67

Dividend per Share (₹)

0.00

1.00

0.00

Cash EPS (₹)

0.01

0.06

0.17

0.08

0.16

0.51

0.52

0.76

0.65

PROFITABILITY

Operating Margin %

36.79%

52.76%

25.09%

84.14%

81.82%

33.85%

80.01%

86.88%

93.48%

92.36%

Net Margin %

0.44%

10.19%

9.81%

22.29%

10.49%

12.13%

47.44%

55.97%

41.74%

38.50%

ROE %

0.06%

0.79%

2.41%

1.46%

0.45%

0.84%

2.37%

2.04%

2.39%

1.55%

ROCE %

2.97%

2.63%

4.32%

4.26%

2.92%

1.99%

3.50%

2.82%

4.68%

3.24%

0.03%

0.47%

1.58%

0.96%

0.31%

0.62%

1.82%

1.71%

1.98%

1.26%

EFFICIENCY

Debtor Days

Inventory Days

240

316

281

326

170

326

149

112

Payable Days

240

316

281

326

170

326

149

112

FINANCIAL HEALTH

Debt to Equity (x)

0.68x

0.34x

0.47x

0.21x

0.17x

0.19x

0.11x

0.14x

0.21x

0.16x

Interest Coverage (x)

1.07x

1.31x

1.64x

1.43x

1.18x

1.65x

2.47x

2.16x

1.75x

2.20x

1.84x

2.53x

2.01x

1.48x

1.65x

2.02x

3.28x

1.98x

2.49x

GROWTH

Revenue Growth %

-34.87%

-47.22%

220.03%

-55.39%

-7.40%

81.62%

-15.67%

-13.71%

95.91%

-5.27%

Operating Profit Growth %

-72.87%

-24.30%

52.19%

49.61%

-9.96%

-24.85%

99.30%

-6.29%

123.33%

-5.70%

Net Profit Growth %

-98.69%

1133.33%

208.28%

1.32%

-56.41%

109.93%

229.96%

1.81%

46.09%

-12.62%

0.00%

46.09%

-83.07%

VALUATION

P/E (x)

0.00x

37.70x

194.46x

P/B (x)

0.00x

4.02x

2.58x

Dividend Yield %

0.00%

0.00x

82.30x

78.94x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

73.77

72.49

69.24

71.93

0.02

0.07

0.03

0.02

0.15

0.00

0.02

0.03

DIIs

0.00

Government

0.00

26.22

27.44

27.48

27.49

30.61

28.07

28.04

28.05

28.04

Master Trust Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Master Trust Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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