Master Trust Limited (MASTERTR)

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Master Trust Limited (MASTERTR) · mywealthgrid

About

Master Trust Limited provides stockbroking and capital markets advisory services within India's financial services sector. The company operates dual segments—core broking (₹127–180 Cr quarterly revenue, 35–46% OPM) and advisory services (₹6–9 Cr quarterly, 94–96% OPM)—with current valuation at PE 7.21, ROE 17.33%, and market cap ₹964 Cr.

Face value: ₹1

Market cap

₹1,004 Cr

P/E

7.5×

P/B

1.2×

Dividend yield

ROE

17.3%

ROCE

—

Debt / equity

0.28

OPM

41%

EPS (TTM)

₹10.8

Book value

₹66.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

1-year return of −52.59% and drawdown from ₹165.98 to ₹78.53 indicates significant capital destruction and lost investor confidence
Broking segment revenue cycles between ₹126–149 Cr quarterly, showing sensitivity to market activity and trading volumes
No dividend since 2018 despite 17%+ ROE raises questions about capital allocation discipline
Minimal institutional ownership (FII 0.03%, DII 0%) concentrates shareholder base in promoter/retail, creating domestic-market dependency

Generated analysis · source review pending

Growth drivers

Mar 2026 revenue of ₹180.61 Cr demonstrates broking scalability; verify if uptrend persists as market conditions improve
Advisory segment's 94–96% OPM on ₹6–9 Cr quarterly base shows scaling potential through digital solutions at lower per-client cost
Low leverage (D/E 0.28) enables reinvestment in growth initiatives or strategic consolidation in fragmented broking sector
PE 7.21 vs ROE 17.33% suggests recovery upside if capital markets activity improves; verify cycle timing and institutional flow expectations

Generated analysis · source review pending

556 historical price candles were omitted because the exchange source has not been verified.

₹81.7-1.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.9% (3-yr avg)
+Healthy operating margin of 41%
+High promoter holding of 71.9% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

81/100

Business quality: 64
Growth: 78
Valuation: 99

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
IIFL Capital Services LimitedIIFLCAPSIIFLCAPS	₹10,762 Cr	₹12,583 Cr	₹2,434 Cr	₹853 Cr	35%	₹572 Cr	23.3%	—	20.1%	—
Share India Securities LimitedSHAREINDIASHAREINDIA	₹4,487 Cr	₹5,158 Cr	₹1,577 Cr	₹633 Cr	38.8%	₹363 Cr	22.1%	—	13%	—
Anand Rathi Share And Stock Brokers LimitedARSSBLARSSBL	₹3,283 Cr	₹4,114 Cr	₹977 Cr	₹401 Cr	40.7%	₹130 Cr	13.9%	23.9%	14%	-3,037
Monarch Networth Capital LimitedMONARCHMONARCH	₹2,718 Cr	₹2,744 Cr	₹365 Cr	₹255 Cr	69.3%	₹181 Cr	48.7%	28.3%	20.5%	-1,399
Geojit Financial Services LimitedGEOJITFSLGEOJITFSL	₹2,113 Cr	₹2,177 Cr	₹678 Cr	₹145 Cr	24%	₹73 Cr	12.5%	—	6.8%	—
Smc Global Securities LimitedSMCGLOBALSMCGLOBAL	₹2,074 Cr	₹4,072 Cr	₹1,967 Cr	₹383 Cr	20.1%	₹109 Cr	5.5%	—	8.1%	—
Algoquant Fintech LimitedALGOQUANTALGOQUANT	₹1,898 Cr	₹1,929 Cr	₹235 Cr	₹53 Cr	22.4%	₹33 Cr	14.2%	17.6%	24.8%	2

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2025	Mar 2026
	584	576
	341	340
	243	236
OPM %	41.6%	41%
Depreciation	4	4
Interest	61	59
	0	0
Profit before tax	179	172
Tax	47	46
Tax %	26.6%	26.9%
	131	126
PAT margin %	22.5%	21.9%
EPS (₹)	11.8	10.6
EPS adjusted (₹)	11.7	10.2
Annual report	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	11	11	11	11	11	11	11	11	11	12
Reserves	160	166	182	203	245	289	354	493	627	805
Minority interest	—	—	—	—	—	—	2	2	2	2
	85	74	58	104	95	97	162	187	258	228
	172	213	249	240	435	631	704	1,172	1,055	1,198
Total equity & liabilities	428	464	500	557	786	1,028	1,233	1,866	1,953	2,244
	—	—	8	10	10	12	14	15	15	14
CWIP	—	—	—	—	—	—	—	—	0	—
Investments	23	25	17	19	15	7	6	15	19	33
	405	440	475	529	761	1,009	1,213	1,836	1,919	2,197
Total assets	428	464	500	557	786	1,028	1,233	1,866	1,953	2,244

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	54	52	82	14	-24	-15	177	458	-37	311
	1	2	-18	19	12	6	-164	-493	54	-325
	0	0	-1	0	-0	0	0	25	18	56
Net cash flow	54	54	62	33	-13	-9	13	—	35	43
Free cash flow	53	51	78	13	-26	-19	172	453	-41	308
CFO / Operating profit %	—	—	—	—	—	—	—	—	-15.3%	131.8%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: -1%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: -4%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 15%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Broking & Allied	537.75	156.18	1,989.93	1,194.59	795.34	19.64
Portfolio Management Services	12.17	1.4

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2025	Mar 2026
Margins
Gross margin %	—	—
EBITDA margin %	41.6%	41%
EBIT margin %	41%	40.3%
PAT margin %	22.5%	21.9%
Working capital
Receivable days	—	—
Inventory days	20	9
Payable days	—	—
NWC days	—	—
Leverage
Current ratio	—	—
Debt to EBITDA	1.06	0.96
Debt to equity	0.4	0.28
Interest coverage	3.9	3.9
Asset turnover	0.3	0.26
Return ratios
Return on assets %	6.7%	5.6%
Return on capital employed %	—	—
Return on equity %	20.6%	15.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.83%	74.83%	74.83%	73.77%	72.49%	72.49%	72.49%	69.24%	71.93%	71.93%	71.93%	71.93%
	0%	0%	0.06%	0.02%	0.07%	0.02%	0.02%	0.15%	0%	0.02%	0.02%	0.03%
	0%	0.06%	0%	0%	0%	0%	0%	0%	0.05%	0.05%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.17%	25.11%	25.11%	26.21%	27.44%	27.49%	27.49%	30.61%	28.02%	28%	28.05%	28.04%
No. of shareholders	—	—	—	—	—	—	—	—	10,163	12,408	12,747	15,147

Promoter holding down 2.9 percentage points since Sep 2023.

92 deals · 29 May 2023 – 10 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	6,46,203	₹95.05	₹6.14 Cr
10 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	6,13,912	₹95.69	₹5.87 Cr
9 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	9,08,671	₹92.00	₹8.36 Cr
9 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	9,03,375	₹92.13	₹8.32 Cr
9 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	7,31,167	₹90.89	₹6.65 Cr
9 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Sell	6,96,724	₹91.18	₹6.35 Cr
9 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	6,88,015	₹91.44	₹6.29 Cr
9 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Buy	6,83,693	₹90.69	₹6.20 Cr
8 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	9,10,844	₹81.35	₹7.41 Cr
8 Jul 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	8,94,772	₹82.39	₹7.37 Cr

1–10 of 92

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Mr. HARJEET SINGH ARORAExecutive Director-MD
Mr. RAJINDER KUMAR SINGHANIANon-Executive - Non Independent Director
Mr. GURMEET SINGH CHAWLANon-Executive - Non Independent Director
Mr. RAJIV KALRANon-Executive - Independent Director
Mr. SUDHIR KUMARNon-Executive - Independent Director
Mr. ANIL KUMARNon-Executive - Independent Director
Mr. RAVINDER SINGHANIANon-Executive - Independent Director
Mrs. HARNEESH KAUR ARORANon-Executive - Non Independent Director
Vikas GuptaCompany Secretary And Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Master Trust Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

4

Dividend dividend21 Sept 2018 · ex-date₹1
Final dividend3 Oct 2013 · ex-date₹1
Dividend dividend22 Sept 2011 · ex-date₹1
Dividend dividend23 Sept 2010 · ex-date₹1

1

Board meeting to consider results4 Aug 2026

2

Face value ₹5 → ₹130 Oct 2024 · ex-date
Face value ₹10 → ₹526 Aug 2019 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

1 Oct 2026, 5:13 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

30 Sept 2026, 6:59 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

15 Sept 2026, 5:56 pmInsider Trading / SAST

Re-vised Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 PDF

10 Sept 2026, 3:39 pmInsider Trading / SAST

Revised Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 PDF

5 Sept 2026, 1:38 pmCompany Update

Book Closure Details For The 41St Annual General Meeting

General PDF

5 Sept 2026, 1:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

4 Sept 2026, 4:39 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

4 Sept 2026, 4:33 pmCompany Update

DISLCOSURE OF REMOTE E-VOTING FOR THE 41ST ANNUAL GENERAL MEETING

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 5:13 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
30 Sept 2026, 6:59 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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Master Trust Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends4

Board meetings1

Stock splits2

Announcements

Quarterly record

Bulk & block deals

Board and management

Dividends4

Board meetings1

Stock splits2

Not in the F&O segment

Ratio timeline

No fund holdings on record

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

BROKING & ALLIED · revenue

4

1

2

4

1

2