Minerva Capital Research Solutions

Master Trust

NSE: MASTERTRBSE: 511768
Compare with peers
₹ 76.01▲ 0.72 (+0.96%)28 Oct, 03:29 pm IST
Market cap
₹ 918 Cr.
P/E
6.9x
P/B
1.13x
52-week range
55.6 – 137.27
ROE
17%
ROCE
24%
Dividend yield
0%
Debt / equity
0.28
Sector
Capital Markets
Industry
Stockbroking & Allied
Listed on
NSE, BSE

About

Master Trust Limited is an India-based financial services provider, which engaged in business of lending and sale/purchase of securities & lands. It has five operating segments, namely Broking and Allied, Interest, Portfolio Management Services, Insurance Broking, and Investment/Trading in Securities & others. Its solutions include merchant banking, insurance, depository, wealth management, currency trading, derivatives trading, equity trading, algo trading solutions, among others. It has various trading platforms including mastermobile, which is a mobile trading app offering a custom market watch for personalized tracking, real-time streaming quotes; masterswift2.0, which is a desktop trading software offering charting, scanners, along with back-testing and historical data analysis functionalities; masterweb, which is an online trading platform offering a single-screen market watch; RestAPI, offering free application programming interface (API) integration, among others.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Stockbroking & Allied: 42 companies →

Master Trust against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)6.9 against a typical 20.3: cheaper than most peers (1st = cheapest).1st of 42
  • Sales growth+13.6% against a typical +18.8% from a year earlier.23rd of 41
  • Profit growth+29.6% against a typical +10% from a year earlier.14th of 35
  • Share price, 3 months−8.3% against a typical −1.4%.28th of 40
  • Size₹ 918.1 Cr. market value against a typical ₹ 435.9 Cr. (1st = largest).17th of 39

Latest announcements

Exchange filings and their impact on the company.

  • 15 Oct 2026General UpdatesLow impactPositivePrice +1% that day
    Subsidiary starts F&O clearing and settlement services, adding a small new fee-income stream.

    Master Trust's wholly owned subsidiary Master Capital Services has started clearing and settlement services for Futures and Options trades on NSE and BSE through a Custodian Participant Code from 15 October 2026. This lets the group clear institutional and custodial F&O trades and earn clearing fees and float income. The ramp-up should add only a small amount to revenue and profit over the next year.

    Filing
  • 12 Oct 2026General UpdatesLow impactNeutralPrice −0.1% on 13 Oct
    Master Trust buys 100% of Future Colonizers for Rs 0.5 crore via NCLT-approved resolution plan.

    Master Trust Limited has acquired 100% of Future Colonizers & Construction Limited, which has become its wholly-owned subsidiary on 12 October 2026. The subsidiary allotted 500,000 equity shares of Rs 10 each to Master Trust for Rs 50 lakh in cash under the NCLT Chandigarh resolution plan order dated 13 August 2026. The target is in construction and real estate, outside Master Trust's broking business, with the stated aim to implement the plan and realise its assets. At Rs 0.5 crore the deal is tiny versus Master Trust's scale and is not expected to move revenue or profit over the next year.

    Filing

Board meetings

Results dates and other board meetings. Full calendar

Details
3 Nov 2026UpcomingFinancial ResultsTo consider and approve the financial results for the period ended September 30, 2026
3 Sep 2026Other business matters1. TO CONSIDER AND APPROVE THE DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2026. 2. TO CONSIDER AND ADOPT THE SECRETARIAL AUDIT REPORT OF THE COMPANY AND MATERIAL SUBSIDIARY FOR THE YEAR ENDED 31ST MARCH, 2026.3. TO FIX THE DAY, DATE, TIME AND VENUE OF 41ST ANNUAL GENERAL MEETING AND TO APPROVE NOTICE FOR THE SAID MEETING. 4. TO FIX THE DATES OF CLOSURE OF THE REGISTER OF MEMBERS AND SHARE TRANSFER REGISTER FOR THE PURPOSE OF ANNUAL BOOK CLOSURE.5. TO APPOINT SCRUTINIZER FOR THE PROCESS OF REMOTE E-VOTING AS WELL AS VOTING AT THE 41ST ANNUAL GENERAL MEETING (POSTAL BALLOT PROCESS). 6. TO CONSIDER AND APPROVE TO ENTER INTO CONTRACTS AND/OR AGREEMENTS WITH RELATED PARTIES FOR RELATED PARTIES TRANSACTIONS (RPT) FOR THE FY 2026-2027.7. TO APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH MASTER CAPITAL SERVICES LIMITED.8. TO CONSIDER ANY OTHER MATTER AS THE BOARD OF DIRECTORS OF THE COMPANY MAY DECIDE DURING THE COURSE OF THE MEETING.
4 Aug 2026Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2026
12 May 2026Financial ResultsTo consider and approve the financial results for the period ended March 31, 2026
11 Feb 2026Financial ResultsTo consider and approve the financial results for the period ended December 31, 2025
6 Nov 2025Financial ResultsTo consider and approve the financial results for the period ended September 30, 2025
30 Aug 2025Other business mattersPursuant to Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the notice is hereby given that meeting of the Board of Directors of M/s Master Trust Limited will be held on Saturday, the 30th August, 2025 at 03:00 P.M. at the Registered Office of the Company interalia : 1. TO CONSIDER AND APPROVE THE DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2025. 2. TO ADOPT THE SECRETARIAL AUDIT REPORT OF THE COMPANY AND MATERIAL SUBSIDIARY FOR THE YEAR ENDED 31ST MARCH, 2025.3. TO FIX THE DAY, DATE, TIME AND VENUE OF 40TH ANNUAL GENERAL MEETING AND TO APPROVE NOTICE FOR THE SAID MEETING. 4. TO FIX THE DATES OF CLOSURE OF THE REGISTER OF MEMBERS AND SHARE TRANSFER REGISTER FOR THE PURPOSE OF ANNUAL BOOK CLOSURE.5. TO APPOINT SCRUTINIZER FOR THE PROCESS OF REMOTE E-VOTING AS WELL AS VOTING AT THE ANNUAL GENERAL MEETING (POSTAL BALLOT PROCESS). 6. TO CONSIDER THE RE-APPOINTMENT OF MR. GURMEET SINGH CHAWLA (DIN: 00087449) WHO RETIRES BY ROTATION IN TERMS OF SECTION 152(6) OF THE COMPANIES ACT, 2013.7. TO CONSIDER AND APPROVE THE FORMULATION, ADOPTION AND IMPLEMENTATION OF MASTER TRUST LIMITED EMPLOYEE STOCK OPTION PLAN 2025 AND GRANT EMPLOYEE STOCK OPTIONS TO THE ELIGIBLE EMPLOYEES UNDER THIS PLAN. 8. TO CONSIDER AND APPROVE MASTER TRUST LIMITED EMPLOYEE STOCK OPTION PLAN 2025 AND GRANT STOCK OPTIONS TO THE ELIGIBLE EMPLOYEES OF THE COMPANY S SUBSIDARIES UNDER THIS PLAN.9. TO CONSIDER AND APPROVE TO ENTER INTO CONTRACTS AND/OR AGREEMENTS WITH RELATED PARTIES FOR RELATED PARTIES TRANSACTIONS (RPT) FOR THE FY 2025-2026.10. TO APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH MASTER CAPITAL SERVICES LIMITED.11. TO ANY OTHER MATTER AS THE BOARD OF DIRECTORS OF THE COMPANY MAY DECIDE DURING THE COURSE OF THE MEETING.

Share price

1Y change −44.03%
0 of 2 filing days came with a big price move
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales120124164160154148122132127137181150
Expenses7571959890846980687611788
Operating Profit465369626464535259616462
OPM %38%42%42%39%42%43%43%39%47%45%35%41%
Other Income000000000000
Interest141516151516151515151415
Depreciation111111111111
Profit before tax313752454947373643454946
Tax %24%24%27%24%24%26%34%24%27%29%26%25%
Net Profit232838353735252731323635
EPS in Rs2.142.553.483.143.283.132.192.412.552.562.932.82

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
19%
5 Years
21%
3 Years
19%
TTM
7%
Compounded Profit Growth
10 Years
43%
5 Years
30%
3 Years
24%
TTM
8%
Stock Price CAGR
10 Years
39%
5 Years
30%
3 Years
8%
TTM
—
Return on Equity
10 Years
17%
5 Years
21%
3 Years
21%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
71.93%
+2.69 pts in a year
FIIs
0.03%
−0.12 pts in a year
DIIs
0%
0 pts in a year
Public
28.04%
−2.57 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 6.9xEPS (12 months) ₹ 10.86Median P/E 4.8x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
Master Trust₹ 76.01₹ 918 Cr.6.9x1.1x17%—
ICICI Prudential Asset Management Company Ltd₹ 2,655.00₹ 1,30,928 Cr.47.7x37.7x—56%
HDFC Asset Management Company₹ 2,250.00₹ 96,542 Cr.39.9x12.3x—69.3%
Nippon Life India Asset Management₹ 922.10₹ 59,010 Cr.50.1x16.3x34.5%56.4%
Multi Commodity Exchange Of India₹ 3,017.00₹ 76,931 Cr.52.6x16.6x37.9%57.8%
Motilal Oswal Financial Services₹ 925.00₹ 55,715 Cr.30.8x4.5x15.6%21.2%

Management

Sunil Kumar
Chief Financial Officer
Vikas Gupta
Compliance Officer, Company Secretary
Harjeet Singh Arora
Managing Director, Executive Director

Prices are delayed and for information only. Nothing on this page is investment advice.