Master Trust Limited

Financial Services — Capital Markets · NSE

₹80.81−₹1.39 (−1.69%)

DalalBaazaar Score

81 / 100

🟢 Strong

Verdict

ATTRACTIVE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

The 60-second version of Master Trust Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Master Trust Limited provides financial services in India. It offers multi-asset brokerage and trading solutions, research and advisory services, wealth management, merchant banking, depository and custody services, and NBFC lending services.

IndustryCapital Markets

SectorFinancial Services

Employees1,380

Annual revenue₹468 Cr

How does it make money?

Turns over ₹468 Cr a year. Of every ₹100 of sales, about ₹27 reaches shareholders as profit, with ₹49 left at the operating level before interest, tax and depreciation. Each of its 1,380 employees supports ₹33.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹33.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.7%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +62% while net margin moved +18% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+62%

Margin effect+18%

DalalBaazaar Score

81/ 100

Strong

Weighted across six categories. Every point is explained below.

• Beta of 1.09 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

86/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

7.2x

2Y Median

10.8x

24 monthly readings · mean 10.7x · range 5.0x–16.8x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 33% below its 2y median of 10.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 88% below the peer median of 58.4x.

vs. its own history

Cheap

10.8x median over 24 months · -33%

vs. sector peers

Cheap

58.4x median of 3 peers · -88%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

4.9x

PEG

0.30

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 40.7% to 49.0% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Receivables growing faster than sales
Receivables are up 271% against revenue growth of 62% — customers are taking longer to pay.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 40.7% to 49.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 33% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 88% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 13% a year✓ 17.5% CAGR
Latest reported year was 15.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 47%✓ 49.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 13%✓ 15.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 4x✓ 4.3x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 10.8x✓ 7.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

11 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

9 good · 2 neutral · 0 weak

Market Cap

₹994 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

7.2x

Cheap

Cheap against the generic band

P/B Ratio

1.19x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹11.2

Profitable

Profitable on a per-share basis

ROE

15.4%

Strong

Strong capital efficiency

ROCE

27.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.28x

Low

Conservative leverage

Revenue Growth (YoY)

15.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

21.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹338 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

34.2%

Good

Healthy core-business profitability

Net Margin

25.0%

Good

Strong bottom-line conversion

Current Ratio

1.54

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.09

Market-like

Moves roughly in line with the market

52W Range Position

30%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

83.5 / 83.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

32.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹289 Cr	₹411 Cr	₹473 Cr	₹468 Cr	+17.5%
EBITDA	₹118 Cr	₹204 Cr	₹238 Cr	₹230 Cr	+25.0%
EBITDA Margin	40.7%	49.6%	50.3%	49.0%	—
PAT (Net Profit)	₹66 Cr	₹108 Cr	₹131 Cr	₹126 Cr	+24.1%
EPS	₹6.06	₹9.79	₹11.21	₹10.56	+20.3%
ROE	18.1%	21.4%	20.6%	15.4%	—
ROCE	25.9%	34.2%	25.9%	27.3%	—
Total Debt	₹162 Cr	₹187 Cr	₹258 Cr	₹228 Cr	+12.0%
Free Cash Flow	₹172 Cr	₹453 Cr	-₹111 Cr	₹338 Cr	+25.2%

🟢 Revenue has grown at 17.5% a year over 3 years.

🟢 EBITDA has grown at 25.0% a year over 3 years.

🟢 EBITDA Margin has risen from 40.7% to 49.0% over 3 years (+8.3 pts).

🟢 PAT (Net Profit) has grown at 24.1% a year over 3 years.

🟢 EPS has grown at 20.3% a year over 3 years.

🔴 ROE has fallen from 18.1% to 15.4% over 3 years (-2.6 pts).

🟢 ROCE has risen from 25.9% to 27.3% over 3 years (+1.4 pts).

🔴 Total Debt has grown at 12.0% a year over 3 years.

🟢 Free Cash Flow has grown at 25.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,244 Cr

Total Liabilities

₹1,426 Cr

Cash & Equivalents

₹88 Cr

Operating Cash Flow

₹341 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

48.2%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

2 mixed4 general

Master Trust subsidiary begins F&O clearing services on NSE and BSE

scanx.trade, 17 Oct

Master Trust Share Price Target 2027: Base and Bull Case

Univest, 09 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

It's Down 26% But Master Trust Limited (NSE:MASTERTR) Could Be Riskier Than It Looks

Simply Wall Street, 03 Feb

Master Trust Reports Q1 Consolidated Net Profit of 346.5M Rupees vs 271M YoY

Sahi, 04 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Master Trust Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Master Trust Limited (MASTERTR.NS) Slips 3.38% to ₹87.55, Sitting Midway Between Key Levels - Negative Gamma

siam.in, 15 Sept

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 5 tripwires holding · see Key things to watch ↑