Master Trust financials and balance sheet

NSE: MASTERTRBSE: 511768Capital MarketsSmall Cap

₹74.81₹0.22 (0.29%)BSE ₹75.26

Share price at the NSE close on 23 Oct 2026. Previous close ₹75.03.

52-week range of traded prices to 23 Oct 2026

₹55.60Low, 30 Mar 2026₹138.64High, 27 Oct 2025

Next results date: the board meets on 3 Nov 2026 to consider: financial results.

Market cap: ₹920 Cr1,455th largest listed
P/E: 6.9
P/B: 1.1
Dividend yield: Nonein the last 12 months
ROE: 18.4%
ROCE: 23.1%
Debt to equity: 0.28
Volume, NSE: 4,99,48241.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Master Trust annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹584 Cr, year to Mar 2025

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue576
Operating expenses−340
Operating profit236
Depreciation−4.3
Other income0.0
One-off items0.0
Finance costs−59
Profit before tax172
Tax−46
Net profit126

What the company owns

Cash and bank₹1,825 Cr
Plant, investments and other assets₹227 Cr
Receivables₹184 Cr
Inventory₹9 Cr

What pays for it: net worth and liabilities

Other liabilities₹1,198 Cr
Net worth₹819 Cr
Borrowings₹228 Cr

Master Trust business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Master Trust segment results by quarter

Revenue by segment

₹576 CrTotal

Broking & Allied₹538 Cr93.4% of total
Portfolio Management Services₹12 Cr2.1% of total
Interest₹12 Cr2.1% of total
Investment / Trading in Securities / Land & others₹9 Cr1.5% of total
Insurance Broking₹5 Cr0.9% of total

Profit by segment

Broking & Allied₹156 Cr90.5% of total
Portfolio Management Services₹1 Cr0.8% of total
Interest₹3 Cr1.8% of total
Investment / Trading in Securities / Land & others₹8 Cr4.7% of total
Insurance Broking₹4 Cr2.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Broking & Allied
Revenue, ₹ crore
104
113
195
282
301
461
524
538
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
6
33
55
73
135
147
156
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Portfolio Management Services
Revenue, ₹ crore
5
3
5
28
23
20
20
12
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
4
3
4
3
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Interest
Revenue, ₹ crore
5
4
4
9
10
12
13
12
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
2
−7
5
6
1
3
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investment / Trading in Securities / Land & others
Revenue, ₹ crore
16
13
18
10
2
4
24
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
10
5
15
8
2
3
23
8
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Insurance Broking
Revenue, ₹ crore
2
3
3
3
3
4
4
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
1
1
1
1
2
2
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	134	136	225	331	339	501	584	576
Company revenue, as in its results	134	136	225	331	339	500	584	576
Revenue	104	113	195	282	301	461	524	538
Revenue growth	–	8.0%	73.1%	44.5%	6.8%	53.2%	13.5%	2.7%
Profit	2	6	33	55	73	135	147	156
Profit growth	–	164.7%	483.8%	64.2%	34.6%	83.3%	9.2%	6.3%
Margin	2.1%	5.0%	17.0%	19.4%	24.4%	29.2%	28.1%	29.0%
Return on capital	–	–	–	–	–	–	–	19.6%
Assets	112	119	181	197	263	438	506	1,990
Liabilities	–	–	–	–	–	–	–	1,195
Capital employed	–	–	–	–	–	–	–	795
Revenue	5	3	5	28	23	20	20	12
Revenue growth	–	−34.3%	51.9%	429.2%	−17.3%	−12.9%	−2.2%	−37.7%
Profit	0	0	0	4	3	4	3	1
Profit growth	–	–	–	2,005.6%	−31.9%	57.0%	−25.4%	−53.6%
Margin	3.0%	−13.0%	3.4%	13.7%	11.3%	20.3%	15.5%	11.5%
Return on capital	–	–	–	–	–	–	–	12.5%
Assets	3	3	3	6	4	9	11	94
Liabilities	–	–	–	–	–	–	–	83
Capital employed	–	–	–	–	–	–	–	11
Revenue	5	4	4	9	10	12	13	12
Revenue growth	–	−18.9%	−2.7%	141.7%	17.4%	12.6%	9.6%	−4.4%
Profit	0	2	−7	5	6	1	3	3
Profit growth	–	354.8%	–	–	25.9%	−90.6%	492.6%	−2.2%
Margin	9.2%	51.6%	−184.2%	52.3%	56.1%	4.7%	25.4%	26.0%
Assets	8	27	28	47	57	20	56	90
Liabilities	–	–	–	–	–	–	–	145
Capital employed	–	–	–	–	–	–	–	−55
Revenue	16	13	18	10	2	4	24	9
Revenue growth	–	−18.5%	35.5%	−43.4%	−82.6%	–	–	−64.3%
Profit	10	5	15	8	2	3	23	8
Profit growth	–	−46.7%	189.8%	−45.3%	−80.9%	–	–	−65.1%
Margin	58.1%	38.0%	81.2%	78.5%	86.0%	72.8%	97.1%	94.8%
Return on capital	–	–	–	–	–	–	–	14.5%
Assets	70	64	41	45	37	31	58	58
Liabilities	–	–	–	–	–	–	–	2
Capital employed	–	–	–	–	–	–	–	56
Revenue	2	3	3	3	3	4	4	5
Revenue growth	–	63.1%	3.8%	3.3%	–	–	–	–
Profit	0	1	1	1	1	2	2	4
Profit growth	–	238.9%	13.9%	−30.2%	–	–	–	–
Margin	22.5%	46.7%	51.3%	34.6%	42.8%	45.6%	52.3%	68.4%
Return on capital	–	–	–	–	–	–	–	35.2%
Assets	1	2	3	4	5	6	8	11
Liabilities	–	–	–	–	–	–	–	1
Capital employed	–	–	–	–	–	–	–	10
Revenue	2	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Margin	−5.0%	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Master Trust quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 10 Aug	Mar 2021Filed 6 Aug	Mar 2022Filed 14 Jun	Mar 2023Filed 26 May	Mar 2024Filed 7 Aug	Mar 2025Filed 30 May	Mar 2026Filed 12 May
Revenue from operations	111	157	134	136	225	331	339	500	584	576
	85	122	–	103	161	222	219	297	341	340
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	21	29	–	–	–	–	–	–	–	–
Other expenses	64	94	–	–	–	–	–	–	–	–
Operating profit before depreciation	26	35	–	33	63	109	120	204	243	236
Operating margin	23.6%	22.2%	–	24.2%	28.2%	32.9%	35.4%	40.7%	41.6%	41.0%
Employee costs, % of revenue	18.5%	18.1%	–	–	–	–	–	–	–	–
Other expenses, % of revenue	57.9%	59.6%	–	–	–	–	–	–	–	–
Depreciation and amortisation	2	3	–	2	1	2	3	4	4	4
Operating profit after depreciation	24	32	–	31	62	107	117	200	239	232
Other income	0	0	0	0	0	0	0	0	0	0
Finance costs	15	19	20	18	19	35	33	57	61	59
One-off items	0	0	–	0	0	0	0	0	0	0
Profit before tax	9	13	12	13	43	72	85	144	179	172
	3	3	3	1	9	17	19	36	47	46
Current tax	–	–	3	1	9	17	19	36	47	46
Net profit	6	10	10	12	34	55	66	108	131	126
Other comprehensive income	–	–	–	−5	7	−11	1	6	−16	−4
Total comprehensive income	–	–	–	8	42	44	67	114	116	122
Net margin	5.3%	6.4%	7.1%	9.1%	15.3%	16.7%	19.4%	21.6%	22.5%	21.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017, Mar 2018, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2019: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 12 Jun	Mar 2020Filed 10 Aug	Mar 2021Filed 6 Aug	Mar 2022Filed 14 Jun	Mar 2023Filed 26 May	Mar 2024Filed 7 Aug	Mar 2025Filed 30 May	Mar 2026Filed 12 May
	196	215	256	300	367	506	640	819
	195	214	256	300	365	504	638	817
Share capital	11	11	11	11	11	11	11	12
Reserves	184	203	245	289	354	493	627	805
Belonging to outside owners of subsidiaries	1	1	–	–	2	2	2	2
	87	104	95	97	159	187	258	228
Repayable after a year	58	–	–	–	–	–	–	–
Repayable within a year	28	–	–	–	–	–	–	–
	314	–	–	–	–	–	–	–
Other liabilities	34	–	–	–	–	–	–	–
Provisions	1	–	–	–	–	–	–	–
Liabilities due after a year	58	–	–	–	–	–	–	–
Total assets	568	557	786	1,028	1,230	1,785	1,953	2,244
	54	–	–	–	–	–	–	–
Plant in use, after depreciation	10	10	10	12	14	15	15	14
Investments	37	–	–	–	–	–	–	–
Loans given	6	–	–	–	–	–	–	–
Deferred tax	0	–	–	–	–	–	–	–
	514	–	–	–	–	–	–	–
Inventories	27	19	12	32	17	23	19	9
Trade receivables	91	35	66	56	50	125	161	184
Cash and cash equivalents	295	328	576	7	19	10	45	88
Other bank balances	0	0	0	829	995	1,483	1,426	1,737
Loans given	101	–	–	–	–	–	–	–
Net debt	−208	−225	−481	−739	−856	−1,305	−1,213	−1,597

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 6 Aug	Mar 2022Filed 14 Jun	Mar 2023Filed 26 May	Mar 2024Filed 7 Aug	Mar 2025Filed 30 May	Mar 2026Filed 12 May
Cash from operations	108	−15	10	458	−37	311
Capital spending	1	4	5	5	3	3
Free cash flow	107	−19	6	453	−41	308
Cash from investing	2	6	3	−493	54	−325
Cash from financing	0	0	0	25	18	56
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	18	56
Net change in cash	110	−9	13	−10	35	43

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 10 Aug	Mar 2021Filed 6 Aug	Mar 2022Filed 14 Jun	Mar 2023Filed 26 May	Mar 2024Filed 7 Aug	Mar 2025Filed 30 May	Mar 2026Filed 12 May
	–	–	–	–	–	–	–	–	₹11.80	₹10.60
As stated that year	₹5.30	₹9.20	₹8.80	₹5.70	₹15.80	₹25.40	₹30.30	₹49.70	₹11.80	₹10.60
	–	–	–	–	–	–	–	–	₹11.20	₹10.60
As stated that year	₹5.30	₹9.20	₹8.80	₹5.70	₹15.80	₹25.40	₹30.30	₹48.90	₹11.20	₹10.60
	–	–	–	–	–	–	–	–	₹56.85	₹66.40
On that year's share count	–	–	₹178.55	₹98.09	₹117.01	₹137.29	₹167.13	₹230.89	₹56.85	₹66.40
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	−1.3%	−8.1%
Market cap at the year end (₹ crore)	31	98	36	28	103	281	261	1,565	1,416	693

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Master Trust PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 10 Aug	Mar 2021Filed 6 Aug	Mar 2022Filed 14 Jun	Mar 2023Filed 26 May	Mar 2024Filed 7 Aug	Mar 2025Filed 30 May	Mar 2026Filed 12 May
Revenue growth	6.8%	41.9%	−14.4%	1.1%	65.4%	47.4%	2.4%	47.6%	16.7%	−1.4%
Operating profit growth	20.9%	33.9%	–	–	92.7%	72.2%	10.0%	70.0%	19.2%	−2.8%
Net profit growth	63.5%	72.7%	−4.9%	28.8%	179.2%	60.5%	19.4%	64.0%	21.4%	−3.9%
Earnings per share growth	–	–	–	–	–	–	–	–	–	−10.2%
	–	–	4.9%	6.0%	14.6%	19.9%	19.8%	24.9%	23.0%	17.3%
	–	–	–	1.1 pts	8.6 pts	5.2 pts	0.0 pts	5.0 pts	−1.9 pts	−5.6 pts
From the net margin	–	–	–	1.3 pts	4.1 pts	1.3 pts	3.3 pts	2.2 pts	1.0 pts	−0.6 pts
From asset turnover	–	–	–	0.1 pts	3.9 pts	1.5 pts	−4.1 pts	2.3 pts	−1.5 pts	−2.7 pts
From borrowing	–	–	–	−0.4 pts	0.6 pts	2.5 pts	0.8 pts	0.5 pts	−1.4 pts	−2.3 pts
Return on capital employed	–	–	–	9.8%	17.7%	27.0%	22.3%	28.9%	26.7%	22.2%
Cash conversion	–	–	–	–	313.9%	−27.8%	15.6%	423.6%	−28.3%	246.8%
Interest cover	1.6	1.7	–	1.8	3.2	3.0	3.6	3.5	3.9	3.9
Debt to equity	–	–	0.44	0.48	0.37	0.32	0.43	0.37	0.40	0.28
Receivable days	–	–	248	94	107	61	53	91	100	117
Working capital days	–	–	−180	–	–	–	–	–	–	–
Asset turnover	–	–	0.24	0.24	0.33	0.37	0.30	0.33	0.31	0.27
Assets per rupee of net worth	–	–	2.91	2.75	2.86	3.27	3.40	3.47	3.27	2.88
Sales per rupee of plant	–	–	13.00	13.29	22.58	27.91	24.54	32.71	39.46	41.34
Capital spending to depreciation	–	–	–	–	0.63	2.02	1.78	1.41	0.93	0.80
Plant being built, % of plant in use	–	–	–	–	–	–	0.0%	–	0.0%	–

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.0%
Cash from operations against operating profit: 131.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	18.7%	20.7%	19.3%
Profit growth, yearly rate	42.9%	29.7%	24.2%
Return on equity, average	–	21.0%	21.7%
Return on capital employed, average	–	25.4%	25.9%
Operating margin, average	32.2%	38.3%	41.1%
Net margin, average	14.5%	20.4%	22.0%
Asset turnover, average	–	0.32	0.31
Interest cover, average	2.9	3.6	3.8
Debt to equity, average	–	0.36	0.35

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	727	732	311
Cash from investing	−755	−764	−325
Cash from financing	100	100	56
Capital spending	21	12	3
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	75	75	56

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−11.24	7.12	4.70	9.48	6.13	6.65
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.66	1.98	1.41	2.00
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	0.00	–	0.00	–
Effective tax ratePublished threshold 17.16 per cent	33.60	22.52	22.50	8.41	19.88	23.29	22.21	24.86	26.57	26.90
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.25	−1.19	1.95	−1.00	1.69

A threshold marked as ours has no published figure; it is the line we read the check against.