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Master Trust Limited (MASTERTR)

₹81.00 -1.46% last close, 16 Oct

📊 NSE: MASTERTR 🏢 Finance & Investments 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Master Trust's revenue was ₹150 Cr (+13.5% year on year, -17.2% on the previous quarter), and net profit ₹34.6 Cr (+28.3% year on year); the operating margin was 41.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹150	+13.5%	-17.2%
Operating profit	₹61.8	+18.9%	-3.4%
Net profit	₹34.6	+28.3%	-3.8%
EPS (₹)	2.80	+16.2%	-4.4%
Operating margin	41.3%	—	—

Full quarterly financials → Results calendar →

MASTERTR delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 42.16% of the MASTERTR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 25.79%. The price fell 1.46% on that unusually high delivery, the pattern the delivery dashboard labels distribution.

42.16%Delivery, 16 Oct

25.79%Own 20-session average

1.1×Volume vs its average

₹81.00NSE close · -1.46%

Delivery in the last 5 sessions: 19.8% · 19.2% · 20.8% · 20.0% · 42.2%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Subsidiary Master Capital Launches F&O Clearing & Settlement on NSE and BSE

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 15 Oct 2026, 02:02 PM

Master Trust Limited's wholly owned subsidiary, Master Capital Services Limited, has commenced clearing and settlement services for trades in the Futures and Options (F&O) segment on NSE and BSE effective October 15, 2026. The services will operate via the Custodian Participant Code mechanism. This functional expansion broadens the firm's capital markets services suite, complementing its broking, wealth, and upcoming mutual fund offerings. Specific revenue or margin potential from these clearing services was not disclosed in the filing.

Wholly owned subsidiary Master Capital Services Limited commenced clearing and settlement services
Covers trades executed in the Futures & Options (F&O) segment of both NSE and BSE
Operational through the Custodian Participant Code mechanism effective 15 October 2026
Revenue contribution and capital allocation for clearing operations not disclosed

💡 Track subsequent quarterly filings (starting Q3 FY27) to assess fee revenue from clearing and custodian operations alongside any incremental margin/capital requirements.

Master Trust Acquires 100% of Future Colonizers via CIRP for ₹50 Lakh

🟡 NEUTRAL ⭐ 4/10

M&A 📅 12 Oct 2026, 05:48 PM

Master Trust Limited has acquired 100% shareholding in Future Colonizers & Construction Limited, making it a wholly owned subsidiary. The acquisition was executed pursuant to an NCLT Chandigarh-approved Resolution Plan dated August 13, 2026. The upfront cash consideration stands at ₹50,00,000 for 5,00,000 equity shares at ₹10 each. Future Colonizers operates in the construction/real estate sector but has generated ₹0.00 turnover over the past three financial years.

Acquired 100% equity stake (5,00,000 shares at ₹10 per share) for ₹50,00,000 cash consideration
Implemented under NCLT Chandigarh Resolution Plan order dated August 13, 2026
Target entity had ₹0.00 turnover in FY24, FY25, and FY26
Consideration of ₹0.50 Cr is negligible relative to Master Trust's net worth of ₹727 Cr

💡 Track disclosures regarding underlying assets acquired under the resolution plan and subsequent monetization timelines.

Master Trust Acquires 100% of Future Colonizers via CIRP for ₹50 Lakh

🟡 NEUTRAL ⭐ 5/10

M&A 📅 12 Oct 2026, 05:22 PM

Master Trust Limited has acquired a 100% stake in Future Colonizers & Construction Limited pursuant to an NCLT-approved Resolution Plan dated August 13, 2026. The target company allotted 5,00,000 equity shares of ₹10 each for an upfront cash consideration of ₹50 lakh. Following this allotment on October 12, 2026, Future Colonizers has become a wholly owned subsidiary. Master Trust intends to implement the resolution plan and realize the real estate and construction assets of the acquired entity.

Acquired 100% shareholding in Future Colonizers & Construction Limited via CIRP
Target board approved allotment of 5,00,000 equity shares of ₹10.00 each on October 12, 2026
Cash consideration and cost of acquisition stands at an upfront payment of ₹50,00,000
Resolution plan was approved by NCLT Chandigarh Bench vide order dated August 13, 2026

💡 Track subsequent disclosures on asset realization and recovery values from Future Colonizers relative to the ₹50 lakh outlay.

Master Trust Issues Newspaper Notice for 41st AGM and E-Voting Details

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 05 Sep 2026, 12:58 PM

Master Trust Limited has submitted newspaper clippings regarding the notice of its 41st Annual General Meeting (AGM) and remote e-voting details. The notices were published on September 5, 2026, in 'Business Standard' (English) and 'Desh Sewak' (Punjabi). This is a statutory disclosure in compliance with Section 108 of the Companies Act, 2013, and Regulation 44 of SEBI LODR Regulations.

Published notice for the upcoming 41st Annual General Meeting (AGM)
Newspaper advertisements published on September 5, 2026, in Business Standard and Desh Sewak
Contains statutory details regarding remote e-voting procedures for shareholders

💡 Shareholders should check the AGM notice and annual report for voting resolutions and business updates, and participate in e-voting if eligible.

Master Trust Schedules 41st AGM on Sep 30, 2026; E-Voting Cut-Off Set for Sep 18

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 03:59 PM

Master Trust Limited has scheduled its 41st Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 4:00 PM in Ludhiana, Punjab. The cut-off date for determining shareholder eligibility for remote e-voting is Friday, September 18, 2026. The remote e-voting period will run from September 25, 2026, to September 29, 2026. Mrs. Pooja Mahajan Kohli has been appointed as the scrutinizer for the e-voting and ballot process.

41st Annual General Meeting scheduled for Wednesday, September 30, 2026 at 4:00 PM
Cut-off date to determine voting eligibility set for Friday, September 18, 2026
Remote e-voting window opens September 25, 2026 (10:00 AM) and closes September 29, 2026 (5:00 PM)
Pooja M. Kohli & Associates appointed as independent scrutinizer for voting processes

💡 Shareholders as of September 18, 2026, can participate and cast their votes via remote e-voting between September 25 and September 29, 2026.

Master Trust Schedules 41st AGM for September 30, 2026; E-Voting Cut-Off on Sept 18

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 03:57 PM

Master Trust Limited has announced that its 41st Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 4:00 PM in Ludhiana, Punjab. The cut-off date to determine shareholder eligibility for remote e-voting is Friday, September 18, 2026. The remote e-voting window will open on September 25, 2026, and conclude on September 29, 2026. The company has appointed M/s Pooja M. Kohli & Associates as the scrutinizer for the voting process.

41st Annual General Meeting scheduled for Wednesday, September 30, 2026 at 4:00 P.M.
Cut-off date for remote e-voting eligibility set for Friday, September 18, 2026
Remote e-voting window active from September 25, 2026 (10:00 AM) to September 29, 2026 (5:00 PM)
Mrs. Pooja Mahajan Kohli appointed as scrutinizer for transparent voting oversight

💡 Eligible shareholders holding shares on or before the September 18, 2026 cut-off date may cast their votes on AGM resolutions during the September 25-29 voting window.

Master Trust to Hold 41st AGM on Sep 30; Seeks Rs 1,500 Cr Material RPT Approval

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 03:55 PM

Master Trust Limited has issued the notice for its 41st Annual General Meeting scheduled for September 30, 2026. The agenda includes the adoption of FY26 financial statements and shareholder approval for material related-party transactions with Master Capital Services Limited up to Rs 1,500 crore. The remote e-voting window runs from September 25 to September 29, 2026, with the cut-off date set for September 18, 2026. Register of members and share transfer books will remain closed from September 25 to September 30, 2026.

41st Annual General Meeting scheduled for September 30, 2026 at 4:00 PM in Ludhiana.
Shareholder approval sought for material related-party transactions with Master Capital Services Limited up to Rs 1,500 crore.
Remote e-voting window opens September 25, 2026 (10:00 AM) and closes September 29, 2026 (5:00 PM).
Record/cut-off date for voting eligibility is September 18, 2026; book closure from September 25 to September 30, 2026.

💡 Eligible shareholders on record as of September 18, 2026, should track the remote e-voting period from September 25 to September 29, 2026, to cast their votes on AGM resolutions.

Master Trust Approves Rs 1,500 Cr Material RPT Limit with Subsidiary; Sets AGM for Sep 30, 2026

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 03 Sep 2026, 04:47 PM

Master Trust Limited held a board meeting on September 3, 2026, approving standard annual administrative items and an enabling limit for material related-party transactions (RPT). The Board approved RPTs with its material subsidiary, Master Capital Services Limited, up to an aggregate daily outstanding/transaction cap of Rs 1,500 crore from the 41st AGM to the 42nd AGM, subject to shareholder approval. The company's 41st Annual General Meeting is scheduled for September 30, 2026, with the register of members closed from September 25 to September 30, 2026.

Approved Material Related Party Transactions limit with subsidiary Master Capital Services Limited up to Rs 1,500 crore.
41st Annual General Meeting scheduled for September 30, 2026, at Ludhiana.
Register of members and share transfer register closed from September 25, 2026, to September 30, 2026.
Remote e-voting window scheduled from September 25, 2026 (10:00 AM) to September 29, 2026 (5:00 PM).

💡 Track voting outcomes and resolutions at the 41st AGM on September 30, 2026, particularly regarding the approval of the material related-party transaction limit.

Master Trust Concludes Virtual Analyst/Investor Meeting on August 27, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 04:23 PM

Master Trust Limited informed the exchanges regarding the conclusion of its scheduled Analyst/Investor meeting held on August 27, 2026. The interaction was conducted in a virtual format using a Q&A structure. The company confirmed that no official presentation was made and no Unpublished Price Sensitive Information (UPSI) was shared during the session.

Meeting held as scheduled on Thursday, August 27, 2026, at 3:00 PM
Conducted via virtual mode in a standard Q&A format
No investor presentation was made by company officials
Company confirmed no Unpublished Price Sensitive Information (UPSI) was shared

💡 Track subsequent quarterly financial results and business updates regarding the launch of their mutual fund business for operational progress.

Master Trust Schedules Virtual Analyst & Investor Meeting on August 27, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 05:14 PM

Master Trust Limited has informed the exchanges that its management will interact with analysts and investors in a virtual meeting scheduled for Thursday, August 27, 2026, at 3:00 PM IST. The company confirmed that discussions will rely strictly on generally available information with no unpublished price-sensitive information (UPSI) shared. This is a routine compliance disclosure under Regulation 30 of SEBI LODR Regulations.

Virtual analyst and investor meeting scheduled for Thursday, August 27, 2026, at 3:00 PM IST
Discussions to be strictly based on generally available public information without UPSI
Intimation submitted pursuant to Regulation 30 read with Part A of Schedule III of SEBI LODR

💡 Track post-meet investor presentations or transcripts uploaded by the company for any updates on business strategy or mutual fund segment launch plans.

Master Trust Limited publishes Q1 FY27 un-audited financial results in newspapers

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 04:22 PM

Master Trust Limited has completed the mandatory newspaper publication of its un-audited financial results for the quarter ended June 30, 2026. The notices were published on August 6, 2026, in Business Standard (English) and Desh Sewak (Punjabi) as per SEBI (LODR) Regulations. This is a procedural filing and does not contain new financial data beyond what was previously reported to the exchanges. The company currently maintains a TTM revenue of ₹577 Cr and a PAT of ₹126 Cr.

Publication date of newspaper notices: August 6, 2026
Reporting period covered: Quarter ended June 30, 2026
Compliance under Regulation 47(1)(b) of SEBI (LODR) Regulations, 2015
Newspapers utilized: Business Standard (English) and Desh Sewak (Punjabi)

💡 Investors should review the full quarterly results on the NSE/BSE websites to assess the company's operational performance and progress on its new Mutual Fund business launch.

27.8% PAT Growth in Q1 FY27: Master Trust Reports Strong Margin Expansion

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Aug 2026, 06:12 PM

Master Trust Limited reported a strong start to FY27 with PAT rising 27.8% YoY to ₹346.5 Mn. Total income grew 13.8% YoY to ₹1,497.9 Mn, while EBITDA margins expanded by 190 bps to 41.3%. The Broking & Allied segment remains the primary driver, contributing 94.5% of total revenue. The company also successfully listed NCDs on the NSE Debt Segment during the quarter to diversify its funding sources.

PAT surged 27.8% YoY to ₹346.5 Mn from ₹271.1 Mn in the previous year's quarter.
EBITDA margins improved by 190 bps to 41.3%, reflecting higher operational efficiency.
Investment and Trading in Securities segment recorded a massive 184.8% YoY growth.
Broking & Allied services continue to dominate the revenue mix at 94.5%.
Total Income for Q1 FY27 reached ₹1,497.9 Mn, a 13.8% increase over Q1 FY26.

💡 Monitor the progress of the upcoming Mutual Fund business launch and the impact of regulatory shifts in F&O trading on the core broking segment, which still accounts for nearly 95% of revenue.

Master Trust Reports 4.36 Lakh Customers and Rs 25 Cr IPO Execution in Q1 FY27 Update

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 05:50 PM

Master Trust Limited (MASTERTR) released its Q1 FY27 operational highlights, reporting a registered customer base of over 4.36 lakh and a network of 63 branches. A significant milestone was the execution of a Rs 25 crore IPO mandate in its Merchant Banking division, which achieved a total procurement of Rs 1,296.46 crore (72.43x subscription). The company is currently focusing on diversifying its revenue streams by launching a Mutual Fund business and strengthening its Merchant Banking portfolio. Despite a 45.8% share price decline over the last 12 months, the company maintains a healthy TTM operating margin of 40.9%.

Registered customer base reached 436,000+ across 22 states and 63 branches.
Merchant Banking division executed a Rs 25 crore IPO with 72.43x overall subscription.
Total procurement for the recent IPO mandate reached Rs 1,296.46 crore by the listing date of July 16, 2026.
Network includes 1,460+ business partners and a workforce of 1,290+ employees.
Company maintains a 41-year legacy in financial services with a TTM PAT of Rs 126 crore.

💡 Investors should monitor the execution timeline and AUM growth of the upcoming Mutual Fund business, which is the key identified growth driver. Additionally, track the conversion of the two signed Merchant Banking mandates into reported revenue in upcoming quarters.

Master Trust Q1 FY27 Consolidated PAT up 27.8% YoY to Rs 34.65 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 05:29 PM

Master Trust Limited reported a strong start to FY27 with consolidated revenue growing 13.8% YoY to Rs 149.79 Cr. Profitability outpaced revenue growth, with consolidated PAT rising 27.8% YoY to Rs 34.65 Cr, reflecting improved operating leverage as total expenses rose only 8.1%. The company's core income streams, including interest income (Rs 42.06 Cr) and fees/commission income (Rs 41.43 Cr), remained robust. Standalone operations contributed a smaller portion of profit at Rs 3.48 Cr, up from Rs 2.00 Cr in the previous year's quarter.

Consolidated Revenue from operations increased 13.8% YoY to Rs 149.79 Cr
Consolidated Net Profit (PAT) grew 27.8% YoY to Rs 34.65 Cr from Rs 27.11 Cr
Interest Income (Consolidated) rose to Rs 42.06 Cr compared to Rs 40.13 Cr in Q1 FY26
Fees and Commission Income remained stable at Rs 41.43 Cr
Total Consolidated Expenses were contained at Rs 103.55 Cr, representing a modest 8.1% YoY increase

💡 Monitor the execution timeline for the new Mutual Fund business launch and final SEBI registration, which is expected to leverage the company's 4.3 lakh investor base.

Master Trust Submits Routine SEBI Regulation 74(5) Compliance Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 10:37 AM

Master Trust Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by its Registrar and Share Transfer Agent (RTA), Skyline Financial Services Private Limited, confirms the processing of dematerialization requests for the quarter ended June 30, 2026. This is a standard administrative filing required for all listed entities to verify the integrity of shareholding records and has no impact on financial performance.

Compliance certificate submitted for the quarter ended June 30, 2026
Issued by Registrar and Share Transfer Agent (RTA) M/s. Skyline Financial Services Private Limited
Confirms that share certificates received for dematerialization were mutilated and cancelled
Confirms the name of depositories substituted in the register of members within prescribed timelines

💡 This is a routine procedural filing. Investors should monitor the upcoming Q1 FY27 financial results for updates on the company's new Mutual Fund business and Merchant Banking mandates.

View All MASTERTR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1 FY26 showed mixed results: Broking & Allied revenue was INR 2,400.5 million (down 18.2% YoY), Interest income was INR 35.2 million (up 20.5% YoY), and Investment/Trading revenue reached INR 23.9 million (up 262% YoY). For FY 2024-25, the material subsidiary MCSL grew revenue by 13.67% to INR 5,244.55 million.

Geographic Revenue Split

The company is expanding its broking business specifically in the Delhi NCR region, East India, and South India to diversify its Ludhiana-based roots. Specific regional percentage splits are not disclosed in available documents.

Profitability Margins

Consolidated Profit Before Tax (PBT) for H1 FY26 was INR 791.1 million, representing a PBT margin of 32.1% on total segment revenue of INR 2,459.6 million. This is a decrease from the 34.3% PBT margin recorded in H1 FY25.

EBITDA Margin

Core profitability as measured by PBT decreased by 15.8% YoY in H1 FY26 (INR 791.1 million vs INR 940.3 million). MCSL, the primary driver, maintained a net profit margin of 19.7% in FY 2024-25.

Capital Expenditure

The company is investing in setting up an Asset Management Company (AMC) and a Trustee Company following SEBI's in-principle approval in November 2025. Total consolidated capital employed as of September 30, 2025, stood at INR 7,537.5 million.

Credit Rating & Borrowing

Standalone borrowings were reduced by INR 444.4 million during H1 FY26. The company operates as an NBFC and financial services provider, with interest income growing 20.5% YoY to INR 35.2 million in H1 FY26.

⚙️ Operational Drivers

Raw Materials

Not applicable as MASTERTR is a financial services company. Key operational inputs are cost of funds and technology infrastructure.

Key Suppliers

Not applicable; however, the company utilizes platforms like NSE, BSE, NSDL, and MCX for its broking and depository operations.

Capacity Expansion

Current reach includes over 4.3 lakh investors. Expansion is focused on the Mutual Fund segment following the November 2025 SEBI approval, aiming to tap into the INR 70 lakh crore AUM industry.

Raw Material Costs

Not applicable. Employee benefit expenses and technology costs are the primary drivers; managerial remuneration increased by 2.82% in FY 2024-25.

Manufacturing Efficiency

Digital efficiency: Increased unique clients trading on mobile applications by 57% YoY and increased mobile trading turnover by 600% YoY (historical growth metrics).

Logistics & Distribution

Distribution is handled through a network of branches and digital platforms; the company recently signed 2 new merchant banking mandates as of September 2025.

📈 Strategic Growth

Expected Growth Rate

13.67%

Growth Strategy

Growth will be driven by the launch of a new Mutual Fund business (Equity and Multi-asset schemes) via MCSL, leveraging a 4.3 lakh investor base. The company is also strengthening its Merchant Banking portfolio (2 mandates signed) and expanding its Algorithmic Trading solutions (mtQuant).

Products & Services

Equity broking, derivatives, commodities trading, Portfolio Management Services (PMS), Insurance Broking, Wealth Management, and upcoming Mutual Fund schemes.

Brand Portfolio

mastertrust, My Value Trade (discount broking), mtQuant (algo trading), StreetXperts (investor education).

New Products/Services

Mutual Fund schemes (Equity, Multi-asset) and specialized Investment Funds are expected to launch following final SEBI registration.

Market Expansion

Targeting the pan-India mutual fund market, specifically focusing on quantitative fund management techniques to differentiate from traditional players.

Market Share & Ranking

Recognized as a 'Best BFSI Brand 2023' by The Economic Times; historical awards include 'India's Best Derivatives Broker' by BSE.

Strategic Alliances

Master Capital Services Limited (MCSL) will act as the sponsor for the proposed Asset Management Company.

🌍 External Factors

Industry Trends

The Indian Mutual Fund industry recently crossed INR 70 lakh crore in AUM. MASTERTR is positioning itself to shift from a pure brokerage to a comprehensive asset management and wealth firm to capture this trend.

Competitive Landscape

Competes with both traditional full-service brokers and new-age discount brokers; responds via its dual-brand strategy (Master Trust and My Value Trade).

Competitive Moat

A 40-year legacy and a diversified financial service model (Broking, PMS, Insurance, Wealth) create high switching costs and brand trust. The integration of AI in portfolio analysis (SKOCH BSE Award) provides a technological edge.

Macro Economic Sensitivity

Highly sensitive to capital market performance and investor sentiment; consolidated PBT fell 15.8% in H1 FY26 during a period of segment revenue contraction.

Consumer Behavior

Increasing retail participation in F&O and a shift toward professionally managed mutual funds are driving the company's pivot toward AMC services.

Geopolitical Risks

Indirect impact through global market volatility affecting Indian equity indices and trading volumes.

⚖️ Regulatory & Governance

Industry Regulations

Subject to SEBI (Mutual Funds) Regulations 1996 for its new AMC venture and SEBI (LODR) Regulations 2015 for listing compliance.

Environmental Compliance

Minimal impact due to the nature of financial services; the company focuses on social initiatives like 'DEEPALAYA'.

Taxation Policy Impact

The company complies with standard Indian corporate tax rates; net income tax paid in H1 FY26 was INR 6.1 million (standalone).

Legal Contingencies

No instances of significant fraud reported; the company maintains a harassment-free environment with zero sexual harassment complaints received in FY 2024-25.

⚠️ Risk Analysis

Key Uncertainties

Market risk in the 'Investment/Trading' segment (revenue grew 262% but is inherently volatile) and regulatory risks associated with the final approval of the Mutual Fund license.