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Swing Capital

Master Trust Ltd

NSE: MASTERTR BSE: 511768Banking

Incorporated in 1985, Master Trust Ltd is in the business of lending, sales /purchase of securities and lands[1]

₹90.6
52W: ₹55.6 — ₹174
PE 91.2 · Book ₹59.2 · +53% vs book
Market Cap₹1,115 Cr
Stock P/E91.2Price to Earnings
ROCE3.74%Return on Capital
ROE1.89%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 48.6% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 1.86% over last 3 years.
  • −Contingent liabilities of Rs.510 Cr.

Shareholding Pattern

Promoters71.93%
FIIs0.02%
DIIs0%
Public28.05%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.77%72.49%▼1.372.49%72.49%69.24%▼3.371.93%▲2.771.93%71.93%
FIIs0.02%0.07%▲0.10.03%▼0.00.02%▼0.00.15%▲0.10%▼0.10.02%▲0.00.02%
DIIs0%0%0%0%0%0.05%▲0.10.05%0%▼0.1
Public26.23%27.44%▲1.227.47%▲0.027.49%▲0.030.61%▲3.128.01%▼2.628%▼0.028.05%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4.257.235.024.935.065.014.946.169.758.3
Expenses0.330.370.320.290.510.310.410.360.390.5
Operating Profit3.926.864.74.644.554.74.535.89.367.8
OPM %92.24%94.88%93.63%94.12%89.92%93.81%91.7%94.16%96%93.98%
Net Profit1.462.772.442.52.110.2122.833.254.15
EPS ₹0.130.250.220.220.190.020.180.230.260.34

AI Insights

Revenue Trend

Mar 2026 revenue at ₹29Cr, up 52.6% YoY. OPM at 94%.

Debt Position

Borrowings at ₹93Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.02% (+0.02pp change). Promoters hold 71.93%.

Margin & Efficiency

ROCE declining from 10% (Mar 2015) to 4% (Mar 2026). Working capital days: -607.

Valuation

PE 91.2x with 3.74% ROCE. Price is 53% above book value of ₹59.2. Dividend yield: 0%.

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