Master Trust Limited · NSE:MASTERTR
Master Trust — Q2 FY27 Earnings Presentation
48 slides from Master Trust's earnings presentation, Nov 3, 2026
Slide 1: Exchange filing cover letter
MTL / SEC / 2026-27 / 49 Date: 3RD November, 2026 To, To The Manager (Listing) National Stock Exchange of India Ltd, BSE Limited, Exchange Plaza, Bandra Kurla Complex, Floor 25, P.J. Towers, Bandra (East), Mumbai– 400051 Dalal Street, Mumbai-400001 Scrip Code: 511768 Symbol: MASTERTR Subject: GLIMPS
Slide 2: Master Trust Limited Investor Presentation Q2 FY27
Master Trust Limited Investor Presentation Q2 FY27
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the Presentation), which have been prepared by Master Trust Limited (mastertrust, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall
Slide 4: Master Trust Limited At A Glance
Master Trust Limited At A Glance 41 Years Of Capital Market Experience, Evolving Into A Diversified Financial Services Platform. Master Trust Limited, established in 1985, is a diversified financial services company with a strong presence in India’s capital markets. The Company provides research- ba
Slide 5: Key Facts & Figures - Q2 FY27
Key Facts & Figures - Q2 FY 27 12 22 63 ₹ 4,460.64 Mn Financial States & Union Branches Asset Management Services Territories Covered Across India AUM (PMS) +0.92% QoQ -3.08% QoQ -16.1% QoQ 4.40 Lakh+ ₹ 6,607 ₹ 2,892.82 Bn Registered Average Revenue ADTO (Average Customers Per User# (Broking) Daily
Slide 6: Key Facts & Figures Q2 and H1 FY27
Key Facts & Figures Q2 FY27 +21.13% YoY +14.44% YoY +17.46% YoY +21.94% YoY ₹663.66 Mn ₹ 507.99 Mn ₹ 382.97 Mn ₹1,536.78 Mn EBITDA Profit Before Tax Profit After Tax Total Income +2.59% QoQ +10.60% QoQ +9.86% QoQ +10.52% QoQ +14.81% YoY +17.54% YoY +20.22% YoY +28.39% YoY 106,514 ₹ 518.88 Bn ₹ 1,791
Slide 7: Four Decades Of Evolution Across India's Capital Markets
Four Decades Of Evolution Across India’s Capital Markets From A Two-member Advisory Firm In 1985 To A Diversified Financial Services Group The Beginning Expanding the Business Strengthening Retail Accelerating Digital Expanding Market Building New Growth Started as Arora Entered commodity Reach Adop
Slide 8: Board Of Directors
Board Of Directors Mrs. Harneesh Kaur Arora Mr. Harjeet Singh Arora Mr. Rajinder Kumar Singhania Non-Executive Non-Independent Non-Executive Director | Promoter Director Managing Director | Promoter & Co-founder Founded the Group in 1985; Chartered Accountant and Chartered Accountant with 40+ Compan
Slide 9: Leadership Team
Leadership Team Mr. Puneet Singhania CA Jashan Arora Ms. Palka Arora Mr. Harinder Singh Whole-Time Director - Whole-Time Director - Whole-Time Director - Chopra Master Capital Services Master Capital Services Master Capital Services Director - Master Capital Limited Limited Limited Services Limited
Slide 10: Recognition, Industry Presence & Workplace Culture
Recognition, Industry Presence & Workplace Culture Awards & Recognition Industry & Corporate Presence Economic Times – Best BFSI Brand: 2023, 2024, 2025 & 2026 MCX Leading Member - Options: 2026 ET Now – Best Organisations to Corporate Milestones & Leadership Forums & Work in: 2025 Strategic Partner
Slide 11: Our Group of Companies
Our Group of Companies Master Trust Limited (Holding Company) Master Infrastructure and Real Master Capital Services Limited Master Insurance Brokers Limited Estate Developers Limited (100% Subsidiary of MTL) (100% Subsidiary of MTL) (100% Subsidiary of MTL) Master Master Commodity Portfolio MasterT
Slide 12: A Diversified Financial Services Group
A Diversified Financial Services Group Master Capital Services Limited Master Insurance Brokers Limited Core Business: Broking, Wealth Management, Principal Strategies & Capital Markets Core Business: Insurance & Protection Key Services: Equity, derivatives, commodities, currencies, demat, MTF, algo
Slide 13: One Relationship, Multiple Financial Services
One Relationship, Multiple Financial Services mastertrust Brings Trading, Investing, Lending And Protection Services Together Across Its Group, Allowing Customers To Access Multiple Financial Products Through An Integrated Platform. Multi-Asset Brokerage and Mutual Funds and Managed Depository and D
Slide 14: Strengthening Our Digital Presence
Strengthening Our Digital Presence Connecting With Investors And Traders Through Digital Platforms mastertrust continues to strengthen its digital presence through social media platforms, creating opportunities to engage with investors and traders. Through regular communication and content sharing,
Slide 15: Integrated Financial Services Across Trading, Research & Custody
Integrated Financial Services Across Trading, Research & Custody A Broad Capital-markets Offering Built Around Trading, Investing And Customer Service Multi-Asset Brokerage & Trading Solutions 4,40,000+ 59 ₹2,892.82 Bn Integrated trading across equities, derivatives, commodities and currencies. No O
Slide 16: Broadening The Platform Across Wealth, Lending & Advisory
Broadening The Platform Across Wealth, Lending & Advisory Wealth Management* Institutional Broking* Merchant Banking Provides personalized wealth solutions to Provides institutional clients with equity broking Provides capital-raising and corporate advisory help customers build and preserve and exec
Slide 17: Extending The Platform Across Investment Products
Extending The Platform Across Investment Products Provides managed investment solutions through mutual funds 10,787 ₹13.40 Mn Mutual Funds & with strong distribution and SIP- ₹9,079.60 Mn Number of Mutual Fund Mutual Funds Income Managed Investments led book. Distribution AUM Investors Q2 FY27 Other
Slide 18: Strengthening Capital-Led Businesses While Building New Capabilities
Strengthening Capital-Led Businesses While Building New Capabilities Principal Strategies Derivatives Clearing Services The Group operates a separate trading desk that uses the Company's own A New Infrastructure Business capital across market opportunities. The desk has been active since 2010–11 mas
Slide 19: Segmental Revenue Mix
Segmental Revenue Mix Revenue Mix (%) - Trend 100% 2.37% 2.04% 2.46% 1.48% 2.39% 6.50% 7.49% 90% 1.61% 8.64% 1.42% 0.90% 1.26% 9.62% 1.25% 8.98% 3.84% 3.18% 1.02% 1.30% 1.43% 80% 15.29% 19.28% 19.74% 20.01% 20.37% 70% 19.78% 60% 24.94% 24.44% 22.87% 50% 24.82% 40% 30% 54.05% 20% 40.54% 44.24% 42.43%
Slide 20: Segmental Revenue Mix
Segmental Revenue Mix Revenue Mix (Amount in ₹ Mn) Particulars Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Principal Strategies 501.45 482.34 554.20 976.19 662.65 652.06 Brokerage and allied 357.48 314.84 334.16 357.29 373.56 351.45 ₹1,536.78 Mn Q2 FY27 total revenue Interest Income 269.49 258.3
Slide 21: Pan-India Presence, With Deep Roots In Punjab & North India
Pan-India Presence, With Deep Roots In Punjab & North India mastertrust Has Built A Pan-India Operating Network Over Four Decades, With Its Strongest Roots In Punjab And North India And An Expanding Presence Across The Country. Gross Broking Revenue % in Q2 FY27 22 States & Union 15.05% Territories
Slide 22: Building a Scalable, Digital-First Technology Ecosystem
Building a Scalable, Digital-First Technology Ecosystem Integrated digital infrastructure across trading, investing, analytics and customer servicing Digital Adoption Brokerage Revenue Share 27,759 52% 7 6.08 Mn 4.6 Rating Monthly Active Brokerage Digital No. of Orders Digital Users Revenue Share Pl
Slide 23: A Multi-Platform Trading Ecosystem Built For Every Type Of Trader
A Multi-Platform Trading Ecosystem Built For Every Type Of Trader Agnik | Mobile Trading Application Designed For: Retail Purpose: All-in-one mobile platform for trading and Investors & Active Traders investing across equities, F&O, commodities and other investment products. Key Features Advanced op
Slide 24: A Multi-Platform Trading Ecosystem Built For Every Type Of Trader
A Multi-Platform Trading Ecosystem Built For Every Type Of Trader Masterweb | Web-Based Trading Designed For: Purpose: Browser-based trading platform providing multi-segment Traders & Investors market access without requiring software installation. Key Features Live quotes, market Advanced charts wi
Slide 25: A Multi-Platform Trading Ecosystem Built For Every Type Of Trader
A Multi-Platform Trading Ecosystem Built For Every Type Of Trader SinglePoint | Client Service Platform 7,451 Q2 FY27 No. of Transactions Purpose: Centralised digital platform for raising, tracking and managing customer service requests. Key Features Online service- Request status Digital / paperles
Slide 26: AI Integration – From Automation to Intelligent Decision Support
AI Integration – From Automation to Intelligent Decision Support mastertrust is exploring AI-led applications focused on improving productivity, customer engagement and the speed of decision-making across its business. Customer-Facing AI Applications AI-Enabled Principal Strategies Division AI-Assis
Slide 27: Cyber Security & IT Infrastructure
Cyber Security & IT Infrastructure A resilient technology backbone for secure and reliable trading operations IT INFRASTRUCTURE & BUSINESS CONTINUITY Two-site data-centre architecture combines resilient hosting, exchange co-location and cloud resources. Primary Data Centre Disaster Recovery Infrastr
Slide 28: From a Broking-Led Business to an Integrated Financial Platform
From a Broking-Led Business to an Integrated Financial Platform Before • Revenue was largely driven by traditional broking • Customer relationships were largely relationship-manager led • Growth focused mainly on adding new accounts • Capital was not fully deployed across opportunities • Each produc
Slide 29: Building The Next Phase Around Customers, Capital And New Financial Services
Building The Next Phase Around Customers, Capital And New Financial Services Diversify Beyond Core Broking mastertrust aims to increase the contribution of lending, principal strategies division, distribution, portfolio management and other businesses, gradually reducing its dependence on broking-le
Slide 30: Growing MTF Book with Expanding Client Base and Diversified Exposure
Growing MTF Book with Expanding Client Base and Diversified Exposure MTF Book Size (Mn) MTF Spread MTF Book Segmentation As on Quarter End* Per Client MTF Exposure (Lakhs) Less than 1L 1L to 5L More than 5L No. of MTF Clients 1,791.84 14.00 1,747 26.67% 2,000 34.58% 31.51% 31.88% 1,545 1,593 35.60%
Slide 31: Strengthening Our MTF Offering With A Dedicated Digital Experience on Agnik
Strengthening Our MTF Offering With A Dedicated Digital Experience on Agnik Latest Technology Development: mastertrust’s trading app Agnik now offers Margin Trading Facility (MTF), allowing clients to place orders based on their trading preferences. mastertrust clients can get up to 4X leverage on 1
Slide 32: Diversified Brokerage Mix Supported by Growing Client Base
Diversified Brokerage Mix Supported by Growing Client Base ADTO (₹ Mn) Segment wise Brokerage revenue No. of Clients composition Total Clients Cash FnO Commodity Derivatives 4,017,754 56.94% 455,000 56.04% 3,655,436 53.37% 53.97% 51.93% 450,000 3,448,023 3,463,377 445,000 41.05% 440,000 2,892,818 37
Slide 33: Industry Overview - More Accounts, But Fewer Of Them Actually Trade
Industry Overview - More Accounts, But Fewer Of Them Actually Trade 234.4 Mn About 1 in 5 ₹31,545 About 58% Demat accounts in India, Of those accounts actually trade Average size of an NSE trade in Of trading customers are with the July 2026 on the NSE FY26, up from ₹29,046 three largest brokers Wha
Slide 34: Industry Overview - New Rules Have Changed Who Trades, And Who Can Lend
Industry Overview - New Rules Have Changed Who Trades, And Who Can Lend 7.86 Mn 62.8 Bn +4.3% ₹31,545 Individuals trading equity derivatives Index option contracts traded Yet the total value of index Average NSE trade size in in FY26, 19.8% fewer than FY25 in FY26, about half of FY25 options traded
Slide 35: Industry Overview - Four Nearby Markets
Industry Overview - Four Nearby Markets Margin Lending Clearing Demand Mutual Funds Household Wealth ₹1.33 Tn ₹16.94 Tn ₹85.76 Tn ₹190 Tn Lent across the industry against Committed to India’s investment funds Managed by the industry on 31 July Of new financial wealth India is shares in June 2026 — a
Slide 36: Market Changes Creating New Opportunities for mastertrust
Market Changes Creating New Opportunities for mastertrust Market Shift mastertrust Response Status Focus on well-off, active customers with digital tools + personal support + trading More active traders In Place technologies and products Target larger, better-funded traders with fast execution, bett
Slide 37: Consolidated Financial Highlights
Consolidated Financial Highlights Total Income EBITDA EBITDA Margin Net Profit Net Profit Margin 55.00% Principal Strategies Brokerage And Allied Other 1,000.00 35.00% 1,268.66 1,367.13 1,806.08 1,497.94 1,536.78 700.00 45.71% 43.27% 43.19% 45.00% 30.00% 40.06% 600.00 26.17% 800.00 30.82% 34.70% 24.
Slide 38: Consolidated Financial Highlights
Consolidated Financial Highlights In ₹ Mn Particulars Q2 FY27 Q1 FY27 Q2 FY26 QoQ YoY Revenue from Operations Principal Strategies 652.06 662.65 482.34 Brokerage and allied 351.45 373.56 314.84 Interest Income 307.52 288.83 258.37 MTF and allied 147.79 112.24 113.91 NBFC Income 22.03 19.51 48.71 Ass
Slide 39: Consolidated Balance Sheet
Consolidated Balance Sheet In ₹ Mn Equity & Liabilities Q2 FY27 Q1 FY27 Q2 FY26 Assets Q2 FY27 Q1 FY27 Q2 FY26 Equity Share Capital 123.47 123.47 123.47 Inventories 112.42 65.26 202.57 Other Equity 8,808.37 8,431.82 7,414.05 Deferred tax assets 1.12 1.03 (0.13) Non Controlling Interests 17.73 17.63
Slide 40: Consolidated Financial Highlights - Last 3 years
Consolidated Financial Highlights - Last 3 years Total Income EBITDA EBITDA Margin Net Profit Net Profit Margin 48.00% Principal Strategies Brokerage And Allied Other 2,000.00 29.00% 3,000.00 5,005.30 5,839.42 5,758.44 40.71% 39.72% 39.83% 43.00% 1,800.00 22.47% 24.00% 2,377.36 21.90% 38.00% 2,500.0
Slide 41: Consolidated Financial Highlights - Last 3 years
Consolidated Financial Highlights - Last 3 years In ₹ Mn Particulars FY24 FY25 FY26 Revenue from Operations Principal Strategies 1,889.67 2,247.07 2,514.18 Brokerage and allied 1,573.04 1,697.58 1,363.77 Interest Income 892.51 1,109.39 1,073.93 MTF and allied 225.42 368.22 437.46 NBFC Income 141.30
Slide 42: Consolidated Balance Sheet - Last 3 years
Consolidated Balance Sheet - Last 3 years In ₹ Mn Equity & Liabilities FY24 FY25 FY26 Assets FY24 FY25 FY26 Equity Share Capital 109.22 112.72 123.47 Inventories 228.11 187.70 85.44 Other Equity 4,933.35 6,269.81 8,045.64 Deferred tax assets 24.20 0.05 1.03 Property, Plant and Equipment 153.00 148.0
Slide 43: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement In ₹ Mn Particulars FY24 FY25 FY26 Cashflow from Operations 4,295.68 (1,075.96) 3,412.39 Cashflow from Investments (4,925.91) 537.27 (3,246.90) Cashflow from Financing 532.35 888.90 263.72 Net Cash Flow (97.88) 350.21 429.21 Investor Presentation 42
Slide 44: Consolidated Key Ratios
Consolidated Key Ratios ROE (In %) ROCE (In %) (In %) Cost to Income Ratio 16.30% 73.02% 16.17% 23.13% 22.81% 21.51% 21.66% 69.13% 15.49% 67.35% 66.94% 15.40% 19.45% 65.91% 15.31% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Debt to Equity
Slide 45: Stock Data
Stock Data As on 31-10-2026 As on 30-09-2026 BSE: MASTERTR | 511768 | INE677D01037 Share Holding Pattern Share Price (₹) 75.62 28.04% Market Capitalization (₹ Cr) 951 Promoter & Promoter Group No. of Shares Outstanding 12,30,16,000 FIIs 0.03% Public Face Value (₹) 1.00 71.93% 52 Week High-Low (₹) 13
Slide 46: How The Company Compares With Listed Peers
How The Company Compares With Listed Peers Market Value* FY26 Income FY26 Net Profit Profit Return On Price To Company Price To Book* (₹ Cr) (₹ Cr) (₹ Cr) Margin Equity Earnings* Master Trust Limited 951 576 126 21.9% 17.3% 7.1x 1.17x Angel One 26,482 5,138 915 17.8% 15.6% 22.9x 3.96x IIFL Capital S
Slide 47: Investment Rationale
Investment Rationale 41 Years of Evolving Financial Services Experience Growing Customer Base & Digital Adoption mastertrust has evolved from a traditional broking business A large customer franchise is increasingly supported by digital into a diversified financial services platform with a growing p
Slide 48: Thank You
THANK YOU Master Trust Limited Kirin Advisors Private Limited Master Chambers, SCO-19, Feroze Gandhi 713-B, Lodha Supremus II, Market, Ludhiana-141001, India Wagle Estate, Thane West – 400 604 E-mail: ir@mastertrust.co.in E-mail: info@kirinadvisors.com Tel: 0161 5043500 Phone: 022 4100 2455 Website: