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Master Trust Q2 FY27 results: net profit up 22.0% to ₹38.30 crore, revenue up 21.2%
Master Trust Limited reported consolidated Q2 FY27 revenue of ₹153.67 crore, up 21.2% from Q2 FY26, while net profit rose 22.0% to ₹38.30 crore. EBITDA increased to ₹68.68 crore, but the EBITDA margin fell to 44.7% from 46.7%; on a standalone basis, revenue was ₹6.45 crore and profit was ₹4.27 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹153.67 crore, up 21.2% from ₹126.83 crore in Q2 FY26.
- EBITDA was ₹68.68 crore, up 15.9% from ₹59.27 crore, while the margin declined to 44.7% from 46.7%.
- Net profit was ₹38.30 crore, up 22.0% from ₹31.40 crore, and basic EPS was ₹3.1 versus ₹2.7.
- In H1 FY27, revenue was ₹303.44 crore, up 17.4%, and net profit was ₹72.95 crore, up 24.7%.
- After the filing, Master Trust's shares were up 0.5% on the reaction day and 2.5% by the next day's close from the pre-results close.
How did Master Trust perform in Q2 FY27?
Master Trust's consolidated Q2 FY27 revenue was ₹153.67 crore, up ₹26.84 crore or 21.2% from ₹126.83 crore in Q2 FY26. EBITDA was ₹68.68 crore, up ₹9.41 crore or 15.9%, and the EBITDA margin was 44.7%, down 2.0 percentage points from 46.7%. Profit before tax was ₹50.80 crore, up ₹7.56 crore or 17.5%, while net profit rose ₹6.90 crore or 22.0% to ₹38.30 crore.
Compared with Q1 FY27, consolidated revenue rose ₹3.88 crore or 2.6% to ₹153.67 crore and EBITDA increased ₹6.85 crore or 11.1% to ₹68.68 crore. The EBITDA margin improved 3.4 percentage points to 44.7%, PBT rose ₹4.56 crore or 9.9% to ₹50.80 crore, and net profit increased ₹3.65 crore or 10.5% to ₹38.30 crore. Basic EPS was ₹3.1, compared with ₹2.8. On a standalone basis, Q2 FY27 revenue was ₹6.45 crore and profit was ₹4.27 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 153.67 | 149.79 | 126.83 | +21.2% | +2.6% |
| Other income | 0.01 | 0 | 0.03 | −66.7% | |
| Total expenses | 102.88 | 103.55 | 83.62 | +23.0% | −0.6% |
| EBITDA | 68.68 | 61.83 | 59.27 | +15.9% | +11.1% |
| EBITDA margin | 44.7% | 41.3% | 46.7% | −2.0 pp | +3.4 pp |
| Profit before tax | 50.80 | 46.24 | 43.24 | +17.5% | +9.9% |
| Tax | 12.50 | 11.59 | 11.84 | +5.6% | +7.9% |
| Net profit | 38.30 | 34.65 | 31.40 | +22.0% | +10.5% |
| EPS (₹) | 3.10 | 2.80 | 2.70 | +14.8% | +10.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Master Trust's costs and profit?
Total expenses rose ₹19.26 crore or 23.0% year on year to ₹102.88 crore, from ₹83.62 crore. Employee cost was higher by ₹8.71 crore or 42.9% at ₹29 crore, other expenses increased ₹8.33 crore or 25.1% to ₹41.49 crore, and finance costs rose ₹1.92 crore or 12.8% to ₹16.88 crore. Depreciation was lower by ₹0.09 crore or 8.2% at ₹1.01 crore.
Other income fell ₹0.02 crore or 66.7% to ₹0.01 crore, while tax expense increased ₹0.66 crore or 5.6% to ₹12.50 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26. The filing does not state why employee costs, other expenses or finance costs changed, and Master Trust's investor presentation reports a 16.1% quarter-on-quarter fall in average daily turnover for the quarter ended September 2026.
Sequentially, total expenses fell ₹0.67 crore or 0.6% to ₹102.88 crore from ₹103.55 crore. Employee cost declined ₹0.60 crore or 2.0% and other expenses fell ₹1.12 crore or 2.6%, while finance costs rose ₹2.33 crore or 16.0%. Tax expense increased ₹0.91 crore or 7.9%, and other income was ₹0.01 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 29 | 20.29 | +8.71 | +42.9% |
| Finance costs | 16.88 | 14.96 | +1.92 | +12.8% |
| Depreciation | 1.01 | 1.10 | −0.09 | −8.2% |
| Other expenses | 41.49 | 33.16 | +8.33 | +25.1% |
| Total expenses | 102.88 | 83.62 | +19.26 | +23.0% |
| Other income | 0.01 | 0.03 | −0.02 | −66.7% |
| Tax | 12.50 | 11.84 | +0.66 | +5.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Master Trust reported consolidated revenue of ₹303.44 crore, up ₹44.97 crore or 17.4% from ₹258.47 crore in H1 FY26. Total income was ₹303.47 crore, up ₹44.95 crore or 17.4%, while PBT rose ₹17.93 crore or 22.7% to ₹97.04 crore.
H1 FY27 net profit was ₹72.95 crore, up ₹14.44 crore or 24.7% from ₹58.51 crore in H1 FY26. Basic EPS increased ₹0.8 or 15.7% to ₹5.9, from ₹5.1. The board approved the standalone and consolidated un-audited financial results for the quarter and half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 303.44 | 258.47 | +17.4% |
| Profit before tax | 97.04 | 79.11 | +22.7% |
| Net profit | 72.95 | 58.51 | +24.7% |
| EPS (₹) | 5.90 | 5.10 | +15.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,423.84 crore, compared with ₹2,244.28 crore at 31 March 2026. Total equity increased to ₹894.96 crore from ₹818.61 crore, while cash declined to ₹44.61 crore from ₹87.63 crore. Inventories were ₹11.24 crore, compared with ₹8.54 crore. Borrowings and trade receivables were not reported in the figures provided.
H1 FY27 operating cash flow was negative ₹135.00 crore, compared with ₹23.79 crore in H1 FY26. Investing cash flow was negative ₹63.71 crore against negative ₹99.85 crore, and financing cash flow was ₹155.69 crore against ₹56.44 crore. Capital expenditure was ₹0.00 crore, compared with ₹1.52 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,424 | 2,244 |
| Total equity | 894.96 | 818.61 |
| Cash and equivalents | 44.61 | 87.63 |
| Inventories | 11.24 | 8.54 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −135 | 23.79 |
| Cash from investing | −63.71 | −99.85 |
| Cash from financing | 155.69 | 56.44 |
| Capital expenditure | 0 | 1.52 |
Source: Company's results filing (XBRL).
How has Master Trust done over the last 8 quarters?
Master Trust's revenue reached its highest reported level in Q4 FY26 at ₹180.61 crore and its lowest at ₹121.98 crore in Q4 FY25. It fell to ₹149.79 crore in Q1 FY27 before rising to ₹153.67 crore in Q2 FY27; revenue rose year on year in each of the last three quarters.
Net profit peaked at ₹38.30 crore in Q2 FY27 and bottomed at ₹24.55 crore in Q4 FY25. Profit had risen from ₹34.65 crore in Q1 FY27, while the EBITDA margin improved from 41.3% to 44.7%; profit also rose year on year in each of the last three quarters. The margin’s recent high was 46.7% in Q2 FY26.
Which businesses drove the quarter?
Broking & Allied generated revenue of ₹140.93 crore and EBIT of ₹42.86 crore in Q2 FY27, with an EBIT margin of 30.4%. Investment, Trading in Securities & Others reported revenue of ₹7.27 crore and EBIT of ₹6.58 crore, with an EBIT margin of 90.5%. Portfolio Management Services reported revenue of ₹3.09 crore and EBIT of ₹0.15 crore, with an EBIT margin of 4.9%.
Interest revenue fell 46.6% year on year to ₹1.88 crore from ₹3.52 crore, while EBIT was ₹1.08 crore against ₹2.08 crore; its EBIT margin was 57.4%. Insurance Broking revenue fell 55.3% to ₹0.51 crore from ₹1.14 crore, and EBIT was ₹0.13 crore against ₹0.76 crore, with an EBIT margin of 25.5%. Year-ago figures and growth rates for the other reported segments were not provided.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Broking & Alied | 140.93 | 42.86 | 30.4% | |
| Interest | 1.88 | −46.6% | 1.08 | 57.4% |
| Portfolio Mangement Services | 3.09 | 0.15 | 4.9% | |
| Insurance Broking | 0.51 | −55.3% | 0.13 | 25.5% |
| Investment / Trading in Securities & Others | 7.27 | 6.58 | 90.5% |
Source: Company's results filing (XBRL segment data).
How did Master Trust shares react?
The results were announced after market on 3 November 2026. Master Trust's shares were up 0.5% from the pre-results close after 5 minutes, 15 minutes and 30 minutes, and closed the reaction day up 0.5%. By the next day's close, the stock was up 2.5% from its pre-results close.
The Stockbroking & Allied industry median moved 1.0% on the reaction day and 3.9% by the next day's close. Master Trust therefore lagged the industry median by 0.5 percentage points on the reaction day and 1.4 percentage points by the next day's close. Earlier results-day moves were 5.1% on 12 May 2026, negative 0.9% on 1 July 2026, negative 0.2% on 11 February 2026, negative 0.7% on 6 November 2025 and 0.0% on 29 July 2025.
| After the filing | Stock | Stockbroking & Allied median |
|---|---|---|
| 5 minutes | +0.5% | |
| 15 minutes | +0.5% | |
| 30 minutes | +1.1% | |
| Reaction day | +0.5% | +1.0% |
| Next day | +2.5% | +3.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 1 July 2026 | −0.9% |
| 12 May 2026 | +5.1% |
| 11 February 2026 | −0.2% |
| 6 November 2025 | −0.7% |
| 29 July 2025 | +0.0% |
| 29 May 2025 | −3.6% |
| 12 February 2025 | −1.6% |
| 23 December 2024 | −0.2% |
Source: MarketPing price-reaction measurement.
How did other Stockbroking & Allied companies do?
Twenty-seven other Stockbroking & Allied companies had filed results for the quarter by 6 November 2026. Their median revenue growth was 11.8%, compared with Master Trust's 21.2% year-on-year revenue growth in Q2 FY27. Of the other companies, 18 grew revenue more slowly than Master Trust and 9 grew revenue faster.
Among the 26 peers for which profit was compared, 15 reported higher profit. The peer comparison covered companies in the Stockbroking & Allied industry and excluded Master Trust from both the peer counts and the median.
| Master Trust revenue growth (YoY) | +21.2% |
|---|---|
| Median of 27 other Stockbroking & Allied companies | +11.8% |
| Companies with slower revenue growth than Master Trust | 18 of 27 |
| Companies with faster revenue growth than Master Trust | 9 of 27 |
| Companies whose net profit rose | 15 of 26 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Master Trust's revenue in Q2 FY27?
Revenue from operations was ₹153.67 crore, up 21.2% from ₹126.83 crore in Q2 FY26 (consolidated).
Did Master Trust make a profit in Q2 FY27?
Yes. Net profit was ₹38.30 crore, against a net profit of ₹31.40 crore in Q2 FY26.
What was Master Trust's EPS in Q2 FY27?
Basic earnings per share were ₹3.10, against ₹2.70 in Q2 FY26.
How did Master Trust shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.5% from the previous close; the median Stockbroking & Allied stock moved +1.0%.
When did Master Trust announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Quarterly And Half Yearly Un-Audited Financial Results (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 03.11.2026 (BSE, 3 November 2026) · PDF
- GLIMPSE OF FINANCIAL PERFORMANCE AND HIGHLIGHTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 OF MASTER TRUST LIMITED (BSE, 3 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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