MASTER TRUST LTD (MASTERTR): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹76.65 latest close · +0.5% over the last 90 sessions

₹76.65 month-end · −36.9% over 12 months

₹76.65 month-end · −55.0% since Nov '24

52-week range ₹55.60 to ₹133.50 · 1-year volatility 57.7%

Was the rally earned?

-37%share price, 1 yearMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 11.0x to 7.1x); per-share earnings took off 1 point.
The share count rose 9%.

Net profit growth+6 ptsNet profit rose about 8%, which lifts the price.

P/E change-36 ptsThe P/E fell from 11.0x to 7.1x, which lowers the price.

Share count change-7 ptsShare count rose 9%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with BSE

How rough has the ride been?

Maximum drawdown-69.9%not yet recovered

1-year volatility57.7%annualised

Beta vs sector index1.073-year daily, correlation 0.34

Volume spikes12last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-69.9% (2024-12 peak to 2026-03 low, not yet recovered)

Most recent volume spikes

2026-10-15: 7.7x the 50-day median, price +1.0% that day

2026-10-07: 7.8x the 50-day median, price +0.4% that day

2026-09-15: 5.2x the 50-day median, price -3.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

7.1xP/E todayNear its historic low

Against its own history12th percentile

CheapestMedian 9.9xDearest

Usual range 7.1x to 13.2x since 2024-11.

Against Finance7.1x vs 18.1x

This company

7.1x

Sector median

18.1x

61% below the Finance median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianFinance median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE86thflat vs a year ago
Op. margin61st▲ 3 pts vs a year ago
Revenue growth41st▲ 4 pts vs a year ago
EPS growth42nd▼ 3 pts vs a year ago
Debt/equity ↓39th▲ 5 pts vs a year ago
Cash cycle ↓25thflat vs a year ago
P/E ↓91st▲ 7 pts vs a year ago
12M momentum13th▼ 15 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~7%annual earnings growth implied by the price

At a P/E of 9.7x, the price would imply about 7.3%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹76.65
P/E: 7.1x
ROCE: 24.0%
Market Cap: ₹943 cr
Revenue (TTM): ₹595 cr
P/S: 1.6x
P/B: 1.2x
ROE: 16.4%
Operating Margin: 41.0%
Debt / Equity: 0.3x
Promoter Holding: 71.9%
12M Momentum: -36.9%

52-week range

₹55.60₹133.50

27% of the way from its 52-week low to its high

Price risk

1Y volatility

57.7%

Beta vs sector

1-year daily

0.99

Balance sheet & cash

Interest cover

operating profit ÷ interest

4.1x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.89x

Share count, 1Y

+9.1%

Are profits backed by cash?

4 of 6checks within range2 near a threshold

Other income reliance0%Within range

Other income as a share of pre-tax profit (trailing twelve months): 0.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.89xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.89x (cash from operations ₹691 cr, net profit ₹365 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+22 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 22 days (117 vs 96). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, promoters trimmed 1.8 pts.
The number of shareholders rose from 4,425 to 15,147 (+242%) between Jun 2024 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupJun '24Jun '26Change

Promoters73.8%71.9%-1.8 pts

FIIs0.0%0.0%0.0 pts

DIIs0.0%0.0%0.0 pts

Public and others26.2%28.0%+1.8 pts

Number of shareholders

15,147shareholders+242% since Jun '24

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+0.2%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like MASTER TRUST LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −24% to +31% vs the market, against +2% for all non-financial companies in the same months.
The gap against the base rate (−1.5%, 80% range −8.5% to +2.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median

+0.2%

All companies' median

+1.7%

Beat the market

50% vs 52%

50 past situations · 50 companies · 29 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
NAVKARCORP Transportation	Jul 2023	10x	—	−20%	−29%	+62%
UFO Consumer Services	Mar 2020	3x	19%	−67%	−75%	−50%
MUFTI Retail Trade	Aug 2025	11x	19%	−42%	−45%	−40%
IIFLCAPS Finance	Mar 2021	6x	22%	+51%	−18%	+53%
BLS Technology Services	Jan 2020	7x	26%	−36%	−53%	+30%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
IGPL Process Industries	May 2020	3x	29%	−58%	−62%	+169%
ORIENTCER Non-Energy Minerals	Sep 2021	7x	—	+44%	−22%	+5%
PRAKASH Non-Energy Minerals	Oct 2024	7x	—	+5%	−28%	−4%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and size. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to MASTER TRUST LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

SOUTH WEST PINNACLE EXPLSOUTHWEST

Energy Minerals

64%similar

volatilityP/E

BORANA WEAVESBORANA

Process Industries

56%similar

debt/equityP/E

GARUDA CONSTRUCTION n ENGGARUDA

Industrial Services

53%similar

revenueoperating margin

PASUPATI ACRYLONPASUPTAC

Process Industries

52%similar

P/Edebt/equity

RADHIKA JEWELTECHRADHIKAJWE

Retail Trade

50%similar

ROCErevenue

JINDAL POLY INVESTMENT & FINJPOLYINVST

Finance

42%similar

market capP/E

AJMERA REALTY & INFRA INDIA LIAJMERA

Finance

38%similar

operating marginpromoter holding

ANAND RATHI SHARE AND STOCK BRARSSBL

Finance

31%similar

operating marginpromoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

13 events since Mar '25

2026
NovValuationP/E fell below the 10th percentile of its own history to date (7.1x).
OctPriceVolume reached 7.8x its 50-day median on 2026-10-07; price +0.4% that day.
JulPriceVolume reached 87.4x its 50-day median on 2026-07-08; price +7.0% that day.
JunSharesShare count is up 9.1% over 12 months.
JunPriceVolume reached 162.0x its 50-day median on 2026-06-09; price -18.5% that day.
MarPriceFell 70% from the Dec 2024 peak to the Mar 2026 low.
MarPriceVolume reached 13.2x its 50-day median on 2026-03-27; price -8.8% that day.
2025
DecPromoterPromoter holding rose 2.7 pts to 71.9%.

Show 5 earlier events

2025
OctPriceVolume reached 5.7x its 50-day median on 2025-10-06; price -15.0% that day.
SepPromoterPromoter holding fell 3.2 pts to 69.2%.
AugPriceVolume reached 24.9x its 50-day median on 2025-08-05; price +3.6% that day.
JunPriceVolume reached 36.9x its 50-day median on 2025-06-27; price -1.6% that day.
MarPriceVolume reached 11.1x its 50-day median on 2025-03-20; price +11.1% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history25 months · 2024-11 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	7.1x	₹595 cr	16.4%	24.0%	0.3x
2026-10	7.0x	₹595 cr	16.4%	24.0%	0.3x
2026-09	7.6x	₹595 cr	16.4%	24.0%	0.3x
2026-08	7.9x	₹577 cr	15.4%	24.0%	0.3x
2026-07	7.9x	₹577 cr	15.4%	24.0%	0.3x
2026-06	7.2x	₹577 cr	15.4%	24.0%	0.3x
2026-05	8.4x	₹518 cr	18.0%	30.0%	0.4x
2026-04	8.4x	₹518 cr	18.0%	30.0%	0.4x
2026-03	5.8x	₹518 cr	18.0%	30.0%	0.4x
2026-02	8.6x	₹529 cr	18.5%	30.0%	0.4x
2026-01	9.8x	₹529 cr	18.5%	30.0%	0.4x
2025-12	11.6x	₹529 cr	18.5%	30.0%	0.4x
2025-11	11.0x	₹556 cr	19.4%	30.0%	0.4x
2025-10	11.8x	₹556 cr	19.4%	30.0%	0.4x
2025-09	13.1x	₹556 cr	19.4%	30.0%	0.4x
2025-08	13.0x	₹584 cr	20.7%	30.0%	0.4x
2025-07	14.0x	₹584 cr	20.7%	30.0%	0.4x
2025-06	12.0x	₹584 cr	20.7%	30.0%	0.4x
2025-05	11.9x	₹626 cr	28.8%	33.0%	0.4x
2025-04	10.6x	₹626 cr	28.8%	33.0%	0.4x
2025-03	9.7x	₹626 cr	28.8%	33.0%	0.4x
2025-02	9.9x	₹602 cr	27.4%	33.0%	0.4x
2025-01	10.6x	₹602 cr	27.4%	33.0%	0.4x
2024-12	13.2x	₹602 cr	27.4%	33.0%	0.4x
2024-11	15.1x	₹568 cr	24.6%	33.0%	0.4x

Methodology and data notes