Check Before You Invest : Master Trust Ltd

Q: Which industry/sub-sector does Master Trust Ltd belong to?

Master Trust Ltd belongs to the BFSI sector, operating specifically within the Finance - NBFC segment.

Q: Is Master Trust Ltd a good quality company?

Master Trust Ltd is a weak quality company, based on a inconsistent multi-year financial track record. This assessment is based on the bank’s performance on Total Income growth, Pre-Provision Operating Profit, RoA, RoE, CAR, and Asset Quality, along with how these metrics compare with its long-term averages.

Q: Is Master Trust Ltd undervalued or overvalued?

Master Trust Ltd appears Fair, as its key valuation ratios are in line with their past averages. Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more. Valuation Ratios. Price to Earnings, Current: 134.16, Historic Median: 109.57. Price to Book, Current: 1.65, Historic Median: 2.07. Price to Sales, Current: 50.76, Historic Median: 56.28. EV to EBITDA, Current: 45.65, Historic Median: 59.89

Q: Is Master Trust Ltd a good buy now?

Master Trust Ltd is a good buy now, based on strong price trend analysis suggesting prices may rise. However, you need to check its quality and valuation before making a decision

Q: Total Income growth of Master Trust Ltd?

Master Trust Ltd Operating Income growth is -5.27% for FY-2025, which is below its 5-year CAGR of 19.66%, indicating slower growth.

Q: Return on Assets of Master Trust Ltd?

Master Trust Ltd Return on Asset is 1.3%, which is below its 5-year historical median of 1.7%, indicating deteriorated earnings on assets. Efficiency & Key Metrics. NPM (%), Current: 38.5, Historic Median: 41.74. PPOP (%), Current: 25, Historic Median: 25. RoA (%), Current: 1.3, Historic Median: 1.7

Q: Return on Equity (ROE) of Master Trust Ltd?

Master Trust Ltd Return on Equity is 1.6% for FY-2025, which is below its 5-year historical median of 2%, indicating the business is making worse use of its shareholders capital.

Q: Pre-provisioning operating profit margin of Master Trust Ltd?

Master Trust Ltd Pre-provisioning operating profit margin, which is the bank’s core operating profit before provisioning for bad loans, is 25% for FY-2025, which is in line with its 5-year median(25%), indicating stable margins.

Q: Net Profit Margin of Master Trust Ltd?

Master Trust Ltd Net Profit Margin, which is the difference between the rate of interest earned on assets and the rate of interest paid on liabilities, is 38.5% for FY-2025, which is below its 5-year median( 41.74%), indicating decreasing margins.

Q: Does its ROIC exceed its WACC?

Master Trust Ltd return on invested capital (ROIC) is 2.29% for FY-2025, is lower than its estimated weighted average cost of capital (WACC) of 14%, indicating value erosion.

Check Before You Invest : Master Trust Ltd

BSE: 511768 NSE: MASTERTR ISIN: INE677D01037

| Sector: BFSI | Industry: Finance - NBFC

Snapshot

Q.1 Which industry/sub-sector does Master Trust Ltd belong to?

Master Trust Ltd belongs to the BFSI sector, operating specifically within the Finance - NBFC segment.

Q.2 Is Master Trust Ltd a good quality company?

Master Trust Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on the bank’s performance on Total Income growth, Pre-Provision Operating Profit, RoA, RoE, CAR, and Asset Quality, along with how these metrics compare with its long-term averages.

Q.3 Is Master Trust Ltd undervalued or overvalued?

Master Trust Ltd appears Fair, as its key valuation ratios are in line with their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios	Current	5-year Historic Median
Price to Earnings	134.16	109.57
Price to Book	1.65	2.07
Price to Sales	50.76	56.28
EV to EBITDA	45.65	59.89

Q.4 Is Master Trust Ltd a good buy now?

Master Trust Ltd is a good buy now, based on strong price trend analysis suggesting prices may rise. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Total Income growth, NPM, PPOP, RoA and RoE compared to its last 5-year median.
How efficiently has it grown and managed operations?
By checking its Total Asset growth.
How strong is its Capital position and Asset Quality?
By checking its Capital Adequacy Ratio (CAR), GNPA and NNPA.

A: What are the trends in income and profitability?

Q.1 Total Income growth of Master Trust Ltd?

Master Trust Ltd Operating Income growth is -5.27% for FY-2025, which is below its 5-year CAGR of 19.66%, indicating slower growth.

Q.2 Return on Assets of Master Trust Ltd?

Master Trust Ltd Return on Asset is 1.3%, which is below its 5-year historical median of 1.7%, indicating deteriorated earnings on assets.

	Current Level	5-year Historic Median
NPM (%)	38.5	41.74
PPOP (%)	25	25
RoA (%)	1.3	1.7

Q.3 Return on Equity (ROE) of Master Trust Ltd?

Master Trust Ltd Return on Equity is 1.6% for FY-2025, which is below its 5-year historical median of 2%, indicating the business is making worse use of its shareholders capital.

Q.4 Pre-provisioning operating profit margin of Master Trust Ltd?

Master Trust Ltd Pre-provisioning operating profit margin, which is the bank’s core operating profit before provisioning for bad loans, is 25% for FY-2025, which is in line with its 5-year median(25%), indicating stable margins.

Q.5 Net Profit Margin of Master Trust Ltd?

Master Trust Ltd Net Profit Margin, which is the difference between the rate of interest earned on assets and the rate of interest paid on liabilities, is 38.5% for FY-2025, which is below its 5-year median( 41.74%), indicating decreasing margins.

Q.6 Does its ROIC exceed its WACC?

Master Trust Ltd return on invested capital (ROIC) is 2.29% for FY-2025, is lower than its estimated weighted average cost of capital (WACC) of 14%, indicating value erosion.

B: Does the bank grow efficiently and manage its operating costs?

Q.7 Total Asset growth of Master Trust Ltd?

Master Trust Ltd Total Asset growth is 31.72% for FY-2025, which is above its 5-year CAGR of 20.56%, indicating faster growth.

Ownership & governance

D: Promoter shareholding and pledge status of Master Trust Ltd?

Q.1 Promoter shareholding and pledge status of Master Trust Ltd?

Promoters hold 71.93% of the Master Trust Ltd, with 16.95% of their stake pledged, indicating high pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Master Trust Ltd performance compare with that of its Peers?

Q.1 AUM Growth of Master Trust Ltd vs Industry Peers?

Master Trust Ltd AUM CAGR is 20.56%, compared to the 5-year industry median CAGR of 9.71%, indicating faster growth and gaining its market share.

Q.2 Profit metrics (NPM, PPOP, RoA) of Master Trust Ltd vs industry peers

Master Trust Ltd profit metrics are above the industry median level of 4.76%, indicating stronger profitability compared to peers.

Profit Metrics

	Current Level	5-year Industry Median
NPM (%)	38.5	12.87
PPOP (%)	25	-
RoA (%)	1.3	1.4

Q.3 Operating efficiency of Master Trust Ltd vs industry peers?

Master Trust Ltd ROCE (3.2) is below the industry median of (4.15); while the current ROE (2) are below than the 5-year average Industry ROE (2.3). This shows that the business is positioned in the bottom quartile of the industry.

Operating Efficiency

	Current Level	5-year Industry Median
NPM (%)	38.5	12.87
PPOP (%)	25	-
RoA (%)	1.3	1.4
ROCE (%)	3.2	4.15
ROE (%)	1.6	2.3

Valuation & price assessment

Q.1 Stock return of Master Trust Ltd over the last decade?

Over the last 9 years, the stock has delivered a CAGR of 37.4% based on the current price.

	9Y	5Y	3Y	1Y
Share Price CAGR	37.4%	59.4%	48.1%	-39.2%

Q.2 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	134.16	109.57	29.12
Price to Book	1.65	2.07	1.11
Price to Sales	50.76	56.28	9.10
EV to EBITDA	45.65	59.89	11.77

Q.3 Valuation ratios of Master Trust Ltd vs historical and industry averages?

The current Price-to-Book (P/B) ratio of 1.65 is lower than its historical median of 2.07, indicating that the stock is trading below its historical average valuation.

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Check Before You Invest : Master Trust Ltd

Snapshot

Performance Analysis

Ownership & governance

Peer comparison (industry-wise, mcap)

Profit Metrics

Operating Efficiency

Valuation & price assessment

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Check trending companies

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