Master Trust Q1 FY27 Results (NSE: MASTERTR)
Signal: Margin expansion
The read
The operating trajectory improved after Q4FY26's 35.0% margin: Q1FY27 revenue grew 13.8% YoY to ₹1,497.9 million, EBITDA grew faster at 19.3% to ₹618.3 million and margin recovered to 41.3%, but the XBRL PAT value of ₹0 conflicts materially with the filing narrative's ₹346.5 million PAT and must be reconciled before treating the bottom-line improvement as reliable.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹149.79 Cr | 13.8% | N/A |
| EBIT | ₹60.79 Cr | N/A | |
| Net profit | 0 million | N/A | |
| EPS | ₹2.8 | 16.7% | |
| EBIT margin | 41.3% |
P&L walk
Total income rose to ₹1,497.9 million, up 13.8% YoY, while EBITDA increased faster at 19.3% and EBITDA margin expanded 190bps to 41.3%; the XBRL PAT field reports ₹0, so bottom-line trend cannot be reconciled from the authoritative P&L block.
Segments
Broking & Allied drove the group at approximately 94.5% of revenue, while Investment / Trading in Securities & Others grew 184.8% YoY; PMS added ₹27.9 million and Insurance Broking ₹9.4 million, but no complete segment-results table was provided.
Key positives
- Total income reached ₹1,497.9 million, up 13.8% YoY, reversing the prior-quarter revenue decline recorded in the company history.
- EBITDA increased 19.3% YoY to ₹618.3 million, 5.5 percentage points faster than revenue growth, while EBITDA margin expanded 190bps to 41.3%.
- Investment / Trading in Securities & Others grew 184.8% YoY, adding diversification beyond the approximately 94.5% Broking & Allied revenue base.
- The platform had 4.36 lakh+ registered customers, 63 branches and 1,460+ business partners, supporting nationwide distribution.
Key concerns
- Broking & Allied still represented approximately 94.5% of revenue, leaving the consolidated model highly dependent on the core capital-markets franchise despite growth in other activities.
- The filing's XBRL PAT is ₹0 while the narrative reports PAT of ₹346.5 million and EPS of ₹2.8; this unresolved inconsistency weakens confidence in bottom-line trend analysis.
- The filing did not disclose balance-sheet, cash-flow, asset-quality or funding-cost metrics needed to assess the lending and treasury components.
Research and educational content only. Not investment advice.