mastertrust MTF book rose 28.4% as clients grew 39.2%

mastertrust’s Margin Trading Facility (MTF) book reached Rs 179.184 crore in Q2 FY27, rising 28.4% year-on-year, while MTF clients increased 39.2% to 1,747. Client growth exceeded book growth, and average exposure per client declined 8.0% to Rs 10.26 lakh, indicating a broader spread of MTF exposure among users.

How fast did mastertrust's MTF book grow?

mastertrust’s MTF book grew to Rs 179.184 crore in Q2 FY27 from Rs 139.560 crore in Q2 FY26, an increase of 28.4% disclosed by the company. The book also rose 18.9% quarter-on-quarter from Rs 150.651 crore in Q1 FY27, following a recovery from Rs 125.03 crore in Q4 FY26.

The five-quarter series shows that mastertrust’s book rose from Rs 139.560 crore in Q2FY26 to Rs 153.718 crore in Q3FY26, before declining to Rs 125.030 crore in Q4FY26. It then increased in each of the next two quarters, reaching Rs 179.184 crore in Q2FY27, the highest level in the presentation’s reported series.

Did mastertrust add MTF clients faster than its book grew?

Yes. mastertrust’s MTF client count rose 39.2% to 1,747 in Q2FY27 from 1,255 in Q2FY26, faster than the 28.4% increase in the MTF book. The comparison means the reported outstanding MTF exposure was distributed across a larger number of clients than a year earlier.

Average MTF exposure per client fell to Rs 10.26 lakh in Q2FY27 from Rs 11.12 lakh in Q2FY26, a decline of 8.0%. It had fallen to Rs 8.09 lakh in Q4FY26, then rose to Rs 9.46 lakh in Q1FY27 and Rs 10.26 lakh in Q2FY27 as the client count increased by 154 sequentially from 1,593.

mastertrust reported 440,000 total clients in Q2FY27, compared with 426,000 in Q2FY26. MTF clients therefore represented a separately reported subset of the wider client base, but the presentation does not disclose eligibility, activation rates or the number of total clients that use MTF.

How did mastertrust's MTF exposure mix change?

mastertrust’s MTF client mix shifted toward the below-Rs 1 lakh exposure band over the year. This band accounted for 36.98% of MTF clients in Q2FY27, up 5.51 percentage points from 31.47% in Q2FY26; the figures represent the share of MTF clients using the facility in each band at quarter-end.

Clients with more than Rs 1 lakh of exposure consequently represented 63.02% in Q2FY27, down from 68.52% in Q2FY26. Both the Rs 1 lakh to Rs 5 lakh category and the more-than-Rs 5 lakh category declined as a share of clients year-on-year.

The shift was not uniform across every quarter. The below-Rs 1 lakh band reached 43.43% in Q4FY26 before falling to 36.03% in Q1FY27 and edging up to 36.98% in Q2FY27. The more-than-Rs 5 lakh band, in contrast, rose sequentially from 31.51% in Q1FY27 to 31.88% in Q2FY27.

What MTF features does mastertrust offer through Agnik?

mastertrust’s Agnik trading app offers MTF access with up to 4X leverage on more than 1,000 eligible stocks. The company says clients can place MTF orders through the app according to their trading preferences, while clients without an activated MTF segment can begin digital activation on Agnik.

The dedicated MTF section includes a portfolio summary, collateral details, an MTF calculator, a watchlist, an MTF ledger, research insights and frequently asked questions. These features cover MTF holdings, available collateral, margin calculations and facility-related transactions, although the presentation does not disclose MTF interest rates, client eligibility criteria or standard collateral haircuts.

The illustrated Agnik watchlist shows differing client upfront-payment levels, including 15% for GROWW, 21% for TITAN and RELIANCE, and 27% for ACC. These examples show that payment requirements can vary by stock, but they do not establish an average funding ratio or portfolio-wide collateral requirement.

How does MTF fit mastertrust's stated plan?

mastertrust says it plans to scale MTF alongside its active customer base, using its own funding capacity to support clients seeking additional trading capital. This is a stated management plan rather than a numerical target for the MTF book, client count, lending income or funding cost.

The company also says it intends to increase income per customer by using technology, its dealer network and a broader product range, rather than relying only on new-client acquisition. Its platform plan identifies lending, principal strategies, distribution and portfolio management as businesses intended to reduce dependence on broking-led income.

The Q2FY27 MTF book of Rs 179.184 crore provides the latest disclosed measure of execution against that plan. The presentation, however, provides no period-specific MTF revenue, lending yield, credit-loss figure or borrower-level concentration data.

Conclusion

mastertrust’s Q2FY27 MTF data show a larger book and a faster expansion in users. The book rose 28.4% year-on-year to Rs 179.184 crore, while clients rose 39.2% to 1,747; lower average exposure and a 36.98% share for the below-Rs 1 lakh band support the company’s description of broader client distribution.

The next point to watch is whether mastertrust’s plan to scale MTF with its active customer base produces further growth after the 18.9% quarter-on-quarter rise in Q2FY27. Agnik’s digital activation and MTF tools are part of that plan, but the presentation does not disclose a future book target, lending-yield target or scheduled MTF update.