It does, but I'm not sure if material design is ready now. There is qml-material[0] though, and it's pretty good. But: The last time I checked (maybe 5 or 6 months ago), QML/Qt Quick apps on Android took way too long to launch. I couldn't do anything about it, so haven't used it since then.
[0] https://github.com/papyros/qml-material