MAS Financial Services Limited (MASFIN)
₹265.45 -0.17% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, MAS Financial's net interest income was ₹326 Cr (+31.1% year on year, +6.3% on the previous quarter), and net profit ₹110 Cr (+26.6% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹326 | +31.1% | +6.3% |
| Operating profit | ₹148 | — | — |
| Net profit | ₹110 | +26.6% | +5.9% |
| EPS (₹) | 5.98 | +27.0% | +5.3% |
MASFIN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.72% of the MASFIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.38%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 54.5% · 46.4% · 57.9% · 50.9% · 54.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
MAS Financial Services announced that CARE Ratings has upgraded its rating on Equity Tranche Pass Through Certificates (PTCs) to 'CARE A+ (SO)' from 'CARE A (SO)' for the INDIGO 045 transaction, while reaffirming Series A PTCs at 'CARE AAA (SO)'. The aggregate outstanding balance of these rated PTC instruments is Rs 30.21 crore (Series A: Rs 21.02 crore, Equity Tranche: Rs 9.19 crore). The underlying loan pool has amortised by 63.08% over 11 months post-securitisation, showing robust asset quality with 0.00% 90+ DPD delinquencies. The action reflects solid underlying pool performance, though the total size is relatively small compared to MAS Financial's TTM revenue of Rs 2,092 crore.
- Equity Tranche PTCs of Rs 9.19 crore upgraded from CARE A (SO) to CARE A+ (SO)
- Series A PTCs of Rs 21.02 crore reaffirmed at CARE AAA (SO)
- Underlying securitised pool has amortised by 63.08% over 11 months
- 90+ DPD delinquency stands at 0.00% with cumulative collection efficiency at 98.80%
- Cash collateral stands at 15.21% of balance PTC POS with nil utilisation
MAS Financial Services has allotted 1,75,000 rated, listed, senior, secured non-convertible debentures (NCDs) aggregating to ₹175 crore on a private placement basis. The NCDs carry an 8.55% per annum coupon payable quarterly with a tenure of 24 months, maturing on September 24, 2028. The issue represents approximately 3.4% of the company's market capitalization of ₹5,179 crore and will support its lending operations. The debentures are rated 'CARE AA-/Stable' and carry a 1.1x security cover on receivables and cash assets.
- Allotment of 1,75,000 senior secured NCDs of face value ₹10,000 each, raising ₹175 crore
- Fixed coupon rate of 8.55% per annum payable quarterly
- Tenure of 24 months, with final redemption on September 24, 2028
- Instruments rated CARE AA-/Stable and backed by a minimum 1.1x asset cover on receivables/cash
MAS Financial Services has received an unsolicited ESG rating of 'Crisil ESG 65' in the 'Strong' category from CRISIL ESG Ratings & Analytics Limited. The rating was voluntarily assigned by the agency based on publicly available data, dated September 16, 2026, without direct engagement from the company. The communication was initially received on September 17, 2026, and revised on September 18, 2026. This announcement has no direct financial or operational impact on the company's TTM revenue of ₹2,092 crore or net worth of ₹2,952 crore.
- Assigned an ESG score of 'Crisil ESG 65' by CRISIL ESG Ratings & Analytics
- ESG Rating Category classified as 'Strong'
- Rating date recorded as September 16, 2026
- Voluntary assessment by rating agency based purely on publicly available data without company engagement
MAS Financial Services Limited has notified the exchanges that company officials will attend the Anand Rathi Annual Flagship Conference G-200 Summit 2026 in Mumbai on September 22, 2026. The interactions will involve one-on-one and group meetings with institutional investors and analysts. The company confirmed that discussions will rely solely on publicly available information without disclosing any unpublished price sensitive information (UPSI).
- Scheduled meeting date: September 22, 2026
- Event: Anand Rathi Annual Flagship Conference G-200 Summit 2026
- Interaction format: One-on-one and Group sessions in Mumbai
- Compliance: No unpublished price sensitive information (UPSI) will be discussed
MAS Financial Services Limited (MFSL) announced the redemption of 33,33,340 Optionally Convertible Preference Shares (OCPS) by its subsidiary, MAS Rural Housing and Mortgage Finance Limited (MRHMFL). This represents 33% of the total Series I 6% Non-Cumulative OCPS held by the parent company. MFSL will receive a cash inflow of ₹3,33,33,334 (₹3.33 crore). The transaction leaves MFSL's equity holding in the housing subsidiary unchanged and has negligible financial impact against MFSL's TTM revenue of ₹2,092 crore (0.16%).
- Subsidiary MRHMFL to redeem 33,33,340 OCPS, representing 33% of total OCPS held by MFSL
- MFSL to receive redemption amount of Rs. 3,33,33,334 (Rupees 3.33 crore)
- Redeemed instruments are Series I 6% Non-Cumulative Optionally Convertible Preference Shares
- No change in the equity shareholding pattern of MRHMFL post-redemption
MAS Financial Services has received an unsolicited ESG rating of 71 from SES ESG Research Private Limited, dated September 10, 2026. The company clarified that it did not engage the agency, and the rating was assigned voluntarily using publicly available data. The disclosure has no financial or operational impact on the NBFC's business or capital structure.
- ESG Rating assigned: 71
- Agency: SES ESG Research Private Limited
- Date of rating: September 10, 2026
- Rating was voluntarily assigned without company engagement
MAS Financial Services Limited has disclosed receiving an unsolicited ESG rating from ESG Risk Assessments & Insights Limited on September 09, 2026. The rating agency assigned an ESG rating score of 61, categorized as 'Strong', based solely on publicly available information. The company clarified that it did not formally engage the agency for this assessment. The update has no direct impact on financial performance or borrowing costs.
- Assigned ESG rating score of 61 under the category 'Strong'
- Rating received and dated September 09, 2026
- Voluntarily assigned by SEBI-registered ESG Risk Assessments & Insights Limited without formal engagement by the company
MAS Financial Services held its 31st Annual General Meeting on September 02, 2026, with 111 members attending via video conferencing. Key resolutions considered include the adoption of FY26 financial statements and the approval of a final dividend of ₹0.75 per equity share (7.5% on face value of ₹10). Additionally, shareholders considered special resolutions to expand borrowing powers under Section 180(1)(c) up to ₹15,000 crore and enhance limits for creating charges on company assets to support balance sheet growth.
- Considered final dividend of ₹0.75 per equity share (7.5% on face value of ₹10) for FY26
- Special resolution tabled to increase borrowing limits up to ₹15,000 crore under Section 180(1)(c)
- Resolution to enhance limits for creation of charges/mortgages on assets under Section 180(1)(a)
- Meeting conducted virtually on September 02, 2026, attended by 111 members
MAS Financial Services conducted its 31st Annual General Meeting on September 02, 2026. Shareholders considered the adoption of FY26 financial statements and approval of a final dividend of Rs 0.75 per equity share (7.5% on face value of Rs 10). Key special resolutions placed before shareholders included enhancing borrowing powers under Section 180(1)(c) up to Rs 15,000 crore and corresponding limits for creation of charges. Official voting results will be declared within two working days upon receipt of the Scrutinizer's Report.
- Considered declaration of final dividend of Rs 0.75 per equity share (7.5% on face value of Rs 10)
- Special resolution presented to increase borrowing powers up to Rs 15,000 crore under Section 180(1)(c)
- Total of 111 members attended the meeting conducted via video conferencing
- Voting results along with Scrutinizer's Report to be declared within 2 working days
MAS Financial Services (MASFIN) has scheduled an interaction with institutional investors and analysts for August 13, 2026. The meetings will take place at the Equirus India Growth Summit in Mumbai through one-on-one and group formats. The company has clarified that discussions will be restricted to publicly available information, ensuring no unpublished price sensitive information (UPSI) is disclosed. This is a standard investor relations activity for a company with a TTM revenue of Rs 1,997 Cr and a market cap of Rs 5,499 Cr.
- Investor interaction scheduled for August 13, 2026, in Mumbai.
- Participation in the Equirus India Growth Summit involving one-on-one and group meetings.
- Company maintains a TTM PAT of Rs 375 Cr and a P/E ratio of 14.7.
- Management continues to target a consolidated AUM of over INR 15,000 crore by year-end.
- Promoter holding remains stable at 66.65% as of June 2026.
MAS Financial Services has announced its 31st Annual General Meeting (AGM) scheduled for September 2, 2026. The company has fixed August 26, 2026, as the record date for determining shareholder eligibility for the final dividend and e-voting. The Annual Report for FY 2025-26 is now available for review on the company's website. This is a standard procedural update following the end of the financial year.
- 31st Annual General Meeting scheduled for September 2, 2026, at 11:30 a.m. IST
- Record date for final dividend and e-voting eligibility set for August 26, 2026
- Remote e-voting period runs from August 29, 2026 (9:00 a.m.) to September 1, 2026 (5:00 p.m.)
- Annual Report for FY 2025-26 released to shareholders via electronic and physical channels
MAS Financial Services has scheduled its 31st AGM for September 2, 2026, to seek shareholder approval for a final dividend of ₹0.75 per share. A key resolution involves increasing the company's borrowing limit to ₹15,000 crore, which is approximately 5.08x its current net worth of ₹2,952 crore. This headroom supports the company's stated target of reaching a consolidated AUM of ₹15,000+ crore. Additionally, the company is seeking to re-appoint Mrs. Darshana Pandya as a Director, who has been with the firm since 1996 and currently serves as CEO.
- Proposed final dividend of ₹0.75 per equity share (7.5% on face value of ₹10).
- Seeking special resolution to increase borrowing powers to ₹15,000 crore from previous limits.
- Record date for dividend and e-voting eligibility set for Wednesday, August 26, 2026.
- CEO Mrs. Darshana Pandya's remuneration for FY26 was reported at ₹1.49 crore.
- Company targeting a consolidated AUM of ₹15,000+ crore by year-end, supported by the new borrowing limits.
MAS Financial Services reported a strong Q1 FY27 with consolidated AUM growing 21% YoY to cross the ₹16,000 Cr milestone. The company successfully reduced its borrowing costs by 55 basis points to 9.25%, aiding margin stability. Asset quality remains healthy with a GNPA of 2.58% and a robust Capital Adequacy Ratio of over 23%, supporting its non-dilutive growth strategy. Management reiterated its guidance to double AUM every 3-4 years, supported by a shift toward 70%+ direct distribution and expansion into South Indian housing markets.
- Consolidated AUM grew 21% YoY, reaching a new milestone of ₹16,000 Cr.
- Borrowing costs reduced by 55 basis points during the quarter to 9.25%.
- Capital Adequacy Ratio remains strong at 23%+, providing a buffer for 20-25% annual growth.
- Direct distribution now accounts for 67% of AUM, with a target to reach 70%+ in 8-12 quarters.
- Housing finance subsidiary reported average yields of 14% with low credit costs of 0.5%.
MAS Financial Services (MASFIN) has received approval from the UIDAI to act as a Sub-Authentication User Agency (Sub-AUA) and Sub-eKYC User Agency (Sub-KUA) through Protean eGov Technologies. This authorization allows the company to perform digital Aadhaar-based identity verification and e-KYC for its customers. The license is valid for two years from the date of receiving access to the pre-production environment. This move is expected to streamline loan processing and onboarding across its 208 standalone branches and 101 housing finance branches.
- Approval received from UIDAI for Sub-AUA and Sub-KUA roles via Protean eGov Technologies
- License validity period of 2 years from the date of pre-production environment access
- Enables Aadhaar Yes/No and e-KYC authentication for a customer base generating Rs 1,997 Cr TTM revenue
- Supports operational efficiency for 5,000+ employees and 309 total branch locations
- Aims to facilitate the company's stated 20-25% AUM growth target through faster digital onboarding
MAS Financial Services has published the audio and video recording of its earnings conference call held on July 30, 2026. The call focused on the unaudited financial results for the first quarter ended June 30, 2026. This is a standard regulatory disclosure following the release of quarterly earnings, where the company reported a TTM revenue of ‡1,997 Cr and PAT of ‡375 Cr. The recording provides management's detailed commentary on their 20-25% AUM growth target and asset quality trends.
- Earnings call conducted on July 30, 2026, regarding Q1 FY2026 results.
- The session concluded at 4:30 P.M. IST.
- Recording covers both standalone and consolidated financial performance.
- Company maintains a long-term growth guidance of 20-25% AUM expansion.
Financial Performance
Revenue Growth by Segment
The company targets an overall AUM growth of 20% to 25% over the medium to long-term. Specifically, the housing finance subsidiary (MRHMFL) demonstrated an asset growth of 24% and a profit after tax growth of 26.45% (increasing from INR 4.54 crore to INR 5.75 crore) as of September 2025.
Geographic Revenue Split
The company currently operates across 13 states with a network of 208 standalone branches and 101 housing finance branches, though specific percentage revenue contribution per state is not disclosed in available documents.
Profitability Margins
The company reported a Net Interest Margin (NIM) of 6.27% for FY25. Return on Average Assets (ROAA) stood at 2.89% for FY25, with a long-term target range of 2.75% to 3.00%. Return on Equity (ROE) is targeted between 16% and 18%, while the standalone Return on Net Worth was 14.11% in FY25 compared to 16.31% in FY24.
EBITDA Margin
Core profitability is reflected in the ROAA of 2.89% for FY25. Interest Coverage Ratio slightly improved to 1.57 times in FY25 from 1.54 times in FY24, indicating stable ability to service debt despite rising operational costs.
Capital Expenditure
While specific physical CAPEX is not detailed, the company maintains a highly capitalized balance sheet with a Total Capital Adequacy of 24.57% (Tier I at 22.71%) as of September 30, 2025. Total borrowings stood at INR 8,722.39 crore as of March 31, 2025.
Credit Rating & Borrowing
The company holds an AA (Stable) credit rating. It maintains a diversified resource base including term loans (INR 2,850 crore secured in FY25 with ~4-year tenure), NCDs, and cash credit facilities of INR 1,400 crore. Average cash and cash equivalents were maintained at approximately INR 1,000 crore.
Operational Drivers
Raw Materials
Not applicable as MASFIN is a financial services provider; its primary 'input' is capital/cost of funds.
Import Sources
Not applicable. Funding is sourced from a diverse pool of domestic banks and financial institutions.
Key Suppliers
The company partners with over 200 NBFC-MFI and NBFC partners for last-mile credit delivery and maintains relationships with a wide network of leading Indian banks for term loans and credit lines.
Capacity Expansion
Current infrastructure includes 208 standalone branches, 101 housing finance branches, and 211 NBFC partnerships. The company plans to increase its workforce of 5,000 employees as per requirement to support the 20-25% AUM growth target.
Raw Material Costs
Cost of funds is managed through a diversified strategy; total borrowings were INR 8,722.39 crore in FY25. The company uses direct assignment (21.16% of liability profile) to optimize capital efficiency.
Manufacturing Efficiency
Operating expenses as a percentage of earning assets increased to 2.69% in FY25 from 2.44% in FY24, driven by branch network expansion.
Logistics & Distribution
Distribution is achieved through 211 NBFC partnerships and a 309-branch network, focusing on last-mile delivery to underserved semi-formal and informal segments.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved by maintaining a 20-25% off-book AUM through co-lending and direct assignments, leveraging 211 NBFC partnerships for last-mile delivery, and expanding the branch network in underpenetrated geographies. The company relies on internal accruals for capital rather than aggressive equity dilution, with promoters holding 66.63% to allow for future capital raises.
Products & Services
Micro enterprise loans, MSME loans, commercial vehicle (CV) loans, housing loans, and non-housing loans.
Brand Portfolio
MAS Financial Services Limited, MAS Rural Housing & Mortgage Finance Limited (MRHMFL).
New Products/Services
The company is gradually entering new product segments with a focus on maintaining asset quality, targeting a consolidated AUM of INR 15,000+ crore by year-end.
Market Expansion
Expansion is focused on 13 existing states and underpenetrated semi-formal segments where demand for formal credit is rising.
Market Share & Ranking
Not disclosed as a specific rank, but positioned as a specialist in the MSME and mid-market NBFC lending space with a 30-year track record.
Strategic Alliances
Maintains 211 NBFC partnerships and relationships with over 200 NBFC-MFI entities for onward lending to MSMEs.
External Factors
Industry Trends
The industry is shifting toward co-lending and digital distribution. MASFIN is positioned to benefit through its 'partnership-led' model which keeps 20-25% of AUM off-book, enhancing capital efficiency.
Competitive Landscape
Faces competition from domestic banks and other NBFCs in the MSME and housing segments, particularly in semi-formal sectors.
Competitive Moat
Moat is built on a 30-year track record of low credit losses (less than 0.50% cumulative loss over a decade in NBFC partnerships) and a stable management team with 500+ employees serving over 5 years. This 'learning curve' is difficult for new entrants to replicate.
Macro Economic Sensitivity
Highly sensitive to government focus on financial inclusion and MSME development, which provides tailwinds for the 85% PSL-qualified portfolio.
Consumer Behavior
Increasing demand for formal credit in informal segments as government digitization and financial inclusion efforts progress.
Geopolitical Risks
Limited direct impact due to domestic focus, but subject to global macroeconomic shocks that affect domestic liquidity and interest rate environments.
Regulatory & Governance
Industry Regulations
Subject to RBI regulations for NBFCs, including capital adequacy (24.57% maintained vs regulatory minimums) and Stage 3 asset classification (GS3 at 2.35%).
Environmental Compliance
Direct environmental risk is low; however, the company has an ESG rating of 61.4/100 from CARE, indicating strong disclosure and policy management.
Taxation Policy Impact
Not specifically disclosed, but follows standard Indian corporate tax rates for NBFCs.
Legal Contingencies
The company monitors cybersecurity threats and customer data breach risks as key regulatory and reputational monitorables; specific pending court case values are not disclosed.
Risk Analysis
Key Uncertainties
Asset quality moderation in micro-enterprise and CV segments is a key risk, with GS3 ratios increasing to 2.35% in FY25 from 2.17% in FY24.
Geographic Concentration Risk
Operations are concentrated in 13 Indian states, with a focus on semi-formal and informal sectors in these regions.
Third Party Dependencies
Significant dependency on 211 NBFC partners for AUM distribution and collection, representing 36% of the total portfolio.
Technology Obsolescence Risk
The company is addressing digital transformation through an IT Strategy Committee and IT Steering Committee to modernize credit assessment.
Credit & Counterparty Risk
Net NPAs stood at 1.62% of total AUM as of March 31, 2025. The company uses dynamic credit scoring and bureau checks to manage the risk of its diverse borrower base.
