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MASFIN - MAS FINANC SER

📊 NSE: MASFIN 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 9:39

📢 Recent Corporate Announcements

MAS Financial Services Approves ₹0.75 Dividend and ₹4,000 Cr Fundraise via NCDs/CPs

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 29 Apr 2026, 03:42 PM

MAS Financial Services has announced its audited financial results for FY26 and recommended a final dividend of ₹0.75 per share. To fuel future growth, the board approved a significant increase in borrowing limits to ₹15,000 crore. Furthermore, the company plans to raise up to ₹3,000 crore through Non-Convertible Debentures (NCDs) and ₹1,000 crore via Commercial Papers. The continuation of a high-profile Corporate Advisory Committee, including former NITI Aayog and RBI officials, underscores a commitment to strong governance and strategic oversight.

Recommended a final dividend of ₹0.75 per equity share (7.5% of face value) for FY 2025-26.
Approved raising up to ₹3,000 crore via NCDs and ₹1,000 crore via Commercial Papers on a private placement basis.
Increased overall borrowing powers under Section 180(1)(c) of the Companies Act to ₹15,000 crore.
Re-appointed the Corporate Advisory Committee featuring Dr. Rajiv Kumar and Mr. TT Srinivasaraghavan for FY 2026-27.

💡 Investors should look favorably upon the expansion of borrowing limits as it indicates a strong growth pipeline for the NBFC. The presence of high-caliber advisors and the consistent dividend payout further strengthen the investment case for long-term holders.

MAS Financial Recommends ₹0.75 Dividend; Board Approves ₹4,000 Cr Fundraise

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 29 Apr 2026, 03:41 PM

MAS Financial Services has recommended a final dividend of ₹0.75 per share for FY26, representing 7.5% of its face value. The board also approved a significant increase in borrowing limits to ₹15,000 crore to support future growth. Additionally, the company plans to raise up to ₹3,000 crore through Non-Convertible Debentures (NCDs) and ₹1,000 crore via Commercial Papers. The continuation of a high-profile Corporate Advisory Committee, including former NITI Aayog and RBI officials, signals a strong focus on strategic governance.

Recommended a final dividend of ₹0.75 per equity share (7.5% of face value of ₹10) for FY26
Approved increase in borrowing powers under Section 180(1)(c) up to ₹15,000 Crore
Authorized fundraise of ₹3,000 Crore via NCDs and ₹1,000 Crore via Commercial Papers
Re-appointed Corporate Advisory Committee with experts including Dr. Rajiv Kumar and Mr. TT Srinivasaraghavan
Audited standalone and consolidated financial results for FY26 approved with unmodified audit opinion

💡 The massive expansion in borrowing capacity and planned fundraise suggest a strong growth trajectory; investors should monitor the upcoming AGM for final approvals.

MAS Financial FY26 Results: ₹0.75 Dividend & ₹4,000 Cr Fundraise Approved

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 29 Apr 2026, 03:34 PM

MAS Financial Services has announced its FY26 financial results along with a final dividend of ₹0.75 per share. The board has approved a significant expansion in borrowing powers to ₹15,000 crore to fuel future growth. Furthermore, the company plans to raise up to ₹3,000 crore through Non-Convertible Debentures and ₹1,000 crore via Commercial Papers. The continuation of a high-profile Corporate Advisory Committee featuring former NITI Aayog and RBI officials highlights a strong focus on governance and strategic direction.

Recommended a final dividend of ₹0.75 per equity share (7.5% of face value).
Approved increasing borrowing limits under Section 180(1)(c) up to ₹15,000 crore.
Authorized fundraise of ₹3,000 crore via NCDs and ₹1,000 crore via Commercial Papers on a private placement basis.
Re-appointed a distinguished Corporate Advisory Committee including Dr. Rajiv Kumar and Mr. TT Srinivasaraghavan for FY 2026-27.
Audited financial results for FY26 were approved with an unmodified audit opinion.

💡 Investors should monitor the company's deployment of the newly approved borrowing limits as it signals aggressive growth intent. The steady dividend and high-caliber advisory board provide additional confidence in the company's long-term stability.

MAS Financial Services Schedules Q4 & FY26 Earnings Conference Call for April 30, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 23 Apr 2026, 11:43 AM

MAS Financial Services Limited has announced its conference call to discuss financial results for the fourth quarter and the full fiscal year ended March 31, 2026. The call is scheduled for Thursday, April 30, 2026, at 15:30 IST. Senior management, including the Chairman & Managing Director and the CEO, will be present to address queries from analysts and investors. This is a standard procedure following the end of the financial year to provide transparency on company performance.

Conference call scheduled for April 30, 2026, at 3:30 PM IST to discuss Q4 and FY26 results.
Management representation includes CMD Kamlesh Gandhi, CEO Darshana Pandya, and CFO Ankit Jain.
Universal dial-in numbers provided are +91 22 6280 1144 and +91 22 7115 8045.
International toll-free access available for investors in the UK, USA, Singapore, and Hong Kong.

💡 Investors should monitor the Q4 results release prior to the call and listen for management commentary on AUM growth and asset quality trends for the upcoming fiscal year.

MAS Financial Services Increases Stake in Housing Subsidiary to 63.74% with ₹25 Cr Infusion

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 31 Mar 2026, 07:01 PM

MAS Financial Services (MASFIN) has invested approximately ₹25 crore in its subsidiary, MAS Rural Housing and Mortgage Finance Limited (MRHMFL), via a rights issue. This transaction increases MASFIN's total shareholding in the housing finance arm from 62.54% to 63.74%. The capital infusion is aimed at supporting the subsidiary's working capital requirements and business expansion activities. MRHMFL has demonstrated strong growth, with its annual turnover increasing from ₹43.11 crore in FY23 to ₹78.77 crore in FY25.

Invested ₹24,99,99,969 to acquire 12,67,170 equity shares at a price of ₹197.29 per share.
Incremental rise of 1.20% in shareholding, taking the total stake in the subsidiary to 63.74%.
Subsidiary turnover grew from ₹43.11 Cr in FY23 to ₹78.77 Cr in FY25, reflecting a robust growth trajectory.
MRHMFL reported a net profit of ₹8.75 crore for the period ending December 31, 2025.
The capital infusion will strengthen the subsidiary's liquidity position for smooth operations and expansion.

💡 Investors should view this as a strategic move to scale the high-growth housing finance segment. The consistent growth and profitability of the subsidiary suggest that increased ownership will be value-accretive for MASFIN shareholders.

MAS Financial Services Invests Rs 25 Crore in Housing Finance Subsidiary

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 31 Mar 2026, 01:16 PM

MAS Financial Services Limited (MASFIN) has infused Rs 24.99 crore into its subsidiary, MAS Rural Housing & Mortgage Finance Limited (MRHMFL), through a rights issue. The company acquired 12,67,170 equity shares at a price of Rs 197.29 per share, representing 1.20% of the subsidiary's total equity capital. This capital infusion is designed to support the subsidiary's working capital needs and facilitate the expansion of its housing finance activities in rural and semi-urban areas. MRHMFL has shown consistent growth, with its annual turnover increasing from Rs 43.11 crore in FY23 to Rs 78.77 crore in FY25.

Invested Rs 24,99,99,969 to acquire 12,67,170 equity shares in the subsidiary MRHMFL.
Shares were acquired at a premium of Rs 187.29 per share on a face value of Rs 10.
Subsidiary turnover grew significantly from Rs 43.11 Cr in FY23 to Rs 78.77 Cr in FY25.
The investment represents 1.20% of the total equity share capital of the subsidiary.
Capital will be utilized for working capital and expansion of business activities in the housing finance segment.

💡 Investors should view this as a positive step towards scaling the group's housing finance vertical, which targets high-growth rural segments. Monitor the subsidiary's future profitability and its impact on MASFIN's consolidated earnings.

MAS Financial Services Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 11:48 AM

MAS Financial Services Limited has informed the stock exchanges that its trading window will be closed starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons and their relatives until 48 hours after the results are made public. This is a standard regulatory procedure for listed Indian companies during earnings seasons.

Trading window closure effective from Wednesday, April 1, 2026
Closure pertains to the financial results for the quarter and year ended March 31, 2026
Window to reopen 48 hours after the official announcement of financial results
Restriction applies to all Designated Persons and their immediate relatives

💡 This is a routine regulatory filing with no impact on business fundamentals. Investors should wait for the announcement of the Q4 and FY2026 results to evaluate the company's financial performance.

MAS Financial Allots ₹100 Crore NCDs at 8.60% Interest Rate

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 25 Mar 2026, 10:41 AM

MAS Financial Services has successfully allotted 10,000 secured, non-convertible debentures (NCDs) to raise ₹100 crore via private placement. The NCDs offer an 8.60% annual interest rate payable monthly and have a total tenure of 36 months. Rated 'CARE AA-/Stable', the funds will likely be used to bolster the company's lending book and manage liquidity. Principal redemption is scheduled on a quarterly basis starting from June 2026, ensuring a structured repayment profile.

Total fundraise of ₹100 crore through 10,000 NCDs with a face value of ₹1 lakh each.
Fixed coupon rate of 8.60% per annum with a monthly interest payout schedule.
Instrument carries a 'CARE AA-/Stable' credit rating, indicating high safety.
Secured by a first ranking charge on receivables with a minimum 1.10x asset cover.
Tenure of 36 months with principal redemption occurring quarterly starting June 2026.

💡 This fundraise is a positive indicator of the company's ability to access debt markets at competitive rates to fuel its lending growth. Investors should monitor the company's Net Interest Margins (NIM) in upcoming quarters to assess the impact of these borrowing costs.

CARE Reaffirms MAS Financial's 'AA-; Stable' Rating; Assigns Rating to ₹400 Cr NCDs

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 11 Mar 2026, 07:39 PM

CARE Ratings has reaffirmed MAS Financial Services' long-term rating at 'CARE AA-; Stable' and assigned the same to a new ₹400 crore NCD issue. The company's consolidated Assets Under Management (AUM) grew to ₹14,641 crore as of December 2025, with a target of reaching up to ₹15,500 crore by FY26-end. While asset quality saw a slight moderation with Gross Stage 3 assets at 2.47%, capital adequacy remains strong at 22.84%. Profitability continues to be healthy with a 9MFY26 PAT of ₹271 crore, representing an 18% year-on-year increase.

CARE reaffirmed 'AA-; Stable' rating for ₹8,600 crore bank facilities and assigned it to new ₹400 crore NCDs.
Consolidated AUM reached ₹14,641.46 crore as of Dec 31, 2025, driven by growth in CV and personal loan segments.
Capitalization remains comfortable with a Capital Adequacy Ratio (CAR) of 22.84% and Tier-I CAR of 21.48%.
Consolidated PAT for 9MFY26 rose 18% YoY to ₹271 crore, while ROTA stood at a healthy 2.83%.
Asset quality showed slight pressure with GS3 at 2.47% and NS3 at 1.64% as of December 2025.

💡 Investors should take confidence in the reaffirmed 'AA-' rating which supports the company's ability to raise low-cost funds. Monitor the slight uptick in non-performing assets and the high geographic concentration in Gujarat (43.7% of AUM).

MAS Financial Shareholders Approve Re-appointment of Independent Director with 99.98% Votes

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Mar 2026, 05:41 PM

MAS Financial Services Limited has announced the successful passage of a special resolution via postal ballot for the re-appointment of Dr. Barnali Chaklader as a Woman Independent Director. The resolution received overwhelming support with 99.98% of votes cast in favor. A total of 158.49 million votes were polled, representing approximately 87.35% of the total outstanding shares. This ensures board continuity for a second consecutive five-year term.

Special resolution passed for the re-appointment of Dr. Barnali Chaklader as Woman Independent Director for 5 years.
Total votes polled reached 158.49 million, accounting for 87.35% of the total outstanding shares.
The resolution received 99.98% approval from voting shareholders, with only 30,055 votes (0.019%) against.
Promoter group and public institutions showed strong support with 100% and 99.92% 'in favour' votes respectively.

💡 No immediate action is required as this is a routine governance matter. The high approval rating reflects strong shareholder confidence in the existing board and management stability.

MAS Financial Services Receives RBI Approval to Launch Factoring Business

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 02 Mar 2026, 03:53 PM

MAS Financial Services Limited (MASFIN) has been granted a Certificate of Registration by the Reserve Bank of India (RBI) to undertake factoring business. This new license allows the existing NBFC to expand its financial services suite and diversify its credit offerings beyond traditional lending. The company plans to commence these operations based on market conditions and available opportunities. This regulatory milestone is expected to strengthen MASFIN's position in the MSME lending space by providing liquidity solutions through invoice discounting.

Received 'Additional Certificate of Registration' from the RBI to carry on factoring business.
The approval allows the company to diversify its product portfolio into asset-based financing.
Management intends to commence operations in this segment in due course, subject to market conditions.
The disclosure was made on March 2, 2026, in compliance with SEBI Listing Regulations.

💡 Investors should monitor the company's execution strategy for this new segment as it could lead to higher AUM growth and improved margins. The stock remains a positive watch for those looking at diversified NBFC plays.

MAS Financial Outlines Vision 2036; Assets Grown from ₹2 Cr in 1995 to ~₹15,000 Cr

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 21 Feb 2026, 03:20 PM

MAS Financial Services hosted an investor meet to detail its 'Vision 2036' strategy, emphasizing consistent compounding and prudent lending. The company highlighted its growth from a ₹2 crore capital base in 1995 to approximately ₹15,000 crore currently, largely driven by internal accruals. Management reaffirmed a commitment to maintaining promoter holding above 50% even after future capital raises to ensure skin-in-the-game. The focus remains on profitability as the primary index of value creation while expanding the retail asset business.

Company scaled from ₹2 crores capital in 1995 to nearly ₹15,000 crores in assets by 2026
Promoter holding currently stands at 66.61%, with a commitment to stay above 50% through 2036
Management emphasized 'Vision 2036' focusing on internal accruals and extending credit where due
Strategy prioritizes profitability and frugal operations over aggressive capital-burning growth

💡 Investors should take confidence in the management's long-term vision and high promoter ownership, which aligns interests with minority shareholders. The stock remains a steady play for those seeking disciplined growth in the NBFC space.

MAS Financial Services Releases Recording of Feb 16 Analyst/Investor Meeting

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Feb 2026, 09:40 PM

MAS Financial Services Limited has officially released the audio and video recordings of its analyst and investor meeting conducted on February 16, 2026. This disclosure follows Regulation 30(6) of SEBI (LODR) Regulations, ensuring transparency for all stakeholders. The meeting concluded at 7:35 P.M., and the recording is now available on the company's investor relations portal. Such recordings often contain qualitative insights into the company's growth trajectory and operational performance.

Recording of the Analyst/Investor meeting held on February 16, 2026, is now public.
Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The meeting concluded at 7:35 P.M. on the day of the announcement.
Link to the recording is available on the company's official website for stakeholder review.

💡 Investors should listen to the recording to understand management's perspective on recent performance and future guidance. This is a routine compliance update and does not require immediate portfolio changes.

MAS Financial Services Unveils Vision 2036 to Reach ₹1,00,000 Crore AUM

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 16 Feb 2026, 04:45 PM

MAS Financial Services has announced its 'Vision 2036' roadmap, targeting a milestone Assets Under Management (AUM) of ₹1,00,000 Crore, up from its current consolidated AUM of ₹14,641.5 Crore as of December 2025. The company aims for a sustainable growth rate of 20-25% while maintaining a strong focus on risk management and profitability. With a standalone net worth of ₹2,865 Crore, approximately 66% of the company's growth has been driven by internal accruals, reflecting a capital-efficient business model. The strategy emphasizes expansion in SME and Micro Enterprise segments, supported by a robust network of 283 branches and 215 NBFC partners.

Vision 2036 sets an ambitious long-term target of ₹1,00,000 Crore AUM with a focus on compounding and prudence.
Consolidated AUM reached ₹14,641.5 Crore as of December 31, 2025, with SME and Micro Enterprise loans contributing over ₹10,400 Crore.
Standalone net worth stands at ₹2,865 Crore, with a high CARE AAA credit rating as of 2024.
The company maintains a diversified distribution network across 13 states/UTs with 15,500+ customer locations.
Asset quality remains stable with SME loan GNPA at 1.49% and Housing loan GNPA at a low 0.97%.

💡 Investors should view this as a positive long-term strategic commitment, focusing on the company's ability to scale while maintaining its historical 20-25% growth trajectory. Monitor the execution of the SME vertical and the value unlocking potential of the housing subsidiary.

MAS Financial Services to Host Investor & Analyst Day on February 16, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 04:41 PM

MAS Financial Services Limited (MASFIN) has scheduled an Investor & Analyst Day for February 16, 2026, starting at 4:00 P.M. The event will be held as an in-person group interaction at the Jio World Convention Centre in Mumbai. The company has clarified that discussions will be based on publicly available information and no unpublished price sensitive information (UPSI) will be shared. This meeting serves as a standard platform for institutional engagement and transparency.

Investor & Analyst Day scheduled for February 16, 2026, at 4:00 P.M. IST
In-person group interaction to be held at Jio World Convention Centre, Mumbai
Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015
Discussions will strictly exclude any unpublished price sensitive information (UPSI)

💡 Investors should look for the post-event presentation or transcript on the stock exchange for potential insights into management's future outlook. No immediate portfolio action is required based on this routine scheduling announcement.

View All MASFIN Announcements on Live Market Tracking →

💰 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.