NSE: MASFIN · BSE: 540749
MAS FINANCIAL SERV LTD
Lends primarily to micro, small and medium enterprises (MSMEs) through 209 branches serving around 16,500 customer centers, with 200+ NBFC partners contributing roughly 33% of assets. The Q1 FY27 consolidated AUM stood at Rs 16,122.75 cr, of which 77% was MSME-led (MEL/SME), 14% commercial vehicles and 9% salaried personal loans. Financing activities generated 99.9% of FY26 segment revenue. A housing finance subsidiary held an AUM of Rs 976 cr at end of Q1 FY27, with a 100% secured book and net stage 3 of 0.68%. Borrowing cost is the principal input, falling 55 bps to 9.25% in Q1 FY27, while capital adequacy was 23.25% and Tier-1 21.94%. Loan yields are guided at 16-17% with spreads of 7-7.5%, and asset quality at gross stage 3 of 2.58% and net stage 3 of 1.70%. Funding comes from bank facilities rated CARE AA-/Acuité AA and private placement NCDs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financing activities (100%), Others (0%). MSME-focused NBFC with multi-channel direct and partner-led distribution, high-yield loan book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 690 | 988 | 1,279 | 1,596 | 1,995 |
| EBITDA (ex other income) | 556 | 768 | 984 | 1,185 | 1,412 |
| margin % | 80.6 | 77.7 | 76.9 | 74.3 | 70.8 |
| Owners' profit | 159 | 203 | 251 | 310 | 371 |
| EPS, as reported (₹) | 29.14 | 37.18 | 15.31 | 17.48 | 20.46 |
| ROE % · ROCE % | 12.0 · — | 13.3 · — | 14.0 · — | 11.8 · — | 12.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (802) | (1,488) | (1,366) | (1,133) | (1,787) |
| Capex | (5) | (10) | (22) | (26) | (80) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 384 | 410 | 438 | 466 | 480 | 507 | 542 | 562 |
| Profit before tax | 104 | 108 | 112 | 116 | 123 | 127 | 139 | 148 |
| Net profit | 78 | 80 | 83 | 87 | 91 | 93 | 104 | 110 |
| EPS (₹) | 4.73 | 3.88 | 4.55 | 4.82 | 4.98 | 5.08 | 5.69 | 5.98 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financing activities | 544 | 99.8 |
| Others | 1 | 0.2 |
| Total, before eliminations | 545 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.7 | 18.1 | 71 of 200 | 65% |
| P/B | 1.5 | 1.1 | 160 of 253 | 37% |
| ROE | 12.4 | 3.1 | 35 of 257 | 87% |
| EBITDA margin | 68.6 | 48.6 | 88 of 249 | 65% |
| Revenue growth | 20.7 | 12.6 | 98 of 231 | 58% |
| Profit growth | 27.2 | 7.8 | 106 of 251 | 58% |
| Market cap | 4627 | 34 | 22 of 268 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27: AUM up 23%, management retains 2036 growth vision | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 FY27 assets under management cross Rs 17,000 crore; profit up 26% | compliance | minimal | — | — |
| 28 Oct 2026 · MAS Financial posts 22% revenue growth in September 2026 quarter | results | high | — | — |
| 22 Oct 2026 · MAS Financial to host Q2FY27 results call on October 29 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meet on Oct 28 to consider Q2/H1 FY27 results and subsidiary investment | results | low | — | — |
| 14 Oct 2026 · CARE Ratings upgrades and reaffirms ratings on Pass Through Certificates | credit debt | medium | — | — |
| 28 Sept 2026 · Trading Window closed from Oct 1, 2026 till Q2/H1 FY26 results announcement | compliance | minimal | — | — |
| 24 Sept 2026 · MAS Financial allots Rs 175 crore NCDs at 8.55% via private placement | fund raising | medium | — | — |
| 18 Sept 2026 · MAS Financial receives CRISIL ESG rating of 65, rated Strong | business updates | low | — | — |
| 16 Sept 2026 · Intimation of analyst/investor meeting on Sept 22, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.