MAS Financial Services Q2 FY27 results: net profit up 25.9% to ₹115.12 crore, revenue up 22.7%

How did MAS Financial Services perform in Q2 FY27?

MAS Financial Services reported consolidated Q2 FY27 revenue of ₹589.43 crore, up ₹109.20 crore or 22.7% from ₹480.23 crore in Q2 FY26 and ₹26.97 crore or 4.8% from Q1 FY27. Total income was ₹591.80 crore, compared with ₹482.33 crore a year ago and ₹561.92 crore in the previous quarter. EBITDA and EBITDA margin were not reported.

Profit before tax rose to ₹154.24 crore from ₹122.88 crore in Q2 FY26 and ₹147.67 crore in Q1 FY27, increases of 25.5% and 4.4%. Net profit was ₹115.12 crore, up 25.9% year on year and 4.5% sequentially. Profit attributable to owners was ₹113.28 crore, while basic EPS rose to ₹6.24 from ₹4.98 and ₹5.98. The net profit margin was 19.5%, compared with 19.0% a year ago and 19.6% in Q1 FY27.

On a standalone basis, Q2 FY27 revenue was ₹557.19 crore and net profit was ₹110.05 crore, against revenue of ₹455.70 crore and net profit of ₹89.70 crore in Q2 FY26.

What changed in MAS Financial Services' costs and profit?

Total expenses increased by ₹78.11 crore or 21.7% from Q2 FY26 to ₹437.56 crore. Finance costs were the largest reported expense at ₹252.34 crore, up ₹28.53 crore or 12.7%; employee cost rose by ₹3.84 crore or 9.6% to ₹43.99 crore. Other expenses increased by ₹3.51 crore or 14.1% to ₹28.38 crore, while depreciation rose by ₹0.54 crore or 30.3% to ₹2.32 crore.

Other income was ₹2.37 crore in Q2 FY27, up ₹0.27 crore or 12.9% from ₹2.10 crore in Q2 FY26 and ₹2.91 crore from ₹0.54 crore in Q1 FY27. There was no exceptional item. Tax expense rose by ₹7.67 crore or 24.4% from ₹31.45 crore to ₹39.12 crore, compared with an increase of ₹1.60 crore or 4.3% from Q1 FY27.

Management said higher provisioning for Stage 2 and Stage 3 assets contributed to a higher percentage of credit cost without disturbing its return on assets metrics. It also said higher borrowing costs from repo-rate increases could be absorbed while maintaining the targeted return on assets level.

How did the first half of FY27 go?

For H1 FY27, MAS Financial Services reported consolidated revenue of ₹1,151.89 crore, up ₹205.68 crore or 21.7% from ₹946.21 crore in H1 FY26. Total income rose 21.6% to ₹1,153.72 crore from ₹949.06 crore. The company reported standalone H1 FY27 revenue of ₹1,088.67 crore and net profit of ₹214.65 crore.

Consolidated profit before tax increased by ₹63.14 crore or 26.4% to ₹301.91 crore from ₹238.77 crore. Net profit rose by ₹47.25 crore or 26.5% to ₹225.27 crore from ₹178.02 crore, while basic EPS increased by ₹2.53 or 26.1% to ₹12.22 from ₹9.69.

What do the balance sheet and cash flow show?

Total assets stood at ₹15,568.84 crore on 30 September 2026, compared with ₹13,746.60 crore on 31 March 2026. Total equity was ₹3,287.37 crore, up from ₹3,036.43 crore, while cash declined from ₹223.66 crore to ₹125.72 crore. Borrowings were not reported in the consolidated balance-sheet figures.

H1 FY27 operating cash flow was an outflow of ₹1,591.56 crore, compared with an outflow of ₹1,002.38 crore in H1 FY26. Investing cash flow was ₹15.71 crore against ₹371.98 crore, while financing cash flow was ₹1,477.91 crore compared with ₹738.92 crore. Capital expenditure was ₹29.58 crore, against ₹23.06 crore a year earlier.

How has MAS Financial Services done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters, reaching ₹589.43 crore in Q2 FY27 from ₹480.23 crore in Q2 FY26. Net profit also rose year on year in each of the last eight quarters, reaching ₹115.12 crore from ₹91.43 crore over the same comparison. The reported quarterly series shows both revenue and profit at their highest level in Q2 FY27, while EBITDA-margin data was not provided for the trend.

Which businesses drove the quarter?

Financing activity reported revenue of ₹589.8 crore and EBIT of ₹152.38 crore in Q2 FY27, with an EBIT margin of 25.8%. The reported segment data did not include year-ago revenue, EBIT or growth comparisons. The Others segment reported revenue of ₹2.0 crore, EBIT of ₹1.86 crore and an EBIT margin of 93.0%.

The company’s investor presentation reported consolidated AUM of ₹17,043 crore, up 23.31% year on year and 5.71% sequentially. Consolidated net interest income grew 31.31% year on year to ₹339 crore, while standalone AUM was ₹16,011 crore and MAS Rural Housing & Mortgage Finance subsidiary AUM was ₹1,031 crore.

What else did the company announce?

On 28 October 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026 and adopted the statutory auditors’ limited review reports. It also reconstituted company committees and formed, reviewed and updated various policies. The board approved an investment of up to ₹50 crore in MAS Rural Housing & Mortgage Finance Limited; required disclosures were to be shared when the investment was made.

The same-day investor presentation said consolidated AUM grew 23.31% year on year to ₹17,043 crore and that management retained its 2036 growth vision. No dividend, fund-raising or appointment announcement is included in the same-day filings provided.

What did MAS Financial Services' management say?

Management maintained AUM growth guidance of 20%-25%, with a focus on risk and profitability, and reiterated an ongoing return-on-assets target of 2.75%-3%. It expected average borrowing costs to rise by 20-25 bps in FY27 after the current 25 bps repo hike and another expected 25 bps hike during the year. Chairman and Managing Director Kamlesh Gandhi said: “We were INR10,000 crores when we last raised our capital. We are already INR17,000 crores and we don't see raising capital in near future.”

Management expected gross Stage 3 assets of 2.5%-2.75%, potentially lower if conditions remained favourable, and net NPAs below 2%. It planned to maintain an off-book portfolio mix of 20%-25%, with the mix expected to hover around 20%-22%. Rural housing AUM exceeded ₹1,000 crore, with expansion in Tamil Nadu and Karnataka targeted from Q4 FY27 and in FY28. Medium-term ambitions include a 15%-20% wheels AUM mix, roughly 300 branches, an SME ticket size of ₹35-45 lakh, and ₹1 lakh crore AUM by 2036.

CFO Ankit Jain said: “Despite of this increase, we are confident enough to minimize the impact of this cost of borrowing increase on ROA and to maintain it at the targeted level.” Management identified wheels and maturing SME loans as asset-quality and ROA risks, while noting that about 10% of the portfolio was in drought-affected states despite low direct agricultural exposure.

How did MAS Financial Services shares react?

MAS Financial Services’ shares were up 1.6% on the reaction day from the pre-results close of ₹251.00, compared with a 0.0% median move for the other NBFC stocks and a 0.1% rise for the Nifty Microcap 250. The stock initially fell 1.1% five minutes after the filing appeared. By the next day’s close, it was up 1.2% from the pre-results close, and by the fifth session it was up 2.2%.

The industry median was up 0.1% by the next day’s close and 1.1% by the fifth session, leaving MAS Financial Services ahead by 1.1 percentage points on both measures. Earlier reaction-day moves were positive on 29 July 2026 and 29 April 2026, at 3.3% and 3.9%, respectively, and negative on 5 November 2025, 23 April 2025 and 23 October 2024.

How did other Non Banking Financial Company (NBFC) companies do?

Among 77 other Non Banking Financial Company companies that had filed for the quarter, the median revenue growth was 21.4%, compared with MAS Financial Services’ revenue growth of 22.7%. Forty peers grew more slowly than MAS Financial Services, while 37 grew faster. Of the 85 peers for which profit was compared, 56 reported higher profit.