Overview

Detailed Summary

MAS Financial Services Limited primarily offers retail financing services focused on the lower and middle-income groups in India. This includes loans for micro-enterprise, SME, vehicles, and housing.
The company reported substantial asset growth in its latest quarter, with AUM reaching ₹137,823 million, an increase of 18.03% year-over-year.
MAS Financial exhibits strong asset quality standards with Net Stage 3 Assets maintained below 2%, highlighting their focus on minimizing risk and maintaining high-quality portfolios.
Notable expansion in their branch network from 149 to 208 branches was achieved, indicating substantial business and operational growth across diverse regions.
With strategic partnerships spanning 215 NBFCs, MAS continues to enhance its distribution efficiency through collaborations and technological integration.

Sector: Finance
Industry: Non Banking Financial Company (NBFC)
Market Cap: 5,292 Cr
Volatility: Moderate Risk
P/E Ratio: 14.3
Industry P/E: 17.3
PEG Ratio: 0.6
P/B Ratio: 1.8
52W High: 358.40
52W Low: 276.00

Sales CAGR

1Y: 23.94%
3Y: 32.27%
5Y: 17.69%
10Y: 20.05%

Profit CAGR

1Y: 23.61%
3Y: 24.76%
5Y: 12.93%
10Y: 21.41%

ROE

TTM: 12.48%
3Y: 12.88%
5Y: 12.61%
10Y: 13.85%

ROCE

TTM: 10.62%
3Y: 10.87%
5Y: 11.54%
10Y: 13.99%

Technicals

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Forecasts

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Peers

Financial Services Financial Services Finance

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DHENUBUILD		10.62	6,302 Cr	-4847.45	7.49	0.00	-0.11	0.04	-0.13
FEDFINA		149.55	5,597 Cr	16.29	1.91	0.00	11.74	8.06	2.04
PAISALO		58.40	5,329 Cr	22.47	2.98	0.17	13.23	11.24	3.77
MASFIN		292.35	5,292 Cr	14.26	1.78	0.69	12.48	10.62	2.73
NORTHARC		278.15	4,484 Cr	11.04	1.15	0.00	10.42	8.83	2.41
INDOSTAR		232.95	3,771 Cr	26.85	1.00	0.00	-23.17	-2.76	1.48
SGFIN		571.80	3,753 Cr	29.40	2.53	0.00	8.74	7.34	3.06
Median: 7 Co.	—	232.95	5,292 Cr	16.29	1.91	0.00	10.42	8.06	2.41

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	335	347	364	384	410	438	466	480	507	542
Expenses	76	83	86	95	106	124	132	134	143	170
Interest	172	171	181	185	195	202	217	224	231	235
Financing Profit	86	93	98	104	109	112	117	123	133	138
Financing Margin %	25.66	26.93	26.80	27.04	26.55	25.62	25.07	25.52	26.17	25.48
Other Income	2.17	1.44	0.79	1.25	0.66	1.48	0.75	2.10	-3.77	2.94
Depreciation	1.17	1.20	1.27	1.36	1.45	1.52	1.67	1.78	1.79	2.00
Profit Before Tax	87	94	97	104	108	112	116	123	127	139
Tax %	25.91	25.17	25.31	25.21	25.56	25.59	25.28	25.59	26.57	24.91
Net Profit	64	70	73	78	80	83	87	91	93	104
EPS in Rs	3.51	3.82	4.32	4.73	3.88	4.09	4.82	4.98	5.08	5.69
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	364	477	605	710	627	690	988	1,284	1,596	1,698
Expenses	93	121	141	181	144	134	220	300	411	457
Interest	164	186	224	296	285	339	496	647	763	799
Financing Profit	106	169	239	233	198	218	272	337	422	442
Financing Margin %	29.25	35.53	39.61	32.80	31.59	31.54	27.53	26.28	26.47	26.01
Other Income	0.96	0.03	0.12	0.36	0.32	0.93	2.43	6.52	4.18	4.14
Depreciation	1.38	1.64	1.60	2.85	2.57	2.07	2.72	4.29	5.60	6.00
Profit Before Tax	106	168	238	230	196	217	272	340	421	440
Tax %	34.60	37.30	35.04	27.01	25.74	25.56	24.23	25.22	25.42	25.41
Net Profit	69	105	155	168	146	161	206	254	314	328
EPS in Rs	—	12.68	8.50	9.09	7.96	8.92	11.20	13.84	17.02	20.57
Dividend Payout %	20.38	16.96	18.16	26.13	5.68	10.30	9.82	22.93	9.73	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	43	55	55	55	55	55	55	164	181
Reserves	241	725	861	932	1,125	1,295	1,464	1,619	2,428
Borrowings	1,079	1,455	2,273	2,796	3,513	4,439	6,128	7,426	9,156
Other Liabilities	838	666	802	1,037	737	519	368	339	434
Total Liabilities	2,201	2,900	3,991	4,820	5,430	6,309	8,014	9,547	12,199
Fixed Assets	8.74	58	13	15	12	14	17	25	27
CWIP	0.00	0.00	46	48	50	52	58	70	92
Investments	0.00	0.09	0.00	5.00	202	493	791	726	1,526
Other Assets	2,192	2,842	3,932	4,752	5,166	5,750	7,148	8,726	10,554
Total Assets	2,201	2,900	3,991	4,820	5,430	6,309	8,014	9,547	12,199

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-164	-386	-468	196	-578	-805	-1,426	-1,366	-1,133
Cash from Investing Activity	-3.80	-49	14	3.99	-199	-820	-304	50	-828
Cash from Financing Activity	34	438	802	448	719	923	1,684	1,290	2,198
Net Cash Flow	-134	2.85	348	648	-59	-702	-46	-26	236

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	73.73%	73.73%	73.73%	73.73%	66.63%	66.63%	66.63%	74.13%	66.63%	66.63%	66.63%	66.65%
FIIs	2.01%	1.62%	1.77%	1.79%	3.58%	2.72%	3.01%	3.47%	3.06%	3.18%	3.13%	3.46%
DIIs	8.57%	8.43%	14.46%	14.41%	20.41%	20.23%	20.02%	22.40%	19.99%	20.16%	20.24%	20.04%
Public	15.69%	16.22%	10.04%	10.07%	9.39%	10.41%	10.34%	0.00%	10.32%	10.03%	10.00%	9.85%
Total Shareholders	28,999	31,514	41,338	44,544	45,415	50,510	51,148	101	46,496	43,237	42,016	40,107

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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