MAS Financial Services Ltd.

•

mas.co.inBSE: 540749NSE: MASFIN

Market Cap₹ 5,366 Cr.

Current Price

High / Low₹ 359 / 277

Stock P/E13.6

Book Value₹ 170

Price to Book1.71

Dividend Yield0.68 %

ROCE11.5 %

ROE13.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Financing Activities: 99.9% • Others: 0.1%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 20.9% CAGR over last 5 years
Comfortable capital adequacy - CAR of 22.8%
Solid return on assets for a lender - ROA of 2.9%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 26.0% CAGR over last 5 years
Latest quarter profit grew 27.2% YoY, showing strong momentum

CONS

Net NPA is elevated at 1.5% - provisioning cushion is thin
Company has a low return on capital employed of 11.6%
Free cash flow has been persistently negative
Operating margins have contracted to 72.2% from 79.1%
Though reporting repeated profits, the company pays out little dividend (9.8%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1034.20	31.71	643888.19	0.58	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1028.00	21.37	241893.03	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1845.00	27.40	157575.18	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	362.80	28.50	154003.85	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	230.00	73.49	151872.26	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11120.70	13.97	123766.17	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2794.40	9.86	112186.35	1.07	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	398.60	26.59	109118.68	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	309.50	24.37	77571.61	0.89	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	656.05	27.44	62432.55	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	668.65	25.53	55549.10	0.60	785.20	38.31	4937.90	18.71	9.09	57.98
12.	MASFIN	295.70	13.61	5365.58	0.68	110.15	27.21	562.46	33.50	11.45	68.72

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	267	280	302	312	332	345	373	439	421	425	445	542	562
	65	74	78	83	86	95	106	124	132	134	143	170	414
Operating Profit	227	235	258	264	279	289	303	315	334	346	354	373	387
OPM %	84.99%	83.69%	85.49%	84.70%	83.84%	83.76%	81.45%	71.80%	79.25%	81.50%	79.50%	68.74%	68.72%
Other Income	0	3	2	1	1	1	1	0	1	2	1	3	-1
Interest	150	154	172	171	181	185	195	202	217	224	231	235	236
Depreciation	1	1	1	1	1	1	1	2	2	2	2	2	2
	77	83	87	94	97	104	108	112	116	123	127	139	148
Tax %	24.80%	24.93%	25.91%	25.17%	25.31%	25.21%	25.56%	25.59%	25.28%	25.59%	26.57%	24.91%	25.41%
Net Profit	0	0	0	0	73	78	80	83	87	91	93	104	110
	3	4	4	4	4	4	4	5	5	5	5	6	1

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	364	477	605	710	627	690	979	1,284	1,597	1,995	1,975
	92	120	140	178	143	133	208	291	389	555	861
Operating Profit	272	356	464	531	485	558	770	993	1,208	1,441	1,115
OPM %	74.71%	74.77%	76.83%	74.89%	77.24%	80.78%	78.73%	77.36%	75.65%	72.20%	56.43%
	1	0	0	0	0	1	4	7	3	3	1
Interest	165	187	225	299	286	340	500	656	785	931	926
Depreciation	1	2	2	3	3	2	3	4	6	7	8
Profit before Tax	106	168	238	230	196	217	272	340	421	505	537
Tax %	34.60%	37.30%	35.04%	27.01%	25.74%	25.56%	24.23%	25.22%	25.42%	25.58%	25.60%
Net Profit	69	105	155	168	146	161	206	254	314	376	399
EPS	15.33	21.74	28.28	30.62	26.41	29.13	37.18	15.31	17.11	20.46	—
Dividend Payout %	20.45%	19.20%	18.18%	26.12%	5.68%	10.30%	9.82%	22.93%	9.94%	9.78%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 26%
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 21%
3 Years:: 22%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 3%
3 Years:: 0%
1 Year:: -6%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 14%
3 Years:: 14%
Last Year:: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	43	55	55	55	55	55	55	164	181	181
Minority Interest	14	12	19	19	20	23	26	36	41	62
	241	725	861	932	1,125	1,295	1,464	1,619	2,428	2,793
	1,566	1,932	2,835	3,343	3,914	4,737	6,130	7,431	9,181	10,321
Trade Payables	3	4	6	8	7	16	17	21	43	38
	363	223	410	721	556	503	373	343	410	451
Total Liabilities	2,231	2,950	4,185	5,077	5,677	6,629	8,064	9,614	12,285	13,847
	9	58	13	15	12	14	17	25	27	74
Capital Work in Progress	0	0	46	48	50	52	58	70	91	126
	0	0	0	5	202	493	791	726	1,526	972
	0	0	0	0	0	0	0	7	5	6
Cash & Bank	47	60	410	1,048	1,019	871	804	854	897	787
	2,174	2,832	3,717	3,962	4,394	5,199	6,394	7,932	9,738	11,882
Total Assets	2,231	2,950	4,185	5,077	5,677	6,629	8,064	9,614	12,285	13,847

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-335	-517	-638	60	-793	-945	-1,696	-1,719	-1,687	-2,510
Cash from Investing	-4	-49	14	4	-199	-820	-304	50	-828	467
Cash from Financing	34	438	802	448	719	923	1,684	1,290	2,187	1,095
	-134	3	348	648	-59	-702	-46	-26	236	-225

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.63	66.63	66.63	66.63	66.63	66.63	66.63	66.65	66.65
	3.58	2.72	3.02	3.12	3.07	3.18	3.13	3.46	3.69
	20.41	20.23	20.02	20.13	19.99	20.15	20.23	20.04	19.68
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	9.39	10.41	10.34	10.12	10.32	10.03	10.00	9.85	9.97

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-12

General Updates

2026-09-12 - MAS Financial Services Limited has informed the Exchange about Intimation regarding redemption of Optionally Convertible Preference Shares ( OCPS ) issued by MASRural Housing and Mortgage Finance Limited, Subsidiary Company, and held by MAS Financial Services Limited

2026-09-11

General Updates

2026-09-11 - MAS Financial Services Limited has informed the Exchange about Intimation of ESG Rating

2026-09-10

General Updates

2026-09-10 - MAS Financial Services Limited has informed the Exchange about Intimation of ESG Rating

2026-09-02

Shareholders meeting

2026-09-02 - MAS Financial Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 02, 2026. Further, the company has informed the Exchange regarding voting results.

2026-09-02

Shareholders meeting

2026-09-02 - MAS Financial Services Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 02, 2026

2026-08-26

Copy of Newspaper Publication

2026-08-26 - MAS Financial Services Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - MAS Financial Services Limited has informed the Exchange about Schedule of meet

2026-08-10

Copy of Newspaper Publication

2026-08-10 - MAS Financial Services Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-07

General Updates

2026-08-07 - MAS Financial Services Limited has informed the Exchange about General Updates - Letter to shareholders

News

Recent coverage and analyst commentary for MASFIN

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