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MAS Financial Services Ltd.

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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 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BAJFINANCE1034.2031.71643888.190.586080.6027.6023165.4520.3710.8770.70
2.SHRIRAMFIN1028.0021.37241893.031.053452.7759.9013400.4317.4611.4974.63
3.CHOLAFIN1845.0027.40157575.180.111656.2245.568856.2921.899.7070.07
4.TATACAP362.8028.50154003.850.1616281.801464.1688219.301051.008.6675.72
5.JIOFIN230.0073.49151872.260.26830.25155.732004.47227.282.1169.71
6.BAJAJHLDNG11120.7013.97123766.171.752708.08-92.27394.3323.3414.81684.72
7.MUTHOOTFIN2794.409.86112186.351.072824.8443.088671.6036.2515.8783.76
8.ABCAPITAL398.6026.59109118.680.001223.8543.8512179.54137.848.8241.91
9.LTF309.5024.3777571.610.89915.9930.705212.9222.388.5462.13
10.SBICARD656.0527.4462432.550.38664.4419.515040.557.6011.7529.83
11.HDBFS668.6525.5355549.100.60785.2038.314937.9018.719.0957.98
12.MASFIN295.7013.615365.580.68110.1527.21562.4633.5011.4568.72
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
267280302312332345373439421425445542562
657478838695106124132134143170414
Operating Profit227235258264279289303315334346354373387
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 Income032111101213-1
Interest150154172171181185195202217224231235236
Depreciation1111111222222
7783879497104108112116123127139148
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 Profit000073788083879193104110
3444444555561

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3644776057106276909791,2841,5971,9951,975
92120140178143133208291389555861
Operating Profit2723564645314855587709931,2081,4411,115
OPM %74.71%74.77%76.83%74.89%77.24%80.78%78.73%77.36%75.65%72.20%56.43%
10000147331
Interest165187225299286340500656785931926
Depreciation12233234678
Profit before Tax106168238230196217272340421505537
Tax %34.60%37.30%35.04%27.01%25.74%25.56%24.23%25.22%25.42%25.58%25.60%
Net Profit69105155168146161206254314376399
EPS15.3321.7428.2830.6226.4129.1337.1815.3117.1120.46—
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

Corporate actions

2024

Feb 22

2:1

Increase in Authorised Capital & Bonus issue

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
43555555555555164181181
Minority Interest14121919202326364162
2417258619321,1251,2951,4641,6192,4282,793
1,5661,9322,8353,3433,9144,7376,1307,4319,18110,321
Trade Payables346871617214338
363223410721556503373343410451
Total Liabilities2,2312,9504,1855,0775,6776,6298,0649,61412,28513,847
9581315121417252774
Capital Work in Progress0046485052587091126
00052024937917261,526972
0000000756
Cash & Bank47604101,0481,019871804854897787
2,1742,8323,7173,9624,3945,1996,3947,9329,73811,882
Total Assets2,2312,9504,1855,0775,6776,6298,0649,61412,28513,847

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-335-517-63860-793-945-1,696-1,719-1,687-2,510
Cash from Investing-4-49144-199-820-30450-828467
Cash from Financing344388024487199231,6841,2902,1871,095
-1343348648-59-702-46-26236-225

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
66.6366.6366.6366.6366.6366.6366.6366.6566.65
3.582.723.023.123.073.183.133.463.69
20.4120.2320.0220.1319.9920.1520.2320.0419.68
Government0.000.000.000.000.000.000.000.000.00
9.3910.4110.3410.1210.3210.0310.009.859.97

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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