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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/E14.0
Book Value₹ 168
Price to Book1.72
Dividend Yield0.68 %
ROCE11.4 %
ROE13.1 %
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 20.4% 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 delivered good sales growth of 26.1% CAGR over last 5 years
  • Company has a consistent dividend-paying track record
  • Attractively priced for its growth - PEG of 0.6

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 72.6% from 79.6%
  • Though reporting repeated profits, the company pays out little dividend (10.0%)

* 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
254294288296316328354378400402422443531
61697377808899116124125134160390
Operating Profit218225247252266277291302320330339354366
OPM %85.63%76.39%85.88%85.31%84.42%84.49%82.05%79.85%79.85%82.14%80.46%79.97%68.84%
Other Income2221120-00302-1
Interest143146164162172175185191206212219222222
Depreciation1111111112222
7680859194102105109112120123133140
Tax %24.47%25.01%26.12%25.29%25.38%24.98%25.68%25.76%25.38%25.39%26.58%25.10%25.42%
Net Profit5760626870777881849090100105
3444444455551

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3414515726725936569371,2221,5181,8951,799
85113132168133123195271362519809
Operating Profit2553374405044605337429511,1571,376990
OPM %75.00%74.87%76.95%75.05%77.59%81.23%79.22%77.85%76.18%72.62%55.04%
10011238320
Interest152171205275266321478624744883875
Depreciation11122224567
Profit before Tax103165234228193211265331410489517
Tax %34.64%37.37%34.97%27.00%25.60%25.44%24.08%25.25%25.46%25.61%25.61%
Net Profit67103152167144158201248306364384
EPS15.0721.4227.8330.4726.2528.8236.7615.1116.8620.04—
Dividend Payout %20.82%19.34%18.33%26.26%5.71%10.41%9.93%23.23%10.08%9.98%—

COMPOUNDED SALES GROWTH

10 Years:
21%
5 Years:
26%
3 Years:
26%

COMPOUNDED PROFIT GROWTH

10 Years:
21%
5 Years:
20%
3 Years:
22%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
17%
5 Years:
14%
3 Years:
14%
Last Year:
13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
2377198559261,1181,2861,4511,6052,4042,771
1,4121,6592,5743,2023,6924,5285,8387,0538,7259,769
Trade Payables336871613163536
360313408639555500369338406442
Total Liabilities2,0542,7493,8974,8305,4266,3847,7269,17611,75213,199
7571213111316222471
Capital Work in Progress0046485052587091126
111322382355388267881,5941,058
0000000754
Cash & Bank37483691,027997831772819865751
1,9992,6313,4493,7044,1334,9506,0547,4719,17311,189
Total Assets2,0542,7493,8974,8305,4266,3847,7269,17611,75213,199

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-296-488-55864-779-949-1,599-1,617-1,559-2,378
Cash from Investing-4-494-7-200-809-29226-835451
Cash from Financing-14177134877159351,6011,1972,104993
-1392318669-60-694-33-60260-228

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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