MAS Financial Services Ltd.

•

mas.co.inBSE: 540749NSE: MASFIN

Market Cap₹ 5,262 Cr.

Current Price

High / Low₹ 359 / 277

Stock P/E13.7

Book Value₹ 168

Price to Book1.72

Dividend Yield0.69 %

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 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1055.00	32.35	656838.18	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1029.95	21.41	242345.54	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	367.80	28.89	156126.28	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	CHOLAFIN	1824.90	27.10	155858.50	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
5.	JIOFIN	233.50	74.61	154183.36	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11055.60	13.89	123041.65	1.76	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2896.70	10.23	116293.37	1.04	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	396.20	26.43	108461.67	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	308.50	24.30	77320.98	0.89	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	668.55	27.96	63622.10	0.37	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.70	26.07	56716.32	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	MASFIN	290.00	13.35	5262.15	0.69	110.15	27.21	562.46	33.50	11.45	68.72

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	254	294	288	296	316	328	354	378	400	402	422	443	531
	61	69	73	77	80	88	99	116	124	125	134	160	390
Operating Profit	218	225	247	252	266	277	291	302	320	330	339	354	366
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 Income	2	2	2	1	1	2	0	-0	0	3	0	2	-1
Interest	143	146	164	162	172	175	185	191	206	212	219	222	222
Depreciation	1	1	1	1	1	1	1	1	1	2	2	2	2
	76	80	85	91	94	102	105	109	112	120	123	133	140
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 Profit	57	60	62	68	70	77	78	81	84	90	90	100	105
	3	4	4	4	4	4	4	4	5	5	5	5	1

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	341	451	572	672	593	656	937	1,222	1,518	1,895	1,799
	85	113	132	168	133	123	195	271	362	519	809
Operating Profit	255	337	440	504	460	533	742	951	1,157	1,376	990
OPM %	75.00%	74.87%	76.95%	75.05%	77.59%	81.23%	79.22%	77.85%	76.18%	72.62%	55.04%
	1	0	0	1	1	2	3	8	3	2	0
Interest	152	171	205	275	266	321	478	624	744	883	875
Depreciation	1	1	1	2	2	2	2	4	5	6	7
Profit before Tax	103	165	234	228	193	211	265	331	410	489	517
Tax %	34.64%	37.37%	34.97%	27.00%	25.60%	25.44%	24.08%	25.25%	25.46%	25.61%	25.61%
Net Profit	67	103	152	167	144	158	201	248	306	364	384
EPS	15.07	21.42	27.83	30.47	26.25	28.82	36.76	15.11	16.86	20.04	—
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:: -1%
1 Year:: -9%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	237	719	855	926	1,118	1,286	1,451	1,605	2,404	2,771
	1,412	1,659	2,574	3,202	3,692	4,528	5,838	7,053	8,725	9,769
Trade Payables	3	3	6	8	7	16	13	16	35	36
	360	313	408	639	555	500	369	338	406	442
Total Liabilities	2,054	2,749	3,897	4,830	5,426	6,384	7,726	9,176	11,752	13,199
	7	57	12	13	11	13	16	22	24	71
Capital Work in Progress	0	0	46	48	50	52	58	70	91	126
	11	13	22	38	235	538	826	788	1,594	1,058
	0	0	0	0	0	0	0	7	5	4
Cash & Bank	37	48	369	1,027	997	831	772	819	865	751
	1,999	2,631	3,449	3,704	4,133	4,950	6,054	7,471	9,173	11,189
Total Assets	2,054	2,749	3,897	4,830	5,426	6,384	7,726	9,176	11,752	13,199

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-296	-488	-558	64	-779	-949	-1,599	-1,617	-1,559	-2,378
Cash from Investing	-4	-49	4	-7	-200	-809	-292	26	-835	451
Cash from Financing	-1	417	713	487	715	935	1,601	1,197	2,104	993
	-139	2	318	669	-60	-694	-33	-60	260	-228

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

2026-09-02

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

2026-08-07

Shareholders meeting

2026-08-07 - MAS Financial Services Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 02, 2026

2026-08-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-05 - MAS Financial Services Limited has informed the Exchange about Transcript

2026-07-31

Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals

2026-07-31 - MAS Financial Services Limited has informed the Exchange about Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals

News

Recent coverage and analyst commentary for MASFIN

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