MAS Financial Services Ltd

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MAS FINANC SER Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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MAS Financial Services Ltd

₹ 253 1.04%
04 Nov - close price
mas.co.in BSE: 540749 NSE: MASFIN
About

MAS Financial Services Limited is a non-deposit taking NBFC registered with the RBI. It is engaged in offering retail financing products for MSMEs, home loans, two-wheeler loans, used car loans and commercial vehicle loans. [1]

Key Points

Business Profile[1]
MAS Financial Services Limited is a diversified NBFC focused on lending to underserved MSME and retail segments in India. Headquartered in Ahmedabad, the company operates through a hybrid distribution model combining its own branch network with an extensive NBFC partnership ecosystem.

Website BSE NSE
  • Market Cap ₹ 4,588 Cr.
  • Current Price ₹ 253
  • High / Low ₹ 359 / 238
  • Stock P/E 11.2
  • Book Value ₹ 176
  • Dividend Yield 0.79 %
  • ROCE 11.3 %
  • ROE 13.2 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 20.2% CAGR over last 5 years

Cons

  • Company has low interest coverage ratio.
  • Company has a low return on equity of 14.0% over last 3 years.
  • Promoter holding has decreased over last 3 years: -7.06%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Non Banking Financial Company (NBFC)

Part of BSE Financial Services BSE 1000

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
294 320 329 346 365 390 417 443 456 481 514 531 557
Interest 146 164 162 172 175 185 191 206 212 219 222 222 238
69 73 77 80 88 99 116 124 125 134 160 166 173
Financing Profit 79 83 91 95 101 106 111 114 118 129 133 143 146
Financing Margin % 27% 26% 28% 27% 28% 27% 26% 26% 26% 27% 26% 27% 26%
2 2 1 1 2 0 -0 0 4 -4 2 -1 3
Depreciation 1 1 1 1 1 1 1 1 2 2 2 2 2
Profit before tax 80 85 91 94 102 105 109 112 120 123 133 140 147
Tax % 25% 26% 25% 25% 25% 26% 26% 25% 25% 27% 25% 25% 25%
60 62 68 70 77 78 81 84 90 90 100 105 110
EPS in Rs 3.66 3.81 4.15 3.88 4.22 4.30 4.45 4.62 4.94 4.98 5.50 5.76 6.06
Gross NPA % 2.23% 2.25% 2.29% 2.41% 2.44% 2.49% 2.53% 2.56% 2.57% 2.58%
Net NPA % 1.48% 1.51% 1.52% 1.62% 1.62% 1.63% 1.69% 1.72% 1.70% 1.70%
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
226 294 341 451 572 672 594 656 939 1,228 1,521 1,898 2,084
Interest 107 136 152 171 205 275 266 321 476 617 730 865 902
60 76 85 111 130 164 129 123 196 277 375 536 631
Financing Profit 60 82 104 168 237 234 198 212 267 334 416 498 551
Financing Margin % 26% 28% 30% 37% 41% 35% 33% 32% 28% 27% 27% 26% 26%
0 0 0 -2 -2 -3 -3 1 1 1 -0 -2 0
Depreciation 1 1 1 1 1 2 2 2 2 4 5 6 7
Profit before tax 59 82 103 165 234 228 193 211 265 331 410 489 544
Tax % 34% 35% 35% 37% 35% 27% 26% 25% 24% 25% 25% 26%
39 53 67 103 152 167 144 158 201 248 306 364 405
EPS in Rs 3.24 4.45 5.23 6.31 9.28 10.16 8.75 9.61 12.25 15.11 16.86 20.04 22.30
Dividend Payout % 20% 20% 20% 19% 18% 26% 6% 10% 10% 23% 10% 10%
Compounded Sales Growth
10 Years: 21%
5 Years: 26%
3 Years: 26%
TTM: 22%
Compounded Profit Growth
10 Years: 21%
5 Years: 20%
3 Years: 22%
TTM: 23%
Stock Price CAGR
10 Years: %
5 Years: 0%
3 Years: -6%
1 Year: -19%
Return on Equity
10 Years: 15%
5 Years: 14%
3 Years: 14%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 16 16 43 55 55 55 55 55 55 164 181 181 181
Reserves 85 118 237 719 855 926 1,118 1,286 1,451 1,605 2,404 2,771 3,012
Borrowing 1,053 1,287 1,164 1,285 2,020 2,580 3,294 4,232 5,838 7,049 8,726 9,765 11,175
333 392 581 639 774 1,011 711 492 335 291 353 384 475
Total Liabilities 1,488 1,814 2,024 2,698 3,704 4,572 5,178 6,064 7,678 9,109 11,664 13,101 14,843
4 6 7 57 12 13 11 13 16 22 24 71 72
CWIP 0 0 0 0 46 48 50 52 58 70 92 127 152
Investments 11 11 11 13 22 38 235 538 826 788 1,594 1,058 998
1,472 1,797 2,006 2,628 3,624 4,473 4,881 5,461 6,778 8,229 9,955 11,845 13,621
Total Assets 1,488 1,814 2,024 2,698 3,704 4,572 5,178 6,064 7,678 9,109 11,664 13,101 14,843

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-240 -243 -134 -366 -400 189 -575 -820 -1,342 -1,283 -1,009 -1,672
-2 -1 -4 -49 4 -7 -200 -809 -292 26 -835 451
277 206 -1 417 713 487 715 935 1,601 1,197 2,104 993
Net Cash Flow 35 -38 -139 2 318 669 -60 -694 -33 -60 260 -228
Free Cash Flow -241 -246 -138 -414 -402 185 -577 -825 -1,352 -1,303 -1,038 -1,762

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
ROE % 44% 45% 33% 20% 18% 18% 14% 13% 14% 15% 14% 13%

Insights

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Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Micro-Enterprise Loans (MEL) AUM
INR Mn

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SME Loans AUM
INR Mn
Standalone Assets Under Management (AUM)
INR Mn
Two-Wheeler Loans AUM
INR Mn
Net Stage 3 Assets as % of AUM
%
Number of Branches
count
Number of NBFC Partners
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
73.72% 73.72% 66.63% 66.63% 66.63% 66.63% 66.63% 66.63% 66.63% 66.66% 66.66% 66.66%
1.63% 1.79% 3.58% 2.72% 3.02% 3.12% 3.07% 3.18% 3.13% 3.46% 3.69% 2.67%
8.43% 14.42% 20.41% 20.23% 20.02% 20.13% 19.99% 20.15% 20.23% 20.04% 19.68% 19.99%
16.21% 10.06% 9.38% 10.41% 10.34% 10.12% 10.32% 10.04% 10.01% 9.86% 9.97% 10.69%
No. of Shareholders 31,51444,54445,41550,51051,14849,59946,49643,23742,01640,10739,68539,282

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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