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

₹ 304 0.26%
13 Aug - 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 ₹ 5,510 Cr.
  • Current Price ₹ 304
  • High / Low ₹ 359 / 276
  • Stock P/E 13.9
  • Book Value ₹ 164
  • Dividend Yield 0.66 %
  • ROCE 11.3 %
  • ROE 13.4 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 21.0% CAGR over last 5 years
  • Company's median sales growth is 24.5% of last 10 years

Cons

  • Company has low interest coverage ratio.
  • 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

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
293 310 335 347 364 384 410 439 466 480 507 542 562
Interest 150 154 172 171 181 185 195 202 217 224 231 235 236
66 76 76 83 86 95 106 124 132 134 143 170 176
Financing Profit 77 81 86 93 97 104 109 114 117 123 133 138 150
Financing Margin % 26% 26% 26% 27% 27% 27% 27% 26% 25% 26% 26% 25% 27%
0 3 2 1 1 1 1 0 1 2 -4 3 -1
Depreciation 1 1 1 1 1 1 1 2 2 2 2 2 2
Profit before tax 77 83 87 94 97 104 108 112 116 123 127 139 148
Tax % 25% 25% 26% 25% 25% 25% 26% 26% 25% 26% 27% 25% 25%
58 62 64 70 73 78 80 83 87 91 93 104 110
EPS in Rs 3.47 3.73 3.88 4.23 3.95 4.23 4.38 4.54 4.71 4.98 5.08 5.68 5.98
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
238 309 365 477 605 710 627 690 989 1,289 1,599 1,998 2,092
Interest 113 142 165 187 225 299 286 340 498 650 770 913 926
62 82 92 118 138 175 143 132 218 297 403 572 622
Financing Profit 63 85 107 171 242 236 198 218 273 342 425 513 544
Financing Margin % 26% 27% 29% 36% 40% 33% 32% 32% 28% 27% 27% 26% 26%
0 -0 -0 -2 -2 -3 0 1 1 2 1 -1 1
Depreciation 1 1 1 2 2 3 3 2 3 4 6 7 8
Profit before tax 62 84 106 168 238 230 196 217 272 340 421 505 537
Tax % 34% 35% 35% 37% 35% 27% 26% 26% 24% 25% 25% 26%
41 55 69 105 155 168 146 161 206 254 314 376 399
EPS in Rs 8.33 11.29 5.32 6.41 9.36 10.21 8.80 9.71 12.39 15.31 17.11 20.46 21.72
Dividend Payout % 19% 20% 20% 19% 18% 26% 6% 10% 10% 23% 10% 10%
Compounded Sales Growth
10 Years: 21%
5 Years: 26%
3 Years: 26%
TTM: 23%
Compounded Profit Growth
10 Years: 21%
5 Years: 21%
3 Years: 23%
TTM: 23%
Stock Price CAGR
10 Years: %
5 Years: 3%
3 Years: 3%
1 Year: 1%
Return on Equity
10 Years: 15%
5 Years: 14%
3 Years: 14%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 16 16 43 55 55 55 55 55 55 164 181 181
Reserves 88 122 241 725 861 932 1,125 1,295 1,464 1,619 2,427 2,793
Borrowing 1,124 1,404 1,311 1,455 2,273 2,796 3,513 4,439 6,128 7,426 9,182 10,318
343 405 605 665 801 1,037 737 519 356 339 409 455
Total Liabilities 1,572 1,947 2,200 2,898 3,990 4,820 5,430 6,309 8,002 9,547 12,199 13,747
4 8 9 58 13 15 12 14 17 25 27 74
CWIP 0 0 0 0 46 48 50 52 58 70 92 127
Investments 0 0 0 0 0 5 202 493 791 726 1,526 972
1,567 1,938 2,191 2,840 3,932 4,752 5,166 5,750 7,136 8,726 10,554 12,573
Total Assets 1,572 1,947 2,200 2,898 3,990 4,820 5,430 6,309 8,002 9,547 12,199 13,747

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-267 -281 -164 -386 -468 196 -578 -805 -1,488 -1,366 -1,123 -1,787
-2 -3 -4 -49 14 4 -199 -820 -242 50 -828 467
303 251 34 438 802 448 719 923 1,684 1,290 2,187 1,095
Net Cash Flow 34 -32 -134 3 348 648 -59 -702 -46 -26 236 -225
Free Cash Flow -268 -285 -168 -435 -470 192 -580 -811 -1,499 -1,388 -1,153 -1,878
CFO/OP -139% -111% -47% -92% -85% 52% -109% -133% -185% -130% -86% -116%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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% 32% 20% 18% 18% 13% 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 ・Standalone data

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

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
73.72% 73.72% 73.72% 66.63% 66.63% 66.63% 66.63% 66.63% 66.63% 66.63% 66.66% 66.66%
2.01% 1.63% 1.79% 3.58% 2.72% 3.02% 3.12% 3.07% 3.18% 3.13% 3.46% 3.69%
8.57% 8.43% 14.42% 20.41% 20.23% 20.02% 20.13% 19.99% 20.15% 20.23% 20.04% 19.68%
15.69% 16.21% 10.06% 9.38% 10.41% 10.34% 10.12% 10.32% 10.04% 10.01% 9.86% 9.97%
No. of Shareholders 28,99931,51444,54445,41550,51051,14849,59946,49643,23742,01640,10739,685

* 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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Credit ratings

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