MAS Financial Services Limited (MASFIN) share price

₹270.25 on NSE as of 2026-10-07. +1.26% on the day. market cap ₹4,904 Cr. P/E 12.4. 52-week range ₹266.90 to ₹347.40. Financial Services.

mas.co.in

What the company does

Incorporated in 1995, Gujarat based MFSL, is the flagship company of MAS group (i.e. MAS Financial Services Limited (MFSL), MAS Rural Housing and Mortgage Finance Limited - (MRHML) and MASFIN Insurance Broking Private Limited). MFSL is registered with RBI as a Non deposit-taking, non-banking financial company. MFSL provides financing directly and indirectly to Micro Enterprises (MEL), Small and Medium Enterprises (SME), along with loans for commercial vehicles and two wheelers. MFSL primarily operates in 13 states, namely, Rajasthan, Gujarat, Maharashtra, Tamil Nadu, Karnataka, Madhya Pradesh, Chhattisgarh, Uttarakhand, Haryana, Punjab, Telangana and one Union Territory, National Capital Territory of Delhi, through a network of 208 branches as on March 31, 2026. MFSL’s equity shares were listed on BSE and NSE in October 2017, it currently has a market capitalization of Rs. 5655 Cr as on 30th June 2026. MFSL’s shareholders included marquee investors from Banks, NBFC's & other financial institutions. The promoter and promoter group hold 66.65 percent of the equity shareholding in MFSL as on Mar 31, 2026. About the Group MAS Rural Housing and Mortgage Finance Limited (MRHMFL), incorporated in the financial year 2008, is a no deposit taking Housing Finance Company registered with National Housing Board. The company is engaged in providing housing loans, commercial loans and project

Filed by Acuité Ratings, page 3.

MAS Financial Services Q1 FY27: AUM Crosses ₹16,000 Cr While Cash From Operations Runs ₹1,787 Cr Negative

At a glance

MAS Financial Services lends small sums to small businesses and to salaried borrowers. The company has run that business for 125 quarters, all of it from Ahmedabad. It closed the three months to June 2026 with consolidated revenue of ₹562 crore, against ₹466 crore a year earlier. Operating profit was ₹387 crore, up from ₹334 crore. Net profit came to ₹108 crore against ₹86 crore. Earnings per share for the quarter were ₹5.98.

Consolidated assets under management stood at ₹16,122.75 crore as on 30 June 2026. The same figure a year earlier was ₹13,298.50 crore, a rise of about 21%. Standalone assets under management were ₹15,146.73 crore. Disbursement during the quarter came to ₹4,532.76 crore.

The company disclosed its problem loans alongside the results. Gross stage 3 assets, meaning loans overdue by more than 90 days, were 2.58% of assets under management. Net stage 3, the same figure after setting aside provisions, was 1.70%. As on 31 March 2026 the two read 2.57% and 1.70%. Capital adequacy stood at 23.25%, with Tier-I at 21.94%. A management overlay, an extra provision held outside the model, stands at ₹17.60 crore. The company describes that as 0.14% of on-book assets.

For the full year, FY26 revenue was ₹1,995 crore and net profit ₹371 crore. FY25 read ₹1,597 crore and ₹310 crore. Borrowings reached ₹10,317 crore as on 31 March 2026, from ₹9,156 crore. Cash from operating activity for FY26 was negative ₹1,787 crore. For a lender, that figure is the arithmetic of a loan book growing faster than it is repaid. It is the largest negative figure in the company's ten-year record.

Introduction

MAS Financial Services Limited is a non-deposit-taking NBFC registered with the Reserve Bank of India. An NBFC lends much as a bank does, but cannot take deposits from the public. The company was incorporated in 1995 and is headquartered in Ahmedabad. It offers retail financing products for micro, small and medium enterprises. It also lends against homes, two-wheelers, used cars and commercial vehicles. Equity shares were listed on the BSE and the NSE in October 2017.

The group has three parts. There is MAS Financial Services itself; MAS Rural Housing and Mortgage Finance Limited, the housing subsidiary incorporated in FY2008 and registered with the National Housing Bank; and MASFIN Insurance Broking Private Limited. The company operates mainly across 13 states and one union territory, through 209 branches. It also holds partnerships with 223 NBFCs.

The recent filing calendar has been busy in the unglamorous way. On 29 July 2026 the board approved the June-quarter results and the FY26 Directors' Report. It set the 31st annual general meeting for 2 September 2026. It also approved a set of senior management changes. Nishant Jain moves from Chief Risk Officer to Director – Operations with effect from 1 September. Darshil Thakkar steps up from Head – Credit to Chief Risk Officer for a five-year term. Bharat Aswani takes additional charge of the credit function. Riddhi Bhayani was re-appointed Chief Compliance Officer for five years from September 2026.

On 31 July 2026, UIDAI approved the company's appointment as a Sub-Authentication User Agency and Sub-eKYC User Agency under Protean eGov Technologies. That approval runs for two years from receipt of pre-production access. In March 2026 the RBI granted a certificate to commence factoring business, which is the buying of a firm's unpaid invoices at a discount. On 23 June 2026 the parent redeemed 3,33,333 optionally convertible preference shares of the housing subsidiary in cash. That was 25% of the total such shares.

Acuité, a credit-rating agency, reaffirmed ACUITE AA (Stable) in July 2026 on ₹6,750 crore of bank facilities. It assigned the same rating to a proposed ₹100 crore issue of non-convertible debentures. A proposed ₹250 crore bank facility rating was withdrawn at the issuer's request.

Business model

MAS lends small amounts to borrowers whom banks find inconvenient, and it does so through two doors at once.

Door one is its own branches. There are 209 of them, reaching more than 16,500 customer locations. Active loan accounts number more than 14.5 lakh. Door two is the Retail Asset Channel, a set of partnerships with 223 NBFCs and microfinance firms. Those partners source, monitor and service loans on MAS's behalf. As on 30 June 2026, about 33% of underlying assets came through partner NBFCs, with roughly 67% direct. Management indicated on the earnings call that direct sourcing is expected to rise past 70% within eight to twelve quarters.

The product shelf, measured by standalone assets under management at June 2026, starts with the small stuff. Micro Enterprise Loans stood at ₹6,152.92 crore and SME loans at ₹5,484.65 crore. Salaried personal loans were ₹1,374.32 crore. Commercial vehicle loans came to ₹1,095.82 crore and two-wheeler loans to ₹1,039.02 crore. MSME lending, micro enterprise plus SME, is roughly 77% of the standalone book on management's own count.

The ticket sizes are where the model becomes legible. Micro Enterprise Loans average ₹81,810 and two-wheeler loans average ₹78,895. SME loans average ₹29,40,517, a thirty-six-fold jump between products sitting in the same annual report. A lender writing a scooter loan at one desk and a factory extension at the next runs two businesses with one credit committee. The company treats that spread as a feature.

Then there is the funding arrangement that defines the thing. MAS regularly sells down a slice of what it originates, through direct assignment and co-lending. As of June 2026, 18% of assets under management had been assigned to banks and financial institutions, against a stated target band of 20–25%. Around 80% of the portfolio qualifies as priority sector lending, meaning loans to sectors the RBI requires banks to fund. That is what makes the pools attractive to bank buyers. Acuité, the credit-rating agency, notes that this sell-down philosophy helps manage liquidity, profitability and capital requirements. It adds that the approach keeps on-book growth, and therefore capital needs, relatively moderate.

Seven co-lending arrangements were outstanding at ₹2,238.00 crore as at 30 June 2026. The weighted average rate on loans disbursed during the quarter was 28.69%. Of that outstanding amount, ₹28.13 crore is classified as non-performing.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for MAS Financial Services Limited.

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