MAS Financial Services logo

MAS Financial Services

MASFIN NSE

Key Fundamentals

MicrocapNBFCFinancial Services
Market Cap
₹5,247 Cr
Volatility
Moderate
P/E Ratio
13.63
EBITDA
₹1,424 Cr
Return on Equity
12.38%
Debt to Equity
3.49
Book Value
₹163.9
EPS
₹14.65
52W High
₹358.85
52W Low
₹277.35

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • 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

Weaknesses

2
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last 3 years: -7.06%

Growth Rate

Revenue Growth
25.14% lower than 3Y
Net Income Growth
19.68% lower than 3Y
Cash Flow Change
-59.08% lower than 3Y
ROE
4.47% lower than 3Y
ROCE
3.92% higher than 3Y
EBITDA Margin (Avg.)
-4.33% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk medium

MAS Financial Services Ltd is a mid-cap NBFC with a market cap of ₹5,808 Cr, trading at a PE of 15.6x and PB of 1.97x. The company has delivered consistent compounded profit growth of 21% CAGR over 5 years and sales growth of 26% CAGR over the same period, though ROE has moderated to 13% in the last year from a 10-year average of 15%.

Bull Case 7
  • Strong profit growth of 21% CAGR over 5 years and 23% CAGR over 3 years indicates consistent earnings momentum
  • Compounded sales growth of 26% CAGR over 5 years and 27% over 3 years shows accelerating top-line expansion
  • TTM sales growth of 25% suggests continued business traction in the current period
  • PE ratio of 15.6x is relatively modest for an NBFC delivering 21% profit CAGR, suggesting reasonable valuation relative to growth
  • Median sales growth of 24.4% over the last 10 years demonstrates long-term consistency in scaling the loan book
  • 10-year compounded profit growth of 21% indicates the company has maintained profitability through multiple credit cycles
  • Price-to-book of 1.97x is moderate for a growing NBFC with a 14% average 5-year ROE
Bear Case 7
  • Low interest coverage ratio raises concerns about the company's ability to service debt comfortably from operating profits
  • Promoter holding has decreased by 7.08% over the last 3 years, signaling potential dilution or reduced promoter confidence
  • ROE has declined from a 10-year average of 15% to 13% in the last year, indicating pressure on return efficiency
  • Stock CAGR of just 2% over 5 years significantly lags the 21% profit CAGR, suggesting market has not rewarded growth with re-rating
  • 1-year stock return of only 4% despite TTM profit growth of 21% indicates persistent valuation compression
  • Dividend yield of 0.39% offers minimal income return to shareholders
  • 3-year stock CAGR of 8% versus 23% profit CAGR over the same period shows a widening gap between fundamentals and market sentiment

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Neutral 2
  • ₹150 Cr NCD issuance at 8.90% Jul 1

    MAS Financial allotted 15,000 secured NCDs worth ₹150 crore via private placement at 8.90% coupon (monthly), rated ACUITE AA (Stable), maturing June 30, 2030. Secured by charge on book debts and loan receivables.

  • OCPS redemption in subsidiary Jun 23

    Redeemed 33% of optionally convertible preference shares held in subsidiary MRHMFL for ₹33.33 crore. Equity shareholding pattern remains unchanged.

TL;DR: Limited news flow for MAS Financial in recent weeks, with activity confined to routine capital management — a ₹150 Cr NCD raise for funding and partial OCPS redemption in a subsidiary. No operational or asset quality concerns surfaced, but no growth catalysts either. The AA-stable rating on the NCD issuance signals continued balance sheet confidence from rating agencies.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
293
310
335
347
364
384
410
439
466
480
507
542
562
Expenses
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
Fin. Margin %
26%
26%
26%
27%
27%
27%
27%
26%
25%
26%
26%
25%
27%
Other Income
0
3
2
1
1
1
1
0
1
2
-4
3
-1
Interest
150
154
172
171
181
185
195
202
217
224
231
235
236
Depreciation
1
1
1
1
1
1
1
2
2
2
2
2
2
PBT
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%
Net Profit
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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
238
309
365
477
605
710
627
690
989
1,289
1,599
1,998
2,092
Expenses
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
Fin. Margin %
26%
27%
29%
36%
40%
33%
32%
32%
28%
27%
27%
26%
26%
Other Income
0
0
0
-2
-2
-3
0
1
1
2
1
-1
1
Interest
113
142
165
187
225
299
286
340
498
650
770
913
926
Depreciation
1
1
1
2
2
3
3
2
3
4
6
7
8
PBT
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%
—
Net Profit
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
8.8
9.71
12.39
15.31
17.11
20.46
21.72
Div. Payout %
19%
20%
20%
19%
18%
26%
6%
10%
10%
23%
10%
10%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Other Liabilities
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
Fixed Assets
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
Other Assets
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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-267
-281
-164
-386
-468
196
-578
-805
-1,488
-1,366
-1,123
-1,787
Investing
-2
-3
-4
-49
14
4
-199
-820
-242
50
-828
467
Financing
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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
44%
45%
32%
20%
18%
18%
13%
13%
14%
15%
14%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.67%Promot.66.65%FIIs3.68%Public7.31%DIIs19.69%As ofJun 2026

Documents

Frequently Asked Questions about MAS Financial Services

What does MAS Financial Services Ltd do?
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]
Where is MAS Financial Services Ltd (MASFIN) listed?
MAS Financial Services Ltd trades as MASFIN on the NSE and under code 540749 on the BSE.
Which sector does MAS Financial Services Ltd belong to?
MAS Financial Services Ltd is classified under the Financial Services sector, in the NBFC industry.
What is the market capitalisation of MAS Financial Services Ltd?
MAS Financial Services Ltd has a market capitalisation of ₹5,247 Cr, which places it in the Mid Cap band.
What is the PE ratio of MAS Financial Services Ltd?
MAS Financial Services Ltd trades at a PE ratio of 13.63, on earnings per share of ₹14.65, against a book value of ₹163.9 per share.
What is the 52-week high and low of MAS Financial Services Ltd?
Over the last 52 weeks MAS Financial Services Ltd has traded between ₹277.35 and ₹358.85.
Does MAS Financial Services Ltd pay dividends?
MAS Financial Services Ltd has a dividend yield of 0.68%.
What is the Return on Equity (ROE) of MAS Financial Services Ltd?
MAS Financial Services Ltd reported a return on equity of 12.38%. Its debt-to-equity ratio is 3.49.

Company Information

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]

Website mas.co.in
CEO Mr. Kamlesh Chimanlal Gandhi
Employees 1,758
Listed 2017-10-18
Face Value ₹ 10
Issued Size 18,14,53,377

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