MAS Financial Services
MAS Financial Services (MASFIN) share price was ₹260.15 at the 28 Oct 2026 close; market capitalisation ₹4,721 Cr; P/E (TTM) 11.98; sector Financial Services. The share price fell 13.8% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 20.7% year on year to ₹562.5 Cr and net profit rose 27.3% year on year to ₹110.2 Cr (compared with Jun 2025). Promoters held 66.66% of MAS Financial Services in Sep 2026, up 0.01 percentage points from Jun 2026. Its Tapetide Score is 52/100 (Average) as of 28 Oct 2026.
Key Fundamentals
MicrocapFinanceFinancial ServicesPrice-based figures as of 28 Oct 2026, 15:54 IST · EPS basis: Consolidated · TTM
Peer Comparison
Financial Services › NBFC › Non Banking Financial Company (NBFC)
| ₹917.25 | 26.33 | 5,71,076 Cr | 4.64 | 0.66% | 16.53% | 10.71% | 89,874 Cr | 22,067 Cr | |
| ₹832.55 | 14.74 | 1,95,903 Cr | 1.76 | 0.79% | 15.18% | 11.00% | 51,245 Cr | 11,318 Cr | |
| ₹1,545.20 | 22.79 | 1,32,008 Cr | 4.31 | 0.14% | 17.17% | 9.46% | 33,147 Cr | 5,751 Cr | |
| ₹309.30 | 24.03 | 1,31,294 Cr | 2.94 | 0.19% | 10.38% | 8.56% | 34,329 Cr | 5,478 Cr | |
| ₹2,392.70 | 8.45 | 96,059 Cr | 2.37 | 1.25% | 26.67% | 15.43% | 33,526 Cr | 11,457 Cr | |
| ₹246.50 | 19.39 | 61,782 Cr | 2.11 | 1.14% | 10.64% | 10.11% | 20,742 Cr | 3,198 Cr | |
| ₹527.55 | 22.07 | 50,204 Cr | 2.92 | 0.47% | 13.78% | 18.31% | 21,048 Cr | 2,275 Cr | |
| MAS Financial Services (this company) | ₹260.15 | 11.98 | 4,721 Cr | 1.59 | 0.79% | 12.38% | 10.60% | 2,097 Cr | 398 Cr |
| Median 8 companies | ₹680.05 | 20.73 | 1,13,677 Cr | 2.65 | 0.73% | 14.48% | 10.66% | 33,337 Cr | 5,615 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100. How it works →
v2.0.0
Category scores
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
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%
Technical Indicators
Oscillators
Bearish
Overall
Bearish
Moving Averages
Bearish
5 of 5 analysts rate Buy, 0 Hold, 0 Sell.
Updated 28 Oct 2026
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year
AI Analysis — Bull vs Bear
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%.
- 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
- 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
- ₹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.
Analyst Forecasts
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 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 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 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% | — |
Balance Sheet
| Particulars | 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 |
| 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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74 extracted metrics + investor summaries across FY06–FY27.
Documents
Frequently Asked Questions about MAS Financial Services
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What is the Return on Equity (ROE) of MAS Financial Services Ltd?
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]
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