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MAS Financial Services Ltd

MASFIN

NSE

₹263.90-0.58%19 Oct 2026 at 3:31 PM

Reports

Finance and Investments MSME Lending

MAS Financial Services Ltd

MASFIN

NSE

₹263.90

-0.58%

19 Oct 2026 at 3:31 PM

SOICxStockScans Reports

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Finance and Investments MSME Lending

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

MAS Financial Services is fundamentally a lender that has spent three decades extending credit to India’s small entrepreneurs and low-income households - the very people formal banks often overlook. Founded in 1995 in Ahmedabad with a vision of serving the underserved, it began with two-wheeler and micro-enterprise loans and has since grown into a non-banking financial company (NBFC) with a consolidated loan book of over ₹15,000 crores. The recurring approach that explains everything else is a “twin distribution engine”: a network of its own branches combined with a 15-year-old partnership model that uses other NBFCs as an extended, risk-sharing sales force, all built on a technology platform the company codes itself.

Business segments

Four lending engines at different stages - a dominant MSME core, a vehicle-finance business, a young personal-loan platform, and a housing-finance subsidiary - all fed by the same twin distribution network and in-house technology backbone.

1. Micro and small-business loans: the core of the franchise

Roughly four out of every five rupees lent by the company go to a micro, small or medium enterprise - this is a lender built to finance India’s neighbourhood shops, traders and manufacturers.

Two products, one customer type - Micro-Enterprise Loans (MEL) go to individuals running tiny businesses, with an average ticket size of about ₹80,000 and a maximum of ₹10 lakh; SME Loans go to larger entities such as manufacturers and distributors, with an average ticket size of roughly ₹28 lakh and a ceiling of ₹5 crore. Together they made up around 80% of the standalone loan book as of March 2026.
Short tenures keep risk visible - The average loan across the portfolio lasts about 17 to 26 months, so the company is constantly recycling its book and can spot trouble early rather than being locked into long-dated bets.
Underwriting where paperwork is thin - Many borrowers lack formal credit histories, so the company uses alternative assessment methods - cash-flow analysis, business viability checks and demographic data - to judge repayment ability rather than relying solely on traditional documentation.
Serving 190 business categories - The micro-enterprise book alone spans 190 distinct trades, from retailers to small manufacturers, which spreads risk across a wide variety of local economies.

2. Wheels financing: two-wheelers and commercial vehicles

Vehicle loans are the second engine, built on the insight that a motorcycle or a small truck is often a family’s first income-generating asset.

Two-wheeler loans for working India - With an average ticket size of about ₹80,000 and a maximum tenure of three years, these loans go to farmers, self-employed individuals and salaried professionals buying motorcycles or scooters. India makes roughly two crore two-wheelers a year and about 60% are financed, giving the product a large, steady addressable market.
Small commercial vehicles, small transporters - Loans for new and used commercial vehicles average around ₹3.4 lakh and can run up to five years, serving small road-transport operators, traders needing used cars, and farmers buying tractors.
Sourced through specialist intermediaries - The company does not rely only on branches for this business; it works with 135 two-wheeler sourcing agents and 544 commercial-vehicle intermediaries as of March 2026, giving it reach into vehicle showrooms and local dealers.

3. Salaried personal loans: the young challenger

A newer, fast-growing product that lends small amounts to employees of approved companies - a bet on the stability of a salary slip.

Launched only in FY2023 - This is the newest engine, contributing about 9% of the standalone loan book by March 2026, up from less than 6% two years earlier.
Small loans, vetted employers - The average ticket size is about ₹68,000, with a cap of ₹10 lakh and a tenure of up to five years, but loans are only disbursed to individuals working for companies on an approved list, adding a layer of employer-side screening.

4. Housing finance: the subsidiary building a rural home-loan book

A separately registered housing-finance company, still under ₹1,000 crores in assets, that lends for homes and construction primarily in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.

Loans for homes, plots and small developers - The subsidiary finances new and old house purchases, construction on owned plots, home improvements, commercial property, and even lends to developers building affordable housing projects. The average home loan is about ₹10.3 lakh, with residential tenures stretching up to 25 years.
Priority-sector eligible, lightly leveraged - Around 95% of its home-loan portfolio qualifies as priority-sector lending for banks, making the loans easy to sell down, and the subsidiary runs with a capital adequacy of 38% - leverage of less than four times - which gives it a thick cushion against defaults.
Recognised for serving the informal segment - The National Housing Bank awarded the subsidiary for its performance in lending to economically weaker sections, low-income groups and informal-sector borrowers, reinforcing its niche in affordable housing.

Distribution network: the twin-engine model

The company reaches borrowers through two channels that work in parallel - its own branches and a network of over 200 partner NBFCs that act as a commissioned, risk-bearing sales force.

Direct branches own the customer - The company runs 208 branches of its own across 13 states, with each branch covering a radius of 40 to 60 kilometres. This channel accounts for about two-thirds of the loan book and gives MAS direct control over sourcing, credit assessment and collections, as well as the ability to cross-sell.
Partner NBFCs provide reach without cost - The Retail Asset Channel, started in 2008 with a single NBFC, had grown to 224 partners by March 2026. The partner finds the customer, bears the operational and credit costs, and shares revenue with MAS - a model that has cumulatively disbursed over ₹31,000 crores with total losses of less than half a percent over more than a decade.
Partners are curated, not just onboarded - Every partner goes through promoter due diligence, must have a capital adequacy ratio above 20%, and is subject to regular field audits that verify underlying assets, check policy adherence and validate documentation.

Technology and credit infrastructure

The company builds its own software - a “build and operate” technology stack that digitises the entire loan lifecycle, from application to collection, and is maintained by a team of close to 100 people.

In-house Loan Origination System - The company has built its own LOS, launched across all products, and is layering on a Business Rules Engine that uses artificial intelligence to improve credit decisions and operational efficiency.
Paperless from start to finish - The process is fully digital: electronic know-your-customer checks, income analysis via tax returns and bank statements, remote documentation with e-signatures, 100% cashless disbursement, and 100% cashless collection through payment gateways.
Integrated with over 50 data providers - The stack plugs into APIs from credit bureaus, fraud-check services, income verifiers and authentication platforms, giving underwriters a rich data set even for borrowers with thin formal credit files.

Group structure and partners

MAS Financial Services is the flagship NBFC, holding majority stakes in a housing-finance subsidiary and a newly licensed insurance-broking subsidiary, with a promoter group that retains a high - roughly two-thirds - shareholding.

MAS Rural Housing & Mortgage Finance - The housing-finance subsidiary, incorporated in 2007, is 63.74% owned by the parent as of March 2026, following a series of capital infusions and preference-share conversions.
MASFIN Insurance Broking - Incorporated in August 2022, this subsidiary received its IRDAI registration in 2025 to operate as a direct insurance broker for both life and general insurance, with the parent holding a 69% stake.
Factoring licence obtained - The Reserve Bank of India granted the company a certificate to undertake factoring business in March 2026, adding a potential new line of receivables financing, though operations have not yet commenced.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹4,763Cr

Close Price

₹262.50

Industry

Finance and Investments MSME Lending

Price To Earnings

12.08

Price To Sales

2.28

Revenue

₹2,092Cr

Rev Gr TTM

Revenue Growth TTM

23.12%

PAT Gr TTM

PAT Growth TTM

21.76%

Consolidated

Standalone

Numbers

Percentage

Quarter	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 RevenueCr	310	335	347	364	384	410	439	466	480	507	542	562
Growth YoY Revenue Growth YoY%	28.9	28.2	24.6	24.3	23.8	22.4	26.6	27.9	25.0	23.7	23.5	20.7
Interest Expended Interest ExpendedCr	154	172	171	181	185	195	202	217	224	231	235	236
Expenses ExpensesCr	76	76	83	86	95	106	124	132	134	143	170	176
Financing Profit Financing ProfitCr	81	86	93	97	104	109	114	117	123	133	138	150
FPM FPM%	26.1	25.7	26.9	26.7	27.1	26.6	25.9	25.1	25.5	26.2	25.5	26.7
Other Income Other IncomeCr	3	2	1	1	1	1	0	1	2	1	3	-1
Depreciation DepreciationCr	1	1	1	1	1	1	2	2	2	2	2	2
PBT PBTCr	83	87	94	97	104	108	112	116	123	127	139	148
Tax TaxCr	21	23	24	25	26	28	29	29	31	34	35	38
PAT PATCr	62	64	70	73	78	80	83	87	91	93	104	110
Growth YoY PAT Growth YoY%	21.0	24.1	23.4	26.1	25.3	24.8	19.0	19.3	17.8	16.1	25.3	27.2
NPM NPM%	20.0	19.2	20.2	19.9	20.2	19.6	19.0	18.6	19.0	18.4	19.3	19.6
EPS EPS₹	3.7	3.9	4.2	4.3	4.7	3.9	4.5	4.8	5.0	5.1	5.7	6.0

Quarter	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 RevenueCr	310	335	347	364	384	410	439	466	480	507	542	562
Growth YoY Revenue Growth YoY%	28.9	28.2	24.6	24.3	23.8	22.4	26.6	27.9	25.0	23.7	23.5	20.7
Interest Expended Interest ExpendedCr	154	172	171	181	185	195	202	217	224	231	235	236
Expenses ExpensesCr	76	76	83	86	95	106	124	132	134	143	170	176
Financing Profit Financing ProfitCr	81	86	93	97	104	109	114	117	123	133	138	150
FPM FPM%	26.1	25.7	26.9	26.7	27.1	26.6	25.9	25.1	25.5	26.2	25.5	26.7
Other Income Other IncomeCr	3	2	1	1	1	1	0	1	2	1	3	-1
Depreciation DepreciationCr	1	1	1	1	1	1	2	2	2	2	2	2
PBT PBTCr	83	87	94	97	104	108	112	116	123	127	139	148
Tax TaxCr	21	23	24	25	26	28	29	29	31	34	35	38
PAT PATCr	62	64	70	73	78	80	83	87	91	93	104	110
Growth YoY PAT Growth YoY%	21.0	24.1	23.4	26.1	25.3	24.8	19.0	19.3	17.8	16.1	25.3	27.2
NPM NPM%	20.0	19.2	20.2	19.9	20.2	19.6	19.0	18.6	19.0	18.4	19.3	19.6
EPS EPS₹	3.7	3.9	4.2	4.3	4.7	3.9	4.5	4.8	5.0	5.1	5.7	6.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	303	364	477	605	710	627	690	988	1,284	1,597	1,995	2,092
Growth Revenue Growth%	27.8	19.9	31.1	26.8	17.4	-11.6	10.0	43.1	30.0	24.4	24.9	23.1
Interest Expended Interest ExpendedCr	142	164	186	224	296	285	339	496	647	763	907	926
Expenses ExpensesCr	82	93	121	141	181	144	134	220	300	411	579	622
Financing Profit Financing ProfitCr	79	106	169	239	233	198	218	272	337	424	510	544
FPM FPM%	26.0	29.3	35.5	39.6	32.8	31.6	31.5	27.5	26.3	26.5	25.6	26.0
Other Income Other IncomeCr	1	1	0	0	0	0	1	2	7	3	7	6
Depreciation DepreciationCr	1	1	2	2	3	3	2	3	4	6	7	8
PBT PBTCr	79	106	168	238	230	196	217	272	340	421	505	537
Tax TaxCr	27	37	63	83	62	50	55	66	86	107	129	137
PAT PATCr	51	69	105	155	168	146	161	206	254	314	376	399
Growth PAT Growth%	26.1	34.7	51.8	47.0	8.7	-13.4	10.8	27.7	23.4	23.6	19.7	21.8
NPM NPM%	16.9	19.1	22.1	25.6	23.7	23.2	23.4	20.8	19.8	19.7	18.8	19.1
EPS EPS₹		16.1	7.0	9.4	10.2	8.8	9.7	12.4	15.3	17.5	20.5	21.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	303	364	477	605	710	627	690	988	1,284	1,597	1,995	2,092
Growth Revenue Growth%	27.8	19.9	31.1	26.8	17.4	-11.6	10.0	43.1	30.0	24.4	24.9	23.1
Interest Expended Interest ExpendedCr	142	164	186	224	296	285	339	496	647	763	907	926
Expenses ExpensesCr	82	93	121	141	181	144	134	220	300	411	579	622
Financing Profit Financing ProfitCr	79	106	169	239	233	198	218	272	337	424	510	544
FPM FPM%	26.0	29.3	35.5	39.6	32.8	31.6	31.5	27.5	26.3	26.5	25.6	26.0
Other Income Other IncomeCr	1	1	0	0	0	0	1	2	7	3	7	6
Depreciation DepreciationCr	1	1	2	2	3	3	2	3	4	6	7	8
PBT PBTCr	79	106	168	238	230	196	217	272	340	421	505	537
Tax TaxCr	27	37	63	83	62	50	55	66	86	107	129	137
PAT PATCr	51	69	105	155	168	146	161	206	254	314	376	399
Growth PAT Growth%	26.1	34.7	51.8	47.0	8.7	-13.4	10.8	27.7	23.4	23.6	19.7	21.8
NPM NPM%	16.9	19.1	22.1	25.6	23.7	23.2	23.4	20.8	19.8	19.7	18.8	19.1
EPS EPS₹		16.1	7.0	9.4	10.2	8.8	9.7	12.4	15.3	17.5	20.5	21.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	43	55	55	55	55	55	55	164	181	181
Reserves ReservesCr	241	723	861	932	1,125	1,295	1,464	1,619	2,427	2,793
Borrowings BorrowingsCr	1,079	1,455	2,273	2,796	3,513	4,439	6,128	7,426	9,178	10,314
Other Liabilities Other LiabilitiesCr	838	667	802	1,037	737	519	368	339	413	458
Total Liabilities Total LiabilitiesCr	2,201	2,900	3,991	4,820	5,430	6,309	8,014	9,547	12,199	13,747
Fixed Assets Fixed AssetsCr		58	58	15	12	14	17	26	27	76
Cash Equivalents Cash EquivalentsCr	47	60	410	1,048	1,019	871	804	879	1,141	1,004
Other Assets Other AssetsCr	2,153	2,782	3,523	3,757	4,398	5,424	7,193	8,643	11,030	12,667
Total Assets Total AssetsCr	2,201	2,900	3,991	4,820	5,430	6,309	8,014	9,547	12,199	13,747

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	43	55	55	55	55	55	55	164	181	181
Reserves ReservesCr	241	723	861	932	1,125	1,295	1,464	1,619	2,427	2,793
Borrowings BorrowingsCr	1,079	1,455	2,273	2,796	3,513	4,439	6,128	7,426	9,178	10,314
Other Liabilities Other LiabilitiesCr	838	667	802	1,037	737	519	368	339	413	458
Total Liabilities Total LiabilitiesCr	2,201	2,900	3,991	4,820	5,430	6,309	8,014	9,547	12,199	13,747
Fixed Assets Fixed AssetsCr		58	58	15	12	14	17	26	27	76
Cash Equivalents Cash EquivalentsCr	47	60	410	1,048	1,019	871	804	879	1,141	1,004
Other Assets Other AssetsCr	2,153	2,782	3,523	3,757	4,398	5,424	7,193	8,643	11,030	12,667
Total Assets Total AssetsCr	2,201	2,900	3,991	4,820	5,430	6,309	8,014	9,547	12,199	13,747

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-164	-386	-468	196	-578	-805	-1,488	-1,366	-1,123	-1,787
Investing Cash Flow Investing Cash FlowCr	-4	-49	14	4	-199	-820	-242	50	-828	467
Financing Cash Flow Financing Cash FlowCr	34	438	802	448	719	923	1,684	1,290	2,187	1,095
Net Cash Flow Net Cash FlowCr	-134	3	348	648	-59	-702	-46	-26	236	-225
Free Cash Flow Free Cash FlowCr	-168	-435	-468	192	-580	-811	-1,499	-1,388	-1,153	-1,878
CFO To EBITDA CFO To EBITDA%	-154.4	-227.9	-195.4	84.4	-291.6	-369.9	-547.2	-404.8	-264.9	-350.2

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-164	-386	-468	196	-578	-805	-1,488	-1,366	-1,123	-1,787
Investing Cash Flow Investing Cash FlowCr	-4	-49	14	4	-199	-820	-242	50	-828	467
Financing Cash Flow Financing Cash FlowCr	34	438	802	448	719	923	1,684	1,290	2,187	1,095
Net Cash Flow Net Cash FlowCr	-134	3	348	648	-59	-702	-46	-26	236	-225
Free Cash Flow Free Cash FlowCr	-168	-435	-468	192	-580	-811	-1,499	-1,388	-1,153	-1,878
CFO To EBITDA CFO To EBITDA%	-154.4	-227.9	-195.4	84.4	-291.6	-369.9	-547.2	-404.8	-264.9	-350.2

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr			3,250	3,097	2,878	4,668	2,923	4,393	4,663	4,462	5,082	4,763
Price To Earnings Price To Earnings			30.9	20.2	17.2	32.3	18.4	21.6	18.6	14.4	13.7	12.1
Price To Sales Price To Sales			6.8	5.1	4.0	7.4	4.2	4.4	3.6	2.8	2.5	2.3
Price To Book Price To Book			4.2	3.4	2.9	4.0	2.2	2.9	2.6	1.7	1.7	1.6
EV To EBITDA EV To EBITDA			27.4	20.7	19.9	36.1	29.8	35.7	33.2	29.5	28.2	26.0
Profitability Ratios Profitability Ratios
FPM FPM%	26.0	29.3	35.5	39.6	32.8	31.6	31.5	27.5	26.3	26.5	25.6	26.0
NPM NPM%	16.9	19.1	22.1	25.6	23.7	23.2	23.4	20.8	19.8	19.7	18.8	19.1
ROCE ROCE%		19.8	15.9	14.5	13.9	10.3	9.6	10.0	10.7	10.0	10.6	10.6
ROE ROE%		24.4	13.5	16.9	17.0	12.3	11.9	13.6	14.3	12.0	12.6	12.6
ROA ROA%		3.1	3.6	3.9	3.5	2.7	2.6	2.6	2.7	2.6	2.7	2.7
Solvency Ratios Solvency Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr			3,250	3,097	2,878	4,668	2,923	4,393	4,663	4,462	5,082	4,763
Price To Earnings Price To Earnings			30.9	20.2	17.2	32.3	18.4	21.6	18.6	14.4	13.7	12.1
Price To Sales Price To Sales			6.8	5.1	4.0	7.4	4.2	4.4	3.6	2.8	2.5	2.3
Price To Book Price To Book			4.2	3.4	2.9	4.0	2.2	2.9	2.6	1.7	1.7	1.6
EV To EBITDA EV To EBITDA			27.4	20.7	19.9	36.1	29.8	35.7	33.2	29.5	28.2	26.0
Profitability Ratios Profitability Ratios
FPM FPM%	26.0	29.3	35.5	39.6	32.8	31.6	31.5	27.5	26.3	26.5	25.6	26.0
NPM NPM%	16.9	19.1	22.1	25.6	23.7	23.2	23.4	20.8	19.8	19.7	18.8	19.1
ROCE ROCE%		19.8	15.9	14.5	13.9	10.3	9.6	10.0	10.7	10.0	10.6	10.6
ROE ROE%		24.4	13.5	16.9	17.0	12.3	11.9	13.6	14.3	12.0	12.6	12.6
ROA ROA%		3.1	3.6	3.9	3.5	2.7	2.6	2.6	2.7	2.6	2.7	2.7
Solvency Ratios Solvency Ratios

	FIVESTAR	SBFC	MASFIN	SGFIN	UGROCAP	MONEYBOXX
Market CapitalizationMkt CapCr	14,859	9,278	4,763	4,320	1,225	335
Close PriceClose₹	503.35	83.44	262.50	655.65	78.90	48.02
IndustryIndustry	Finance and Investments MSME Lending	Finance and Investments MSME Lending	Finance and Investments MSME Lending	Finance and Investments MSME Lending	Finance and Investments MSME Lending	Finance and Investments MSME Lending
Price To EarningsPE	13.44	19.05	12.08	21.54	7.01	252.74
Price To SalesPS	4.56	5.21	2.28	8.85	0.63	1.49
RevenueRevenueCr	3,260	1,782	2,092	488	1,937	225
Revenue Growth TTMRev Gr TTM%	9.8%	27.6%	23.1%	104.5%		5.9%
PAT Growth TTMPAT Gr TTM%	1.5%	30.7%	21.8%	86.5%		146.4%

	FIVESTAR	SBFC	MASFIN	SGFIN	UGROCAP	MONEYBOXX
Market CapitalizationMkt CapCr	14,859	9,278	4,763	4,320	1,225	335
Close PriceClose₹	503.35	83.44	262.50	655.65	78.90	48.02
IndustryIndustry	Finance and Investments MSME Lending	Finance and Investments MSME Lending	Finance and Investments MSME Lending	Finance and Investments MSME Lending	Finance and Investments MSME Lending	Finance and Investments MSME Lending
Price To EarningsPE	13.44	19.05	12.08	21.54	7.01	252.74
Price To SalesPS	4.56	5.21	2.28	8.85	0.63	1.49
RevenueRevenueCr	3,260	1,782	2,092	488	1,937	225
Revenue Growth TTMRev Gr TTM%	9.8%	27.6%	23.1%	104.5%		5.9%
PAT Growth TTMPAT Gr TTM%	1.5%	30.7%	21.8%	86.5%		146.4%

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Jun 26