Arthneeti

MAS Financial Services Q2 FY27 Share Price & Earnings Call Analysis

₹252.50-2.94% today
Market cap
₹4,589 Cr
P/E
11.55
ROE
13.42%
PEG
0.51
Price to sales
2.19
Debt to equity
3.47
52W high / low
₹347 / ₹245
Sales growth (5Y)
26.07%
EBITDA margin
70.25%
Net profit margin
18.99%
Promoter holding
66.66%
Sales (last year)
₹2,092 Cr

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]

Guidance scorecard · Q2 FY27 call

What MAS Financial Services Ltd's management guided
and where it ranks in Finance

#26of 59 in
Finance
Revenue20–40%MarginsFlatCapexWhat management saidFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

20–40%
  • MAS Financial Services expects overall AUM growth between 20% to 25%, aiming for the higher end of this range.
  • The company targets doubling its AUM and profitability every 3 to 4 years, largely through internal accruals and nondilutive growth.
  • For the housing finance subsidiary, efforts are ongoing to improve distribution efficiency and expand into southern India (Tamil Nadu, Karnataka), with expected positive results in Q3 and Q4.
  • Direct distribution book is targeted to increase from current ~66-67% to around 70-72% in the next 1 to 1.5 years.

2 more points from MAS Financial Services Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what MAS Financial Services Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

  • Emphasis on tech adoption across origination, underwriting, operations, and collections to improve efficiency and reduce manpower.
  • Investment in building and operating an in-house tech team of about 100 people for technology integration.
  • Focus on expanding distribution for the housing finance subsidiary, especially targeting Southern states like Tamil Nadu and Karnataka starting from Q3 and Q4.
  • Continuous capital infusion into the housing finance subsidiary as needed, with flexible capital management (e.g., optional convertible preference shares redemption).

2 more points from MAS Financial Services Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what MAS Financial Services Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • The discussion focuses primarily on financial performance, asset growth, credit costs, distribution strategies, and operational details rather than orderbook or pending orders.
  • AUM grew by 21% this quarter, consistent with guidance of 20%-25% growth.
  • Focus remains on MSME lending and maintaining high asset quality.
  • Off-book AUM is dynamic, aimed to be maintained at 20%-25%.
Full Q1 FY27 analysis
Full Finance ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Finance
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does MAS Financial Services Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Finance companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹2,742 Cr71.8
240%+Up 2%+₹464 Cr23.9
340%+Up 0–2%₹961 Cr32.7
440%+Flat₹23,820 Cr21.1
540%+Flat₹16,498 Cr72.4
640%+Flat₹15,549 Cr—

Sign up free to see every company in the sector ranking and track MAS Financial Services Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Finance ranking

Financials of MAS Financial Services Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

MAS Financial Services Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +73.72%73.72%66.63%66.63%66.63%66.63%66.63%66.63%66.63%66.66%66.66%66.66%
FIIs +1.63%1.79%3.58%2.72%3.02%3.12%3.07%3.18%3.13%3.46%3.69%2.67%
DIIs +8.43%14.42%20.41%20.23%20.02%20.13%19.99%20.15%20.23%20.04%19.68%19.99%
Public +16.21%10.06%9.38%10.41%10.34%10.12%10.32%10.04%10.01%9.86%9.97%10.69%
No. of Shareholders31,51444,54445,41550,51051,14849,59946,49643,23742,01640,10739,68539,282

Financials of MAS Financial Services Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +310335347364384410439466480507542562589
Interest154172171181185195202217225231235236252
Expenses +7676838695106124132134143170176183
Financing Profit81869397104109114117122133138150154
Financing Margin %26%26%27%27%27%27%26%25%25%26%25%27%26%
Other Income +321111013-43-12
Depreciation1111112222222
Profit before tax83879497104108112116123127139148154
Tax %25%26%25%25%25%26%26%25%26%27%25%25%25%
Net Profit +62647073788083879193104110115
EPS in Rs3.733.884.233.954.234.384.544.714.985.085.685.986.24
Gross NPA %
Net NPA %

Financials of MAS Financial Services Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +2383093654776057106276909891,2891,5991,9982,201
Interest113142165187225299286340498650770913954
Expenses +628292118138175143132218297403572671
Financing Profit6385107171242236198218273342425513575
Financing Margin %26%27%29%36%40%33%32%32%28%27%27%26%26%
Other Income +0-0-0-2-2-301121-11
Depreciation1112233234678
Profit before tax6284106168238230196217272340421505568
Tax %34%35%35%37%35%27%26%26%24%25%25%26%
Net Profit +415569105155168146161206254314376423
EPS in Rs3.334.525.326.419.3610.218.809.7112.3915.3117.1120.4622.98
Dividend Payout %19%20%20%19%18%26%6%10%10%23%10%10%

Financials of MAS Financial Services Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital161643555555555555164181181181
Reserves881222417258619321,1251,2951,4641,6192,4272,7933,040
Borrowing1,1241,4041,3111,4552,2732,7963,5134,4396,1287,4269,18210,31811,787
Other Liabilities +3434056056658011,037737519356339409455560
Total Liabilities1,5721,9472,2002,8983,9904,8205,4306,3098,0029,54712,19913,74715,569
Fixed Assets +48958131512141725277476
CWIP000046485052587092127152
Investments0000052024937917261,526972929
Other Assets +1,5671,9382,1912,8403,9324,7525,1665,7507,1368,72610,55412,57314,412
Total Assets1,5721,9472,2002,8983,9904,8205,4306,3098,0029,54712,19913,74715,569

Financials of MAS Financial Services Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-267-281-164-386-468196-578-805-1,488-1,366-1,123-1,787
Cash from Investing Activity +-2-3-4-49144-199-820-24250-828467
Cash from Financing Activity +303251344388024487199231,6841,2902,1871,095
Net Cash Flow34-32-1343348648-59-702-46-26236-225
Free Cash Flow-268-285-168-435-470192-580-811-1,499-1,388-1,153-1,878

Financials of MAS Financial Services Ltd

Ratios

Working capital efficiency and return ratios

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%

Guidance history

How MAS Financial Services Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%Flat—Planned—
Q4 FY26 call →20–40%FlatPlannedPlanned—
Q3 FY26 call →20–40%FlatPlannedPlanned—
Q2 FY26 call →20–40%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

12out of 100

Momentum score · price trend

12 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−16.8%41%
Last 6 months−25.7%11%
Last 3 months−21.0%14%

The price is 32.9% below its all-time high of ₹376.13 (14 Feb 2020). Stocks more than 20% below their peak have their score halved, so 24 became 12.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For MAS Financial Services Ltd: 0.4 × 41 + 0.4 × 11 + 0.2 × 14 = 24, halved to 12 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What MAS Financial Services Ltd's management said in earlier quarters

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