MASFIN
MAS Financial Services share price & financials
- Price
- ₹319.05
- Market cap
- ₹5.6k Cr
- Sector
- Financial Services
- Calls analysed
- 8
MAS Financial Services Limited Q1 FY27
What went well
- Consolidated AUM reached ₹16,100 crores, a 21% growth from ₹13,300 crores, aligning with the 20-25% guidance.
- Consolidated PAT increased by 27% to ₹110 crores from ₹86 crores, demonstrating high-quality growth.
- Average cost of borrowing decreased by 55 basis points YoY to 9.25%, reflecting effective liability management.
What to watch
- Eligible demand in the used commercial vehicle (CV) business was slightly less due to a tightening credit screen, with faster growth expected in 1-2 quarters.
- Credit cost was noted to be slightly higher at 1.6% of AUM compared to 1.2-1.3% a year prior, attributed to increased on-book assets and prudent write-offs, though within the stated tolerance range.
What MAS Financial Services Limited does
MAS Financial Services is an RBI-registered non-banking finance company (NBFC) that has extended credit to underserved micro, small and medium enterprises and low- and middle-income individuals since its incorporation in 1995. It earns interest income by originating and servicing secured and unsecured loans across micro-enterprise, SME, two-wheeler, commercial vehicle and salaried personal-loan categories, sourced through its own branches as well as tie-ups with partner NBFCs, MFIs, HFCs and franchisees. Its subsidiary, MAS Rural Housing & Mortgage Finance Limited (MRHMFL), extends affordable housing and property loans to salaried and self-employed customers in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.
Segments
- Micro-Enterprise & SME Finance
- Vehicle Finance
- Salaried Personal Loans
- Housing Finance (via subsidiary MRHMFL)
- Branches (standalone)
- 208, across 13 states and union territories
- Customer/touchpoint locations
- 15,500+
- Active loan accounts
- 11,25,000+ (over 1.1 million)
- NBFC partner network
- 215 NBFC partnerships for co-lending/on-lending outreach
- Consolidated employees
- 4,000+
- Two-wheeler loan sourcing intermediaries
- 135
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 7 delivered 4 missed 12 open- Gross Stage 3 / GNPA delivered said Q2 FY25 Promised: 2.25% - 2.5% Q1 FY27: Actual consolidated GNPA was 2.58%, which is within the revised guidance range of 2.5% - 2.75%.
- Housing Finance AUM Growth missed said Q2 FY25 Promised: 30% to 35% Q1 FY27: Actual YoY AUM growth for the housing subsidiary was 23%, missing the 30-35% target. Management reiterated it as an internal aspiration of 'around 35%'.
- ROA revised up said Q2 FY25 Promised: 2.8% - 3% Q1 FY27: Management revised the ROA guidance range upwards to 2.75% to 3.25% from the previous 2.75% to 3%.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.9%, net profit up 25.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 365 | 390 | 417 | 443 | 456 +25% | 481 +23% | 514 +23% | 531 +20% |
| Net profit | 77 | 78 | 81 | 84 | 90 +17% | 90 +15% | 100 +23% | 105 +25% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −5.9% 1Y
1Y: ₹314.4 on 10 Sept 2025 → ₹295.95. High ₹347.25 (7 May 2026), low ₹279.65 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.8%
- 30 Jul
- Q4 FY26
- +4.3%
- 30 Apr
- Q3 FY26
- +1.2%
- 29 Jan
- Q2 FY26
- −2.7%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 24.8% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹974 Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.9k Cr |
| Interest | ₹490 Cr | ₹615 Cr | ₹723 Cr | ₹859 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹7 Cr |
| Net profit | ₹205 Cr | ₹247 Cr | ₹306 Cr | ₹364 Cr |
| Net margin | 21.0% | 20.2% | 20.2% | 19.2% |
| ROE | 14.0% | 15.0% | 14.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹55 Cr | ₹55 Cr | ₹55 Cr | ₹164 Cr | ₹181 Cr | ₹181 Cr |
| Reserves | ₹1.1k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹1.6k Cr | ₹2.6k Cr | ₹2.8k Cr |
| Borrowings | ₹3.3k Cr | ₹4.2k Cr | ₹5.8k Cr | ₹7.0k Cr | — | ₹9.8k Cr |
| Other liabilities | ₹711 Cr | ₹492 Cr | ₹335 Cr | ₹291 Cr | ₹419 Cr | ₹384 Cr |
| Total liabilities | ₹5.2k Cr | ₹6.1k Cr | ₹7.7k Cr | ₹9.1k Cr | ₹13.1k Cr | ₹13.1k Cr |
| Fixed assets | ₹11 Cr | ₹13 Cr | ₹16 Cr | ₹22 Cr | ₹32 Cr | ₹71 Cr |
| Capital work in progress | ₹50 Cr | ₹52 Cr | ₹58 Cr | ₹70 Cr | ₹107 Cr | ₹127 Cr |
| Investments | ₹235 Cr | ₹538 Cr | ₹826 Cr | ₹788 Cr | ₹1.1k Cr | ₹1.1k Cr |
| Other assets | ₹4.9k Cr | ₹5.5k Cr | ₹6.8k Cr | ₹8.2k Cr | ₹11.9k Cr | ₹11.8k Cr |
| Total assets | ₹5.2k Cr | ₹6.1k Cr | ₹7.7k Cr | ₹9.1k Cr | ₹13.1k Cr | ₹13.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +0.62 pp while the public trimmed −0.35 pp. The shareholder count shrank 15% to 39,685.
- Promoters
- 66.7%
- FIIs
- 3.7%
- DIIs
- 19.7%
- Public
- 10.0%
Since Jun 2025
- FIIs +0.62 pp
- Public −0.35 pp
- DIIs −0.31 pp
How it drifted, 12 quarters
Over this window DIIs went from 8.6% to 19.7% — +11.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.7%, FIIs 2.0%, DIIs 8.6%, Public 15.7%.Dec '23: Promoters 73.7%, FIIs 1.6%, DIIs 8.4%, Public 16.2%.Mar '24: Promoters 73.7%, FIIs 1.8%, DIIs 14.4%, Public 10.1%.Jun '24: Promoters 66.6%, FIIs 3.6%, DIIs 20.4%, Public 9.4%.Sep '24: Promoters 66.6%, FIIs 2.7%, DIIs 20.2%, Public 10.4%.Dec '24: Promoters 66.6%, FIIs 3.0%, DIIs 20.0%, Public 10.3%.Mar '25: Promoters 66.6%, FIIs 3.1%, DIIs 20.1%, Public 10.1%.Jun '25: Promoters 66.6%, FIIs 3.1%, DIIs 20.0%, Public 10.3%.Sep '25: Promoters 66.6%, FIIs 3.2%, DIIs 20.1%, Public 10.0%.Dec '25: Promoters 66.6%, FIIs 3.1%, DIIs 20.2%, Public 10.0%.Mar '26: Promoters 66.7%, FIIs 3.5%, DIIs 20.0%, Public 9.9%.Jun '26: Promoters 66.7%, FIIs 3.7%, DIIs 19.7%, Public 10.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +0.20 pp 8.23% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of MAS Financial Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Shweta Kamlesh Gandhi | 27.01% | unchanged |
| Kamlesh Chimanlal Gandhi | 26.71% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 8.23% | +0.20 pp |
| Business Excellence Trust Iii- India Business Excellence Fund Iii VC / PE | 4.19% | −0.41 pp |
| Bandhan Value Fund Mutual fund | 3.83% | −0.11 pp |
| Prarthana Marketing Private Limited | 2.18% | unchanged |
| Bavaria Industries Group Ag Corporate | 1.72% | unchanged |
| Anamaya Capital Llp | 0.17% | unchanged |
| Dhvanil K Gandhi | 0.06% | unchanged |
| Dhriti Kamlesh Gandhi | 0.02% | unchanged |
| Estate of Mukesh Chimanlal Gandhi | 0.00% | unchanged |
| Urmilaben Chimanlal Gandhi Foundation | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MASFIN
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹459 Cr
- 1 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹459 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹459 Cr | held | Jun '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +9%
- vs est. average cost
- Held by funds
- ₹459 Cr
- 1 schemes · ≈ 8.6% of the company
Shares held by these funds +147%
Jun '24 1.51 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse MAS Financial Services Limited
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