MASFINFinancial Services

MAS Financial Services Limited

Non Banking Financial Company (NBFC) · ISIN INE348L01012 · BSE 540749 · NSE EQ · FV ₹10
Last price
₹287
-0.40%today
What this company does

MAS Financial Services Limited operates in Non Banking Financial Company (NBFC), part of the Financial Services sector. It booked ₹562 cr of revenue in its latest quarter (Q1 FY27) and kept 19.3% of sales as profit.

INTRODUCING MAS FINANCIAL MAS Financial Services Limited (MAS), incorporated in 1995, is an RBI-registered Non-Banking Financial Company (NBFC). Over the past three decades, we have been driven by a steadfast mission to financially empower underserved individuals and small businesses by providing timely and appropriate credit solutions.
Their stated vision

To be one of the most efficient distributors We envision MAS setting the gold standard in the distribution of financial services.

In the report:
55out of 100
Equitytale Health Score
Mixed

Healthier than 55% of companies in Financial Services, on the 5 of 6 measures we could read for it. Each measure is ranked against the 95–250 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
37

At close. Not part of the score.

Profitability & returns57

How much profit it earns on the money it employs

Cash quality10

Whether reported profit actually arrives as cash

Growth & consistency74

Whether sales and profit have grown, and how steadily

Valuation19

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: balance sheet. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 19% net margin
Sales up 21% vs last year
Profit up 27% vs last year
Promoters hold 67%
No promoter shares pledged
Watch-outs
! Carries high debt (D/E 2.7)
! Operating cash flow is negative

What if I invest in MASFIN?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹287 -0.40%
latest close · 2026-09-17
1-year return
+14.8%
52-wk low ₹15352-wk high ₹330
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio12.0Low
LowAverageHigh
P/B ratio1.75Moderate
Below bookModerateHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity14.6%Fair
WeakFairStrong ▸15%
Net margin19.3%Strong
ThinDecentStrong
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity2.67High
LowModerateHigh ▸1
More figures
Market cap
₹5,206 cr
Book value
₹164
EPS
₹5.98
latest quarter
Net debt
Enterprise value
EBITDA
EBIT
Operating margin
Return on assets
3.2%
Earnings yield
8.34%
P/S
2.31
Sales / share
₹124.0
Tax rate
25.4%
Face value
₹10
Shares
18.1 cr
Working capital
Current assets
Current liabilities
Delivery %
67.8%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹150 vs market price ₹287 — price is 91% above it
Safety cushion-91.1%(target ≥ +20%)
Models span ₹143₹157, midpoint ₹150
Model ₹150
Price ₹287
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹562 cr
Other Income₹-54 L
Total Income₹562 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹43 cr
Finance Costs₹236 cr
Depreciation & Amortisation₹2 cr
Other Expenses₹27 cr
Total Expenses₹414 cr
Profit before Tax₹148 cr
Tax Expense₹38 cr
Net Profit₹110 cr
Net margin on total income19.6%
Where the money goes · Q1 FY27
% of total income
Employee benefit expense₹43 cr7.6%
Finance costs₹236 cr42.0%
Depreciation & amortisation₹2 cr0.4%
Other expenses₹133 cr23.7%
Tax expense₹38 cr6.7%
Profit for the period₹110 cr19.6%
Total income ₹562 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue507 cr542 cr562 cr
Total income508 cr545 cr562 cr
Expenses376 cr406 cr414 cr
Profit before tax127 cr139 cr148 cr
Tax34 cr35 cr38 cr
Net profit (owners' share)92 cr103 cr108 cr
Net margin (owners' share, on revenue)18.2%19.0%19.3%
EPS (₹)5.085.695.98
YoY (latest quarter): total income +20.4% · net profit +26.8%
Balance sheet & cash flow · as of Mar 2026
High debt
Total assets
₹13,747 cr
Shareholder equity
₹2,974 cr
parent shareholders
Total debt
₹8,111 cr
Cash
₹224 cr
Cash flow · H1 FY26
Operating
₹-1,002 cr
Investing
₹372 cr
Financing
₹739 cr
Peer comparison
Non Banking Financial Company (NBFC) · by market value
CompanyPriceMarket capP/E
Bajaj Finance Limited₹1,015₹6.31 L cr26.4
Shriram Finance Limited₹995₹2.34 L cr16.7
Cholamandalam Investment and Finance Company Limited₹1,765₹1.51 L cr22.7
Tata Capital Limited₹344₹1.45 L cr23.5
Muthoot Finance Limited₹2,770₹1.11 L cr9.9
L&T Finance Limited₹302₹75,742 cr21.0
SBI Cards and Payment Services Limited₹637₹60,613 cr22.8
HDB Financial Services Limited₹681₹56,586 cr18.0
Sundaram Finance Limited₹4,663₹51,398 cr20.2
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.70%
trailing 12 months
Dividend / share (TTM)
₹2
Last dividend
₹0.75
ex 25 Aug 2026
ActionDetailEx-date
Dividend₹0.75 / share25 Aug 2026
Dividend₹1.25 / share4 Feb 2026
Dividend₹0.7 / share26 Aug 2025
Dividend₹1 / share5 Feb 2025
Dividend₹0.51 / share4 Sep 2024
Bonus issue1:222 Feb 2024
Who owns it · 2026-06-30
No pledge
Promoter
66.7%
FII / Foreign
3.7%
DII / Domestic
19.7%
Retail / others
10.0%
Promoter stake down 7.1% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtKamlesh Chimanlal Gandhi · Promoters9,048 · ₹26.6 L19 Mar 26
BoughtKamlesh Chimanlal Gandhi · Promoters15,000 · ₹44.8 L9 Mar 26
BoughtKamlesh Chimanlal Gandhi · Promoters20,000 · ₹61.4 L4 Mar 26
Bulk / block deals
BoughtNIPPON INDIA MUTUAL FUND · NSE20.00 L @ ₹30515 Jul 25
SoldBUSINESS EXCELLENCE TRUST III · NSE20.00 L @ ₹30515 Jul 25
BoughtNIPPON INDIA MUTUAL FUND · NSE20.00 L @ ₹30515 Jul 25
Stake changes
Soldindia business Excellence Fund III→ 4.62% · 37.50 L7 Jan 26
BoughtMCG Private Family Trust · promoter→ 26.71% · 4.85 cr7 Aug 25
SoldEstate of Mukesh Chimanlal Gandhi · promoter→ 0.00% · 4.85 cr7 Aug 25
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 2 Sep 2026
See the official result
1
To receive, consider and adopt audited Standalone and Consolidated Financial Statements of the Company for the year ended on March 31, 2026 and the Reports of the Board of Directors and the Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
3.64 cr votes for, 855 against · 0% of mutual funds and other big investors said no
2
To declare Final Dividend of ₹ 0.75/- per Equity Share i.e. 7.5% on face value of ₹ 10/- each for the financial year ended on March 31, 2026.
Backed by 100% of shareholders other than promotersneeded 50%
3.65 cr votes for, 6 against · 0% of mutual funds and other big investors said no
3
To appoint a Director in place of Mrs. Darshana Pandya (DIN: 07610402), liable to retire by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers herself for re-appointment.
Backed by 97% of shareholders other than promotersneeded 50%
3.56 cr votes for, 9.17 L against · 3% of mutual funds and other big investors said no
4
Approval for increasing the Borrowing Powers under Section 180(1)(c) of the Companies Act, 2013 upto ₹ 15,000,00,00,000 (Indian Rupees Fifteen Thousand Crore).
Backed by 100% of shareholders other than promotersneeded 75%
3.65 cr votes for, 858 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 20 named members
owning 66.7% between them · as of 2026-06-30
Shweta Kamlesh Gandhi27.01%
Kamlesh Chimanlal Gandhi26.71%
Kamlesh Chimanlal Gandhi10.51%
Prarthana Marketing Private Limited2.18%
Anamaya Capital Llp0.17%
Dhvanil K Gandhi0.06%
Dhriti Kamlesh Gandhi0.02%
Dhi Advisors Private Limitedno shares

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.