MAS Financial Services Ltd. (MASFIN) AI Stock Analysis

• Market Cap: ₹55.05B
• Dividend Yield: 0.46%
• Average Volume (3M): 6.81K
• Price to Earnings (P/E): 17.0
• Beta (1Y): 0.69
• Revenue Growth: 24.45%
• EPS Growth: 10.58%
• Country: IN
• Employees: 1,892
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 4.60
• Shares Outstanding: 181,453,380
• 10 Day Avg. Volume: 8,339
• 30 Day Avg. Volume: 6,807
• PEG Ratio: 1.04
• Price to Book (P/B): 1.75
• Price to Sales (P/S): 2.86
• P/FCF Ratio: -3.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹325.00
• Price Target Upside: 7.90% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 64 Neutral
• Price Target: ₹325.00 ▲(7.90% Upside)

MAS Financial Services Ltd. scores moderately due to strong financial performance in revenue and profitability, offset by liquidity challenges and significant leverage. Technical indicators suggest weak momentum, while valuation appears fair. The absence of earnings call data and corporate events limits further insights.

MAS Financial Services Ltd. Business Overview & Revenue Model

Company Description

MAS Financial Services Limited, a non-banking finance company, provides retail financing services in India. The company offers micro enterprise, small and medium enterprise, two-wheeler, commercial vehicle, salaried personal, used car, tractor, and housing loans; and loans to micro finance institutions and non-banking financial companies. As of March 31, 2022, it operated approximately 4,438 customer locations through a network of 125 branches in cities/towns of Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Karnataka, and Delhi NCR. The company serves low- and middle-income individuals, as well as micro, small, and medium enterprises. MAS Financial Services Limited was incorporated in 1995 and is headquartered in Ahmedabad, India.

How the Company Makes Money

MAS Financial Services Ltd. generates revenue primarily through the interest income from its diverse range of loan products. The key revenue streams include micro-enterprise loans, SME loans, two-wheeler loans, and commercial vehicle loans. Interest rates on these loans are designed to cover the cost of capital, operational expenses, and risks associated with lending to underserved sectors. The company also collaborates with various banks and financial institutions to source funding, which it then disburses as loans. Partnerships with local stakeholders help in reaching a wider customer base and ensuring repayment efficiency. Additionally, MASFIN benefits from fee-based income through processing fees, late payment charges, and other service-related charges, which contribute to its earnings.

MAS Financial Services Ltd. Financial Statement Overview

Summary

MAS Financial Services Ltd. demonstrates strong revenue and profitability growth, but faces challenges with operational efficiency and liquidity. The high debt-to-equity ratio poses a risk, and negative cash flows highlight potential liquidity issues.

Income Statement

MAS Financial Services Ltd. shows strong revenue growth with a substantial increase in total revenue from 2024 to 2025. The gross profit margin is robust, indicating effective cost management. However, the decline in EBIT margin suggests rising operational costs. Net profit margin is solid, reflecting overall profitability improvements.

Balance Sheet

The company has a high debt-to-equity ratio, indicating significant leverage, which could pose a risk if not managed prudently. However, the return on equity is commendable, showcasing effective use of equity to generate profits. The equity ratio remains stable, reflecting a consistent capital structure.

Cash Flow

The cash flow situation is concerning, with negative operating and free cash flows indicating cash outflows exceeding inflows. This may affect liquidity if not addressed. The operating cash flow to net income ratio is negative, highlighting potential cash generation issues despite profitability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.75B	16.00B	12.83B	9.78B	6.88B	6.28B
Gross Profit	7.30B	15.27B	12.35B	8.91B	6.34B	5.83B
EBITDA	4.65B	5.55B	3.44B	7.40B	5.34B	4.54B
Net Income	3.24B	3.10B	2.51B	2.03B	1.59B	1.44B
Balance Sheet
Total Assets	0.00	121.99B	95.47B	80.14B	63.22B	54.30B
Cash, Cash Equivalents and Short-Term Investments	0.00	11.41B	14.19B	8.04B	10.49B	11.00B
Total Debt	0.00	91.56B	74.26B	61.28B	44.39B	35.13B
Total Liabilities	-26.50B	95.49B	77.29B	64.69B	49.82B	42.29B
Stockholders Equity	26.50B	26.09B	17.83B	15.19B	13.50B	11.80B
Cash Flow
Free Cash Flow	0.00	-11.63B	-13.88B	-14.99B	-8.08B	-5.80B
Operating Cash Flow	0.00	-11.33B	-13.66B	-14.88B	-8.02B	-5.78B
Investing Cash Flow	0.00	-8.28B	500.80M	-2.42B	-8.20B	-1.99B
Financing Cash Flow	0.00	21.98B	12.90B	16.84B	9.23B	7.19B

MAS Financial Services Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 301.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MASFIN, the sentiment is Negative. The current price of 301.2 is below the 20-day moving average (MA) of 310.49, below the 50-day MA of 309.06, and above the 200-day MA of 280.75, indicating a neutral trend. The MACD of -2.34 indicates Positive momentum. The RSI at 40.09 is Neutral, neither overbought nor oversold. The STOCH value of 53.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MASFIN.

MAS Financial Services Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FEDFINA	72 Outperform	₹60.38B	25.91	―	―	21.41%	-16.92%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MASFIN	64 Neutral	₹55.05B	16.98	―	0.46%	24.45%	10.58%
ARMANFIN	61 Neutral	₹16.32B	264.43	―	―	0.02%	-96.51%
INDOSTAR	51 Neutral	₹33.19B	5.11	―	―	-3.23%	528.67%
EQUITASBNK	50 Neutral	₹65.09B	44.89	―	1.75%	13.47%	-115.98%
SPANDANA	44 Neutral	₹22.67B	26.37	―	―	-26.77%	-431.45%

MAS Financial Services Ltd. Corporate Events

MAS Financial Services Announces Share Transmission to Estate

MAS Financial Services Ltd. has announced the transmission of 26.66% shareholding from the late Mr. Mukesh Chimanlal Gandhi to the Estate of Mukesh Chimanlal Gandhi, as part of a legal process following his passing. This move is in compliance with the SEBI regulations, allowing the shares to be transferred to the MCG Private Family Trust, with Kamlesh Gandhi acting as the executor of the will.