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MAS Financial Services Ltd.
(MASFIN)
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Rating:58Neutral
Price Target:
₹320.00
▲(2.24% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily constrained by weak cash generation (persistently negative operating/free cash flow) and elevated leverage despite strong growth and profitability. Technical indicators also point to a weak price trend below major moving averages with negative MACD. Valuation is moderate on P/E but offers limited support from dividend yield.
Positive Factors
Revenue growth & profitability
Consistent multi-year revenue growth (latest year +17.6%) with solid reported profitability indicates durable demand and effective pricing/underwriting. Over 2–6 months this supports sustained earnings capacity and reinvestment potential as the retail loan book scales.
Negative Factors
Persistent negative cash generation
Repeated negative operating and free cash flows reflect heavy funding needs to grow the loan book. Reliance on external financing raises refinancing and liquidity risk if market funding tightens, constraining durable self-funded growth and increasing sensitivity to interest-cost shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & profitability
Consistent multi-year revenue growth (latest year +17.6%) with solid reported profitability indicates durable demand and effective pricing/underwriting. Over 2–6 months this supports sustained earnings capacity and reinvestment potential as the retail loan book scales.
Read all positive factors
MAS Financial Services Ltd. (MASFIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹52.53B
Dividend Yield0.68%
Average Volume (3M)12.94K
Price to Earnings (P/E)13.6
Beta (1Y)0.85
Revenue Growth23.25%
EPS Growth21.56%
CountryIN
Employees1,933
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)21.73
Shares Outstanding181,453,380
10 Day Avg. Volume9,341
30 Day Avg. Volume12,941
Financial Highlights & Ratios
PEG Ratio0.84
Price to Book (P/B)1.79
Price to Sales (P/S)3.02
P/FCF Ratio-2.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)25.01
Revenue Forecast (FY)₹12.30B
MAS Financial Services Ltd. Business Overview & Revenue Model
Company Description
MAS Financial Services Limited operates as an Indian non-banking financial corporation, specializing in the provision of retail financing solutions. Its comprehensive product portfolio includes financial assistance for micro and small-to-medium en...
How the Company Makes Money
MASFIN makes money primarily through lending and related financial-services income. Key revenue streams typically include: (1) Interest income: The largest component, earned on loans disbursed to retail borrowers (e.g., two-wheeler/vehicle and oth...
MAS Financial Services Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
60
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.65B | 17.60B | 12.70B | 10.08B | 7.75B | 5.66B |
| Gross Profit | 8.01B | 5.57B | 3.13B | 2.19B | 2.02B | 1.89B |
| EBITDA | 6.16B | 4.55B | 4.27B | 3.44B | 3.10B | 2.48B |
| Net Income | 3.94B | 3.71B | 3.10B | 2.51B | 2.03B | 1.59B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 137.47B | 121.99B | 95.47B | 80.14B | 63.22B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 10.04B | 21.07B | 14.19B | 8.04B | 10.49B |
| Total Debt | 0.00 | 103.17B | 91.56B | 74.26B | 61.28B | 44.39B |
| Total Liabilities | -30.36B | 107.10B | 95.49B | 77.29B | 64.69B | 49.82B |
| Stockholders Equity | 30.36B | 29.74B | 26.09B | 17.83B | 15.19B | 13.50B |
Cash Flow | ||||||
| Free Cash Flow | -10.29B | -18.78B | -11.63B | -13.88B | -14.99B | -8.08B |
| Operating Cash Flow | -10.02B | -17.87B | -11.33B | -13.66B | -14.88B | -8.02B |
| Investing Cash Flow | 3.72B | 4.67B | -8.28B | 500.80M | -2.42B | -8.20B |
| Financing Cash Flow | 7.39B | 10.95B | 21.98B | 12.90B | 16.84B | 9.23B |
MAS Financial Services Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹39.95B | -10.19 | ― | 1.08% | -1.90% | -151.41% | |
62 Neutral | ₹72.65B | 29.98 | ― | 0.12% | 22.60% | 21.00% | |
62 Neutral | ₹110.13B | 22.48 | ― | ― | 27.55% | 28.90% | |
58 Neutral | ₹52.53B | 13.55 | ― | 0.68% | 23.25% | 21.56% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹33.59B | 33.13 | ― | ― | 5.19% | ― | |
41 Neutral | ₹20.64B | -5.46 | ― | ― | -46.58% | 78.01% |
* General Sector Average
IN:MASFIN
MAS Financial Services Ltd.
293.70
-19.81
-6.32%
IN:INDOSTAR
IndoStar Capital Finance Limited
247.45
-17.60
-6.64%
IN:MUTHOOTMF
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196.35
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17.82%
IN:PAISALO
Paisalo Digital Ltd.
83.06
45.10
118.81%
IN:SBFC
SBFC Finance Limited
98.32
-7.88
-7.42%
IN:SPANDANA
Spandana Sphoorty Financial Ltd.
232.55
-29.80
-11.36%
MAS Financial Services Ltd. Corporate Events
MAS Financial Services files Q1 FY27 investor presentation with stock exchanges
Jul 29, 2026
MAS Financial Services Limited has submitted its investor presentation for the quarter ended June 30, 2026 to the BSE and National Stock Exchange. The disclosure, covering Q1 FY27 performance, is part of the company’s regular reporting to ca...
MAS Financial clears Q1 FY27 results, sets AGM and reshapes top management
Jul 29, 2026
MAS Financial Services Ltd. has approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, alongside the directors’ report for the year to March 31, 2026. The company also finalized the notice f...
MAS Financial Services Sets AGM Date, Clears Q1 Results and Reshapes Senior Management
Jul 29, 2026
MAS Financial Services Ltd. has approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 and signed off on the directors’ report for the year to March 31, 2026, signaling completion of key stat...
MAS Financial clears Q1 FY27 results and reshapes senior management ahead of AGM
Jul 29, 2026
MAS Financial Services Ltd. has approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, along with the directors report for the financial year ended March 31, 2026. The Board also cleared the notic...
MAS Financial Services Raises INR 150 Crore via AA-Rated Debenture Issue
Jun 30, 2026
MAS Financial Services Ltd. has completed the private placement allotment of 15,000 rated, listed, senior, secured, redeemable, transferable, taxable non-convertible debentures, each with a face value of INR 1,00,000, raising a total of INR 150 cr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.