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MAS Financial Services Ltd.
(MASFIN)
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Rating:58Neutral
Price Target:
₹254.00
▼(-18.85% Downside)
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
Strong Revenue Growth
Sustained revenue expansion indicates that MAS Financial is continuing to grow its lending franchise and customer base. Continued top-line momentum can support operating scale, broaden earnings capacity, and strengthen the company’s position in India’s retail-focused credit market over the next several quarters.
Negative Factors
Persistently Negative Cash Flow
Repeatedly negative operating cash flow means loan-book growth is not translating into positive cash generation in the reported periods. Even if this reflects expansion in a credit business, the pattern increases dependence on external funding and leaves less internally generated liquidity to absorb stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained revenue expansion indicates that MAS Financial is continuing to grow its lending franchise and customer base. Continued top-line momentum can support operating scale, broaden earnings capacity, and strengthen the company’s position in India’s retail-focused credit market over the next several quarters.
Read all positive factors
MAS Financial Services Ltd. (MASFIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹44.29B
Dividend Yield0.82%
Average Volume (3M)27.16K
Price to Earnings (P/E)10.6
Beta (1Y)0.84
Revenue Growth22.71%
EPS Growth23.45%
CountryIN
Employees1,933
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)21.73
Shares Outstanding181,453,380
10 Day Avg. Volume6,774
30 Day Avg. Volume27,160
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)25.07
Revenue Forecast (FY)₹12.39B
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 by earning interest income and fees from its lending activities. The core revenue model is to raise funds (through borrowings and other financing sources) and deploy that capital into customer loans at higher yields; t...
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. Technical Analysis
Negative
313.00
Price Trends
279.98
Negative
295.89
Negative
305.39
Negative
Market Momentum
-8.87
Positive
33.06
Neutral
49.08
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 313 is above the 20-day moving average (MA) of 261.52, above the 50-day MA of 279.98, and above the 200-day MA of 305.39, indicating a bearish trend. The MACD of -8.87 indicates Positive momentum. The RSI at 33.06 is Neutral, neither overbought nor oversold. The STOCH value of 49.08 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | ₹94.00B | 18.22 | ― | ― | 28.39% | 28.14% | |
59 Neutral | ₹74.09B | 26.93 | ― | 0.13% | 23.67% | 26.77% | |
58 Neutral | ₹44.29B | 10.64 | ― | 0.82% | 22.71% | 23.45% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | ₹29.63B | -7.57 | ― | 1.08% | -1.90% | -151.41% | |
46 Neutral | ₹23.02B | 22.78 | ― | ― | 5.19% | ― | |
40 Underperform | ₹16.73B | -4.45 | ― | ― | -46.58% | 78.01% |
* General Sector Average
IN:MASFIN
MAS Financial Services Ltd.
244.10
-59.22
-19.52%
IN:INDOSTAR
IndoStar Capital Finance Limited
183.30
-59.00
-24.35%
IN:MUTHOOTMF
Muthoot Microfin Ltd
135.00
-33.45
-19.86%
IN:PAISALO
Paisalo Digital Ltd.
78.81
40.81
107.37%
IN:SBFC
SBFC Finance Limited
84.72
-29.28
-25.68%
IN:SPANDANA
Spandana Sphoorty Financial Ltd.
188.70
-65.90
-25.88%
MAS Financial Services Ltd. Corporate Events
CARE reaffirms top rating and upgrades equity tranche on MAS Financial’s PTCs
Oct 14, 2026
MAS Financial Services Ltd. has announced that CARE Ratings has reaffirmed a CARE AAA (SO) rating on its Series A pass-through certificates and upgraded the Equity Tranche PTCs to CARE A+ (SO). The move reflects strong performance of the underlyin...
MAS Financial Services Receives Voluntary ESG Rating of 71 from SES
Sep 11, 2026
MAS Financial Services Ltd. disclosed that it has been assigned an ESG rating of 71 by SES ESG Research Private Limited, based on publicly available information. The rating covers the company’s listed securities under ISIN INE348L01012 and w...
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.