MAS Financial Services Ltd. (IN:MASFIN)
:MASFIN
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MAS Financial Services Ltd.
(MASFIN)
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Rating:66Neutral
Price Target:
₹367.00
▲(12.84% Upside)
Action:Reiterated
Date:05/01/26
The score is mainly constrained by weak cash generation and high leverage despite strong growth and profitability. Technicals are supportive with price above major moving averages and positive MACD, while valuation is reasonable on earnings but offers limited dividend support.
Positive Factors
Sustained Revenue Growth
Consistent multi-year revenue growth and a 17.6% increase in the latest year indicate durable demand for MASFIN's MSME and self‑employed lending products. A growing loan book supports stable interest income generation and scale benefits for origination and servicing over the medium term.
Negative Factors
Weak Cash Generation
Persistent negative operating and free cash flows imply the business relies on external funding to finance loan book growth. This structural cash deficit increases liquidity and refinancing risk and can constrain strategic flexibility if funding conditions tighten over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent multi-year revenue growth and a 17.6% increase in the latest year indicate durable demand for MASFIN's MSME and self‑employed lending products. A growing loan book supports stable interest income generation and scale benefits for origination and servicing over the medium term.
Read all positive factors
MAS Financial Services Ltd. (MASFIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹56.32B
Dividend Yield0.43%
Average Volume (3M)7.18K
Price to Earnings (P/E)12.9
Beta (1Y)0.80
Revenue Growth25.13%
EPS Growth17.12%
CountryIN
Employees1,892
SectorFinancial
Sector Strength70
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)18.23
Shares Outstanding181,453,380
10 Day Avg. Volume5,624
30 Day Avg. Volume7,181
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)24.73
Revenue Forecast (FY)₹12.32B
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, an...
How the Company Makes Money
MASFIN primarily makes money by earning interest income on the loans it originates and holds on its balance sheet. Its key revenue stream is the spread between (a) the yield/interest rate charged to borrowers and (b) its own cost of funds (borrowi...
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 | 14.97B | 17.60B | 12.70B | 10.08B | 7.75B | 5.66B |
| Gross Profit | 4.59B | 5.57B | 3.13B | 2.19B | 2.02B | 1.89B |
| EBITDA | 5.24B | 4.55B | 4.27B | 3.44B | 3.10B | 2.48B |
| Net Income | 3.38B | 3.71B | 3.10B | 2.51B | 2.03B | 1.59B |
Balance Sheet | ||||||
| Total Assets | 131.40B | 137.47B | 121.99B | 95.47B | 80.14B | 63.22B |
| Cash, Cash Equivalents and Short-Term Investments | 16.73B | 10.04B | 21.07B | 14.19B | 8.04B | 10.49B |
| Total Debt | 99.10B | 103.17B | 91.56B | 74.26B | 61.28B | 44.39B |
| Total Liabilities | 102.87B | 107.10B | 95.49B | 77.29B | 64.69B | 49.82B |
| Stockholders Equity | 28.11B | 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
325.25
Price Trends
313.31
Negative
317.20
Negative
312.90
Negative
Market Momentum
0.02
Positive
38.79
Neutral
11.13
Positive
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 325.25 is below the 20-day moving average (MA) of 329.26, above the 50-day MA of 313.31, and above the 200-day MA of 312.90, indicating a bearish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 38.79 is Neutral, neither overbought nor oversold. The STOCH value of 11.13 is Positive, 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 (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ₹56.32B | 12.88 | ― | 0.43% | 25.13% | 17.12% | |
63 Neutral | ₹44.87B | 12.87 | ― | 0.29% | 22.32% | 17.78% | |
59 Neutral | ₹30.61B | 24.60 | ― | ― | -3.48% | ― | |
56 Neutral | ₹100.08B | 18.74 | ― | ― | 28.53% | 28.56% | |
47 Neutral | ₹22.59B | -2.02 | ― | ― | -56.02% | 33.35% | |
44 Neutral | ₹31.60B | 98.87 | ― | ― | -11.00% | 400.98% |
* Financial Sector Average
IN:MASFIN
MAS Financial Services Ltd.
310.40
22.88
7.96%
IN:INDOSTAR
IndoStar Capital Finance Limited
195.55
-125.00
-39.00%
IN:MUTHOOTMF
Muthoot Microfin Ltd
179.55
49.30
37.85%
IN:PAISALO
Paisalo Digital Ltd.
49.33
17.86
56.75%
IN:SBFC
SBFC Finance Limited
90.65
-14.35
-13.67%
IN:SPANDANA
Spandana Sphoorty Financial Ltd.
254.85
-17.90
-6.56%
MAS Financial Services Ltd. Corporate Events
Acuite Reaffirms MAS Financial’s ‘AA’ Rating on Expanded Debt Facilities
May 1, 2026
MAS Financial Services Limited has received an ‘ACUITE AA’ long-term credit rating with a Stable outlook on Rs 7,200 crore of bank loans and non-convertible debentures, including new assignments and reaffirmations. Acuite also withdrew...
MAS Financial Services Closes Trading Window Ahead of FY 2026 Results
Mar 27, 2026
MAS Financial Services Ltd. has announced that its trading window for dealing in the company’s securities will be closed for all designated persons and their immediate relatives from April 1, 2026. The window will remain shut until 48 hours ...
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.