MAS Financial Services Ltd. (MASFIN) AI Stock Analysis

• Market Cap: ₹56.31B
• Dividend Yield: 0.43%
• Average Volume (3M): 7.18K
• Price to Earnings (P/E): 16.7
• Beta (1Y): 0.71
• Revenue Growth: 24.90%
• EPS Growth: 11.78%
• Country: IN
• Employees: 1,892
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 4.90
• Shares Outstanding: 181,453,380
• 10 Day Avg. Volume: 5,624
• 30 Day Avg. Volume: 7,181
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: ₹325.00 ▼(-0.08% Downside)

The overall stock score is primarily influenced by strong financial performance in terms of revenue and profitability, despite challenges in operational efficiency and liquidity. Technical analysis indicates a neutral to bearish trend, while valuation suggests the stock is reasonably priced. The absence of earnings call and corporate events data means these factors do not impact the score.

Positive Factors

Revenue Growth

The company's strong revenue growth indicates effective market penetration and product demand, supporting long-term business expansion and stability.

Profitability

Robust profit margins demonstrate efficient cost control and pricing strategies, enhancing the company's ability to sustain profitability over time.

Market Position

As a leading NBFC in India, MASFIN's strong market position in niche sectors like micro-finance provides competitive advantages and growth opportunities.

Negative Factors

High Leverage

High leverage can increase financial risk and limit flexibility, potentially impacting the company's ability to invest in growth or weather economic downturns.

Cash Flow Issues

Negative cash flows highlight potential liquidity challenges, which could hinder the company's ability to meet short-term obligations and fund operations.

Operational Efficiency

Rising operational costs and declining EBIT margins may undermine profitability, necessitating improved cost management to sustain long-term financial health.

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 through various streams, primarily from interest income earned on loans disbursed to customers. The company's core revenue model is based on lending activities, which include interest on microfinance loans, SME financing, and vehicle loans. Additionally, MASFIN earns income from fees associated with loan processing, late payment charges, and other financial services. The company has established key partnerships with local businesses and micro-entrepreneurs, which help facilitate its lending operations and expand its customer base. Furthermore, the ability to attract funding from banks and financial institutions at competitive rates allows MASFIN to maintain its lending operations and optimize its profit margins.

MAS Financial Services Ltd. Financial Statement Overview

Summary

MAS Financial Services Ltd. demonstrates strong revenue growth and profitability, 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	13.58B	12.70B	10.08B	7.75B	5.66B	4.91B
Gross Profit	3.43B	3.13B	2.19B	2.02B	1.89B	2.03B
EBITDA	4.52B	4.27B	3.44B	3.10B	2.48B	2.34B
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	21.07B	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: 325.25
• 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 325.25 is above the 20-day moving average (MA) of 320.36, above the 50-day MA of 315.32, and above the 200-day MA of 300.78, indicating a neutral trend. The MACD of 2.34 indicates Positive momentum. The RSI at 44.50 is Neutral, neither overbought nor oversold. The STOCH value of 37.66 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
ARMANFIN	68 Neutral	₹16.65B	-1,508.86	―	―	-6.03%	-100.77%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FEDFINA	65 Neutral	₹58.04B	23.58	―	―	14.44%	-10.84%
MASFIN	64 Neutral	₹56.31B	16.67	―	0.43%	24.90%	11.78%
EQUITASBNK	56 Neutral	₹76.39B	-83.79	―	1.63%	10.02%	-120.18%
INDOSTAR	50 Neutral	₹31.80B	5.11	―	―	-5.36%	469.19%
SPANDANA	48 Neutral	₹21.76B	-1.24	―	―	-45.13%	-1646.01%

MAS Financial Services Ltd. Corporate Events

MAS Financial Services Closes Trading Window Ahead of Q3 FY26 Results

MAS Financial Services Limited has announced the closure of its trading window for designated persons and their immediate relatives, in line with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company’s internal code of conduct. The window will remain closed from January 1, 2026 until 48 hours after the public announcement of the company’s financial results for the quarter and nine months ended December 31, 2025, reinforcing its compliance framework and restricting insider trading risk around the upcoming earnings disclosure.