MASFIN - MAS Financial Services Limited Share Price

Finance

₹272.96-4.36(-1.57%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does MAS Financial Services Limited do?

Non Banking Financial Company(NBFC)•Financial Services•Small Cap

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. MAS Financial Services Limited serves through distribution network of partner micro-finance institutions, non-banking finance companies, housing finance companies, and franchisees. The company was incorporated in 1995 and is based in Ahmedabad, India.

Industry Group:Finance

Employees:1,892

Website:www.mas.co.in

Balance Sheet for MAS Financial Services

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	72.3%	306	178	565	238	384	274
Trade receivables	2.5%	6.66	6.52	4.63	4.27	7.44	1
Loans	11.2%	8,076	7,265	6,408	5,910	5,358	4,554
Investments	22%	961	788	840	826	969	538
Other financial assets	45.3%	110	76	71	60	48	53
Total finanical assets	-	10,364	-	-	-	-	-
Current tax assets (Net)	-70.4%	1.45	2.52	2.52	2.52	5.08	6.23
Property, plant and equipment	0%	19	19	18	14	14	13
Capital work-in-progress	15.9%	81	70	61	58	53	52
Total non-financial assets	-	160	-	-	-	-	-
Total assets	15.5%	10,524	9,109	8,562	7,677	7,447	6,075
Equity share capital	10.4%	181	164	55	55	55	55
Total equity	35.7%	2,401	1,769	1,631	1,506	1,365	1,308
Debt securities	42.2%	891	627	616	627	604	362
Borrowings	7.1%	6,554	6,120	5,761	4,958	4,718	3,733
Subordinated liabilities	0.3%	303	302	253	253	122	137
Total financial liabilities	-	8,098	-	-	-	-	-
Current tax liabilities	118.2%	8.18	4.29	1.92	1.86	1.44	2.25
Provisions	11.1%	11	10	10	9.48	8.41	7.16
Total non financial liabilities	-	25	-	-	-	-	-
Total liabilities	-	-	7,340	6,931	6,171	6,082	4,767
Total equity and liabilities	15.5%	10,524	9,109	8,562	7,677	7,447	6,075

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	53.3%	326	213	569	239	387	288
Trade receivables	7.9%	6.98	6.54	4.65	4.3	7.47	1.05
Loans	10.9%	8,564	7,719	6,800	6,246	5,639	4,800
Investments	25.1%	908	726	794	791	933	493
Other financial assets	44.9%	114	79	73	62	52	56
Total finanical assets	-	10,846	-	-	-	-	-
Current tax assets (Net)	-70.4%	1.45	2.52	2.52	2.52	5.08	6.23
Property, plant and equipment	0%	21	21	19	15	14	14
Capital work-in-progress	15.9%	81	70	61	58	53	52
Total non-financial assets	-	164	-	-	-	-	-
Total assets	15.3%	11,010	9,547	8,949	8,014	7,728	6,322
Equity share capital	10.4%	181	164	55	55	55	55
Non controlling interest	-	-	36	27	26	24	22
Total equity	35.1%	2,457	1,819	1,672	1,545	1,399	1,340
Debt securities	42.2%	891	627	616	627	604	362
Borrowings	7.3%	6,973	6,497	6,097	5,248	4,955	3,940
Subordinated liabilities	0.3%	303	302	253	253	122	137
Total financial liabilities	-	8,527	-	-	-	-	-
Current tax liabilities	106.8%	8.65	4.7	2.28	2.06	1.83	2.48
Provisions	11.1%	11	10	10	9.49	8.42	7.17
Total non financial liabilities	-	26	-	-	-	-	-
Total liabilities	-	-	7,729	7,277	6,469	6,330	4,982
Total equity and liabilities	15.3%	11,010	9,547	8,949	8,014	7,728	6,322

Income Statement for MAS Financial Services

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Total income	29.9%	1,286	990	691	628	722	605
Revenue From Operations	29.5%	1,279	988	690	627	722	605
Total interest earned	27.8%	1,077	843	602	517	597	495
Fees and commission income	30%	66	51	18	28	16	15
Other revenue from operations	72.9%	122	71	66	81	109	94
Other income	286%	6.52	2.43	0.93	0.73	0.36	0.12
Total Expenses	31.6%	946	719	475	432	484	367
Employee Expense	41.4%	100	71	48	35	59	52
Finance costs	30.5%	647	496	339	285	296	226
Depreciation and Amortization	91.3%	4.29	2.72	2.07	2.57	2.85	1.6
Fees and commission expenses	-14.3%	49	57	23	6.24	6.02	4.04
Impairment on financial instruments	73.1%	91	53	35	78	89	55
Other expenses	42.1%	55	39	28	25	31	27
Profit Before exceptional items and Tax	25.1%	340	272	216	196	239	238
Total profit before tax	25.1%	340	272	216	196	239	238
Current tax	28.1%	83	65	55	59	63	83
Deferred tax	2485.7%	2.81	1.07	0.01	-8.9	-5.61	-0.08
Tax expense	30.8%	86	66	55	50	57	83
Total profit (loss) for period	23.4%	254	206	161	146	181	155
Other comp. income net of taxes	166.9%	14	-18.42	-7.77	7.75	4.73	-6.55
Total Comprehensive Income	43.5%	268	187	153	153	186	148
Reserve excluding revaluation reserves	-	1,619	-	-	1,125	-	-
Earnings Per Share, Basic	25.6%	15.31	12.393333	9.713333	8.803333	10.973333	9.426667
Earnings Per Share, Diluted	25.6%	15.31	12.393333	9.713333	8.803333	10.973333	9.426667
Debt equity ratio	-	-	-	-	-	-	0.0246
Interest service coverage ratio	-	-	-	-	-	-	0.0205

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Total income	6.2%	410	386	365	347	342	313
Revenue From Operations	6.8%	410	384	364	346	340	310
Total interest earned	8%	351	325	311	291	284	262
Fees and commission income	11.1%	21	19	19	17	18	17
Other revenue from operations	-5.3%	37	39	32	35	34	28
Other income	-236%	0.66	1.25	0.79	1.44	2.17	2.52
Total Expenses	7.1%	302	282	268	254	255	230
Employee Expense	3.1%	34	33	31	30	26	24
Finance costs	5.4%	195	185	181	171	172	154
Depreciation and Amortization	25%	1.45	1.36	1.27	1.2	1.17	1.06
Fees and commission expenses	13.3%	18	16	11	12	15	15
Impairment on financial instruments	23.1%	33	27	25	22	26	24
Other expenses	5.6%	20	19	19	18	14	13
Profit Before exceptional items and Tax	3.9%	108	104	97	94	87	83
Total profit before tax	3.9%	108	104	97	94	87	83
Current tax	12.5%	28	25	24	21	22	20
Deferred tax	-1338.5%	-0.61	1.13	1.09	2.52	0.77	0.69
Tax expense	8%	28	26	25	24	23	21
Total profit (loss) for period	2.6%	80	78	73	70	64	62
Other comp. income net of taxes	448.4%	11	-1.87	2.71	8.32	-0.56	-2.93
Total Comprehensive Income	21.3%	92	76	75	78	64	59
Reserve excluding revaluation reserves	-	-	-	-	1,619	-	-
Earnings Per Share, Basic	-22.8%	3.88	4.73	4.32	4.23	3.88	3.73
Earnings Per Share, Diluted	-22.8%	3.88	4.73	4.32	4.23	3.88	3.73

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Total income	29.1%	1,225	949	657	594	683	573
Revenue From Operations	28.7%	1,217	946	656	592	682	572
Total interest earned	26.7%	1,022	807	569	483	559	465
Fees and commission income	30.6%	65	50	17	28	16	14
Other revenue from operations	73.1%	117	68	64	81	107	94
Other income	221%	7.42	3	1.51	1.71	0.72	0.25
Total Expenses	30.6%	893	684	446	401	449	339
Employee Expense	41%	87	62	42	30	52	47
Finance costs	29.3%	614	475	320	264	272	207
Depreciation and Amortization	100.7%	3.81	2.4	1.78	2.13	2.32	1.29
Fees and commission expenses	-14.3%	49	57	23	6.24	6.02	4.04
Impairment on financial instruments	71.2%	90	53	34	75	87	55
Other expenses	48.5%	50	34	25	24	29	25
Profit Before exceptional items and Tax	25%	331	265	212	193	234	234
Total profit before tax	25%	331	265	212	193	234	234
Current tax	29%	81	63	54	58	62	82
Deferred tax	1672.7%	2.95	1.11	0.12	-8.71	-5.69	-0.54
Tax expense	31.7%	84	64	54	49	56	82
Total profit (loss) for period	23.5%	248	201	158	144	178	152
Other comp. income net of taxes	173.3%	16	-19.45	-7.58	7.51	4.7	-6.57
Total Comprehensive Income	45.3%	264	182	150	151	183	146
Reserve excluding revaluation reserves	-	-	-	-	1,118	-	-
Earnings Per Share, Basic	25.4%	15.11	12.253333	9.623333	8.75	10.866667	9.276667
Earnings Per Share, Diluted	25.4%	15.11	12.253333	9.623333	8.75	10.866667	9.276667
Debt equity ratio	-	-	-	-	-	-	0.0222
Interest service coverage ratio	-	-	-	-	-	-	0.0213

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Total income	6.3%	390	367	346	330	326	298
Revenue From Operations	6.9%	390	365	346	328	324	296
Total interest earned	8.1%	333	308	295	276	270	249
Fees and commission income	17.6%	21	18	19	17	18	16
Other revenue from operations	-2.8%	36	37	30	34	32	27
Other income	-168.9%	0.38	1.9	0.58	1.43	2.13	2.34
Total Expenses	7.6%	285	265	252	238	241	218
Employee Expense	3.7%	29	28	27	26	22	21
Finance costs	5.7%	185	175	171	162	164	146
Depreciation and Amortization	42.1%	1.27	1.19	1.11	1.06	1.07	0.91
Fees and commission expenses	13.3%	18	16	11	12	15	15
Impairment on financial instruments	28%	33	26	24	21	26	24
Other expenses	5.9%	19	18	18	17	13	12
Profit Before exceptional items and Tax	3%	105	102	94	91	85	80
Total profit before tax	3%	105	102	94	91	85	80
Current tax	17.4%	28	24	23	20	21	19
Deferred tax	-1425%	-0.59	1.12	1.03	2.62	0.62	0.69
Tax expense	4%	27	26	24	23	22	20
Total profit (loss) for period	1.3%	78	77	70	68	62	60
Other comp. income net of taxes	320.7%	14	4.09	1.81	9.04	-0.63	-2.82
Total Comprehensive Income	13.8%	92	81	72	77	62	57
Earnings Per Share, Basic	3.1%	4.31	4.21	4.25	4.15	3.806667	3.66
Earnings Per Share, Diluted	3.1%	4.31	4.21	4.25	4.15	3.806667	3.66

Investor Care
Dividend Yield	0.55%
Dividend/Share (TTM)	1.51
Shares Dilution (1Y)	10.65%
Diluted EPS (TTM)	17.16

Financial Health
Debt/Equity	0.00
Debt/Cashflow	0.00

Pros

Size: Market Cap wise it is among the top 20% companies of india.

Growth: Awesome revenue growth! Revenue grew 22.6% over last year and 132.1% in last three years on TTM basis.

Profitability: Very strong Profitability. One year profit margin are 20%.

Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.

Cons

Dilution: Company has a tendency to dilute it's stock investors.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: MASFIN vs Finance

Comprehensive comparison against sector averages

Comparative Metrics

MASFIN metrics compared to Finance

Category	MASFIN	Finance
PE	16.74	30.68
PS	3.34	6.63
Growth	22.6 %	12.2 %

Performance Comparison

MASFIN vs Finance (2021 - 2025)

Key Insights

1. MASFIN is NOT among the Top 10 largest companies in Non Banking Financial Company(NBFC).
2. The company holds a market share of 0.6% in Non Banking Financial Company(NBFC).
3. In last one year, the company has had an above average growth that other Non Banking Financial Company(NBFC) companies.

Valuation
Market Cap	4.95 kCr
Price/Earnings (Trailing)	16.47
Price/Sales (Trailing)	3.28
EV/EBITDA	4.35
Price/Free Cashflow	-3.74
MarketCap/EBT	12.3

Fundamentals
Revenue (TTM)	1.51 kCr
Rev. Growth (Yr)	19.94%
Rev. Growth (Qtr)	6.45%
Earnings (TTM)	300.67 Cr
Earnings Growth (Yr)	24.81%
Earnings Growth (Qtr)	3.57%

Profitability
Operating Margin	26.69%
EBT Margin	26.69%
Return on Equity	12.24%
Return on Assets	2.73%
Free Cashflow Yield	-26.75%

Share Holdings

Understand MAS Financial Services ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
Shweta Kamlesh Gandhi	30.05%
Late Mukesh Chimanlal Gandhi	29.72%
Kamlesh Chimanlal Gandhi	11.66%
Business Excellence Trust Iii - India Business Excellence Fund Iii	7.44%
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund	5.88%
Bandhan Sterling Value Fund	4.34%
Prarthana Marketing Private Limited	2.42%
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund	2.24%
Anamaya Capital Llp	0.18%
Dhvanil K Gandhi	0.06%
Dhriti Kamlesh Gandhi	0.02%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Cash Flow for MAS Financial Services

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	29.3%	614	475	320
Depreciation	100.7%	3.81	2.4	1.78
Impairment loss / reversal	71.2%	90	53	34
Dividend income	116.7%	1.26	1.12	0.66
Adjustments for interest income	26.7%	1,022	807	569
Net Cashflows From Operations	5.8%	-1,538.84	-1,634.2	-957.72
Dividends received	116.7%	1.26	1.12	0.66
Interest paid	43.7%	665	463	336
Interest received	33.1%	998	750	535
Income taxes paid (refund)	32.8%	78	59	64
Net Cashflows From Operating Activities	8.7%	-1,282.84	-1,405.45	-820.84
Proceeds from sales of PPE	-31.6%	0	0.24	0
Purchase of property, plant and equipment	132.6%	20	9.17	4.99
Purchase of intangible assets	-2600%	0	1.04	0.19
Purchase of intangible assets under development	-42.9%	0	0.3	0.04
Interest received	-102.7%	0	38	24
Other inflows/outflows of cash	-104%	0	26	-524.95
Net Cashflows From Investing Activities	110.9%	26	-228.54	-805.31
Proceeds from issuing debt etc	844.4%	3,637	386	400
Proceeds from borrowings	-100%	0	2,471	1,599
Repayments of borrowings	95.3%	2,413	1,236	1,049
Payments of lease liabilities	29.5%	0.45	0.22	0.42
Dividends paid	44.4%	27	19	15
Net Cashflows From Financing Activities	-25.2%	1,197	1,601	935
Net change in cash and cash eq.	-80.4%	-59.84	-32.72	-691.55

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	30.5%	647	496	339
Depreciation	91.3%	4.29	2.72	2.07
Impairment loss / reversal	73.1%	91	53	35
Adjustments for interest income	27.8%	1,077	843	602
Net Cashflows From Operations	5.2%	-1,638.79	-1,727.83	-950.13
Interest paid	44.2%	699	485	355
Interest received	33.9%	1,052	786	568
Income taxes paid (refund)	31.7%	80	61	65
Net Cashflows From Operating Activities	8.2%	-1,366.05	-1,487.95	-802.35
Proceeds from sales of PPE	-17.1%	0.11	0.24	0
Purchase of property, plant and equipment	144.8%	22	9.58	5.11
Purchase of intangible assets	-1350%	0.5	1.04	0.19
Purchase of intangible assets under development	-13.4%	0.24	0.33	0.04
Interest received	-102.6%	0	39	25
Other inflows/outflows of cash	-104.5%	0	23	-550.47
Net Cashflows From Investing Activities	120.2%	50	-242.04	-819.89
Proceeds from issuing shares	504%	5	0.01	0
Proceeds from issuing debt etc	-	0	0	4
Proceeds from borrowings	21.6%	3,632	2,987	2,116
Repayments of borrowings	80.7%	2,320	1,284	1,182
Payments of lease liabilities	36.1%	0.54	0.28	0.52
Dividends paid	44.4%	27	19	15
Net Cashflows From Financing Activities	-23.4%	1,290	1,684	923
Net change in cash and cash eq.	42.5%	-26	-45.97	-699.55

Is MAS Financial Services Better than it's peers?

Detailed comparison of MAS Financial Services against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
BAJFINANCE	Bajaj FinanceNon Banking Financial Company(NBFC)	5.63 LCr	66.19 kCr	+1.65%	+35.09%	35.05	8.5	+28.74%	+16.50%
CHOLAFIN	Cholamandalam Investment and Finance Co.Non Banking Financial Company(NBFC)	1.28 LCr	24.52 kCr	+0.38%	+30.22%	30.1	4.91	+34.67%	+24.64%
SHRIRAMFIN	Shriram FinanceNon Banking Financial Company(NBFC)	1.17 LCr	40.33 kCr	-5.18%	-75.14%	12.37	2.9	+17.00%	+41.83%
M&MFIN	Mahindra & Mahindra Financial ServicesNon Banking Financial Company(NBFC)	32.32 kCr	17.97 kCr	-7.56%	+1.14%	14.3	1.74	+16.03%	+16.36%
CREDITACC	CreditAccess GrameenMicrofinance Institutions	17.47 kCr	5.81 kCr	+15.04%	-25.40%	19.83	3.01	+21.50%	-34.50%

Price to Sales Ratio

Latest reported: ₹3

Revenue (Last 12 mths)

Latest reported: ₹2 kCr

Net Income (Last 12 mths)

Latest reported: ₹301 Cr

MASFIN - MAS Financial Services Limited Share Price

What does MAS Financial Services Limited do?

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)