Mas Financial Services Ltd. · NSE:MASFIN
Mas Financial Services — Q1 FY2027 Earnings Presentation
68 slides from Mas Financial Services's earnings presentation, Jul 29, 2026
Slide 1: Stock exchange cover letter for investor presentation
MFSL/SEC/EQ/2026/64 July 29, 2026 To, To, The Manager, General Manager BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Plot No. C/1, G Block Mumbai – 400001 Bandra-Kurla Complex Bandra (East) Mumbai – 400051 Scrip Code: 540749, 947381 Tradin
Slide 2: Investor Presentation – Q1FY27
INVESTOR PRESENTATION – Q1FY27 2026-27 1995-96
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by and is the sole responsibility of MAS Financial Services Limited (together with its subsidiary MAS Rural Housing & Mortgage Finance Limited and MASFIN Insurance Broking Private Limited ). By accessing this presentation, you are agreeing to be bound b
Slide 4: Table of Contents
Table of Contents 1 MAS AT A GLANCE 04 2 GROWTH STORY 07 3 INDUSTRY OVERVIEW 12 4 STANDALONE FINANCIAL REVIEW 15 5 CAPITAL & LIABILITY MANAGEMENT 24 6 STRONG FUNDAMENTALS 28 7 MAS RURAL HOUSING & MORTGAGE FINANCE LIMITED - SUBSIDIARY 33 8 LEVERAGING TECHNOLOGY ACROSS SPECTRUM 39 9 FOCUS ON ENVIRONME
Slide 5: MAS Group at a Glance (Consolidated)
MAS Group at a Glance (Consolidated) MAS Financial Services was established in 1995: “Visualizing the vast opportunities in serving financial needs of the underserved segments of the country” 30+ Diversified Product Portfolio Years of Endeavours ₹1,61,227Mn ₹5,619Mn Micro Enterprise Loans SME Loans
Slide 6: MAS Financial at a Glance
MAS Financial at a Glance MAS Financial Services was established in 1995: “Visualizing the vast opportunities in serving financial needs of the underserved segments of the country” 30+ Diversified Product Portfolio Years of Endeavours Micro Enterprise Loans SME Loans ₹ 1,51,467Mn 13 209 Assets Under
Slide 7: Strong Distribution Network
Strong Distribution Network MAS has steadily entered adjacent geographies 209 1 Punjab 2 2 Uttarakhand Haryana 2 Branches Delhi 3 47 Rajasthan Uttar Pradesh Pan India Network presence 61 42 through Gujarat Madhya Pradesh 2 Chhattisgarh 223 Maharashtra 30 4 Telangana NBFC Partners 8 Karnataka Presenc
Slide 8: Growth
GROWTH Belief & Philosophy CONSISTENTLY AND STEADILY IS THE FASTEST WAY TO REACH WHERE YOU WANT TO
Slide 9: Journey of 124 Quarters
Journey of 124 Quarters Asset Under Management (AUM) 1,43,637 (In ₹ Mn) 1,20,998 1,01,256 80,926 62,468 53,384 59,663 53,724 41,570 31,561 13,910 20,052 25,650 3,884 5,118 6,909 10,123 20 1,510 2,312 2,597 2,682 4Q 44Q 48Q 52Q 56Q 60Q 64Q 68Q 72Q 76Q 80Q 84Q 88Q 92Q 96Q 100Q 104Q 108Q 112Q 116Q 120Q
Slide 10: A decade of robust growth despite macroeconomic and industry headwinds
A decade of robust growth despite macroeconomic and industry headwinds Asset Under Management (AUM) (In ₹ Mn) 1,43,637 1,20,998 1,01,256 80,926 Period marked by significant 59,663 62,468 challenges 53,384 53,724 41,570 25,650 31,561 Year Challenge FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-
Slide 11: Best-in-Class Asset Quality Across Cycles
Best-in-Class Asset Quality Across Cycles and Resilience Through Systematic Shocks Catalyst in growth of entrepreneurs, not creating just borrowers GROSS STAGE 3 ASSETS NET STAGE 3 ASSETS 7.2% 2nd Wave 2.53% 2.56% 2.57% 2.58% 2.35% 2.36% 2.41% 2.44% 2.49% 6.4% 2.21% 2.30% 2.28% 2.27% 2.26% 2.23% 2.2
Slide 12: Trusted Credentials, Systems, Operations & Governance
Trusted Credentials, Systems, Operations & Governance Recognized by Leading Stakeholders Top Institutional Investors Credit Rating Awards – FY 2026 AA- (Stable) ESG Rating Marquee Pre-IPO Investors CareEdge-ESG 2 Score: 65.6 FE CFO AWARDS NHB AWARD For Last 4 Years Top Lenders Foreign PSU Banks Priv
Slide 13: Industry Overview
Industry Overview
Slide 14: Industry Overview: Small Businesses Remain Resilient
Industry Overview: Small Businesses Remain Resilient in a Challenging Environment ❖ As per the latest SIDBI–CRIF High Mark Small Business Spotlight Report, India's small business (formal credit exposure below ₹5 crore) ecosystem has remained resilient with continued growth in credit outstanding and
Slide 15: NBFCs: Key Role in Small Business Credit Landscape
NBFCs: Continuing to Play a Key Role in the Small Business Credit Landscape Small business POS exposure as on Mar-26 NBFCs continue to dominate the small business segment, with Overall product mix remained largely range-bound, with Loan Against their market share remaining largely range-bound over t
Slide 16: Standalone Financial Review
Standalone Financial Review
Slide 17: Key Highlights – Q1 FY27
Key Highlights – Q1 FY27 Asset Under Management (AUM) Yield Return on Avg. Net Worth* ₹ 1,51,467Mn 21.13% (Q1 FY26: ₹1,25,046 Mn) 16.20% 11bps (Q1 FY26: 16.09%) 15.10% Net Interest Income (NII) Return on Avg. Balance Sheet Assets* ₹3,079Mn 29.58% (Q1 FY26: ₹2,376 Mn) Cost of Borrowing* (COB) 3.11% 9
Slide 18: Financial Performance – Q1 FY27
Financial Performance – Q1 FY27 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) On & Off Book AUM (%) 15.18% 18.71% 21.13% 14.19% 1,51,467 29,526 30,797 1,43,637 26,738 1,25,046 25,858 22 20 20 19 18 1,20,998 1,01,256 17,690 78 80 80 81 82 Mar-24 Mar-25 Mar-26 Jun-25 Jun-26 Mar-24 Mar-25
Slide 19: Financial Performance – Q1 FY27
Financial Performance – Q1 FY27 Revenue (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 24.98% 19,003 30.52% 10,417 15,205 12,293 7,981 19.74% 6,151 29.58% 4,429 5,303 3,079 2,376 FY24 FY25 FY26 Q1FY26 Q1FY27 FY24 FY25 FY26 Q1FY26 Q1FY27 Operating Expense (In ₹ Mn) Profit After Tax (PAT) # (In ₹ Mn) 4
Slide 20: Financial Performance – Q1 FY27
Financial Performance – Q1 FY27 Optimized cost structure Operating Expense Ratio* Operating Expense as % of NII Operating Expense as % of Gross Income 35.74% 34.82% 35.27% 34.80% 2.81% 2.95% 2.90% 31.56% 32.77% 20.12% 20.20% 2.69% 19.59% 18.68% 2.35% 17.20% 2.13% 15.79% FY24 FY25 FY26 Q1FY26 Q4FY26
Slide 21: Financial Performance – Q1 FY27
Financial Performance – Q1 FY27 Strongly Capitalized Debt Equity Ratio Capital Adequacy Ratio 4.00 24.05% 24.72% 25.22% 22.84% 23.25% 3.37 3.31 3.36 3.35 Mar-24 Mar-25 Mar-26 Jun-25 Jun-26 Mar-24 Mar-25 Mar-26 Jun-25 Jun-26 Healthy Coverage Interest Coverage Ratio 1.57 1.57 1.55 1.63 1.54 FY24 FY25
Slide 22: Asset Under Management – Credit Quality
Asset Under Management – Credit Quality 1 – 30 DPD 31 – 60 DPD 61 – 90 DPD 91 –120 DPD > 120 DPD 1.92% 1.96% 1.94% 1.82% 1.85% 1.67% 1.81% 1.95% 2.02% 0.62% 0.60% 0.63% 0.55% 0.47% 0.63% 0.54% 1.26% 0.72% 0.56% 0.85% 0.98% 1.08% 1.53% 1.24% 1.31% 1.34% 1.04% 1.19% 1.06% 1.03% 0.95% 1.07% 0.91% 0.90%
Slide 23: Credit Quality
Credit Quality (In ₹ Mn.) Jun-26 Mar-26 Jun-25 Particulars Jun-26 Mar-26 Jun-25 Particulars AUM Provision AUM Provision AUM Provision Gross Stage 1 And Stage 2 Assets As % Of On 97.42% 97.40% 97.40% Book Assets Stage 1 1,19,607.93 605.88 1,10,064.92 467.34 96,745.41 290.69 Stage 1 & Stage 2 Assets (
Slide 24: Financial Statement: FY24 to Q1FY27
Financial Statement: FY24 to Q1FY27 (In ₹ Mn.) PROFIT & LOSS STATEMENT BALANCESHEET STATEMENT Particulars FY2024 FY2025 FY2026 Q1FY27 Particulars Mar-24 Mar-25 Mar-26 Jun-26 19,003 ASSETS Total Revenue 12,293 15,205 5,303 Financial assets 89,772 1,15,142 1,28,444 1,35,616 Loans 72,648 86,139 1,04,33
Slide 25: Capital & Liability Management
Capital & Liability Management
Slide 26: Diversified Sources of Funds as on June 30, 2026
Diversified Sources of Funds as on June 30 , 2026 th Instrument Wise Lender Type Wise Credit Ratings 0.25% 1.76% Term Loan 2.37% Public Sector Bank 3.51% 6.01% AA- (Stable) 14.08% Direct Assignment Private Sector Bank 8.25% (Including Co-Lending) Non-Convertible 44.81% Capital Market (Retail) Debent
Slide 27: Strong Liability Management
Strong Liability Management 1. The composition of our liability mix ensures healthy ALM and well diversified resource mix. The cashflow in all the cumulative buckets is positive Capital adequacy ratio, as on 30th June 2026 is 23.25% against regulatory norms of 15%. Tier-I capital is 21.94% as agains
Slide 28: ALM – June 2026
ALM – June 2026 (In ₹ Mn) Cumulative Inflows & Outflows Cumulative Surplus 13,272 Upto 3 Months 35,145 Rs 21,873 22,381 Upto 6 Months Rs 34,671 57,051 62,279 Upto 1 Year Rs 28,323 90,601 99,506 Upto 3 Year Rs 28,099 1,27,604 1,07,255 Upto 5 Year Rs 24,036 1,31,291 Liabilities Assets 27
Slide 29: Strong Fundamentals
Strong Fundamentals
Slide 30: Diversified Product Offerings Presenting Significant Growth Opportunities
Diversified Product Offerings Presenting Significant Growth Opportunities MAS focuses on serving the underserved credit needs of mid and low-income group segments Micro-Enterprise Loans SME Loans Two-Wheeler Loans Commercial Salaried Vehicle Loans Personal Loans 61,529Mn 54,847Mn 10,390Mn 10,958Mn 1
Slide 31: Asset Under Management – by Product Category
Asset Under Management – by Product Category (In ₹ Mn.) Micro-Enterprise loans(MEL) SME loans 2-Wheeler loans Commercial Vehicle loans Salaried Personal Loans 1,51,467 1,43,637 13,743 9.1% 12,638 8.8% 1,25,046 10,958 7.2% 1,20,998 10,857 7.6% 9.0% 10,390 6.9% 10,395 8.6% 11,313 10,633 7.4% 1,01,256
Slide 32: Asset Under Management – by Product Category
Asset Under Management – by Product Category June 26 vs. June 25 (In ₹ Mn.) Micro Enterprise Loans SME Loans Two Wheeler Loans Commercial Vehicle Loans Salaried Personal Loans 22.84% YoY 21.19% YoY 19.19% YoY 13.31% YoY 21.48% YoY 61,529 54,847 13,743 50,087 11,313 10,958 45,257 10,390 9,671 8,717 3
Slide 33: Asset Under Management – Distribution Channel Wise
Asset Under Management – Distribution Channel Wise Well Managed Diversified Distribution Channel (%) 33 36 34 35 33 67 64 66 65 67 Mar-24 Mar-25 Mar-26 Jun-25 Jun-26 (₹ Mn) 1,43,637 1,25,046 1,51,467 AUM 1,01,256 1,20,998 Retail Asset Channel Direct Retail Distribution 32
Slide 34: MAS Rural Housing & Mortgage Finance Limited Subsidiary
MAS Rural Housing & Mortgage Finance Limited (MRHMFL) Subsidiary
Slide 35: About MRHMFL
About MRHMFL MAS is targeting affordable housing finance segment through its subsidiary MAS Rural Housing & Mortgage MRHMFL provides loans for MRHMFL provides housing loans in With its continued focus on the rural Finance Limited (“MAS Housing” or purchase of new and old houses, rural and semi-urban
Slide 36: Financial Performance – Q1 FY27
Financial Performance – Q1 FY27 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) 22.41% 22.94% 30.65% 30.17% 9,402 9,760 1,858 1,844 7,681 7,939 1,412 1,427 5,963 1,108 Mar-24 Mar-25 Mar-26 Jun-25 Jun-26 Mar-24 Mar-25 Mar-26 Jun-25 Jun-26 Borrowing (In ₹ Mn) Revenue (In ₹ Mn) 25.70% 5,564
Slide 37: Financial Performance – Q1 FY27
Financial Performance – Q1 FY27 Profit After Tax (PAT) # (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 34.88% 32.55% 129 539 96 407 76 54.87% 299 33.95% 43 162 28 121 FY24 FY25 FY26 Q1FY26 Q1FY27 FY24 FY25 FY26 Q1FY26 Q1FY27 Gross Stage 3 Assets Net Stage 3 Assets 0.90% 0.94% 0.98% 0.92% 0.98% 0.66%
Slide 38: Liability Management
Liability Management Sources of Fund as on 30th June 2026 (%) The composition of our liability mix The Company continues to demonstrate ensures healthy ALM and well diverse its capability of efficient liability resource mix. The cashflow in all the management. cumulative buckets is positive. NHB Ref
Slide 39: Credit Quality
Credit Quality (In ₹ Mn.) Jun-26 Jun-25 Particulars Jun-26 Jun-25 Particulars AUM Provision AUM Provision Stage 1 And Stage 2 Assets As % Of On Book Assets 98.80% 98.88% Stage 1 6,730.22 10.63 5434.23 5.65 Stage 1 And Stage 2 Assets ( Standard Assets) 0.32% 0.29% Provisioning Stage 2 333.65 11.78 27
Slide 40: Leveraging Technology Across Spectrum
Leveraging Technology Across Spectrum
Slide 41: Leveraging Technology
Leveraging Technology MAS is integrating technology across all verticals of its operations Collaboration with 50+ APIs, enabling authentic data sourcing BRE- Enabled Origination Decisioning Operations Disbursement & Collection • Centralized onboarding and OTP • Pre-set rule engines to determine cred
Slide 42: Technology Landscape
Technology Landscape Credit Assessment and Underwriting Lead Creation Post Disbursement ✓Bureau Check & Internal Dedupe ✓Digital Marketing (Website, ✓Verification of KYC, Utility Bill & ✓CRM Platform Social Media & WhatsApp) others ✓Call Centre ✓Login (LOS Platform) ✓Video PD ✓WhatsApp ✓Daily Sales
Slide 43: E S G
E S G Environment Social Governance FOCUS ON ENVIRONMENT, SOCIAL, & GOVERNANCE (ESG)
Slide 44: Environmental Stewardship
Environmental Stewardship MAS endeavours to create awareness The management of MAS Financial amongst all the stakeholders on the Services Limited (MAS) believes in importance of environment conservation Environmentally Conscious approach for & protection. The company also all business & operational
Slide 45: Enhancing Social Impact (1/2)
Enhancing Social Impact (1/2) SHIKSHA PROTSAHAN ✓ Identified & supported various bright students from more “Caring for communities is a way than 30 schools who wish to pursue higher studies ✓ Provided basic infrastructure facilities at many schools of life” around Ahmedabad HUNGER & ❖ MAS Financial
Slide 46: Enhancing Social Impact (2/2)
Enhancing Social Impact (2/2) Glimpse of CSR Activities: Under Shiksha Protsahan Program, provided stationary items to Under Shiksha Protsahan Program, provided stationary items to children at multiple primary schools children at multiple primary schools Under Honouring Heroes Program, established a
Slide 47: Strict Governance Compliance
Strict Governance Compliance 1 2 3 4 5 6 The management Strict compliance Rich experienced Regular Adequate Board approved of MAS Financial with the Board of the monitoring & processes, policies on Services Limited regulations of Company continuous operational & IT Corporate adheres to the SEBI, RBI
Slide 48: Governance Framework
Governance Framework Board of Directors Advisory Committee (7 Directors including 4 Independent Directors) to the Board Committee Chaired by Other Committees Independent Directors ֍ Audit Committee ֍ Finance Committee ֍ Risk Management Committee ֍ Credit Committee ֍ Stakeholders Relationship Committ
Slide 49: Understanding MAS Financial
Understanding MAS Financial
Slide 50: About MAS
About MAS Vision, Mission and Belief Strong Fundamentals ✓Dictum: Credit Where It Is Due ASSET ✓Product Mix CREATION ✓Adding Value ✓Unique Distribution Model VISION MISSION To be one of the most To constantly endeavour to attain efficient distributors of excellence and create a very wide financial s
Slide 51: Visionary Leadership
Visionary Leadership Experienced Promoters Among one of the high promoter shareholding 67% across lending businesses in India Promoter Shareholding Mr. Kamlesh Chimanlal Gandhi Late Mr. Mukesh Chimanlal Gandhi Chairman and MD Mr. Kamlesh Chimanlal Late Mr. Mukesh Chimanlal Gandhi, 60, is the Founder
Slide 52: Strong Leadership Team
Strong Leadership Team Vintage with MAS(Years) 8 30 Mr. Himanshu Mr. Saumil Pandya Kanakhara President – Retail Executive Vice Assets President - MRHMFL 30 12 16 8 Mr. Ankit Jain CA Nishant Jain Chief Financial Chief Risk Officer Officer Mrs. Darshana Saumil Pandya Mr. Dhvanil K. Gandhi Executive Di
Slide 53: Governance by an Independent Board; Guidance from Industry Leaders
Governance by an Independent Board; Guidance from Industry Leaders Corporate Advisory Committee Dr. Rajiv Kumar Mr. TT Srinivasaraghavan Mr. Umesh Rajanikant Shah Mr. Narayanan Sadanandan Former Vice Chairman of Niti Retd. MD of Sundaram Finance, Independent Director Independent Director Aayog, Form
Slide 54: Robust Risk Management
Robust Risk Management Portfolio & Asset Quality Policies Process • MAS has well diversified products portfolio • MAS has comprehensive policies • MAS endeavours to have processes to and wide geographical presence (through framework for all the critical functions follow the laid down core policies.
Slide 55: Robust Credit Assessment
Robust Credit Assessment MAS aims to give credit where it is due with the dictum of adherence and adaptability Comprehensive Credit Assessment Credit Assessment Process Overview by Product Business loans require A assessment of business viability, cash flow, and profitability Income Profile Salaried
Slide 56: Understanding of Retail Asset Channel
Understanding of Retail Asset Channel
Slide 57: Extended Distribution Arm
Extended Distribution Arm ❖ Strategic Intent: “To address the financial needs of underserved segments across the country & capitalize on opportunities while promoting financial inclusion, job creation, and support for MSMEs.” ❖ Extended Arm: NBFCs/MFIs partnerships (Retail Asset Channel) are an exte
Slide 58: Established Framework for Onboarding
Established Framework for Onboarding ❖ The company exclusively partners with well-capitalized NBFCs demonstrating strong fundamentals, product alignment, operational excellence, and consistent asset quality. Promoter Due Diligence Proven Track Record Products Alignment Detailed reference checks, bac
Slide 59: Monitoring Framework
Monitoring Framework Field Audit at Regular Intervals ❖ Field-level validations are conducted to ensure robust control over the underlying portfolio and safeguard assigned assets. The following are the criteria undertaken during the field audits: Underlying Asset Verification Data & System Validatio
Slide 60: Sharpening the Learning Curve
Sharpening the Learning Curve Our proven track record of more than ₹32,000 cr cumulative disbursement through NBFC partners with total loss less than 0.50% over a decade across various tough periods assures our confidence on the distribution model. Our Learning Curve is Further Strengthened by Credi
Slide 61: Way Forward
Way Forward
Slide 62: Key Growth Strategies for Consistent Growth
Key Growth Strategies for Consistent Growth Aim to grow AUM by 20% to 25% over the medium to long-term Focus on Efficient and Diversified Growth Drivers Human Capital Distribution of Credit across Housing, SME and Wheels Diverse workforce consisting of 4500+ employees Diversified Products portfolio
Slide 63: Enablers for Consistent Growth
Enablers for Consistent Growth Successful Track Record Highly Capitalised Robust Liability Management • Successfully withstood multiple • Highly capitalised for future growth. • Cash & bank balances of ~ ₹9,769 Mn. as on headwinds over the years Sufficient capital to continue the growth 30th June 20
Slide 64: Shareholding Profile
Shareholding Profile
Slide 65: Marquee FIIs and DIIs Shareholders
Marquee FIIs and DIIs Shareholders Shareholding as on 30th June 2026 Marquee Investors (%) Others Foreign Portfolio Investor 9.97% 3.69% Alternate Investment Funds 4.65% Domestic Institutions 15.04% (Mutual Fund & Insurance) 66.65% Promoter and Promoter Group 64
Slide 66: Events & Milestones
Events & Milestones
Slide 67: Major Events & Milestones
Major Events & Milestones Note: As per Calendar Year 1995 2006 2008 to 2013 2014 to 2019 2020 to 2024 2025 to 2026 • On • Received • Acquired 2nd & 3rd 2014 2020 2025 incorporation, first round round of capital • Sarva Capital • Net Profit for the FY25 crossed Rs 3 Bn. • Completed 25th Year of Endea
Slide 68: Best Wishes
MAS Financial Services Limited Registered Office 6, Ground Floor, Narayan Chambers, Ashram Road, Ahmedabad-380009 www.mas.co.in Investor Contact Mr. Ankit Jain Chief Financial Officer 079-41106682 BEST WISHES ankit_jain@mas.co.in Mr. Meet Chande Assistant Vice President 079-41106551 meet_chande@mas.
MAS Financial Services — Q1 FY2027 Earnings Presentation on 6ix