Mas Financial Services Ltd. · NSE:MASFIN
Mas Financial Services — Q4 FY2026 Earnings Presentation
66 slides from Mas Financial Services's earnings presentation, Apr 29, 2026
Slide 1: Exchange filing cover letter
MFSL/SEC/EQ/2026/35 April 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 Tradi
Slide 2: Investor Presentation – Q4FY26
INVESTOR PRESENTATION – Q4FY26 2025-26 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 05 2 GROWTH STORY 08 3 STANDALONE FINANCIAL REVIEW 12 4 CAPITAL & LIABILITY MANAGEMENT 22 5 STRONG FUNDAMENTALS 26 6 MAS RURAL HOUSING & MORTGAGE FINANCE LIMITED - SUBSIDIARY 31 7 LEVERAGING TECHNOLOGY ACROSS SPECTRUM 37 8 FOCUS ON ENVIRONMENT, SOCIAL, & GOVERNANC
Slide 5: MAS Financial – Crossing Important Milestones
MAS Financial – Crossing Important Milestones Consolidated Assets Under Consolidated Profit Before Tax* Consolidated Profit After Tax Management (AUM) Crossed (PBT) Crossed (PAT) Crossed ₹ 15,000 Crores ₹ 500 Crores ₹ 100 Crores as on 31st March 2026 for FY2025-26 for Q4 2025-26 ▲ grew by ~19% year
Slide 6: MAS Financial at a Glance (Consolidated)
MAS Financial 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 Micro Enterprise Loans SME Loans ₹ 1,53,039Mn ₹ 5,
Slide 7: MAS Financial at a Glance (Standalone)
MAS Financial at a Glance (Standalone) 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 ₹ 1,43,637Mn 13 208
Slide 8: Strong Distribution Network
Strong Distribution Network MAS has steadily entered adjacent geographies 208 1 Punjab 2 2 Uttarakhand Haryana 2 Branches Delhi 2 47 Rajasthan Uttar Pradesh Pan India Network presence 61 42 through Gujarat Madhya Pradesh 2 Chhattisgarh 224 Maharashtra 30 4 Telangana NBFC Partners 8 Karnataka Presenc
Slide 9: Growth
GROWTH Belief & Philosophy CONSISTENTLY AND STEADILY IS THE FASTEST WAY TO REACH WHERE YOU WANT TO
Slide 10: 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 11: 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 12: Best-in-Class Asset Quality Across Cycles and Resilience
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% 2.35% 2.36% 2.41% 2.44% 2.49% 6.4% 2.21% 2.30% 2.28% 2.27% 2.26% 2.23% 2.25% 2.2
Slide 13: Standalone Financial Review
Standalone Financial Review
Slide 14: Key Highlights – FY 2025-26
Key Highlights – FY 2025-26 Asset Under Management (AUM) Profit After Tax (PAT)# Return on Avg. Net Worth# ₹1,43,637Mn 18.71% (FY25: ₹ 1,20,998 Mn) ₹ 3,668Mn 19.90% (FY25: ₹3,059 Mn) 14.36% Return on Avg. Balance Sheet Assets# Net Interest Income (NII) Cost of Borrowing (COB) 2.96% ₹10,417Mn 30.52%
Slide 15: Key Highlights – Q4 FY26
Key Highlights – Q4 FY26 Asset Under Management (AUM) Profit After Tax (PAT) Return on Avg. Net Worth* ₹1,43,637Mn 18.71% (Q4 FY25: ₹1,20,998 Mn) ₹997Mn 23.39% (Q4 FY25: ₹808 Mn) 14.88% Return on Avg. Balance Sheet Assets* Net Interest Income (NII) Cost of Borrowing* (COB) 3.08% ₹2,945Mn 30.37% (Q4
Slide 16: Financial Performance – Q4 FY26
Financial Performance – Q4 FY26 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) On & Off Book AUM (%) 14.19% 18.71% 1,43,637 29,526 25,858 22 20 20 1,20,998 1,01,256 17,690 78 80 80 Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 Off Book On Book Return on Avg. Aum (RoAUM)
Slide 17: Financial Performance – Q4 FY26
Financial Performance – Q4 FY26 Revenue (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 24.98% 19,003 30.52% 10,417 15,205 12,293 7,981 23.86% 6,151 30.37% 4,169 5,164 2,945 2,259 FY24 FY25 FY26 Q4FY25 Q4FY26 FY24 FY25 FY26 Q4FY25 Q4FY26 Operating Expense (In ₹ Mn) Profit After Tax (PAT) # (In ₹ Mn) 4
Slide 18: Financial Performance – Q4 FY26
Financial Performance – Q4 FY26 Optimized cost structure Operating Expense Ratio* Operating Expense as % of NII Operating Expense as % of Gross Income 35.74% 36.56% 35.27% 2.81% 2.87% 2.95% 31.56% 32.77% 32.92% 19.93% 20.12% 19.59% 2.35% 2.50% 17.20% 17.84% 2.13% 15.79% FY24 FY25 FY26 Q4FY25 Q3FY26
Slide 19: Financial Performance – Q4 FY26
Financial Performance – Q4 FY26 Strongly Capitalized Debt Equity Ratio Capital Adequacy Ratio 4.00 24.05% 24.72% 22.84% 3.37 3.31 Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 Healthy Coverage Interest Coverage Ratio 1.54 1.57 1.57 1.57 1.60 FY24 FY25 FY26 Q4FY25 Q4FY26 18
Slide 20: 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% 0.62% 1.43% 0.60% 0.63% 0.55% 0.47% 0.63% 0.54% 1.26% 0.72% 0.81% 1.53% 0.85% 0.98% 1.08% 1.24% 1.31% 1.34% 0.79% 1.19% 1.06% 1.03% 0.95% 1.07% 0.91% 0.88%
Slide 21: Credit Quality
Credit Quality (In ₹ Mn.) Mar-26 Dec-25 Mar-25 Particulars Mar-26 Dec-25 Mar-25 Particulars AUM Provision AUM Provision AUM Provision Gross Stage 1 And Stage 2 Assets As % Of On 97.40% 97.39% 97.45% Book Assets Stage 1 1,10,064.92 467.34 1,05,960.99 374.24 93,303.69 244.39 Stage 1 & Stage 2 Assets (
Slide 22: Financial Statements: FY24 to FY26
Financial Statements: FY24 to FY26 (In ₹ Mn.) PROFIT & LOSS STATEMENT BALANCE SHEET STATEMENT Particulars FY2024 FY2025 FY2026 Particulars Mar-24 Mar-25 Mar-26 19,003 ASSETS Total Revenue 12,293 15,205 Financial assets 89,772 1,15,142 1,28,444 Loans 72,648 86,139 1,04,333 Expenses 8,979 11,100 14,07
Slide 23: Capital & Liability Management
Capital & Liability Management
Slide 24: Diversified Sources of Funds as on March 31, 2026
Diversified Sources of Funds as on March 31 , 2026 st Instrument Wise Lender Type Wise Credit Ratings 0.36% Term Loan 2.44% 3.89% 3.48% AA- (Stable) 11.02% Public Sector Bank 8.70% Direct Assignment Private Sector Bank (Including Co-Lending) Non-Convertible 15.00% 48.36% 14.41% Capital Market Debent
Slide 25: Strong Liability Management
Strong Liability Management Around 80% of the portfolio is MSME loans which qualifies as Priority Sector Lending. The Company aims to maintain 20%-25% of AUM as off book through Direct assignment The composition of our liability mix ensures healthy ALM and Co-lending transactions. It is with matchin
Slide 26: ALM – March 2026
ALM – March 2026 (In ₹ Mn) Cumulative Inflows & Outflows Cumulative Surplus 12,502 Upto 3 Months 31,483 Rs 18,981 21,461 Upto 6 Months Rs 32,641 54,102 54,238 Upto 1 Year Rs 29,818 84,056 94,805 Upto 3 Year Rs 25,699 1,20,504 1,01,003 Upto 5 Year Rs 23,048 1,24,051 Liabilities Assets 25
Slide 27: Strong Fundamentals
Strong Fundamentals
Slide 28: 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 57,378Mn 52,130Mn 10,633Mn 10,857Mn 1
Slide 29: 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 1,43,637 12,638 8.8% 1,20,998 7.6% 10,857 10,395 8.6% 10,633 7.4% 1,01,256 9,794 8.1% 5.8% 5,889 7,852 6.5% 7,477 7.4% 6,701 52,130 36.3% 6.6
Slide 30: Asset Under Management – by Product Category
Asset Under Management – by Product Category March 26 vs. March 25 (In ₹ Mn.) Micro Enterprise Loans SME Loans Two Wheeler Loans Commercial Vehicle Loans Salaried Personal Loans 19.70% YoY 15.78% YoY 35.43% YoY 10.86% YoY 21.58% YoY 57,378 12,638 52,130 47,934 10,857 10,633 10,395 45,024 9,794 7,852
Slide 31: Asset Under Management – Distribution Channel Wise
Asset Under Management – Distribution Channel Wise Well Managed Diversified Distribution Channel (%) 33 36 34 67 64 66 Mar-24 Mar-25 Mar-26 (₹ Mn) AUM 1,01,256 1,20,998 1,43,637 Retail Asset Channel Direct Retail Distribution 30
Slide 32: MAS Rural Housing & Mortgage Finance Limited Subsidiary
MAS Rural Housing & Mortgage Finance Limited (MRHMFL) Subsidiary
Slide 33: 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 34: Financial Performance – Q4 FY26
Financial Performance – Q4 FY26 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) 22.41% 9,402 30.65% 1,844 7,681 1,412 5,963 1,108 Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 Borrowing (In ₹ Mn) Revenue (In ₹ Mn) 5,564 25.70% 1019 4,583 3,798 811 625 24.83% 222 278 Mar-24 Mar-25 Mar-26 FY24
Slide 35: Financial Performance – Q4 FY26
Financial Performance – Q4 FY26 Profit After Tax (PAT) # (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 34.88% 32.55% 129 539 96 407 76 40.42% 299 29.25% 37 149 26 116 FY24 FY25 FY26 Q4FY25 Q4FY26 FY24 FY25 FY26 Q4FY25 Q4FY26 Gross Stage 3 Assets Net Stage 3 Assets 0.90% 0.94% 0.98% 0.66% 0.65% 0.68%
Slide 36: Liability Management
Liability Management Sources of Fund as on 31st March 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 Re
Slide 37: Credit Quality
Credit Quality (In ₹ Mn.) Mar-26 Mar-25 Particulars Mar-26 Mar-25 Particulars AUM Provision AUM Provision Stage 1 And Stage 2 Assets As % Of On Book Assets 98.78% 98.85% Stage 1 6,500.38 8.95 5,339.12 4.90 Stage 1 And Stage 2 Assets ( Standard Assets) 0.30% 0.30% Provisioning Stage 2 318.24 11.25 25
Slide 38: Leveraging Technology Across Spectrum
Leveraging Technology Across Spectrum
Slide 39: 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 • Centralised onboarding and OTP • Pre-set rule engines to determine cred
Slide 40: Technology Landscape
Technology Landscape Credit Assessment and Lead Creation Underwriting Post Disbursement ✓Digital Marketing (Website, ✓Bureau Check & Internal Dedupe ✓CRM Platform Social Media & WhatsApp) ✓Verification of KYC, Utility Bill & ✓Call Centre ✓Login (LOS Platform) others ✓WhatsApp ✓Daily Sales Lead Manag
Slide 41: Focus on Environment, Social & Governance (ESG)
E S G Environment Social Governance FOCUS ON ENVIRONMENT, SOCIAL, & GOVERNANCE (ESG)
Slide 42: 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 43: 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 44: 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 Arogya Abhiyan, provided instrument for
Slide 45: 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 46: 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 47: Understanding MAS Financial
Understanding MAS Financial
Slide 48: 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 constantly endeavor, to To be one of the most attain excellence and create a efficient distributors of very wide Financial f
Slide 49: 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 50: 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 51: 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 52: 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 53: 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 54: Understanding of Retail Asset Channel
Understanding of Retail Asset Channel
Slide 55: 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 56: 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 57: 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 58: Sharpening the Learning Curve
Sharpening the Learning Curve Our proven track record of more than ₹31,000 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 59: Way Forward
Way Forward
Slide 60: 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 4800+ employees Diversified Products portfolio
Slide 61: 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 ~ ₹9,683 Mn. as on headwinds over the years Sufficient capital to continue the growth 31st March 2
Slide 62: Shareholding Profile
Shareholding Profile
Slide 63: Marquee FIIs and DIIs Shareholders
Marquee FIIs and DIIs Shareholders Shareholding as on 31st March 2026 Marquee Investors (%) Others Foreign Portfolio Investor 9.85% 3.46% Alternate Investment Funds 5.09% Domestic Institutions 14.95% (Mutual Fund & Insurance) 66.65% Promoter and Promoter Group 62
Slide 64: Events & Milestones
Events & Milestones
Slide 65: Major Events & Milestones
Major Events & Milestones Note: As per Calendar Year 1995 2006 2008 2011 to 2017 2019 to 2023 2024 to 2026 • On • Received • Acquired 2nd 2011 2019 2024 incorporation, first round & 3rd round of • Listing of NCDs on BSE • AUM crossed ₹ 50 Bn. • Standalone AUM crossed ₹ 100 Bn commenced of capital ca
Slide 66: 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 BEST WISHES Chief Financial Officer 079-41106682 ankit_jain@mas.co.in Mr. Meet Chande Assistant Vice President 079-41106551 meet_chande@mas.
MAS Financial Services — Q4 FY2026 Earnings Presentation on 6ix