Mas Financial Services Ltd. · NSE:MASFIN
Mas Financial Services — Q2 FY26 Earnings Presentation
59 slides from Mas Financial Services's earnings presentation, Nov 5, 2025
Slide 1: Exchange filing cover letter
MFSL/SEC/EQ/2025/87 November 05, 2025 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 Tr
Slide 2: Investor Presentation – Q2FY26
INVESTOR PRESENTATION – Q2FY26 2024-25 1995-96
Slide 3: MAS Financial – Celebrating Excellence
MAS Financial – Celebrating Excellence MAS Financial Services MAS Rural Housing & Limited was selected as Mortgage Finance the winner and is honoured Limited (Subsidiary of to receive the Financial MAS Financial) has been Express CFO Awards in recognized by the May-2025 in the Small National Housing
Slide 4: 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). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation
Slide 5: Table of Contents
Table of Contents 1 MAS AT A GLANCE 05 2 GROWTH STORY 07 3 STRONG FUNDAMENTALS 11 4 LEVERAGING TECHNOLOGY ACROSS SPECTRUM 16 5 CAPITAL & LIABILITY MANAGEMENT 19 6 STANDALONE FINANCIAL REVIEW 22 7 MAS RURAL HOUSING & MORTGAGE FINANCE LIMITED - SUBSIDIARY 31 8 FOCUS ON ENVIRONMENT, SOCIAL, & GOVERNANC
Slide 6: MAS Financial at a Glance (Standalone)
MAS Financial at a Glance (Standalone) MAS Financial Services was established in 1995 with an objective: “To address the financial needs of the underserved segments of the country” 30+ Diversified Product Portfolio Years of Endeavours Micro Enterprise Loans SME Loans ₹ 1,29,994Mn 13 208 Standalone A
Slide 7: Strong Distribution Network
Strong Distribution Network MAS has steadily entered adjacent geographies 208 1 Punjab 2 2 Uttarakhand Haryana 2 Branches Delhi 1 47 Rajasthan Uttar Pradesh Pan India Network presence 63 42 through Gujarat Madhya Pradesh 2 Chhattisgarh 211 Maharashtra 30 4 Telangana NBFC Partners 7 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 120 Quarters
Journey of 120 Quarters Asset Under Management (AUM) 1,20,998 (In ₹ Mn) 1,01,256 80,926 62,468 53,384 59,663 53,724 41,570 31,561 20,052 25,650 10,123 13,910 1,510 2,312 2,597 2,682 3,884 5,118 6,909 20 4Q 44Q 48Q 52Q 56Q 60Q 64Q 68Q 72Q 76Q 80Q 84Q 88Q 92Q 96Q 100Q 104Q 108Q 112Q 116Q 120Q Profit A
Slide 10: Growing Consistently and Steadily – Our Growth Journey
Growing Consistently and Steadily - Our Growth Journey of Last 18 Years Since Our First Capital Raise… Despite various micro and macro headwinds Track record of high-quality portfolio with Net Maintained healthy return on assets including demonetisation, GST, NBFC Stage 3 Assets below 2% over the pe
Slide 11: 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% 6.4% 2nd Wave 1st Wave 2.53% 2.41% 2.44% 2.49% 2.30% 2.35% 2.28% 2.27% 2.29% 2.36% 2.21% 2.26% 2.23% 2.17%
Slide 12: Strong Fundamentals
Strong Fundamentals
Slide 13: 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 52,100Mn 46,328Mn 9,241Mn 10,590Mn 11
Slide 14: 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 1,29,994 1,20,998 11,735 9.0% 10,395 8.6% 1,10,167 10,590 8.1% 1,01,256 8.1% 6,849 6.2% 9,794 7.1% 9,241 5,889 5.8% 9,003 7,852 6.5% 8.2% 7,4
Slide 15: Asset Under Management – by Product Category (YoY)
Asset Under Management – by Product Category September 25 vs. September 24 (In ₹ Mn.) Micro Enterprise Loans SME Loans Two Wheeler Loans Commercial Vehicle Loans Salaried Personal Loans* 9.78% YoY 16.58% YoY 29.83% YoY 17.63% YoY 71.35% YoY 52,100 47,458 11,735 46,328 10,590 9,241 9,003 39,740 7,117
Slide 16: Asset Under Management – Distribution Channel Wise
Asset Under Management – Distribution Channel Wise Well Managed Diversified Distribution Channel (%) 38 33 36 34 34 62 67 64 66 66 Mar-23 Mar-24 Mar-25 Sep-24 Sep-25 (₹ Mn) 1,20,998 1,10,167 1,29,994 AUM 80,926 1,01,256 Retail Asset Channel Direct Retail Distribution 15
Slide 17: Leveraging Technology Across Spectrum
Leveraging Technology Across Spectrum
Slide 18: 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 19: 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 Center ✓Login (LOS Platform) others ✓WhatsApp ✓Daily Sales Lead Manag
Slide 20: Capital & Liability Management
Capital & Liability Management
Slide 21: Sources of Funds as on September 30, 2025
Sources of Funds as on September 30 , 2025 th Instrument Wise Lender Type Wise Credit Ratings 9.90% 2.55% 2.64% 3.50% AA- (Stable) TERM LOAN Public Sector Bank 8.69% DIRECT ASSIGNMENT Private Sector Bank (Incl. Co-lending) 15.08% Capital Market 15.55% NON-CONVERTIBLE 50.45% DEBENTURES 56.22% CASH CR
Slide 22: 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 23: Standalone Financial Review
Standalone Financial Review
Slide 24: Key Highlights – Q2 FY26
Key Highlights – Q2 FY26 Asset Under Management (AUM) Profit After Tax (PAT) Return on Avg. Net Worth*^ ₹1,29,994Mn 18.00% (Q2 FY25: ₹1,10,167 Mn) ₹897Mn 17.15% (Q2 FY25: ₹766 Mn) 14.28% Return on Avg. Balance Sheet Assets* Net Interest Income (NII) Cost of Borrowing* (COB) 2.92% ₹2,471Mn 28.97% (Q2
Slide 25: Financial Performance – Q2 FY26
Financial Performance – Q2 FY26 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) On & Off Book AUM (%) 16.06% 19.50% 18.00% 46.18% 27,867 1,29,994 25,858 1,20,998 24,012 1,10,167 19 22 20 21 21 1,01,256 17,690 80,926 15,057 81 78 80 79 79 Mar-23 Mar-24 Mar-25 Sep-24 Sep-25 Mar-23 Mar-24 M
Slide 26: Financial Performance – Q2 FY26
Financial Performance – Q2 FY26 Revenue (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 29.74% 23.69% 15,205 7,981 12,293 6,151 9,399 25.09% 4,650 28.97% 4,586 2,471 3,666 1,916 FY23 FY24 FY25 Q2FY25 Q2FY26 FY23 FY24 FY25 Q2FY25 Q2FY26 Operating Expense (In ₹ Mn) Profit After Tax (PAT) (In ₹ Mn) 23.48
Slide 27: Financial Performance – Q2 FY26
Financial Performance – Q2 FY26 Optimized cost structure Operating Expense Ratio* Operating Expense as % of NII Operating Expense as % of Gross Income 2.81% 36.30% 31.68% 31.56% 32.77% 32.97% 2.35% 2.36% 19.55% 2.05% 2.13% 17.20% 17.22% 15.68% 15.79% FY23 FY24 FY25 Q2FY25 Q2FY26 FY23 FY24 FY25 Q2FY2
Slide 28: Financial Performance – Q2 FY26
Financial Performance – Q2 FY26 Strongly Capitalized Debt Equity Ratio Capital Adequacy Ratio 25.25% 26.52% 3.92 4.00 24.05% 24.72% 24.57% 3.37 3.25 3.39 Mar-23 Mar-24 Mar-25 Sep-24 Sep-25 Mar-23 Mar-24 Mar-25 Sep-24 Sep-25 Healthy Coverage Interest Coverage Ratio 1.56 1.54 1.57 1.58 1.57 FY23 FY24
Slide 29: 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% 1.94% 1.82% 1.67% 1.81% 1.95% 0.62% 1.53% 1.43% 1.67% 1.59% 1.65% 0.63% 0.55% 0.47% 0.63% 0.54% 1.26% 0.70% 0.81% 0.48% 0.52% 0.85% 0.98% 1.08% 1.24% 0.54% 1.31% 0.49% 0.57% 0.75% 0.79% 1.19% 0.51%
Slide 30: Credit Quality
Credit Quality (In ₹ Mn.) Sep-25 Sep-24 Particulars Sep-25 Sep-24 Particulars AUM Provision AUM Provision Gross Stage 1 And Stage 2 Assets As % Of On Book Assets 97.42% 97.43% Stage 1 98,719.84 336.89 83,633.81 223.09 Stage 1 & Stage 2 Assets (Standard Assets) Provisioning 0.63% 0.45% Stage 2 1,894.
Slide 31: Financial Statement: FY23 to H1FY26
Financial Statement: FY23 to H1FY26 (In ₹ Mn.) PROFIT & LOSS STATEMENT BALANCESHEET STATEMENT Particulars FY2023 FY2024 FY2025 H1FY26 Particulars Mar-23 Mar-24 Mar-25 Sep-25 ASSETS Total Revenue 9,399 12,293 15,205 9,024 Financial assets 75,724 89,853 1,15,142 1,23,911 Loans 59,102 72,648 86,139 92,
Slide 32: MAS Rural Housing & Mortgage Finance Limited (MRHMFL) 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 – Q2 FY26
Financial Performance – Q2 FY26 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) 28.81% 23.65% 27.37% 21.49% 8,217 7,681 1,412 1,429 6,645 5,963 1,108 1,176 4,133 851 Mar-23 Mar-24 Mar-25 Sep-24 Sep-25 Mar-23 Mar-24 Mar-25 Sep-24 Sep-25 Borrowing (In ₹ Mn) Revenue (In ₹ Mn) 29.82% 811 4,9
Slide 35: Financial Performance – Q2 FY26
Financial Performance – Q2 FY26 Profit After Tax (PAT) (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 26.13% 35.95% 407 96 76 299 63 25.90% 28.32% 212 30 127 24 99 FY23 FY24 FY25 Q2FY25 Q2FY26 FY23 FY24 FY25 Q2FY25 Q2FY26 Gross Stage 3 Assets Net Stage 3 Assets 0.90% 0.94% 0.93% 0.94% 0.66% 0.65% 0.6
Slide 36: Liability Management
Liability Management Sources of Fund as on 30th September 2025 (%) 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. Ca
Slide 37: Credit Quality
Credit Quality (In ₹ Mn.) Sep-25 Sep-24 Particulars Sep-25 Sep-24 Particulars AUM Provision AUM Provision Stage 1 And Stage 2 Assets As % Of On Book Assets 98.85% 98.89% Stage 1 5,651.47 6.73 4,632.92 3.58 Stage 1 And Stage 2 Assets ( Standard Assets) 0.29% 0.29% Provisioning Stage 2 279.27 10.55 25
Slide 38: E S G
E S G Environment Social Governance FOCUS ON ENVIRONMENT, SOCIAL, & GOVERNANCE (ESG)
Slide 39: 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 40: 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 41: Enhancing Social Impact (2/2)
Enhancing Social Impact (2/2) Glimpse of CSR Activities: Under Shiksha Protsahan Program, provided stationary items to Installed solar panel at a village in Gujarat to promote green children at multiple primary schools energy leading to savings in electricity cost Under Arogya Abhiyan, provided inst
Slide 42: 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 43: 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 44: Understanding MAS Financial
Understanding MAS Financial
Slide 45: 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 46: Visionary Leadership
Visionary Leadership Experienced Promoters Late Mr. Mukesh Mr. Kamlesh Chimanlal Gandhi, 59, is the Chimanlal Gandhi, a Co- Among one of the Founder, Chairman, and Managing Director of founder and former Director (Finance) at MAS high promoter MAS with over two Financial Services Limited, brought ov
Slide 47: 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 48: 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 49: 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 50: Unique and Robust Distribution Network Through NBFC Partners
Unique and Robust Distribution Network Through NBFC Partners Aim & Our Understanding Impact Efficient last mile delivery of credit across Value chain approach has proven to be MAS NBFCs its product range namely MEL, SME, 2- the most potent one to solve informality • Widens its network while maintain
Slide 51: Sharpening the Learning Curve
Sharpening the Learning Curve Our proven track record of more than ₹29,000 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 52: Way Forward
Way Forward
Slide 53: Key Growth Strategies for Consistent Growth
Key Growth Strategies for Consistent Growth – Entering the next phase of growth after crossing an important milestone of ₹ 100 Bn in AUM 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, S
Slide 54: 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 ~ ₹16,310 Mn. as headwinds over the years Sufficient capital to continue the growth on 30th Septem
Slide 55: Shareholding Profile
Shareholding Profile
Slide 56: Marquee FIIs and DIIs Shareholders
Marquee FIIs and DIIs Shareholders Shareholding as on 30th September 2025 Marquee Investors (%) Others Foreign Portfolio Investor 10.03% 3.18% Alternate Investment Funds 5.81% Domestic Institutions 14.35% (Mutual Fund & Insurance) 66.63% Promoter and Promoter Group 55
Slide 57: Events & Milestones
Events & Milestones
Slide 58: Major Events & Milestones
Major Events & Milestones Note: As per Calendar Year 1995 2006 2008 2011 to 2015 2016 to 2020 2021 to 2025 • On • Received • Acquired 2nd 2011 2016 2021 incorporation, first round & 3rd round of • Listing of NCDs on BSE • Bank loan rating was upgraded to • Inclusive Finance India Award 2020 – NBFC c
Slide 59: 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 — Q2 FY26 Earnings Presentation on 6ix