Mas Financial Services Ltd. · NSE:MASFIN
Mas Financial Services — Q3 FY26 Earnings Presentation
62 slides from Mas Financial Services's earnings presentation, Jan 28, 2026
Slide 1: Cover letter to stock exchanges
MFSL/SEC/EQ/2026/10 January 28, 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 Tra
Slide 2: Investor Presentation – Q3FY26
INVESTOR PRESENTATION – Q3FY26 2024-25 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 06 3 STANDALONE FINANCIAL REVIEW 10 4 CAPITAL & LIABILITY MANAGEMENT 19 5 STRONG FUNDAMENTALS 22 6 MAS RURAL HOUSING & MORTGAGE FINANCE LIMITED - SUBSIDIARY 27 7 LEVERAGING TECHNOLOGY ACROSS SPECTRUM 33 8 FOCUS ON ENVIRONMENT, SOCIAL, & GOVERNANC
Slide 5: 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 ₹ 1,37,823Mn 13 208 Standalone A
Slide 6: 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 215 Maharashtra 30 4 Telangana NBFC Partners 7 Karnataka Presenc
Slide 7: Growth
GROWTH Belief & Philosophy CONSISTENTLY AND STEADILY IS THE FASTEST WAY TO REACH WHERE YOU WANT TO
Slide 8: 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 9: Growing Consistently and Steadily - Growth Journey of Last 18 Years
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 10: Best-in-Class Asset Quality Across Cycles and Resilience Through Systematic Shocks
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 2.49% 2.53% 2.56% 2.30% 2.35% 2.28% 2.27% 2.26% 2.29% 2.36% 2.41% 2.44% 6.4% 2.23% 2.15% 2.25% 2.2
Slide 11: Standalone Financial Review
Standalone Financial Review
Slide 12: Key Highlights – Q3 FY26
Key Highlights – Q3 FY26 Asset Under Management (AUM) Profit After Tax (PAT)# Return on Avg. Net Worth*# ₹1,37,823Mn 18.03% (Q3 FY25: ₹1,16,774 Mn) ₹ 935Mn 19.69% (Q3 FY25: ₹781 Mn) 14.40% Return on Avg. Balance Sheet Assets*# Net Interest Income (NII) Cost of Borrowing* (COB) 2.94% ₹2,625Mn 27.71%
Slide 13: Financial Performance – Q3 FY26
Financial Performance – Q3 FY26 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) On & Off Book AUM (%) 14.47% 19.50% 18.03% 28,649 46.18% 25,858 1,37,823 25,026 1,20,998 1,16,774 19 22 20 20 20 1,01,256 17,690 80,926 15,057 81 78 80 80 80 Mar-23 Mar-24 Mar-25 Dec-24 Dec-25 Mar-23 Mar-24 M
Slide 14: Financial Performance – Q3 FY26
Financial Performance – Q3 FY26 Revenue (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 29.74% 23.69% 15,205 7,981 12,293 6,151 9,399 23.45% 4,650 27.71% 4,816 2,625 3,901 2,056 FY23 FY24 FY25 Q3FY25 Q3FY26 FY23 FY24 FY25 Q3FY25 Q3FY26 Operating Expense (In ₹ Mn) Profit After Tax (PAT) # (In ₹ Mn) 23.
Slide 15: Financial Performance – Q3 FY26
Financial Performance – Q3 FY26 Optimized cost structure Operating Expense Ratio* Operating Expense as % of NII Operating Expense as % of Gross Income 36.30% 36.56% 2.81% 2.87% 31.68% 31.56% 32.77% 32.73% 19.55% 19.93% 2.35% 2.37% 17.20% 17.25% 2.05% 2.13% 15.68% 15.79% FY23 FY24 FY25 Q3FY25 Q2FY26
Slide 16: Financial Performance – Q3 FY26
Financial Performance – Q3 FY26 Strongly Capitalized Debt Equity Ratio Capital Adequacy Ratio 4.00 25.25% 24.05% 24.72% 25.34% 3.92 22.84% 3.37 3.22 3.35 Mar-23 Mar-24 Mar-25 Dec-24 Dec-25 Mar-23 Mar-24 Mar-25 Dec-24 Dec-25 Healthy Coverage Interest Coverage Ratio 1.56 1.54 1.57 1.57 1.56 FY23 FY24
Slide 17: Asset Under Management – Credit Quality – DPD
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% 1.67% 1.81% 1.95% 0.62% 1.53% 1.43% 1.67% 0.60% 1.59% 1.65% 0.63% 0.55% 0.47% 0.63% 0.54% 1.26% 0.70% 0.81% 1.53% 0.48% 0.52% 0.85% 0.98% 1.08% 1.24% 0.54% 1.31% 0.49% 0.57% 0.75%
Slide 18: Credit Quality
Credit Quality (In ₹ Mn.) Dec-25 Sep-25 Dec-24 Particulars Dec-25 Sep-25 Dec-24 Particulars AUM Provision AUM Provision AUM Provision Gross Stage 1 And Stage 2 Assets As % Of On 97.39% 97.42% 97.42% Book Assets Stage 1 1,05,960.99 374.24 98,719.84 336.89 90,028.33 244.57 Stage 1 & Stage 2 Assets (St
Slide 19: Financial Statement: FY23 to 9MFY26
Financial Statement: FY23 to 9MFY26 (In ₹ Mn.) PROFIT & LOSS STATEMENT BALANCESHEET STATEMENT Particulars FY2023 FY2024 FY2025 9MFY26 Particulars Mar-23 Mar-24 Mar-25 Dec-25 ASSETS Total Revenue 9,399 12,293 15,205 13,840 Financial assets 75,724 89,853 1,15,142 1,26,016 Loans 59,102 72,648 86,139 98
Slide 20: Capital & Liability Management
Capital & Liability Management
Slide 21: Diversified Sources of Funds as on December 31, 2025
Diversified Sources of Funds as on December 31 , 2025 st Instrument Wise Lender Type Wise Credit Ratings 0.50% Term Loan 9.65% 2.51% 3.97% 3.22% AA- (Stable) Public Sector Bank 7.74% Direct Assignment Private Sector Bank (Including Co-Lending) Non-Convertible 16.06% 49.29% Capital Market 16.15% Debe
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: Strong Fundamentals
Strong Fundamentals
Slide 24: 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 55,927Mn 49,255Mn 10,224Mn 10,558Mn 1
Slide 25: 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 1,37,823 11,859 8.6% 1,20,998 1,16,774 7.7% 10,558 10,395 8.6% 9,219 7.9% 7.4% 1,01,256 10,224 9,794 8.1% 5.8% 9,695 8.3% 5,889 7,852 6.5% 8,
Slide 26: Asset Under Management – by Product Category
Asset Under Management – by Product Category December 25 vs. December 24 (In ₹ Mn.) Micro Enterprise Loans SME Loans Two Wheeler Loans Commercial Vehicle Loans Salaried Personal Loans 18.88% YoY 15.28% YoY 26.40% YoY 8.90% YoY 28.64% YoY 55,927 11,859 49,255 47,045 10,558 10,224 9,695 42,726 9,219 8
Slide 27: Asset Under Management – Distribution Channel Wise
Asset Under Management – Distribution Channel Wise Well Managed Diversified Distribution Channel (%) 38 33 36 35 34 62 67 64 65 66 Mar-23 Mar-24 Mar-25 Dec-24 Dec-25 1,16,774 1,37,823 (₹ Mn) 1,20,998 AUM 80,926 1,01,256 Retail Asset Channel Direct Retail Distribution 26
Slide 28: MAS Rural Housing & Mortgage Finance Limited (MRHMFL) Subsidiary
MAS Rural Housing & Mortgage Finance Limited (MRHMFL) Subsidiary
Slide 29: 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 30: Financial Performance – Q3 FY26
Financial Performance – Q3 FY26 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) 28.81% 22.49% 27.37% 24.27% 8,592 7,681 1,412 1,464 7,014 5,963 1,108 1,178 4,133 851 Mar-23 Mar-24 Mar-25 Dec-24 Dec-25 Mar-23 Mar-24 Mar-25 Dec-24 Dec-25 Borrowing (In ₹ Mn) Revenue (In ₹ Mn) 29.82% 5,370 8
Slide 31: Financial Performance – Q3 FY26
Financial Performance – Q3 FY26 Profit After Tax (PAT) # (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 26.13% 35.95% 407 96 76 299 63 44.81% 39.45% 212 35 142 24 102 FY23 FY24 FY25 Q3FY25 Q3FY26 FY23 FY24 FY25 Q3FY25 Q3FY26 Gross Stage 3 Assets Net Stage 3 Assets 0.90% 0.94% 0.96% 0.97% 0.70% 0.67%
Slide 32: Liability Management
Liability Management Sources of Fund as on 31st December 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. NHB
Slide 33: Credit Quality
Credit Quality (In ₹ Mn.) Dec-25 Sep-25 Dec-24 Particulars Dec-25 Sep-25 Dec-24 Particulars AUM Provision AUM Provision AUM Provision Stage 1 And Stage 2 Assets As % Of On Book 98.79% 98.85% 98.83% Assets Stage 1 5835.90 7.54 5,651.47 6.73 4,861.91 4.01 Stage 1 And Stage 2 Assets ( Standard 0.29% 0.
Slide 34: Leveraging Technology Across Spectrum
Leveraging Technology Across Spectrum
Slide 35: 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 36: 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 37: Environment, Social, Governance
E S G Environment Social Governance FOCUS ON ENVIRONMENT, SOCIAL, & GOVERNANCE (ESG)
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 43: Understanding MAS Financial
Understanding MAS Financial
Slide 44: 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 45: 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, 59, is the Founder
Slide 46: Strong Leadership Team
Strong Leadership Team Vintage with MAS(Years) 8 29 Mr. Himanshu Mr. Saumil Pandya Kanakhara President – Retail Executive Vice Assets President - MRHMFL 29 11 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 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: Understanding of Retail Asset Channel
Understanding of Retail Asset Channel
Slide 51: 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 52: 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 53: 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 54: Sharpening the Learning Curve
Sharpening the Learning Curve Our proven track record of more than ₹30,000 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 55: Way Forward
Way Forward
Slide 56: 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 5000+ employees Diversified Products portfolio
Slide 57: 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 ~ ₹10,144 Mn. as headwinds over the years Sufficient capital to continue the growth on 31st Decemb
Slide 58: Shareholding Profile
Shareholding Profile
Slide 59: Marquee FIIs and DIIs Shareholders
Marquee FIIs and DIIs Shareholders Shareholding as on 31st December 2025 Marquee Investors (%) Others Foreign Portfolio Investor 10.00% 3.13% Alternate Investment Funds 5.81% Domestic Institutions 14.42% (Mutual Fund & Insurance) 66.63% Promoter and Promoter Group 58
Slide 60: Events & Milestones
Events & Milestones
Slide 61: 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 62: 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 — Q3 FY26 Earnings Presentation on 6ix