1. At a Glance

If consistency were a sport, MAS Financial Services Ltd (MASFIN) would be the Virat Kohli of the NBFC world — except with better interest coverage and less drama on Twitter. As ofQ2FY26, the company has pulled off yet another disciplined innings:PAT of ₹91.43 crore,AUM at ₹13,821 crore, and a capital adequacy ratio still rock solid at24.47%.

The stock trades at₹313, giving it amarket cap of ₹5,676 croreand aP/E of just 16.8, which — in the NBFC jungle dominated by 30+ P/E gorillas — looks like an undervalued mongoose. Sales grew25% YoY, profits18% YoY, and the company even managed a dividend yield of0.54%, because why not sprinkle a bit of sugar on top of those earnings.

ROE stands tall at14.1%, Debt-to-Equity ratio is3.53, and Return on Assets at2.89%— in short, the financials are as steady as a Marwadi accountant’s hand on a calculator. MASFIN is proving that you can lend to India’s smallest borrowers and still keep your NPAs in check (Gross Stage 3:2.23%, Net Stage 3:1.48%).

In the last six months, the stock returned20.5%, proving that even in a high-interest world, MAS knows how to make compounding sexy again.

2. Introduction – The Gujarati Banker Who Doesn’t Blink

Imagine a Gujarati businessman with the patience of a monk, the precision of a CA, and the lending appetite of a fintech startup on caffeine — that’s MAS Financial Services Ltd for you.

Based out of Ahmedabad, MAS is the old-school NBFC that skipped the flamboyant fintech drama and stuck to fundamentals: lending small, collecting regularly, and not crying over defaults. While most NBFCs flirt with risky segments and end up with NPA heartbreaks, MAS quietly courts its loyal MSME and rural borrowers.

In an age where every new-age lender flaunts AI models and data analytics, MAS prefers human intelligence — the kind that visits small towns, checks real businesses, and actually talks to borrowers. Their loan books span fromMicro Enterprise LoanstoSME,2W loans,Commercial Vehicles, and evenHousing Financethrough their subsidiaryMAS Rural Housing & Mortgage Finance Ltd(MRHMFL).

And the best part? The company keeps its ambitions loud and governance louder. No flashy IPO stunts or crypto partnerships — just steady credit growth and a capital adequacy ratio that RBI would write home about.

3. Business Model – WTF Do They Even Do?

MASFIN’s model is so simple it almost feels illegal in today’s overcomplicated NBFC world.

Theyborrow at scale,lend small, andearn smart. Think of them as the middle-class lender for India’s real economy — the guy who helps the kirana store expand, the two-wheeler buyer zoom to work, and the small manufacturer upgrade his machinery.

Here’s the loan buffet:

• Micro Enterprise Loans (45% of AUM)– For traders, small manufacturers, and service providers. Average ticket size ~₹42,000. The “chhota loan, bada impact” segment.
• SME Loans (36%)– Up to ₹5 crore for growing small and mid-sized businesses. Average ticket size ₹18 lakh.
• 2W Loans (7%)– Farmers and self-employed folks who need mobility. Average ticket ₹66,000.
• Commercial Vehicle Loans (7%)– New and used CVs for transporters. Average ticket ₹4.3 lakh.
• Salaried Personal Loans (5%)– For the salaried class. Ticket size ~₹1.9 lakh.
• Housing Loans (4%)– Via MRHMFL, with average ticket size of ₹8.15 lakh and tenures stretching to 25 years — because why rush home ownership?

But the real ace up their sleeve ispartnership-based lending. MAS doesn’t just lend directly — it partners with167 NBFCsandNBFC-MFIsacross India. These partnerships act as co-lenders or originators, helping MAS scale its reach into deeper Bharat without burning its own feet.

So while fintechs burn cash chasing borrowers on Instagram ads, MAS builds real lending networks. Old-school never went out of style, apparently.

4. Financials Overview

Quarterly Comparison (₹ in crore):

Annualized EPS: ₹4.98 × 4 =₹19.9, giving a recalculated P/E of15.7xat