Announcement
Announcement under Regulation 30 (LODR)-Allotment 24 Sep - MAS Financial allotted 1.75 lakh NCDs worth ₹175 crore at 8.55% for 24 months.
Source: Bse
MAS Financial Services Limited (MASFIN)
Small CapFinancial Services stocks · Small cap · NSE
MAS Financial Services Limited operates in MSME Finance, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
₹259.9
-4.00 · -1.52%
Market cap ₹4,853 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result29 Jul, 08:01 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -7.5% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MASFIND candles · FIT view-19.3%Latest close ₹259.90 on 2026-10-21
Bar
-2.0%
RSI
30
MACD hist
-0.15
52W pos
4%
2026-10-21O ₹265.15H ₹266.00L ₹255.30C ₹259.90Vol 96,059 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MASFINNifty Financial ServicesNifty 500
- MASFIN
- -19.0%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -12.5 pp
Chart stats
21 Oct 2026- From 52W high
- -27.6%
- 52W range position
- 4%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.54x
- Avg traded value
- ₹4.8 Cr
- 20D price channel
- ₹255.3 - ₹295
₹358.9
₹255.3 - ₹358.9
₹9.1
Latest completed session
20-session average
21.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST41
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +20.6% · PAT +26.4% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model+53.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 65/100Rev +21% YoY · PAT +26% YoY · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹562 Cr | +20.6% | +3.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹110 Cr | +26.4% | +5.8% |
| PAT margin | 19.6% | +90 bps | +38 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.20
- P/B
- 1.63
- EV/EBITDA
- 1896.38
- Market Cap
- 4853.00Cr
Profitability
- ROE
- 13.40%
- ROCE
- 11.30%
- ROA
- 2.90%
- Dividend Y
- 0.75%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 3.47
- Interest Coverage
- —
- Altman Z
- 0.63
- Book Value
- 164.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -1787.00 Cr
- EPS TTM
- 21.72
Shareholding
- Promoter Hold
- 66.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 562+3.7% vs prev
Net Profit
₹ CrLatest: 110+5.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.1% over last month) — short-term momentum negative.
- RSI(14) at 30 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
40
RS percentile
Stage 4 Downtrend
1M return
-11.0%
3M return
-19.0%
6M return
-18.7%
1Y return
-14.3%
RS 1D
+1
RS 20D
-6
Sector rank
#10
Industry rank
#42
Stage evidence
- Price is 14.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 90.15-0.60%
RS vs Nifty 50090
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation19/30
Growth17/25
Quality3/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
41
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
41/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 53.1%.
- Growth contributes 17/25 to the score.
- Valuation contributes 19/30 to the score.
Main drags
- Altman Z is 0.6, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
12.2
PB
1.6
EV/EBITDA
1896.4
ROE
13.4%
ROCE
11.3%
FCF Yield
—
Debt/Equity
3.5
MoS
+53.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
41
Previous: 41
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+53.1%
Previous: +52.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
41
41
41
41
39
41
41
41
41
41
41
41
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹283.1
+8.2% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹553.86
+53.1% MoS
PEG
0.56
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UGROCAP
Small
Ugro Capital Limited
NBFC / Capital Markets / Insurance
match 151
24
7.3
6.0%
-74%
OVERVALUED
SBFC
Large
SBFC Finance Limited
NBFC / Capital Markets / Insurance
match 142
19
28.8
11.6%
-3%
OVERVALUED
NORTHARC
Small
Northern Arc Capital Limited
NBFC / Capital Markets / Insurance
match 131
44
10.7
11.1%
+60%
WATCHLIST
SGFIN
Small
SG Finserve Limited
NBFC / Capital Markets / Insurance
match 129
18
28.5
10.3%
-1%
OVERVALUED
MUTHOOTMF
Small
Muthoot Microfin Limited
NBFC / Capital Markets / Insurance
match 128
43
12.2
6.2%
+54%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
MAS Financial Services Limited operates in MSME Finance, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 28th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
127 docs text-extracted · 49 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Financial Services: 28th pctile, median 62 · Small: 18th pctile, median 66
Evidence depth
Financial-only
127 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 66.7%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1787 Cr.
- ▸Debt/equity is 3.47.
- ▸Altman Z is 0.66.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching MAS Financial Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug - Newspaper advertisement of 31st Annual General Meeting, record date & E-voting information.
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 7 Aug - Submitted FY2025-26 Business Responsibility and Sustainability Report with annual report.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.