Mas Financial Services Ltd. · NSE:MASFIN
Mas Financial Services — Q2 FY2027 Earnings Presentation
51 slides from Mas Financial Services's earnings presentation, Oct 28, 2026
Slide 1: Exchange filing cover letter
MFSL/SEC/EQ/2026/94 October 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 – Q2FY27
INVESTOR PRESENTATION – Q2FY27 2026-27 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 EXECUTIVE SUMMARY 04 2 MAS AT A GLANCE 05 3 STANDALONE FINANCIAL REVIEW 13 4 CAPITAL & LIABILITY MANAGEMENT 22 5 STRONG FUNDAMENTALS 26 6 MAS RURAL HOUSING & MORTGAGE FINANCE LIMITED - SUBSIDIARY 30 7 LEVERAGING TECHNOLOGY ACROSS SPECTRUM 36 8 WAY FORWARD 39 9 PROVEN LEADERSHIP T
Slide 5: Executive Summary – Q2FY27
Executive Summary – Q2FY27 Consolidated AUM crosses ₹ 17,000 Crore and MRHMFL (Subsidiary) AUM crosses ₹ 1,000 Crore ▪ Consolidated AUM grew by 23.31% YoY and 5.71% QoQ to ₹ 17,043 Crore 1. ▪ Standalone AUM grew by 23.17% YoY and 5.71% QoQ to ₹ 16,011 Crore ▪ MRHMFL (Subsidiary) AUM grew by 25.53% Y
Slide 6: MAS Group at a Glance (Consolidated)
MAS Group 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 ₹ 1,70,429Mn 11,537Mn ₹ Micro Enterprise Loans SME Loa
Slide 7: MAS Financial at a Glance
MAS Financial at a Glance 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 1,60,114Mn ₹ 14 209 Assets Under
Slide 8: Strong Distribution Network
Strong Distribution Network MAS has steadily entered adjacent geographies 209 1 Punjab 2 2 Uttarakhand Haryana 1 Branches Delhi 3 47 Rajasthan Uttar Pradesh Pan India Network presence 61 42 through Gujarat Madhya Pradesh 2 Chhattisgarh 227 Maharashtra 30 4 Telangana NBFC Partners 8 1 Andhra Pradesh
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 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 2.63% 2.41% 2.44% 2.49% 2.53% 2.56% 2.57% 2.58% 6.4% 2.35% 2.28% 2.27% 2.26% 2.36% 2.21% 2.30% 2.2
Slide 13: Trusted Credentials, Systems, Operations & Governance Recognized by Leading Stakeholders
Trusted Credentials, Systems, Operations & Governance Recognized by Leading Stakeholders Top Institutional Investors Credit Rating Awards – FY 2026 AA- (Stable) ESG Rating Marquee Pre-IPO Investors CareEdge-ESG 2 Score: 65.6 FE CFO AWARDS NHB AWARD For Last 4 Years Top Lenders Foreign PSU Banks Priv
Slide 14: Standalone Financial Review
Standalone Financial Review
Slide 15: Key Highlights – Q2 FY27
Key Highlights – Q2 FY27 Asset Under Management (AUM) Yield Return on Avg. Net Worth* ₹ 1,60,114Mn 23.17% (Q2 FY26: ₹1,29,994 Mn) 16.08% 22bps (Q2 FY26: 15.86%) 15.33% Net Interest Income (NII) Return on Avg. Balance Sheet Assets* ₹3,220Mn 30.35% (Q2 FY26: ₹2,471 Mn) Cost of Borrowing* (COB) 3.07% 9
Slide 16: Financial Performance – Q2 FY27
Financial Performance – Q2 FY27 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) On & Off Book AUM (%) 14.58% 14.19% 23.17% 31,931 18.71% 1,60,114 29,526 27,867 1,43,637 25,858 22 20 20 21 17 1,20,998 1,29,994 1,01,256 17,690 78 80 80 79 83 Mar-24 Mar-25 Mar-26 Sep-25 Sep-26 Mar-24 Mar-25
Slide 17: Financial Performance – Q2 FY27
Financial Performance – Q2 FY27 Revenue (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 24.98% 30.52% 19,003 10,417 15,205 7,981 12,293 21.94% 6,151 30.35% 5,603 3,220 4,595 2,471 FY24 FY25 FY26 Q2FY26 Q2FY27 FY24 FY25 FY26 Q2FY26 Q2FY27 Operating Expense (In ₹ Mn) Profit After Tax (PAT) # (In ₹ Mn) 4
Slide 18: Financial Performance – Q2 FY27
Financial Performance – Q2 FY27 Optimized cost structure Operating Expense Ratio* Operating Expense as % of NII Operating Expense as % of Gross Income 35.74% 36.30% 34.80% 34.59% 2.81% 2.81% 2.90% 2.86% 31.56% 32.77% 19.59% 19.52% 20.20% 19.88% 2.35% 17.20% 2.13% 15.79% FY24 FY25 FY26 Q2FY26 Q1FY27
Slide 19: Financial Performance – Q2 FY27
Financial Performance – Q2 FY27 Strongly Capitalized Debt Equity Ratio Capital Adequacy Ratio 4.00 24.05% 24.72% 24.57% 3.50 22.84% 22.12% 3.37 3.31 3.39 Mar-24 Mar-25 Mar-26 Sep-25 Sep-26 Mar-24 Mar-25 Mar-26 Sep-25 Sep-26 Healthy Coverage Interest Coverage Ratio 1.54 1.57 1.57 1.57 1.62 FY24 FY25
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% 1.81% 1.95% 2.02% 2.01% 0.62% 0.60% 0.55% 0.47% 0.63% 0.54% 1.26% 0.72% 0.56% 0.63% 0.98% 1.08% 1.53% 1.24% 1.31% 1.34% 1.04% 1.19% 1.16% 1.03% 0.95% 0.91% 1.07% 0.90% 0.97%
Slide 21: Credit Quality
Credit Quality (In ₹ Mn.) Sep-26 Jun-26 Sep-25 Particulars Sep-26 Jun-26 Sep-25 Particulars AUM Provision AUM Provision AUM Provision Gross Stage 1 And Stage 2 Assets As % Of On 97.30% 97.42% 97.42% Book Assets Stage 1 1,27,071.20 586.47 1,19,607.93 605.88 98,719.84 336.89 Stage 1 & Stage 2 Assets (
Slide 22: Financial Statement: FY24 to H1FY27
Financial Statement: FY24 to H1FY27 (In ₹ Mn.) PROFIT & LOSS STATEMENT BALANCESHEET STATEMENT Particulars FY2024 FY2025 FY2026 H1FY27 Particulars Mar-24 Mar-25 Mar-26 Sep-26 19,003 ASSETS Total Revenue 12,293 15,205 10,906 Financial assets 89,772 1,15,142 1,28,444 1,45,444 Loans 72,648 86,139 1,04,3
Slide 23: Capital & Liability Management
Capital & Liability Management
Slide 24: Diversified Sources of Funds as on September 30, 2026
Diversified Sources of Funds as on September 30 , 2026 th Instrument Wise Lender Type Wise Credit Ratings 0.15% Term Loan 2.40% 1.73% Public Sector Bank 3.35% 3.86% AA- (Stable) Direct Assignment 11.69% 5.21% (Including Co-Lending) Private Sector Bank 7.87% Non-Convertible 44.79% Capital Market (Ret
Slide 25: Strong Liability Management
Strong Liability Management 1. The composition of our liability mix ensures healthy ALM and well diversified resource mix. The cashflow in all the cumulative buckets is positive Capital adequacy ratio, as on 30th September 2026 is 22.12% against regulatory norms of 15%. Tier-I capital is 20.82% as a
Slide 26: ALM – September 2026
ALM – September 2026 (In ₹ Mn) Cumulative Inflows & Outflows Cumulative Surplus 14,698 Upto 3 Months 35,238 Rs 20,539 23,898 Upto 6 Months Rs 34,145 58,043 63,643 Upto 1 Year Rs 33,435 97,078 1,08,533 Upto 3 Year Rs 26,858 1,35,392 1,16,041 Upto 5 Year Rs 24,170 1,40,211 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 66,845Mn 57,232Mn 10,619Mn 10,836Mn 1
Slide 29: Asset Under Management – by Product Category
Asset Under Management – by Product Category Micro-Enterprise loans(MEL) SME loans 2-Wheeler loans Commercial Vehicle loans Salaried Personal Loans 6% 9% 9% 9% 9% 7% 8% 8% 8% 7% 7% 6% 40% 7% 40% 7% 40% 6% 43% 42% ₹ 1,01,256 Mn ₹ 1,20,998 Mn ₹ 1,43,637 Mn ₹ 1,29,994 Mn ₹ 1,60,114 Mn 37% 37% 36% 36% 3
Slide 30: Asset Under Management – Distribution Channel Wise
Asset Under Management – Distribution Channel Wise Well Managed Diversified Distribution Channel (%) 33 36 34 34 32 67 64 66 66 68 Mar-24 Mar-25 Mar-26 Sep-25 Sep-26 (₹ Mn) 1,43,637 1,29,994 1,60,114 AUM 1,01,256 1,20,998 Retail Asset Channel Direct Retail Distribution 29
Slide 31: MAS Rural Housing & Mortgage Finance Limited (MRHMFL) Subsidiary
MAS Rural Housing & Mortgage Finance Limited (MRHMFL) Subsidiary
Slide 32: 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 33: Financial Performance – Q2 FY27
Financial Performance – Q2 FY27 Assets Under Management (AUM) (In ₹ Mn) Net Worth (In ₹ Mn) 25.53% 30.65% 29.90% 22.41% 1,844 1,856 10,315 9,402 8,217 1,412 1,429 7,681 5,963 1,108 Mar-24 Mar-25 Mar-26 Sep-25 Sep-26 Mar-24 Mar-25 Mar-26 Sep-25 Sep-26 Borrowing (In ₹ Mn) Revenue (In ₹ Mn) 25.70% 6,16
Slide 34: Financial Performance – Q2 FY27
Financial Performance – Q2 FY27 Profit After Tax (PAT) # (In ₹ Mn) Net Interest Income (NII) (In ₹ Mn) 34.88% 32.55% 129 539 96 407 76 54.71% 299 29.81% 46 164 30 127 FY24 FY25 FY26 Q2FY26 Q2FY27 FY24 FY25 FY26 Q2FY26 Q2FY27 Gross Stage 3 Assets Net Stage 3 Assets 0.90% 0.94% 0.98% 0.94% 0.99% 0.66%
Slide 35: Liability Management
Liability Management Sources of Fund as on 30th September 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. Ca
Slide 36: Credit Quality
Credit Quality (In ₹ Mn.) Sep-26 Sep-25 Particulars Sep-26 Sep-25 Particulars AUM Provision AUM Provision Stage 1 And Stage 2 Assets As % Of On Book Assets 98.81% 98.85% Stage 1 7,173.41 12.76 5,651.47 6.73 Stage 1 And Stage 2 Assets ( Standard Assets) 0.29% 0.29% Provisioning Stage 2 350.24 9.26 27
Slide 37: Leveraging Technology Across Spectrum
Leveraging Technology Across Spectrum
Slide 38: 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 39: 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 40: Way Forward
Way Forward
Slide 41: 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 with Vision of ₹ 1,00,000 Crore AUM by 2036 Focus on Efficient and Diversified Growth Drivers Human Capital Distribution of Credit across Housing, SME and Wheels Diverse workforce consisting of 430
Slide 42: 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 ~ ₹9,605 Mn. as on headwinds over the years Sufficient capital to continue the growth 30th Septemb
Slide 43: Proven Leadership Team
Proven Leadership Team
Slide 44: 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 45: Strong Leadership Team
Strong Leadership Team Vintage with MAS(Years) 9 30 Mr. Himanshu Mr. Saumil Pandya Kanakhara President – Retail Executive Vice Assets President - MRHMFL 30 12 17 8 Mr. Ankit Jain CA Nishant Jain Chief Financial Director - Operations Officer Mrs. Darshana Saumil Pandya Mr. Dhvanil K. Gandhi Executive
Slide 46: 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 4+ decades in banking and Independent Director Independent Director Aayog, Former I
Slide 47: Shareholding Profile
Shareholding Profile
Slide 48: Marquee FIIs and DIIs Shareholders
Marquee FIIs and DIIs Shareholders Shareholding as on 30th September 2026 Marquee Investors (%) Others Foreign Portfolio Investor 10.68% 2.67% Alternate Investment Funds 4.59% Domestic Institutions 15.40% (Mutual Fund & Insurance) 66.66% Promoter and Promoter Group 47
Slide 49: Events & Milestones
Events & Milestones
Slide 50: Major Events & Milestones
Major Events & Milestones Note: As per Calendar Year • 2011 • 2021 2026 • Listing of NCDs on BSE • Inclusive Finance India Award 2020 – NBFC • MAS Rural Housing and Mortgage Finance lending to Micro and Small Enterprises • 2012 Limited (Subsidiary of MAS) Long Term Bank Facilities & NCD rating upgra
Slide 51: 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 Chief Financial Officer 079-41106682 BEST WISHES [email protected] Mr. Meet Chande Assistant Vice President 079-41106551 meet_chande@mas.
MAS Financial Services — Q2 FY2027 Earnings Presentation on 6ix