DPD Levels Above Target Range
Zero DPD at ~93% vs management's 92-95% target band, with 30/60-day bucket increasing quarter-on-quarter. Analyst raised concern about trend despite management asserting 90+ DPD metric is key.
MASFIN / Q2-FY26 / risks
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MAS Financial Services · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
medium
Rising Operational Cost Ratio
OPEX as percentage of assets at ~2.81%, near all-time high. Management attributes to high rejection ratios, staffing for 15,000 pin codes, fintech partnership costs, and full-rate loan distribution model.
MSME Sector Recovery Pace Uncertainty
While management signals bottoming, growth returning to historical 20%+ levels expected over 2-3 quarters gradually. Tariff-related macro uncertainties and sector-specific stress in textile/FMCG persist.
MRHML Growth Below Potential
Housing finance subsidiary growing at 23-25% vs management's stated 30-35% target, though quality remains pristine. Analyst questioned why smaller size doesn't enable faster penetration given favorable environment.