CV Book Stress in Rajasthan and MP
CV GNPA at 4.14% with 88-89% collection efficiency; Rajasthan and MP showing early stress signals from static pool analysis, prompting deliberate growth slowdown in these geographies.
MASFIN / Q3-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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Material risks this quarter
medium
Rising Opex from Fintech Revenue-Sharing Model
Working with 34 fintechs where MAS books full revenue first then shares a portion as expenditure, causing sharp rise in opex; cost-to-income ratio remains elevated at ~36%.
Provisioning Coverage Ratio Adequacy Questioned
Analyst questioned why provision coverage declined to 39.9% from 41.3% despite uptick in 90+ day buckets; management attributed to IND-AS 9 methodology based on 5-year recovery data but did not address capital buffer rationale.
FMCG and Agri Sector Slowdown
FMCG sector shows no marked improvement and remains on caution/negative list; agri-related microenterprise in MP showing temporary cycle elevation in monthly par data.