AUM
₹15,034 Cr
+19% YoY
Consolidated assets under management crossed ₹15,000 crore milestone.
MASFINANCIAL
Other
2026-04-??
MAS Financial Services Ltd — Q4 FY26
MAS Financial delivered a strong Q4 FY26 with consolidated PAT of ₹104 crore (+25% YoY) and AUM crossing ₹15,000 crore (+19% YoY).
✓ Verified against BSE filing
2-Min Summary
MAS Financial delivered a strong Q4 FY26 with consolidated PAT of ₹104 crore (+25% YoY) and AUM crossing ₹15,000 crore (+19% YoY). Growth was driven by MSME (70% of book) and two-wheeler loans (+35% YoY), while asset quality remained stable with net NPA at 1.70% (standalone) and 0.68% (housing). Management guided for 20-25% AUM growth in FY27, with housing finance targeting 30-35% growth. Cost of borrowing declined 42bps YoY to 9.39%, with further improvement expected. Credit cost is guided at 1-1.25% of AUM. A key risk is potential inflationary pressure from crude prices impacting borrower repayment capacity, especially in CV and logistics segments.
Key Numbers
Two-wheeler loan book
₹1,063 Cr
+35% YoY
Fastest growing segment, yields 19-23%, contributing to yield improvement.
Cost of borrowing
9.39%
-42bps YoY
Average cost of borrowing declined on daily average balance basis.
Capital adequacy ratio
22.84%
flat
Strong capital position with Tier I at 21.50%, well above regulatory requirement.
Management Guidance
AUM growth target of 20-25% for FY27
Management expects to grow AUM at 20-25% in FY27, consistent with historical performance, prioritizing risk management and profitability.
growthHousing finance subsidiary to grow 30-35%
Housing finance company aims to grow AUM at 30-35% given its lower base, targeting ₹1,000 crore AUM soon.
growthCost of borrowing to decline to 9.20-9.25%
Management expects cost of borrowing to reduce further to around 9.20-9.25% over the next 2-3 quarters.
marginsCredit cost guidance of 1-1.25% of AUM
Credit cost is expected to remain in the range of 1-1.25% of closing AUM, with potential for aggressive write-offs if profitability allows.
marginsKey Risks
Inflationary pressure from crude prices
Rising crude prices could impact borrower repayment capacity, especially in logistics and transport segments, potentially reversing asset quality improvement.
medium · management_commentarySlowdown in CV book growth due to cautious stance
Management is deliberately growing the CV book slower due to perceived risks in the logistics sector, which may limit overall growth if other segments underperform.
low · analyst_questionPotential impact of Middle East conflict on certain sectors
Management added petrol pumps, gas agencies, and chemical industries to caution list due to Middle East supply disruptions, which could affect asset quality.
medium · management_commentaryNotable Quotes
The most potent early warning system is your ears very close to the ground because when the early warning signal starts appearing on the data, things have already started going bad.
We believe in building up squares rather than just doing a linear expansion. We want our branches to sweat and to contribute to the profitability.
We have not tinkered a lot in terms of rules framing. We have kept the rules more or less the way we used to do them earlier. We still want to run this scorecard for another one or two quarters.