Quarter Ended: March 2026

MAS Financial Services – Q4 FY26 Results

NSE

masfin

BSE

540749

MAS Financial delivered steady revenue and profit growth backed by loan book expansion and stable margins, indicating consistent execution in NBFC operations

key financial highlights

Revenue from Operations:
- Revenue (Q4 FY26): ₹542.47 Cr
  - QoQ Change: +7.05%
  - YoY Change: +23.54%
- Previous Quarter (Q3 FY26): ₹506.74 Cr
- Previous Year (Q4 FY25): ₹439.11 Cr
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹104.48 Cr
  - QoQ Change: +11.95%
  - YoY Change: +25.28%
- Previous Quarter (Q3 FY26): ₹93.32 Cr
- Previous Year (Q4 FY25): ₹83.41 Cr
QoQ Performance
- Revenue Trend: Moderate Growth
- Profit Trend: Steady Improvement

Margin Analysis

Key Drivers:

Stable interest income growth
Controlled operating expenses
Slight increase in credit cost (impairment)
Efficient cost-to-income ratio

Key Signal: Margins remain stable, indicating disciplined lending and cost management

Segment performance

Revenue Contribution (Q4 FY26):

Financing Activities: ₹544.07 Cr (~99%+)
Others: ₹1.34 Cr

Insight:

Core business is pure lending (NBFC model)
No meaningful diversification outside financing

Segment insight

Characteristics:

Strong dependence on financing segment
Growth driven by loan book expansion
Minimal contribution from non-core activities

Earning quality check

Drivers:

Core interest income driven earnings
Limited reliance on other income
Consistent provisioning and impairment recognition
No major exceptional items

Interpretation:

Earnings quality is high and sustainable, typical of a well-managed NBFC

balance sheet Analysis

Total Assets: ₹13,746.60 Cr
Total Liabilities: ₹10,710.17 Cr

Insight:

Loan book (Loans): ₹11,117.85 Cr (major asset component)
Strong YoY asset growth
Increase in borrowings supporting expansion
Healthy capital base

key risks

Credit risk from loan portfolio
Rising NPAs / impairment costs
Interest rate sensitivity
Dependence on borrowing markets

management strategy signals

Focus Area:

Loan book expansion
Maintaining asset quality
Controlled leverage
Diversified funding sources

Financial Metrics

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹545.41 Crore	+7.41%	+24.21%
PBT	₹139.14 Crore	+9.50%	+24.13%
PAT	₹104.48 Crore	+11.95%	+25.28%

MAS Financial continues to deliver consistent and predictable performance:

Strong loan book growth
Stable margins
Healthy profitability
High earnings quality

Official Exchange Filing: MAS Financial Services Limited

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

75%

NET PROFIT AS % OF REVENUE

19.26%

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED