Financial Performance Overview

MAS Financial Services Limited announced unaudited financial results for Q2 FY27 (quarter ended September 30, 2026), marking 126 quarters of consistent financial performance.

Consolidated Performance Highlights

  • Assets Under Management (AUM): ₹17,042.86 Crores (from ₹13,821.14 Crores in Q2 FY26), representing 23.31% YoY growth
  • Profit After Tax (PAT): ₹115.12 Crores (from ₹91.43 Crores in Q2 FY26), representing 25.91% YoY growth
  • Disbursement: ₹4,907.95 Crores during the quarter

Standalone Performance (MAS Financial Services Limited)

Key Metrics:

  • AUM: ₹16,011.38 Crores (from ₹12,999.44 Crores in Q2 FY26, 23.17% growth)
  • PAT: ₹110.05 Crores (from ₹89.70 Crores in Q2 FY26, 22.69% growth)
  • AUM as of June 30, 2026: ₹15,146.73 Crores
  • Disbursement: ₹4,812.05 Crores during the quarter

Financial Highlights (Standalone):

| Particulars | Q2 FY27 | Q2 FY26 | YoY Growth | H1 FY27 | H1 FY26 | YoY Growth | FY26 |

| Assets Under Management | 16011.38 | 12999.44 | 23.17%+ | 16011.38 | 12999.44 | - | 14363.67 |

| Total Income | 560.29 | 459.49 | 27.94%+ | 1090.61 | 902.38 | 20.86%+ | 1900.33 |

| Profit Before Tax* | 147.38 | 120.23 | 22.58%+ | 287.63 | 232.66 | 23.53%+ | 493.07 |

| Profit After Tax* | 110.05 | 89.70 | 22.69%+ | 214.65 | 173.60 | 23.65%+ | 366.81 |

*Note: Excluding one-time impact of New Labour Code provision of ₹4.24 crore in Q3 FY26. PAT for FY25 was 363.65 crore (including one-time impact of New Labour Code provision)

Capital and Asset Quality (Standalone):

  • Capital Adequacy Ratio (including Tier II capital): 22.12% as of September 30, 2026
  • Tier-I capital: 20.82%
  • Gross stage 3 assets: 2.63% of AUM (compared to 2.58% as of June 30, 2026)
  • Net stage 3 assets: 1.70% of AUM (compared to 1.70% as of June 30, 2026)
  • Management overlay: ₹17.60 Crores (0.13% of on-book assets)

Segment-wise AUM Breakdown (Standalone):

| Product Category | September 2026 | September 2025 | YoY Growth |

| Micro-Enterprise Loans | 6684.54 | 5210.02 | 28.30%+ |

| SME Loans | 5723.79 | 4632.82 | 23.54%+ |

| 2-Wheeler Loans | 1061.88 | 924.07 | 14.92%+ |

| Commercial Vehicle Loans | 1083.60 | 1059.03 | 2.32%+ |

| Salaried Personal Loans | 1458.18 | 1173.51 | 24.26%+ |

| TOTAL AUM | 16011.38 | 12999.44 | 23.17%+ |

*Note: 31.77% of total underlying assets are through various NBFCs as of September 30, 2025

The MSME segment contributed approximately 85% in the YoY AUM growth of the company.

Subsidiary Performance (MAS Rural Housing and Mortgage Finance Limited)

Key Metrics:

  • AUM: ₹1,031.47 Crores (crossed ₹1,000 Crores mark)
  • PAT: ₹4.52 Crores (from ₹2.99 Crores in Q2 FY26, 54.71% growth)

Financial Highlights (Subsidiary):

| Particulars | Q2 FY27 | Q2 FY26 | YoY Growth | H1 FY27 | H1 FY26 | YoY Growth | FY26 |

| Assets Under Management | 1031.47 | 821.70 | 25.53%+ | 1031.47 | 821.70 | 25.53%+ | 940.19 |

| Total Income | 30.54 | 24.92 | 22.57%+ | 60.40 | 47.91 | 26.05%+ | 101.92 |

| Profit Before Tax* | 5.94 | 3.90 | 52.34%+ | 11.64 | 7.43 | 56.75%+ | 16.85 |

| Profit After Tax* | 4.62 | 2.99 | 54.71%+ | 8.89 | 5.74 | 54.79%+ | 12.90 |

*Note: Excluding one-time impact of New Labour Code provision of ₹0.58 crore in Q3 FY26. PAT for FY26 was ₹12.46 crore (including one-time impact of New Labour code provision)

Capital and Asset Quality (Subsidiary):

  • Capital Adequacy Ratio (including Tier II capital): 34.04% as of September 30, 2026
  • Tier-I capital: 32.10%
  • Gross stage 3 assets: 0.91% of AUM (compared to 0.98% as of June 30, 2026)
  • Net stage 3 assets: 0.70% of AUM (compared to 0.68% as of June 30, 2026)
  • Management overlay: ₹3.69 Crores (0.48% of on-book assets)

Management Commentary

Mr. Kamlesh Gandhi, Founder, Chairman & Managing Director, commented: "Team MAS, consistent to its belief that steadily and consistently is the fastest way to reach your goal has once again demonstrated a very robust performance signifying high-quality growth for this quarter too. More than 23% growth in AUM and 25% in PAT on a consolidated basis bears the testimony to the same. We remain committed to grow between 20%-25% prioritizing risk management and profitability."

The company remains committed to its mission of "Excellence through endeavors," now described as "PURPOSE LED PROGRESS DRIVEN."