MAS Financial Services LimitedQ2 FY27 Results & Financial Update
MAS Financial Services Limited: Q2 FY27 consolidated results and company financials – revenue ₹591.80 Cr, PAT ₹115.12 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore MAS Financial Services Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
MAS Financial Services Limited delivered a robust financial performance for the second quarter of fiscal 2027, crossing notable operational milestones on a consolidated basis as assets under management surpassed 17,000 crores and quarterly profit after tax reached 115.12 crores.
The company reported a consolidated asset under management of 17,042.86 crores for the quarter ended September 30, 2026, marking an increase from 13,821.14 crores reported in the corresponding period of the previous year.
Consolidated profit after tax for Q2 FY27 stood at 115.12 crores compared with 91.43 crores for the quarter ended September 30, 2025, reflecting a growth rate of approximately 26% over the year-ago period.
Total consolidated disbursements during the quarter were recorded at 4,907.95 crores, supporting ongoing credit expansion while maintaining underlying risk disciplines across asset classes.
Management noted that the performance marks 126 quarters of consistent financial execution, underscoring the resilience of the company's operating model across three decades of operation.
The company's core standalone lending entity reported assets under management of 16,011.38 crores and a standalone profit after tax of 110.05 crores, alongside strong capital adequacy ratios and stable asset quality metrics.
01 · Business model
What does MAS Financial Services do?
MAS Financial Services Limited is an Ahmedabad-headquartered non-banking financial company (NBFC) specializing in MSME financing, extending credit where it is due across multiple retail lending segments.
The company operates on a consolidated basis with subsidiaries including MAS Rural Housing and Mortgage Finance Limited, reaching a broad customer base through diverse distribution channels and lending partnerships with various NBFCs.
Its primary lending portfolio encompasses micro-enterprise loans, SME loans, two-wheeler loans, commercial vehicle loans, and salaried personal loans, serving foundational credit needs across semi-urban and rural markets.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Total income | ₹591.80 Cr |
| Interest income | ₹505.21 Cr |
| Other income | ₹2.37 Cr |
| Provisions | ₹3.50 Cr |
| Profit before tax | ₹154.24 Cr |
| Profit after tax | ₹115.12 Cr |
| EPS | ₹6.24 |
03 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
Total consolidated income for the quarter ended September 30, 2026, was reported at 591.80 crores, underpinned by interest income of 505.21 crores and other income of 2.37 crores.
Standalone total income reached 560.29 crores for Q2 FY27, growing by 21.94% over the 459.49 crores recorded in Q2 FY26.
NIM, spread, funding cost and credit cost
Consolidated finance costs for the quarter stood at 252.34 crores, representing a primary component of operating expenditure in supporting loan book growth.
Consolidated tax expense for the quarter was reported at 39.12 crores against a profit before tax of 154.24 crores.
04 · Loan growth, sanctions & disbursements
How the lending book is moving
Consolidated assets under management crossed the 17,000-crore threshold, closing the quarter at 17,042.86 crores.
Consolidated credit disbursements reached 4,907.95 crores during the quarter ended September 30, 2026.
05 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
Micro-enterprise loans stood at 6,684.54 crores (28.30% YoY growth), SME loans at 5,723.19 crores (23.54% YoY growth), salaried personal loans at 1,458.18 crores (24.26% YoY growth), commercial vehicle loans at 1,083.60 crores (2.32% YoY growth), and two-wheeler loans at 1,061.88 crores (14.91% YoY growth).
The MSME segment contributed approximately 85% to the standalone year-on-year AUM growth, with other product categories contributing meaningfully.
As of September 30, 2025, 31.77% of the total underlying assets in the standalone portfolio were deployed through various partner NBFCs.
06 · Reported developments
What changed operationally
MAS Rural Housing and Mortgage Finance Limited crossed the 1,000-crore AUM mark, reporting an AUM of 1,031.47 crores and a PAT of 4.62 crores for Q2 FY27.
Standalone capital adequacy ratio including Tier II capital remained strong at 22.12%, with Tier I capital at 20.82%.
Standalone portfolio quality remained stable with gross stage 3 assets at 2.63% and net stage 3 assets at 1.70% of AUM as of September 30, 2026.
07 · Management guidance & targets
What management is targeting from here
Management stated an ongoing commitment to grow between 20% and 25% while prioritizing risk management and profitability.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
Management overlay
The standalone company continues to carry a management overlay of 17.60 crores as of September 30, 2026, representing 0.13% of on-book assets.
Reported update
Housing subsidiary capital strength
MAS Rural Housing and Mortgage Finance Limited maintained a capital adequacy ratio of 34.11% (Tier I at 32.10%) and carried a management overlay of 3.69 crores (0.48% of on-book assets).
09 · Previous-quarter changes
What changed since the previous quarter
Standalone AUM moved from 15,146.73 crores as of June 30, 2026, to 16,011.38 crores as of September 30, 2026.
10 · Key Q&A
The quarter, answered directly
What does MAS Financial Services do?
MAS Financial Services Limited is an Ahmedabad-headquartered non-banking financial company (NBFC) specializing in MSME financing, extending credit where it is due across multiple retail lending segments.
What is the clearest takeaway from Q2 FY27?
MAS Financial Services Limited delivered a robust financial performance for the second quarter of fiscal 2027, crossing notable operational milestones on a consolidated basis as assets under management surpassed 17,000 crores and quarterly profit after tax reached 115.12 crores.
What drove earnings or loan-book movement?
Total consolidated income for the quarter ended September 30, 2026, was reported at 591.80 crores, underpinned by interest income of 505.21 crores and other income of 2.37 crores.
What mattered most for margins, funding or credit cost?
Consolidated finance costs for the quarter stood at 252.34 crores, representing a primary component of operating expenditure in supporting loan book growth.
What changed operationally beyond the headline numbers?
The standalone company continues to carry a management overlay of 17.60 crores as of September 30, 2026, representing 0.13% of on-book assets.
What is management guiding or targeting from here?
Management stated an ongoing commitment to grow between 20% and 25% while prioritizing risk management and profitability.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Asset quality monitoring: Monitor subsequent movements in gross and net stage 3 asset ratios relative to the 2.63% and 1.70% levels reported for Q2 FY27.
- 02
Growth trajectory adherence: Track whether consolidated AUM and PAT growth rates continue to track within management's targeted 20% to 25% band.
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