
About Mas Financial Services
Mas Financial Services is a publicly listed company based in Ahmedabad (India) founded in 1988 by Kamlesh Gandhi. Financial services and loans are provided to individuals and businesses. Mas Financial Services has raised $24.4 million across 5 funding rounds from investors including FMO, ICICI Venture and DEG. The company has 1,760 employees. Mas Financial Services was last valued at $109.74 million in May 2016. Its chief executive, as recorded, is Darshana Pandya. Its website mas.co.in draws about 34 thousand monthly visits. Its Indian entity Mas Financial Services Limited reported revenue of βΉ2,002 Cr. Its focus areas include Consumer and SME Loans and Diversified. Its competitors include Manappuram Finance, L & T Finance Holdings and Bajaj Finserv; 1 of its 3 listed competitors has raised funding.
Company details
Mas Financial Services was founded in 1988 and is headquartered in Ahmedabad, India. Operations focus on the financial sector, where various loan products are offered, including micro enterprise loans, personal loans, and financing for small and medium-sized enterprises. Additional services cover commercial vehicles, two-wheelers, and housing loans. Credit access is extended to diverse customers through a distribution network across the region.
- Market Cap₹4,582 Cr
MASFIN · NSE
- Share Price₹244.65
-3.11% today
- Revenue₹1,998 Cr
FY 2025-26 · +25.0% YoY
- EBITDA₹1,421 Cr
Margin 71.1%
- Net Profit₹375 Cr
FY 2025-26 · +20.8% YoY
- P/E (TTM)11.2x
P/B 1.5x
- ROE13.5%
ROCE 11.3%
- Debt / Equity3.49
Interest cover 64.6x
- Total Equity Funding$24.4M (USD)
in 5 rounds
- Latest Funding Round$59.83M (USD), Post-IPO
Jun 2024
- InvestorsFMO
& 3 more
- Employee Count1,760
Associated legal entities of Mas Financial Services
Mas Financial Services is associated with 3 registered companies on The Company Check; the primary company is Mas Financial Services Limited, a listed company. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Mas Financial Services Limited Listed CIN L65910GJ1995PLC026064 | Active | 25 May 1995 | Ahmedabad, Gujarat | ₹2,002 Cr | 1,683 | 10 | View details |
| Swalamb Mass Financial Services Ltd. CIN U67190GJ2007NPL049894 | Active | 31 Jan 2007 | Ahmedabad, Gujarat | ₹0.0 Cr | 3 | View details | |
| Prarthna Marketing Private Limited CIN U51507GJ1997PTC032065 | Active | 08 Apr 1997 | Ahmedabad, Gujarat | ₹0.8 Cr | 2 | View details |
Funding Insights of Mas Financial Services
Mas Financial Services has successfully raised a total of $24.4M across 5 strategic funding rounds. The most recent funding activity was a Post-IPO round of $59.83 million completed in June 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $24.4M
- Total Rounds 5
- Last Round Post-IPO β $59.83M
- First Round $1.5M
(Aug 2006)
- Investors Count 4
All 5 funding rounds of Mas Financial Services with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun 2024 | $59.83M | Post-IPO | β | β | β |
| May 2016 | $599,000 | Angel Round | $109.74M | β | β |
| Aug 2012 | $12.3M | Series C | β | DEG | β |
| Aug 2008 | $10M | Series B | β | ICICI Venture, FMO | β |
| Aug 2006 | $1.5M | Series A | β | Bellwether Microfinance Fund | β |
| Date | Valuation | Stage |
|---|---|---|
| May 2016 | $109.74M | β’β’β’β’β’β’β’β’ |
Last known valuation $109.74M (May 2016). 4 investors in total: 4 institutional.
Investors in Mas Financial Services
Mas Financial Services has secured backing from 4 investors, including venture fund investors. Prominent investors backing the company include FMO, ICICI Venture and DEG.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Private equity firm focused on growth equities | deginvest.de | Cologne, Germany | ||
Alternative asset management and investment services in India. | 1988 | iciciventure.com | Mumbai, India | |
Development financing is provided for entrepreneurial ventures in emerging markets. | 1970 | fmo.nl | The Hague, Netherlands | |
| Bellwether Microfinance Fund |
Investor details for Mas Financial Services
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Mas Financial Services Limited (Mas Financial Services)
Mas Financial Services Limited is the primary company behind Mas Financial Services. The boards of the 3 registered companies of Mas Financial Services currently have 8 directors; the longest-serving is Balabhaskaran, appointed in 2007. 24 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Balabhaskaran DIN 00393346 | Director | 31 Jan 2007 | 19 yrs 8 mo | Swalamb Mass Financial Services Ltd. |
| Kamlesh Chimanlal Gandhi DIN 00044852 | Managing Director | 25 Mar 2010 | 16 yrs 7 mo | Mas Financial Services Limited, Prarthna Marketing Private Limited, Swalamb Mass Financial Services Ltd. |
| Darshana Saumil Pandya DIN 07610402 | Whole-time director | 23 Sep 2016 | 10 yrs 1 mo | Mas Financial Services Limited, Prarthna Marketing Private Limited, Swalamb Mass Financial Services Ltd. |
| Umesh Rajanikant Shah DIN 07685672 | Director | 21 Dec 2016 | 9 yrs 10 mo | Mas Financial Services Limited |
| Narayanan Sadanandan DIN 07263104 | Director | 21 Jun 2023 | 3 yrs 4 mo | Mas Financial Services Limited |
| Vishal Vasu DIN 02460597 | Director | 24 Apr 2024 | 2 yrs 6 mo | Mas Financial Services Limited |
| Dhvanil Kamlesh Gandhi DIN 10562922 | Whole-time director | 14 Aug 2024 | 2 yrs 2 mo | Mas Financial Services Limited |
| Barnali Chaklader DIN 10970760 | Director | 04 Mar 2025 | 1 yr 7 mo | Mas Financial Services Limited |
People of Mas Financial Services
99 people are tracked at Mas Financial Services (14 in leadership, 5 in board & advisors, 80 in team); the tracked headcount is 1,760.
| Name | Role | Group |
|---|---|---|
| Co-Founder & Managing Director | Leadership | |
| CEO | Leadership | |
Bharat Aswani | Head - Credit (sme Unsecured Loans) | Leadership |
Ram Nihor Kushwaha | Collection Head | Leadership |
Ankit Jain | Chief Financial Officer | Leadership |
Bhavesh Agravat | Head Of Credit | Leadership |
Milind Fanse | Head - Audit | Leadership |
Rajen Shah | Chief Information Officer | Leadership |
Mukesh Mcg | Finance Director | Leadership |
Mukund Deolekar | Nsm-state Head | Leadership |
Pravin Oza | State Head | Leadership |
Ankit Soni | Associate Vice President | Leadership |
Anuj Jangid | State Head BDM SME Loans | Leadership |
Sagar Ravaliya | Assistant To CEO & Director | Leadership |
| Independent Director | Board & advisors | |
| Independent Director | Board & advisors | |
Mr. Chetan Shah | Independent Director | Board & advisors |
Daksha Niranjan Shah | Independent Director | Board & advisors |
| Independent Director | Board & advisors | |
Hema Parmar | Human Resources Officer | Team |
79 more people are available in the full profile.
Complete people profiles for Mas Financial Services
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
IPO & Listings of Mas Financial Services
Mas Financial Services is a publicly listed company on the NSE with ticker symbol MASFIN in India, operating in the Finance sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date18 Oct 2017
- Listed onBSE: 540749 · NSE: MASFIN
- Listed entityMAS Financial Services Ltd.
- Exchange sectorFinance
- ISININE348L01012
- Share price₹266.40 (-1.33% on the day) · 2026-10-14
- Market capitalisation₹4,906 Cr
- Price to earnings12.3
- EPS (diluted, trailing year)₹21.72
- Dividend yield0.74%
- Volume (last session)71,098
Financials of Mas Financial Services
Exchange-reported figures of Mas Financial Services Limited, the listed company behind Mas Financial Services (NSE: MASFIN).
Financial Highlights
FY 2025-26 Β· ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,998 | 1,599 | 1,289 | 989 | 690 | 627 | 710 |
| Revenue growth | +25.0% | +24.1% | +30.3% | +43.3% | +10.1% | -11.6% | - |
| EBITDA | 1,421 | 1,195 | 992 | 771 | 558 | 485 | 532 |
| EBITDA margin | +71.1% | +74.8% | +77.0% | +77.9% | +80.8% | +77.3% | +74.9% |
| Profit before tax | 505 | 421 | 340 | 272 | 217 | 196 | 230 |
| Net profit | 375 | 310 | 251 | 203 | 159 | 144 | 170 |
| Net profit margin | +18.8% | +19.4% | +19.5% | +20.5% | +23.1% | +23.0% | +23.9% |
| EPS (βΉ) | 20.46 | 17.11 | 15.31 | 37.19 | 29.13 | 26.41 | 30.62 |
| Balance sheet | |||||||
| Total assets | 13,354 | 11,832 | 9,244 | 7,672 | 5,812 | 4,713 | 3,802 |
| Net worth | 2,974 | 2,609 | 1,783 | 1,519 | 1,350 | 1,180 | 987 |
| Total debt | 10,317 | 9,181 | 7,426 | 6,128 | 4,439 | 3,513 | 2,796 |
| Cash & bank | 1,004 | 1,141 | 878 | 804 | 871 | 1,019 | 1,048 |
| Net working capital | 1,045 | 1,006 | 692 | 541 | 439 | 364 | 116 |
| Cash flow | |||||||
| Cash from operations | (1,787) | (1,123) | (1,366) | (1,488) | (805) | (578) | 196 |
| Cash from investing | 467 | (828) | 50.08 | (242) | (820) | (199) | 3.99 |
| Cash from financing | 1,095 | 2,187 | 1,290 | 1,684 | 923 | 719 | 448 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 589 | 562 | 542 | 507 | 480 | 466 | 439 | 410 |
| Revenue growth (YoY) | +22.7% | +20.7% | +23.5% | +23.7% | +25.0% | +27.9% | - | - |
| Other income | 2.37 | (0.54) | 2.94 | 1.05 | 2.98 | 0.75 | 0.00 | 0.66 |
| EBITDA | 407 | 387 | 373 | 359 | 346 | 334 | 315 | 303 |
| EBITDA margin | +69.0% | +68.7% | +68.7% | +70.8% | +72.1% | +71.7% | +71.8% | +74.1% |
| Depreciation | 2.32 | 2.21 | 2.00 | 1.79 | 1.78 | 1.67 | 1.52 | 1.45 |
| Interest | 252 | 236 | 235 | 231 | 225 | 217 | 202 | 195 |
| Profit before tax | 154 | 148 | 139 | 127 | 123 | 116 | 112 | 108 |
| Tax | 39.12 | 37.52 | 34.66 | 33.76 | 31.45 | 29.30 | 28.68 | 27.60 |
| Net profit | 115 | 110 | 104 | 93.32 | 91.43 | 86.59 | 83.41 | 80.39 |
| EPS (βΉ) | 6.24 | 5.98 | 5.69 | 5.08 | 4.98 | 4.82 | 4.55 | 3.88 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,898 | 1,521 | 1,228 | 939 | 656 | 594 | 672 |
| Revenue growth | +24.8% | +23.8% | +30.7% | +43.1% | +10.6% | -11.7% | - |
| EBITDA | 1,358 | 1,145 | 951 | 743 | 533 | 461 | 505 |
| EBITDA margin | +71.5% | +75.3% | +77.4% | +79.1% | +81.3% | +77.6% | +75.1% |
| Profit before tax | 489 | 410 | 331 | 265 | 211 | 193 | 228 |
| Net profit | 367 | 306 | 248 | 201 | 158 | 146 | 169 |
| Net profit margin | +19.3% | +20.1% | +20.2% | +21.4% | +24.0% | +24.6% | +25.1% |
| EPS (βΉ) | 20.04 | 16.86 | 15.11 | 36.77 | 28.82 | 26.25 | 30.47 |
| Balance sheet | |||||||
| Total assets | 12,717 | 11,312 | 8,818 | 7,343 | 5,573 | 4,466 | 3,561 |
| Net worth | 2,953 | 2,586 | 1,769 | 1,506 | 1,341 | 1,173 | 981 |
| Total debt | 9,765 | 8,726 | 7,049 | 5,838 | 4,232 | 3,294 | 2,580 |
| Cash & bank | 968 | 1,109 | 842 | 772 | 831 | 997 | 1,027 |
| Net working capital | 1,014 | 982 | 663 | 515 | 403 | 344 | 98.47 |
| Cash flow | |||||||
| Cash from operations | (1,672) | (1,009) | (1,283) | (1,342) | (820) | (575) | 189 |
| Cash from investing | 451 | (835) | 25.89 | (292) | (809) | (200) | (7.11) |
| Cash from financing | 993 | 2,104 | 1,197 | 1,601 | 935 | 715 | 487 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 557 | 531 | 514 | 481 | 456 | 443 | 417 | 390 |
| Revenue growth (YoY) | +22.3% | +19.9% | +23.2% | +23.5% | +24.8% | +28.2% | - | - |
| Other income | 3.10 | (1.16) | 2.37 | 0.18 | 3.79 | 0.36 | (0.38) | 0.38 |
| Total expenses | 173 | 166 | 160 | 138 | 125 | 124 | 116 | 99.18 |
| EBITDA | 385 | 366 | 354 | 344 | 330 | 320 | 302 | 291 |
| EBITDA margin | +69.0% | +68.8% | +68.9% | +71.4% | +72.5% | +72.1% | +72.3% | +74.6% |
| Depreciation | 2.09 | 1.99 | 1.77 | 1.57 | 1.56 | 1.47 | 1.34 | 1.27 |
| Interest | 238 | 222 | 222 | 219 | 212 | 206 | 191 | 185 |
| Profit before tax | 147 | 140 | 133 | 123 | 120 | 112 | 109 | 105 |
| Tax | 37.33 | 35.65 | 33.41 | 32.71 | 30.53 | 28.53 | 28.05 | 26.99 |
Financial Statements
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 589 | 562 | 542 | 507 | 480 | 466 | 439 | 410 |
| Revenue growth (YoY) | +22.7% | +20.7% | +23.5% | +23.7% | +25.0% | +27.9% | - | - |
| Other income | 2.37 | (0.54) | 2.94 | 1.05 | 2.98 | 0.75 | 0.00 | 0.66 |
| EBITDA | 407 | 387 | 373 | 359 | 346 | 334 | 315 | 303 |
| EBITDA margin | +69.0% | +68.7% | +68.7% | +70.8% | +72.1% | +71.7% | +71.8% | +74.1% |
| Depreciation | 2.32 | 2.21 | 2.00 | 1.79 | 1.78 | 1.67 | 1.52 | 1.45 |
| Interest | 252 | 236 | 235 | 231 | 225 | 217 | 202 | 195 |
| Profit before tax | 154 | 148 | 139 | 127 | 123 | 116 | 112 | 108 |
| Tax | 39.12 | 37.52 | 34.66 | 33.76 | 31.45 | 29.30 | 28.68 | 27.60 |
| Net profit | 115 | 110 | 104 | 93.32 | 91.43 | 86.59 | 83.41 | 80.39 |
| EPS (βΉ) | 6.24 | 5.98 | 5.69 | 5.08 | 4.98 | 4.82 | 4.55 | 3.88 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,998 | 1,599 | 1,289 | 989 | 690 | 627 | 710 |
| Revenue growth | +25.0% | +24.1% | +30.3% | +43.3% | +10.1% | -11.6% | - |
| Other income | 4.12 | 1.44 | 1.64 | 1.08 | 0.70 | 0.29 | 0.27 |
| Total expenses | 577 | 403 | 297 | 218 | 132 | 143 | 178 |
| Employee cost | 171 | 134 | 100 | 70.70 | 47.79 | 35.03 | 58.69 |
| EBITDA | 1,421 | 1,195 | 992 | 771 | 558 | 485 | 532 |
| EBITDA margin | +71.1% | +74.8% | +77.0% | +77.9% | +80.8% | +77.3% | +74.9% |
| Depreciation | 7.24 | 5.60 | 4.29 | 2.72 | 2.07 | 2.57 | 2.85 |
| Interest | 913 | 770 | 650 | 498 | 340 | 286 | 299 |
| Profit before tax | 505 | 421 | 340 | 272 | 217 | 196 | 230 |
| Tax | 129 | 107 | 85.66 | 65.83 | 55.35 | 50.45 | 62.19 |
| Net profit | 375 | 310 | 251 | 203 | 159 | 144 | 170 |
| Net profit margin | +18.8% | +19.4% | +19.5% | +20.5% | +23.1% | +23.0% | +23.9% |
| EPS (βΉ) | 20.46 | 17.11 | 15.31 | 37.19 | 29.13 | 26.41 | 30.62 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 182 | 182 | 164 | 54.66 | 54.66 | 54.66 | 54.66 |
| Reserves & surplus | 2,793 | 2,427 | 1,619 | 1,464 | 1,295 | 1,125 | 932 |
| Shareholders' funds (net worth) | 2,974 | 2,609 | 1,783 | 1,519 | 1,350 | 1,180 | 987 |
| Minority interest | 62.22 | 41.44 | 35.86 | 26.02 | 22.62 | 20.47 | 19.16 |
| Secured loans | 10,054 | 8,928 | 7,169 | 5,907 | 4,324 | 3,465 | 2,745 |
| Unsecured loans | 263 | 254 | 256 | 220 | 116 | 47.46 | 50.46 |
| Total debt | 10,317 | 9,181 | 7,426 | 6,128 | 4,439 | 3,513 | 2,796 |
| Total liabilities | 13,354 | 11,832 | 9,244 | 7,672 | 5,812 | 4,713 | 3,802 |
| Assets | |||||||
| Gross block | 98.24 | 47.22 | 39.69 | 28.61 | 23.05 | 19.31 | 19.68 |
| Net block | 74.45 | 27.42 | 25.43 | 16.87 | 13.76 | 12.08 | 14.63 |
| Capital work in progress | 127 | 91.50 | 70.04 | 57.99 | 52.08 | 50.03 | 48.21 |
| Investments | 972 | 1,526 | 726 | 791 | 493 | 202 | 5.00 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 5.54 | 4.67 | 6.54 | 4.30 | 1.05 | 2.23 | 0.00 |
| Cash & bank balances | 1,004 | 1,141 | 878 | 804 | 871 | 1,019 | 1,048 |
| Loans & advances | 429 | 227 | 109 | 61.95 | 63.78 | 58.53 | 86.02 |
| Total current assets | 1,438 | 1,373 | 994 | 870 | 935 | 1,080 | 1,134 |
| Total current liabilities | 393 | 367 | 303 | 329 | 497 | 717 | 1,018 |
| Net working capital | 1,045 | 1,006 | 692 | 541 | 439 | 364 | 116 |
| Total assets | 13,354 | 11,832 | 9,244 | 7,672 | 5,812 | 4,713 | 3,802 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 449 | 213 | 239 | 285 | 987 | 1,046 | 397 |
| Net cash from operating activities | (1,787) | (1,123) | (1,366) | (1,488) | (805) | (578) | 196 |
| Net cash from investing activities | 467 | (828) | 50.08 | (242) | (820) | (199) | 3.99 |
| Net cash from financing activities | 1,095 | 2,187 | 1,290 | 1,684 | 923 | 719 | 448 |
| Net change in cash | (225) | 236 | (26.00) | (45.97) | (702) | (58.74) | 648 |
| Closing cash | 1,004 | 1,141 | 878 | 804 | 871 | 1,019 | 1,048 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +25.0% | +24.1% | +30.3% | +43.3% | +10.1% | -11.6% | - |
| EBITDA growth | +18.9% | +20.5% | +28.7% | +38.1% | +15.1% | -8.8% | - |
| PBT growth | +20.0% | +24.0% | +25.0% | +25.4% | +10.5% | -14.9% | -3.2% |
| Net income growth | +20.8% | +23.7% | +23.5% | +27.6% | +10.3% | -15.0% | - |
| Revenue CAGR (3Y) | +26.4% | +32.3% | +27.1% | +11.7% | +4.5% | +9.6% | +24.9% |
| EBITDA CAGR (3Y) | +22.6% | +28.9% | +27.0% | +13.2% | +6.3% | +10.8% | +24.9% |
| Profitability & leverage | |||||||
| Net income margin | +18.8% | +19.6% | +19.7% | +20.8% | +23.4% | +23.2% | +23.7% |
| Return on capital employed | +11.3% | +11.4% | +11.7% | +11.5% | +10.6% | +11.4% | +15.2% |
| Return on net worth | +13.5% | +14.3% | +15.4% | +14.4% | +12.7% | +13.4% | +17.7% |
| Debt / equity | 3.49 | 3.78 | 4.11 | 3.68 | 3.14 | 2.91 | 2.66 |
| Long-term debt / equity | 3.47 | 3.76 | 4.13 | 3.61 | 2.92 | 2.69 | 1.95 |
| Interest cover | 64.57 | 64.74 | 65.77 | 64.77 | 61.18 | 59.41 | 56.49 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 27.53 | 36.82 | 37.79 | 38.34 | 32.63 | 32.20 | 40.41 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 392.22 | 285.49 | 238.08 | 370.19 | 421.45 | 562.97 | 0.00 |
| EPS (βΉ) | 20.46 | 17.11 | 15.31 | 37.19 | 29.13 | 26.41 | 30.62 |
| Dividend per share (βΉ) | 2.00 | 1.70 | 3.51 | 3.65 | 3.00 | 1.50 | 8.00 |
| Book value per share (βΉ) | 163.91 | 143.78 | 108.70 | 277.84 | 246.96 | 215.83 | 180.56 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 557 | 531 | 514 | 481 | 456 | 443 | 417 | 390 |
| Revenue growth (YoY) | +22.3% | +19.9% | +23.2% | +23.5% | +24.8% | +28.2% | - | - |
| Other income | 3.10 | (1.16) | 2.37 | 0.18 | 3.79 | 0.36 | (0.38) | 0.38 |
| Total expenses | 173 | 166 | 160 | 138 | 125 | 124 | 116 | 99.18 |
| EBITDA | 385 | 366 | 354 | 344 | 330 | 320 | 302 | 291 |
| EBITDA margin | +69.0% | +68.8% | +68.9% | +71.4% | +72.5% | +72.1% | +72.3% | +74.6% |
| Depreciation | 2.09 | 1.99 | 1.77 | 1.57 | 1.56 | 1.47 | 1.34 | 1.27 |
| Interest | 238 | 222 | 222 | 219 | 212 | 206 | 191 | 185 |
| Profit before tax | 147 | 140 | 133 | 123 | 120 | 112 | 109 | 105 |
| Tax | 37.33 | 35.65 | 33.41 | 32.71 | 30.53 | 28.53 | 28.05 | 26.99 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,898 | 1,521 | 1,228 | 939 | 656 | 594 | 672 |
| Revenue growth | +24.8% | +23.8% | +30.7% | +43.1% | +10.6% | -11.7% | - |
| Other income | 1.95 | (0.21) | 1.30 | 0.53 | 0.62 | 0.22 | 0.24 |
| Total expenses | 540 | 375 | 277 | 196 | 123 | 133 | 168 |
| Employee cost | 146 | 115 | 87.05 | 62.49 | 42.23 | 29.73 | 52.41 |
| EBITDA | 1,358 | 1,145 | 951 | 743 | 533 | 461 | 505 |
| EBITDA margin | +71.5% | +75.3% | +77.4% | +79.1% | +81.3% | +77.6% | +75.1% |
| Depreciation | 6.37 | 4.91 | 3.81 | 2.40 | 1.78 | 2.13 | 2.32 |
| Interest | 865 | 730 | 617 | 476 | 321 | 266 | 275 |
| Profit before tax | 489 | 410 | 331 | 265 | 211 | 193 | 228 |
| Tax | 125 | 104 | 83.67 | 63.74 | 53.75 | 49.39 | 61.61 |
| Net profit | 367 | 306 | 248 | 201 | 158 | 146 | 169 |
| Net profit margin | +19.3% | +20.1% | +20.2% | +21.4% | +24.0% | +24.6% | +25.1% |
| EPS (βΉ) | 20.04 | 16.86 | 15.11 | 36.77 | 28.82 | 26.25 | 30.47 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 181 | 181 | 164 | 54.66 | 54.66 | 54.66 | 54.66 |
| Reserves & surplus | 2,771 | 2,404 | 1,605 | 1,451 | 1,286 | 1,118 | 926 |
| Shareholders' funds (net worth) | 2,953 | 2,586 | 1,769 | 1,506 | 1,341 | 1,173 | 981 |
| Secured loans | 9,498 | 8,469 | 6,790 | 5,616 | 4,115 | 3,245 | 2,529 |
| Unsecured loans | 267 | 256 | 260 | 222 | 117 | 49.08 | 51.47 |
| Total debt | 9,765 | 8,726 | 7,049 | 5,838 | 4,232 | 3,294 | 2,580 |
| Total liabilities | 12,717 | 11,312 | 8,818 | 7,343 | 5,573 | 4,466 | 3,561 |
| Assets | |||||||
| Gross block | 91.63 | 42.47 | 35.61 | 25.44 | 20.42 | 16.78 | 17.15 |
| Net block | 70.54 | 24.48 | 22.46 | 16.04 | 13.14 | 11.28 | 13.39 |
| Capital work in progress | 127 | 91.50 | 70.04 | 57.99 | 52.08 | 50.03 | 48.21 |
| Investments | 1,058 | 1,594 | 788 | 826 | 538 | 235 | 37.50 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 4.47 | 4.66 | 6.52 | 4.27 | 1.00 | 0.00 | 0.00 |
| Cash & bank balances | 968 | 1,109 | 842 | 772 | 831 | 997 | 1,027 |
| Loans & advances | 425 | 222 | 105 | 73.55 | 62.53 | 58.10 | 82.55 |
| Total current assets | 1,398 | 1,335 | 954 | 849 | 894 | 1,055 | 1,109 |
| Total current liabilities | 384 | 353 | 291 | 335 | 492 | 711 | 1,011 |
| Net working capital | 1,014 | 982 | 663 | 515 | 403 | 344 | 98.47 |
| Total assets | 12,717 | 11,312 | 8,818 | 7,343 | 5,573 | 4,466 | 3,561 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 438 | 178 | 238 | 271 | 965 | 1,025 | 356 |
| Net cash from operating activities | (1,672) | (1,009) | (1,283) | (1,342) | (820) | (575) | 189 |
| Net cash from investing activities | 451 | (835) | 25.89 | (292) | (809) | (200) | (7.11) |
| Net cash from financing activities | 993 | 2,104 | 1,197 | 1,601 | 935 | 715 | 487 |
| Net change in cash | (228) | 260 | (59.84) | (32.72) | (694) | (59.73) | 669 |
| Closing cash | 968 | 1,109 | 842 | 772 | 831 | 997 | 1,027 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +24.8% | +23.8% | +30.7% | +43.1% | +10.6% | -11.7% | - |
| EBITDA growth | +18.6% | +20.4% | +28.0% | +39.3% | +15.8% | -8.7% | - |
| PBT growth | +19.1% | +23.8% | +25.2% | +25.3% | +9.6% | -15.5% | -2.5% |
| Net income growth | +19.9% | +23.5% | +23.3% | +27.5% | +8.0% | -13.7% | - |
| Revenue CAGR (3Y) | +26.4% | +32.3% | +27.4% | +11.8% | +4.7% | +9.6% | +25.4% |
| EBITDA CAGR (3Y) | +22.3% | +29.0% | +27.3% | +13.7% | +6.6% | +10.9% | +25.4% |
| Profitability & leverage | |||||||
| Net income margin | +19.2% | +20.1% | +20.2% | +21.4% | +24.0% | +24.2% | +24.8% |
| Return on capital employed | +11.3% | +11.3% | +11.7% | +11.5% | +10.6% | +11.4% | +15.5% |
| Return on net worth | +13.1% | +14.1% | +15.1% | +14.1% | +12.5% | +13.3% | +17.6% |
| Debt / equity | 3.33 | 3.62 | 3.94 | 3.54 | 2.99 | 2.73 | 2.43 |
| Long-term debt / equity | 3.29 | 3.57 | 3.55 | 2.57 | 1.82 | 1.48 | 1.14 |
| Interest cover | 63.98 | 63.99 | 65.15 | 64.32 | 60.37 | 57.99 | 54.64 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 28.34 | 38.95 | 40.27 | 40.99 | 35.33 | 35.01 | 43.60 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 416.28 | 271.99 | 227.86 | 356.68 | 1,314.16 | 0.00 | 0.00 |
| EPS (βΉ) | 20.04 | 16.86 | 15.11 | 36.77 | 28.82 | 26.25 | 30.47 |
| Dividend per share (βΉ) | 2.00 | 1.70 | 3.51 | 3.65 | 3.00 | 1.50 | 8.00 |
| Book value per share (βΉ) | 162.72 | 142.51 | 107.87 | 275.47 | 245.26 | 214.51 | 179.45 |
Timeline of Mas Financial Services
5 dated milestones of Mas Financial Services across 36 years, from founding to its latest funding, stage changes and deals.
- Founded Mas Financial Services is founded.
- Funding First funding round of $1.5M.
- Milestone Reaches Minicorn status.
- IPO Lists on the stock exchange (IPO).
- Funding Latest funding round, Post-IPO, of $59.8M.
Competitors of Mas Financial Services
Mas Financial Services has 3 listed competitors in our database, 1 of them funded. They include Manappuram Finance, L & T Finance Holdings and Bajaj Finserv.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| manappuram.com | 1992 | Valapad, India | $39.98M | 32,076 | Consumer and SME loans are provided by Manappuram Finance. | |
| ltfs.com | 1994 | Mumbai, India | 39,216 | Diversified lending services are provided as a non-banking financial institution. | ||
| bajajfinserv.in | 2007 | Pune, India | 53,782 | Financial solutions including loans and insurance are offered. |
Detailed competitors of Mas Financial Services
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Web traffic of Mas Financial Services
The website of Mas Financial Services (mas.co.in) receives about 33.9K visits a month and ranks #1,251,754 among all websites worldwide, #10,680 in Investing.
- Monthly visits33.9K
▲ 32% vs previous month
- Unique visitors9.9K
per month
- Global rank#1,251,754
among all websites
- Category rank#10,680
Finance · Investing
- Bounce rate39%
- Pages per visit1.6
- Average visit24 sec
- DevicesDesktop 17% Β· Mobile 83%
Websites whose visitors overlap most with Mas Financial Services. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| satyamicrocapital.com | 100% | 4.2K | #4,518,077 | View details | |
| northernarc.com | 97% | 37.7K | #894,005 | View details | |
| skfin.in | 97% | 48.3K | #481,018 | View details | |
| ventureast.net | 95% | 2.9K | #5,892,805 | View details | |
| smcfinance.com | 93% | #1,325,238 | View details | ||
| β’β’β’β’β’β’β’β’β’β’ | β’β’β’β’β’β’.com | β’β’% | β’.β’M | #β’β’β’β’β’ | β |
| β’β’β’β’β’β’β’β’β’β’ | β’β’β’β’β’β’.com | β’β’% | β’.β’M | #β’β’β’β’β’ | β |
| β’β’β’β’β’β’β’β’β’β’ | β’β’β’β’β’β’.com | β’β’% | β’.β’M | #β’β’β’β’β’ | β |
All 40 similar websites and full traffic analytics for Mas Financial Services
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- 40 similar websites
- Audience overlap
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Top companies in Consumer and SME Loans
3 companies that operate in the same segment as Mas Financial Services (Consumer and SME Loans) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Consumer and SME loans are provided by Manappuram Finance. | 1992 | Valapad, Kerala, India | USD 39.98 M | USD 1.01 B | 51,650 | |
Affordable home loans are extended to low and middle-income groups. | 2010 | Mumbai, Maharashtra, India | USD 209.7 M | USD 203.79 M | 1,630 | |
Diversified lending services are provided as a non-banking financial institution. | 1994 | Mumbai, Maharashtra, India | USD 1.9 B | 36,520 |
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Related news about Mas Financial Services
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Frequently Asked Questions about Mas Financial Services
Mas Financial Services was founded in 1988 and raised its 1st funding round 18 years after it was founded.
Mas Financial Services is headquartered in Ahmedabad, India. It is registered at Ahmedabad, Gujarat, India.
Darshana Pandya is the CEO of Mas Financial Services, as recorded in our data.
Mas Financial Services is a funded company, having raised a total of $24.4M across 5 funding rounds to date. The company's 1st funding round was a Series A of $1.5M, raised on Aug 2006.
Mas Financial Services has 1,760 employees.
The primary company behind Mas Financial Services, Mas Financial Services Limited, reported revenue of βΉ2,002 Cr for FY 2026, up 25% year on year.
Mas Financial Services was founded in 1988 and is headquartered in Ahmedabad, India. Operations focus on the financial sector, where various loan products are offered, including micro enterprise loans, personal loans, and financing for small and medium-sized enterprises. Additional services cover commercial vehicles, two-wheelers, and housing loans. Credit access is extended to diverse customers through a distribution network across the region.
Mas Financial Services's top competitors include Manappuram Finance, L & T Finance Holdings and Bajaj Finserv.
Yes, Mas Financial Services is publicly traded on NSE under the ticker symbol MASFIN.
Mas Financial Services has 4 investors. Key investors include FMO, ICICI Venture, DEG, and Bellwether Microfinance Fund.
The valuation of Mas Financial Services is $109.74M as of May 2016.
Mas Financial Services is associated with 3 legal entities: Mas Financial Services Limited, Prarthna Marketing Private Limited, Swalamb Mass Financial Services Ltd..
