Mas Financial Services Limited

BSE: 540749 NSE: MASFIN
Mas Financial Services Limited - financial services in Ahmedabad, Gujarat, India. FY 2026 financials and compliance.
CIN L65910GJ1995PLC026064 Incorporated 25 May 1995 ROC Ahmedabad HQ Ahmedabad, Gujarat, India
Active Listed - NSE: MASFIN · BSE: 540749 Public Limited Company financial services
Data last updated
Revenue · FY 2026
₹1,995.43 Cr
▲ 25.03% YoY
EBITDA · FY 2026
₹1,423.74 Cr
▲ 19.7% YoY
Net profit · FY 2026
₹375.82 Cr
▲ 19.7% YoY
Authorised capital
₹200 Cr
Registered with MCA
Paid-up capital
₹181.45 Cr
Issued & subscribed
Open charges
₹14,147 Cr
Satisfied ₹6,745.05 Cr
Company age
31 yrs
Est. 1995
Employees · EPFO
1,683
Latest available

About Mas Financial Services Limited

Data last updated: 18 December 2025

Mas Financial Services Limited is a public limited company based in Ahmedabad, Gujarat, India. It specialises in investment and credit NBFC, a part of the broader financial services sector. Incorporated on 25 May 1995, the company has been in operation for over 31 years.

Registered with ROC Ahmedabad under CIN L65910GJ1995PLC026064. Listed on BSE: 540749 and NSE: MASFIN.

Capital: an authorised share capital of ₹200 Cr and a paid-up capital of ₹181.45 Cr. It is led by directors including Vishal Vasu and Kamlesh Chimanlal Gandhi.

Last AGM: 03 September 2025. Financial statements filed for year ended 31 March 2025. Office: 6 Narayan Chambers Gr Flr B/H Patang Hotel Ashram Road, Ahmedabad, Gujarat, India – 380009.

As per the financials filed for FY 2025, the company reported a revenue of ₹1,600.15 Cr, a growth of 24% compared to the previous year.

The company has a workforce of approximately 1,683 employees as per the latest available data. Its group structure includes 2 subsidiaries.

The company is associated with 2 brands - Mas Home Loans, Mas Financial Services. As per MCA filings, the company has open charges of ₹14,147 Cr and satisfied charges of ₹6,745.05 Cr on record.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website mas.co.in.

Company Details of Mas Financial Services Limited
CIN L65910GJ1995PLC026064
Registration Number 026064
Incorporation Date 25 May 1995
ROC Ahmedabad
Listing Status Listed (BSE: 540749, NSE: MASFIN)
Company Status Active
Date of Last AGM 03 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
Key People
Kamlesh Chimanlal Gandhi Managing Director Darshana Saumil Pandya Whole-Time Director Dhvanil Kamlesh Gandhi Whole-Time Director
Contact Details
  • Email
    *****@*****.com
  • Telephone
    +91-****-******
  • Website
    mas.co.in
  • Social Media
  • Registered Address
    6 Narayan Chambers Gr Flr B/H Patang Hotel Ashram Road, Ahmedabad, Gujarat, India – 380009
  • Industry
    Financial Services, Investment & Credit NBFC, NBFC
Company report
Mas Financial Services Limited - full intelligence report
  • Historical Financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Litigation, compliance and MCA filings
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Financials, compliance, directors, charges, ownership and filings for Mas Financial Services Limited in one report.

10-year financials Directors & ownership Charges & compliance

CIN History of Mas Financial Services Limited

Mas Financial Services Limited has one previous CIN (Corporate Identification Number): U65910GJ1995PLC026064. The current CIN is L65910GJ1995PLC026064, which is the unique identifier assigned by the Registrar of Companies.

CIN Status
L65910GJ1995PLC026064 Current
U65910GJ1995PLC026064 Previous

Associated Brands with Mas Financial Services Limited

Mas Financial Services Limited operates two associated brands: MAS Home Loans and Mas Financial Services. These brands represent Mas Financial Services Limited's diversified market presence and brand portfolio.

Brand Description Website
MAS Home Loans
Provides home loans tailored for semi-urban and rural communities. mrhmfl.co.in
Mas Financial Services
Financial services and loans are provided to individuals and businesses. mas.co.in

Competitors & Alternatives of Mas Financial Services Limited

Brands and companies operating in the same space as Mas Financial Services Limited include Manappuram Finance, HomeFirst Finance, L & T Finance Holdings and 7 more.

Competitor Description Location Founded
Manappuram Finance Manappuram Finance Consumer and SME loans are provided by Manappuram Finance. Valapad, India, India 1992
HomeFirst Finance HomeFirst Finance Affordable home loans are extended to low and middle-income groups. Mumbai, India, India 2010
L & T Finance Holdings L & T Finance Holdings Diversified lending services are provided as a non-banking financial institution. Mumbai, India, India 1994
Bajaj Finserv Bajaj Finserv Financial solutions including loans and insurance are offered. Pune, India, India 2007
Northern Arc Capital Northern Arc Capital Household and business loans are provided with risk management support. Chennai, India, India 2006
IIFL Finance IIFL Finance Online gold, home, personal, and business loans are provided. Mumbai, India, India 1995
India Shelter Finance Corporation India Shelter Finance Corporation Housing loans are extended to middle-income households in India. Gurugram, India, India 2010
HDFC HDFC Provider of housing finance solutions Mumbai, India, India 1977
Aadhar Housing Finance Aadhar Housing Finance Loans for affordable housing in tier 2,3 and 4 cities Mumbai, India, India 2010
Mahindra Finance Mahindra Finance Consumer and SME loans are provided by Mahindra Finance. Mumbai, India, India 1991

Business Activity of Mas Financial Services Limited

Mas Financial Services Limited is engaged in the principal business activity of financial and insurance service, with detailed activities including other financial activities.

Main Activity Group Code Description of Main Activity Business Activity Code Description of Business Activity Turnover Percentage
K Financial and insurance Service K8 Other financial activities *********

Auditor Details of Mas Financial Services Limited

Mas Financial Services Limited is audited by Sorab S. Engineer & Co. (ICAI peer reviewed, certificate valid till 2028-12-31) for the financial year 2026, as reported in its NSE exchange filings. The statutory auditor is responsible for expressing an independent opinion on whether the financial statements present a true and fair view in accordance with applicable accounting standards.

Name Financial year Audit opinion
Sorab S. Engineer & Co. (ICAI peer reviewed, certificate valid till 2028-12-31) FY 2026 Declaration of unmodified opinion

Board of Directors of Mas Financial Services Limited

Mas Financial Services Limited is currently managed by 9 directors, with 22 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.

Current Directors
Name Designation Appointment Date Tenure Status
Vishal Vasu
Also directs: Mas Financial Services Limited, Mas Rural Housing & Mortgage Finance Limited, Dev Information Technology Limited and 2 more
Director 24 Apr 2024 2 Years 2 Months Current
Kamlesh Chimanlal Gandhi
Also directs: Anamaya Capital Llp, Mas Financial Services Limited, Prarthna Marketing Private Limited and 5 more
Managing Director 25 Mar 2010 16 Years 3 Months Current
Narayanan Sadanandan
Also directs: Mas Financial Services Limited, Allied Blenders And Distillers Limited, Prabha Energy Limited and 2 more
Director 21 Jun 2023 3 Years 0 Months Current
Darshana Saumil Pandya
Also directs: Mas Financial Services Limited, Prarthna Marketing Private Limited, Masfin Insurance Broking Private Limited and 2 more
Whole-Time Director 23 Sep 2016 9 Years 9 Months Current
Dhvanil Kamlesh Gandhi
Also directs: Mas Financial Services Limited
Whole-Time Director 14 Aug 2024 1 Years 10 Months Current
Umesh Rajanikant Shah
Also directs: Mas Financial Services Limited, Mas Rural Housing & Mortgage Finance Limited, Unipath Specialty Laboratory (Gujarat) Llp and 1 more
Director 21 Dec 2016 9 Years 6 Months Current
Showing 6 of 9 current directors. View all directors

Financials of Mas Financial Services Limited FY 2026 filings available

Mas Financial Services Limited reported revenue of ₹1,995.43 Cr (up 25.03% YoY) for FY 2026. Profit growth despite declining revenue indicates effective cost management and margin discipline.

Revenue · FY 2026
₹1,995.43 Cr ▲ 25.03%
Profit · FY 2026
₹375.82 Cr ▲ 19.7%
EBITDA · FY 2026
₹1,423.74 Cr ▲ 19.7%
Revenue₹ Cr · Consolidated01,0002,000FY 2020: ₹722 Cr722FY 2020FY 2021: ₹627 Cr · -13.2% YoY627-13.2%FY 2021FY 2022: ₹690 Cr · +10.1% YoY690+10.1%FY 2022FY 2023: ₹988 Cr · +43.1% YoY988+43.1%FY 2023FY 2024: ₹1,279 Cr · +29.5% YoY1,279+29.5%FY 2024FY 2025: ₹1,596 Cr · +24.8% YoY1,596+24.8%FY 2025FY 2026: ₹1,995 Cr · +25% YoY1,995+25%FY 2026
Net Profit₹ Cr · Consolidated0200400FY 2021: ₹146 Cr146FY 2021FY 2022: ₹161 Cr · +10.7% YoY161+10.7%FY 2022FY 2023: ₹206 Cr · +27.7% YoY206+27.7%FY 2023FY 2024: ₹254 Cr · +23.4% YoY254+23.4%FY 2024FY 2025: ₹314 Cr · +23.6% YoY314+23.6%FY 2025FY 2026: ₹376 Cr · +19.7% YoY376+19.7%FY 2026
Quarterly Revenue₹ Cr · vs same quarter last year0200400600Q1'25: ₹364 Cr · +24.8% YoY364+24.8%Q1'25Q2'25: ₹384 Cr · +23.8% YoY384+23.8%Q2'25Q3'25: ₹410 Cr · +20.5% YoY410+20.5%Q3'25Q4'25: ₹438 Cr · +26.6% YoY438+26.6%Q4'25Q1'26: ₹466 Cr · +27.9% YoY466+27.9%Q1'26Q2'26: ₹480 Cr · +25% YoY480+25%Q2'26Q3'26: ₹507 Cr · +23.7% YoY507+23.7%Q3'26Q4'26: ₹542 Cr · +24% YoY542+24%Q4'26
Metrics FY 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020
Revenue from Operations ₹1,995.43 Cr ₹1,595.97 Cr ₹1,279.16 Cr ₹987.83 Cr ₹690.17 Cr ₹626.98 Cr ₹722.06 Cr
Interest Earned ₹1,648.72 Cr ₹1,359.25 Cr ₹1,077.09 Cr ₹843.27 Cr ₹601.68 Cr ₹517.29 Cr ₹596.91 Cr
Other Income ₹6.84 Cr ₹4.18 Cr ₹6.52 Cr ₹2.43 Cr ₹93.4 Lakh ₹73.2 Lakh ₹35.91 Lakh
Total Income ₹2,002.27 Cr ₹1,600.15 Cr ₹1,285.68 Cr ₹990.26 Cr ₹691.11 Cr ₹627.71 Cr ₹722.42 Cr
Cost of Materials Consumed ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Purchases of Stock-in-Trade ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Changes in Inventories ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Employee Benefit Expense ₹170.58 Cr ₹134.06 Cr ₹100.45 Cr ₹70.7 Cr ₹47.79 Cr ₹35.03 Cr ₹58.69 Cr
Finance Costs ₹906.69 Cr ₹762.8 Cr ₹646.71 Cr ₹496.01 Cr ₹338.68 Cr ₹284.94 Cr ₹296.11 Cr
Depreciation & Amortisation ₹7.24 Cr ₹5.6 Cr ₹4.29 Cr ₹2.72 Cr ₹2.07 Cr ₹2.57 Cr ₹2.85 Cr
Other Expenses ₹102.17 Cr ₹80.8 Cr ₹55.15 Cr ₹38.58 Cr ₹27.71 Cr ₹25.11 Cr ₹31.2 Cr
Total Expenses ₹1,492.46 Cr ₹1,179.14 Cr ₹946.01 Cr ₹718.61 Cr ₹474.62 Cr ₹431.74 Cr ₹483.82 Cr
Profit Before Exceptional Items & Tax ₹509.81 Cr ₹421.01 Cr ₹339.67 Cr ₹271.65 Cr ₹216.48 Cr ₹195.97 Cr ₹238.6 Cr
Exceptional Items -₹4.82 Cr ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Profit Before Tax ₹504.99 Cr ₹421.01 Cr ₹339.67 Cr ₹271.65 Cr ₹216.48 Cr ₹195.97 Cr ₹238.6 Cr
Total Tax Expense ₹129.17 Cr ₹107.03 Cr ₹85.66 Cr ₹65.83 Cr ₹55.33 Cr ₹50.44 Cr ₹57.34 Cr
Net Profit ₹375.82 Cr ₹313.98 Cr ₹254.01 Cr ₹205.82 Cr ₹161.15 Cr ₹145.52 Cr -
  attributable to Owners ₹371.21 Cr ₹310.38 Cr ₹251.05 Cr ₹203.26 Cr ₹159.31 Cr ₹144.36 Cr ₹179.96 Cr
  attributable to NCI ₹4.61 Cr ₹3.6 Cr ₹2.96 Cr ₹2.56 Cr ₹1.84 Cr ₹1.16 Cr ₹1.3 Cr
Other Comprehensive Income -₹4.43 Cr ₹15.17 Cr ₹13.9 Cr -₹18.42 Cr -₹7.77 Cr ₹7.75 Cr ₹4.73 Cr
Total Comprehensive Income ₹371.39 Cr ₹329.15 Cr ₹267.91 Cr ₹187.4 Cr ₹153.38 Cr ₹153.28 Cr ₹185.99 Cr
EBITDA (computed) ₹1,423.74 Cr ₹1,189.41 Cr ₹990.67 Cr ₹770.38 Cr ₹557.24 Cr ₹483.48 Cr ₹537.56 Cr
Basic EPS ₹20.46 ₹17.48 ₹15.31 ₹37.18 ₹29.14 ₹26.41 ₹32.92
Diluted EPS ₹20.46 ₹17.48 ₹15.31 ₹37.18 ₹29.14 ₹26.41 ₹32.92
Metrics FY 2026 FY 2025 FY 2024 FY 2023
Total Assets ₹13,747 Cr ₹12,199 Cr ₹9,547.34 Cr ₹8,013.76 Cr
Property, Plant & Equipment ₹64.61 Cr ₹21.32 Cr ₹21.23 Cr ₹14.66 Cr
Inventories ₹0 ₹0 ₹0 ₹0
Cash & Equivalents ₹223.66 Cr ₹448.65 Cr ₹212.67 Cr ₹238.67 Cr
Equity (Net Worth) ₹3,036.43 Cr ₹2,650.47 Cr ₹1,818.57 Cr ₹1,544.67 Cr
Equity Share Capital ₹181.45 Cr ₹181.45 Cr ₹163.99 Cr ₹54.66 Cr
Total Liabilities ₹10,710 Cr ₹9,548.54 Cr - -
The balance sheet became part of the exchange results-filing format in FY2023 - earlier years were not filed and are hidden.
Metrics FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
Operating Cash Flow -₹1,786.77 Cr -₹1,133.48 Cr -₹1,366.05 Cr -₹1,487.95 Cr -₹802.35 Cr
Investing Cash Flow ₹467.01 Cr -₹828.19 Cr ₹50.08 Cr -₹242.04 Cr -₹819.89 Cr
Financing Cash Flow ₹1,094.77 Cr ₹2,197.65 Cr ₹1,289.97 Cr ₹1,684.02 Cr ₹922.69 Cr
Capital Expenditure ₹79.53 Cr ₹25.59 Cr ₹21.55 Cr ₹9.58 Cr ₹5.11 Cr
Free Cash Flow (computed) -₹1,866.3 Cr -₹1,159.07 Cr -₹1,387.6 Cr -₹1,497.53 Cr -₹807.46 Cr
Dividends Paid ₹35.42 Cr ₹27.43 Cr ₹26.55 Cr ₹19.45 Cr ₹15.07 Cr
Net Change in Cash -₹224.99 Cr ₹235.98 Cr -₹26 Cr -₹45.97 Cr -₹699.55 Cr
The cash-flow statement became part of the exchange results-filing format in FY2022 - earlier years were not filed and are hidden.
Metrics Q4 FY26 Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25 Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY24
Revenue from Operations ₹542.47 Cr ₹506.75 Cr ₹480.23 Cr ₹465.98 Cr ₹437.63 Cr ₹409.73 Cr ₹384.27 Cr ₹364.34 Cr ₹345.75 Cr ₹340 Cr ₹310.37 Cr ₹292 Cr
Interest Earned ₹450.23 Cr ₹411.92 Cr ₹397.77 Cr ₹388.8 Cr ₹371.99 Cr ₹350.76 Cr ₹325.13 Cr ₹311.37 Cr ₹291.28 Cr ₹284.41 Cr ₹262.16 Cr ₹248.2 Cr
Other Income ₹2.94 Cr ₹1.05 Cr ₹2.1 Cr ₹75 Lakh ₹1.48 Cr ₹66 Lakh ₹1.25 Cr ₹79 Lakh ₹1.44 Cr ₹2.17 Cr ₹2.52 Cr ₹39 Lakh
Total Income ₹545.41 Cr ₹507.8 Cr ₹482.33 Cr ₹466.73 Cr ₹439.11 Cr ₹410.39 Cr ₹385.52 Cr ₹365.13 Cr ₹347.19 Cr ₹342.17 Cr ₹312.89 Cr ₹292.39 Cr
Cost of Materials Consumed ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Purchases of Stock-in-Trade ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Changes in Inventories ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Employee Benefit Expense ₹45.89 Cr ₹45.4 Cr ₹40.15 Cr ₹39.14 Cr ₹36.49 Cr ₹33.85 Cr ₹32.85 Cr ₹30.87 Cr ₹30.01 Cr ₹26.15 Cr ₹23.68 Cr ₹20.61 Cr
Finance Costs ₹234.69 Cr ₹231.09 Cr ₹223.81 Cr ₹217.1 Cr ₹201.68 Cr ₹194.69 Cr ₹185.39 Cr ₹181.04 Cr ₹170.89 Cr ₹172.44 Cr ₹153.63 Cr ₹149.75 Cr
Depreciation & Amortisation ₹2 Cr ₹1.79 Cr ₹1.78 Cr ₹1.67 Cr ₹1.52 Cr ₹1.45 Cr ₹1.36 Cr ₹1.27 Cr ₹1.2 Cr ₹1.17 Cr ₹1.06 Cr ₹86 Lakh
Other Expenses ₹27.97 Cr ₹25.28 Cr ₹24.87 Cr ₹24.05 Cr ₹21.8 Cr ₹20.49 Cr ₹19.49 Cr ₹19.02 Cr ₹17.9 Cr ₹14.46 Cr ₹12.86 Cr ₹9.93 Cr
Total Expenses ₹406.27 Cr ₹375.9 Cr ₹359.45 Cr ₹350.84 Cr ₹327.02 Cr ₹302.4 Cr ₹281.74 Cr ₹267.98 Cr ₹253.51 Cr ₹255.23 Cr ₹230.38 Cr ₹215.85 Cr
Profit Before Exceptional Items & Tax ₹139.14 Cr ₹131.9 Cr ₹122.88 Cr ₹115.89 Cr ₹112.09 Cr ₹107.99 Cr ₹103.78 Cr ₹97.15 Cr ₹93.68 Cr ₹86.94 Cr ₹82.51 Cr ₹76.54 Cr
Exceptional Items ₹0 -₹4.82 Cr ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Profit Before Tax ₹139.14 Cr ₹127.08 Cr ₹122.88 Cr ₹115.89 Cr ₹112.09 Cr ₹107.99 Cr ₹103.78 Cr ₹97.15 Cr ₹93.68 Cr ₹86.94 Cr ₹82.51 Cr ₹76.54 Cr
Total Tax Expense ₹34.66 Cr ₹33.76 Cr ₹31.45 Cr ₹29.3 Cr ₹28.68 Cr ₹27.6 Cr ₹26.16 Cr ₹24.59 Cr ₹23.58 Cr ₹22.53 Cr ₹20.57 Cr ₹18.98 Cr
Net Profit ₹104.48 Cr ₹93.32 Cr ₹91.43 Cr ₹86.59 Cr ₹83.41 Cr ₹80.39 Cr ₹77.62 Cr ₹72.56 Cr ₹70.1 Cr ₹64.41 Cr ₹61.94 Cr ₹57.56 Cr
  attributable to Owners ₹103.12 Cr ₹92.2 Cr ₹90.34 Cr ₹85.55 Cr ₹82.47 Cr ₹0 ₹76.72 Cr ₹71.72 Cr ₹69.36 Cr ₹63.6 Cr ₹61.17 Cr ₹56.92 Cr
  attributable to NCI ₹1.36 Cr ₹1.12 Cr ₹1.09 Cr ₹1.04 Cr ₹94 Lakh ₹0 ₹90 Lakh ₹84 Lakh ₹74 Lakh ₹81 Lakh ₹77 Lakh ₹64 Lakh
Other Comprehensive Income ₹29 Lakh -₹21.56 Cr ₹25.14 Cr -₹8.3 Cr ₹3.14 Cr ₹11.19 Cr -₹1.87 Cr ₹2.71 Cr ₹8.32 Cr -₹56 Lakh -₹2.93 Cr ₹9.07 Cr
Total Comprehensive Income ₹104.77 Cr ₹71.76 Cr ₹116.57 Cr ₹78.29 Cr ₹86.55 Cr ₹91.58 Cr ₹75.75 Cr ₹75.27 Cr ₹78.42 Cr ₹63.85 Cr ₹59.01 Cr ₹66.63 Cr
EBITDA (computed) ₹375.83 Cr ₹364.78 Cr ₹348.47 Cr ₹334.66 Cr ₹315.29 Cr ₹304.13 Cr ₹290.53 Cr ₹279.46 Cr ₹265.77 Cr ₹260.55 Cr ₹237.2 Cr ₹227.15 Cr
Basic EPS ₹5.69 ₹5.08 ₹4.98 ₹4.82 ₹4.55 ₹3.88 ₹4.73 ₹4.32 ₹4.23 ₹11.64 ₹11.19 ₹10.41
Diluted EPS ₹5.69 ₹5.08 ₹4.98 ₹4.82 ₹4.55 ₹3.88 ₹4.73 ₹4.32 ₹4.23 ₹11.64 ₹11.19 ₹10.41
Latest 12 quarters shown of 24 on record.
Segment · Q4 FY26 (latest quarter) Revenue Result (PBIT) Assets Liabilities
Financing activities ₹544.07 Cr ₹137.87 Cr ₹13,745 Cr ₹10,710 Cr
Others ₹1.34 Cr ₹1.27 Cr ₹1.77 Cr ₹24 Lakh
Segment · FY 2026 (annual) Revenue Result (PBIT) Assets Liabilities
Financing activities ₹2,000.92 Cr ₹503.95 Cr - -
Others ₹1.35 Cr ₹1.04 Cr - -
Metrics FY 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020
Revenue from Operations ₹1,894.51 Cr ₹1,517.19 Cr ₹1,217.15 Cr ₹946.09 Cr ₹655.94 Cr ₹592.18 Cr ₹682.4 Cr
Interest Earned ₹1,558.12 Cr ₹1,289.64 Cr ₹1,022.28 Cr ₹806.57 Cr ₹569.48 Cr ₹483.07 Cr ₹559.17 Cr
Other Income ₹5.82 Cr ₹3.26 Cr ₹7.42 Cr ₹3 Cr ₹1.51 Cr ₹1.71 Cr ₹71.75 Lakh
Total Income ₹1,900.33 Cr ₹1,520.45 Cr ₹1,224.57 Cr ₹949.09 Cr ₹657.45 Cr ₹593.89 Cr ₹683.12 Cr
Cost of Materials Consumed ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Purchases of Stock-in-Trade ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Changes in Inventories ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Employee Benefit Expense ₹146.41 Cr ₹114.84 Cr ₹87.05 Cr ₹62.49 Cr ₹42.23 Cr ₹29.73 Cr ₹52.41 Cr
Finance Costs ₹858.67 Cr ₹722.38 Cr ₹614.16 Cr ₹474.82 Cr ₹319.54 Cr ₹264.49 Cr ₹272.02 Cr
Depreciation & Amortisation ₹6.37 Cr ₹4.91 Cr ₹3.81 Cr ₹2.4 Cr ₹1.78 Cr ₹2.13 Cr ₹2.32 Cr
Other Expenses ₹93.48 Cr ₹74.27 Cr ₹49.78 Cr ₹34.44 Cr ₹25.05 Cr ₹23.52 Cr ₹29.12 Cr
Total Expenses ₹1,407.26 Cr ₹1,110.02 Cr ₹893.15 Cr ₹684.39 Cr ₹445.78 Cr ₹401 Cr ₹448.64 Cr
Profit Before Exceptional Items & Tax ₹493.07 Cr ₹410.43 Cr ₹331.42 Cr ₹264.7 Cr ₹211.67 Cr ₹192.89 Cr ₹234.48 Cr
Exceptional Items -₹4.24 Cr ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Profit Before Tax ₹488.83 Cr ₹410.43 Cr ₹331.42 Cr ₹264.7 Cr ₹211.67 Cr ₹192.89 Cr ₹234.48 Cr
Total Tax Expense ₹125.18 Cr ₹104.5 Cr ₹83.67 Cr ₹63.74 Cr ₹53.84 Cr ₹49.39 Cr ₹56.26 Cr
Net Profit ₹363.65 Cr ₹305.93 Cr ₹247.75 Cr ₹200.96 Cr ₹157.83 Cr ₹143.5 Cr -
  attributable to Owners - - - - - - ₹0
  attributable to NCI - - - - - - ₹0
Other Comprehensive Income -₹5.35 Cr ₹14.28 Cr ₹15.75 Cr -₹19.45 Cr -₹7.58 Cr ₹7.51 Cr ₹4.7 Cr
Total Comprehensive Income ₹358.3 Cr ₹320.21 Cr ₹263.5 Cr ₹181.51 Cr ₹150.25 Cr ₹151.01 Cr ₹182.92 Cr
EBITDA (computed) ₹1,358.11 Cr ₹1,137.72 Cr ₹949.39 Cr ₹741.92 Cr ₹532.98 Cr ₹459.51 Cr ₹508.81 Cr
Basic EPS ₹20.04 ₹17.23 ₹15.11 ₹36.76 ₹28.87 ₹26.25 ₹32.60
Diluted EPS ₹20.04 ₹17.23 ₹15.11 ₹36.76 ₹28.87 ₹26.25 ₹32.60
Metrics FY 2026 FY 2025 FY 2024 FY 2023
Total Assets ₹13,101 Cr ₹11,664 Cr ₹9,109.24 Cr ₹7,676.52 Cr
Property, Plant & Equipment ₹61.66 Cr ₹18.91 Cr ₹18.63 Cr ₹13.95 Cr
Inventories ₹0 ₹0 ₹0 ₹0
Cash & Equivalents ₹209.68 Cr ₹437.97 Cr ₹178.02 Cr ₹237.86 Cr
Equity (Net Worth) ₹2,952.63 Cr ₹2,585.8 Cr ₹1,768.96 Cr ₹1,505.73 Cr
Equity Share Capital ₹181.45 Cr ₹181.45 Cr ₹163.99 Cr ₹54.66 Cr
Total Liabilities ₹10,149 Cr ₹9,078.69 Cr - -
The balance sheet became part of the exchange results-filing format in FY2023 - earlier years were not filed and are hidden.
Metrics FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
Operating Cash Flow -₹1,671.99 Cr -₹1,019.91 Cr -₹1,282.84 Cr -₹1,405.45 Cr -₹820.84 Cr
Investing Cash Flow ₹450.72 Cr -₹834.91 Cr ₹25.89 Cr -₹228.54 Cr -₹805.31 Cr
Financing Cash Flow ₹992.99 Cr ₹2,114.77 Cr ₹1,197.11 Cr ₹1,601.27 Cr ₹934.6 Cr
Capital Expenditure ₹78.33 Cr ₹29.35 Cr ₹19.95 Cr ₹9.17 Cr ₹4.99 Cr
Free Cash Flow (computed) -₹1,750.32 Cr -₹1,049.26 Cr -₹1,302.79 Cr -₹1,414.62 Cr -₹825.84 Cr
Dividends Paid ₹35.38 Cr ₹27.39 Cr ₹26.51 Cr ₹19.41 Cr ₹15.03 Cr
Net Change in Cash -₹228.28 Cr ₹259.95 Cr -₹59.84 Cr -₹32.72 Cr -₹691.55 Cr
The cash-flow statement became part of the exchange results-filing format in FY2022 - earlier years were not filed and are hidden.
Metrics Q4 FY26 Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25 Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY24
Revenue from Operations ₹514 Cr ₹481.42 Cr ₹455.68 Cr ₹443.41 Cr ₹416.51 Cr ₹389.71 Cr ₹365.05 Cr ₹345.92 Cr ₹328.1 Cr ₹323.64 Cr ₹295.82 Cr ₹278.55 Cr
Interest Earned ₹424.21 Cr ₹389.15 Cr ₹376.04 Cr ₹368.72 Cr ₹353.45 Cr ₹333.2 Cr ₹307.83 Cr ₹295.16 Cr ₹275.69 Cr ₹270.28 Cr ₹249.04 Cr ₹236.23 Cr
Other Income ₹2.37 Cr ₹16 Lakh ₹2.93 Cr ₹36 Lakh ₹40 Lakh ₹38 Lakh ₹1.9 Cr ₹58 Lakh ₹1.43 Cr ₹2.13 Cr ₹2.34 Cr ₹1.52 Cr
Total Income ₹516.37 Cr ₹481.58 Cr ₹458.61 Cr ₹443.77 Cr ₹416.91 Cr ₹390.09 Cr ₹366.95 Cr ₹346.5 Cr ₹329.53 Cr ₹325.77 Cr ₹298.16 Cr ₹280.07 Cr
Cost of Materials Consumed ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Purchases of Stock-in-Trade ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Changes in Inventories ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Employee Benefit Expense ₹39.44 Cr ₹39.35 Cr ₹34.17 Cr ₹33.45 Cr ₹31.38 Cr ₹28.7 Cr ₹28.08 Cr ₹26.68 Cr ₹26.05 Cr ₹22.48 Cr ₹20.61 Cr ₹17.91 Cr
Finance Costs ₹221.85 Cr ₹219.08 Cr ₹211.56 Cr ₹206.18 Cr ₹191 Cr ₹184.54 Cr ₹175.4 Cr ₹171.44 Cr ₹161.52 Cr ₹163.75 Cr ₹146.13 Cr ₹142.76 Cr
Depreciation & Amortisation ₹1.77 Cr ₹1.57 Cr ₹1.56 Cr ₹1.47 Cr ₹1.34 Cr ₹1.27 Cr ₹1.19 Cr ₹1.11 Cr ₹1.06 Cr ₹1.07 Cr ₹91 Lakh ₹77 Lakh
Other Expenses ₹25.56 Cr ₹23.18 Cr ₹22.82 Cr ₹21.92 Cr ₹19.95 Cr ₹18.81 Cr ₹17.82 Cr ₹17.69 Cr ₹16.51 Cr ₹12.97 Cr ₹11.52 Cr ₹8.78 Cr
Total Expenses ₹383.24 Cr ₹354.3 Cr ₹338.38 Cr ₹331.34 Cr ₹308.04 Cr ₹284.99 Cr ₹264.88 Cr ₹252.11 Cr ₹238.44 Cr ₹241.26 Cr ₹218.14 Cr ₹204.27 Cr
Profit Before Exceptional Items & Tax ₹133.13 Cr ₹127.28 Cr ₹120.23 Cr ₹112.43 Cr ₹108.87 Cr ₹105.1 Cr ₹102.07 Cr ₹94.39 Cr ₹91.09 Cr ₹84.51 Cr ₹80.02 Cr ₹75.8 Cr
Exceptional Items ₹0 -₹4.24 Cr ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Profit Before Tax ₹133.13 Cr ₹123.04 Cr ₹120.23 Cr ₹112.43 Cr ₹108.87 Cr ₹105.1 Cr ₹102.07 Cr ₹94.39 Cr ₹91.09 Cr ₹84.51 Cr ₹80.02 Cr ₹75.8 Cr
Total Tax Expense ₹33.41 Cr ₹32.71 Cr ₹30.53 Cr ₹28.53 Cr ₹28.05 Cr ₹26.99 Cr ₹25.5 Cr ₹23.96 Cr ₹23.04 Cr ₹22.07 Cr ₹20.01 Cr ₹18.55 Cr
Net Profit ₹99.72 Cr ₹90.33 Cr ₹89.7 Cr ₹83.9 Cr ₹80.82 Cr ₹78.11 Cr ₹76.57 Cr ₹70.43 Cr ₹68.05 Cr ₹62.44 Cr ₹60.01 Cr ₹57.25 Cr
Other Comprehensive Income -₹3.54 Cr -₹21.29 Cr ₹26.62 Cr -₹7.14 Cr ₹3.03 Cr ₹13.53 Cr ₹4.09 Cr ₹1.81 Cr ₹9.04 Cr -₹63 Lakh -₹2.82 Cr ₹10.16 Cr
Total Comprehensive Income ₹96.18 Cr ₹69.04 Cr ₹116.32 Cr ₹76.76 Cr ₹83.85 Cr ₹91.64 Cr ₹80.66 Cr ₹72.24 Cr ₹77.09 Cr ₹61.81 Cr ₹57.19 Cr ₹67.41 Cr
EBITDA (computed) ₹356.75 Cr ₹347.93 Cr ₹333.35 Cr ₹320.08 Cr ₹301.21 Cr ₹290.91 Cr ₹278.66 Cr ₹266.94 Cr ₹253.67 Cr ₹249.33 Cr ₹227.06 Cr ₹219.33 Cr
Basic EPS ₹5.49 ₹4.98 ₹4.94 ₹4.62 ₹4.46 ₹4.31 ₹4.21 ₹4.25 ₹4.15 ₹11.42 ₹10.98 ₹10.47
Diluted EPS ₹5.49 ₹4.98 ₹4.94 ₹4.62 ₹4.46 ₹4.31 ₹4.21 ₹4.25 ₹4.15 ₹11.42 ₹10.98 ₹10.47
Latest 12 quarters shown of 24 on record.
Want more history and ratios?
You're viewing the latest exchange-filed financials for Mas Financial Services Limited. The full report adds 10+ years of line-item history, 20+ ratios, peer benchmarks and a downloadable PDF.
10+ years of history 20+ ratios & benchmarks Downloadable PDF

Shareholding Pattern of Mas Financial Services Limited

As per the shareholding pattern filed with NSE for the quarter ended Mar 2026, promoters hold 66.65%, foreign institutional investors hold 3.46%, domestic institutional investors hold 20.04%, retail and other public shareholders hold 9.85% of Mas Financial Services Limited. The company had 40,107 shareholders on record.

Promoters: 66.65%DII (Domestic Institutional): 20.04%FII (Foreign Institutional): 3.46%Retail & Others: 9.85%
Mar 2026
QUARTER
66.65% Promoters
20.04% DII (Domestic Institutional)
3.46% FII (Foreign Institutional)
9.85% Retail & Others
Promoter holding - history
Now 66.65% · Mar 2026High 73.73% · Sep 2022Low 66.63% · Jun 2024
65%67.5%70%72.5%75%Oct 2017Sep 2019Sep 2021Sep 2023Jun 2025Oct 2017: 73.17%Dec 2017: 73.24%Mar 2018: 73.33%Jun 2018: 73.35%Sep 2018: 73.39%Dec 2018: 73.47%Mar 2019: 73.47%Jun 2019: 73.47%Sep 2019: 73.47%Dec 2019: 73.47%Mar 2020: 73.58%Jun 2020: 73.60%Sep 2020: 73.60%Dec 2020: 73.60%Mar 2021: 73.60%Jun 2021: 73.60%Sep 2021: 73.60%Dec 2021: 73.62%Mar 2022: 73.64%Jun 2022: 73.71%Sep 2022: 73.73%Dec 2022: 73.73%Mar 2023: 73.73%Jun 2023: 73.73%Sep 2023: 73.73%Dec 2023: 73.73%Feb 2024: 73.73%Mar 2024: 73.73%Jun 2024: 66.63%Sep 2024: 66.63%Dec 2024: 66.63%Mar 2025: 66.63%Jun 2025: 66.63%Sep 2025: 66.63%Dec 2025: 66.63%Mar 2026: 66.65%73.73%66.63%66.65%
Shareholding trend - last 6 quarters
Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Promoters66.65%66.63%66.63%66.63%66.63%66.63%
Public33.35%33.37%33.37%33.37%33.37%33.37%
Shareholding history - year on year (as at 31 March)
Mar 2026Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018
Promoters66.65%66.63%73.73%73.73%73.64%73.60%73.58%73.47%73.33%
Public33.35%33.37%26.27%26.27%26.36%26.40%26.42%26.53%26.67%
Promoter change (YoY, %pts)+0.02-7.10+0.00+0.09+0.04+0.02+0.11+0.14-

Board & Governance of Mas Financial Services Limited

As per the corporate governance filing with NSE for the quarter ended 31-MAR-2026, the board of Mas Financial Services Limited has 7 directors - 4 independent and 3 executive. The board is chaired by KAMLESH CHIMANLAL GANDHI.

DirectorPositionOn board sinceListed boards
KAMLESH CHIMANLAL GANDHI Executive Director · MD · Chairperson 1995-05-25 1
DARSHANA SAUMIL PANDYA Executive Director · CEO 2016-09-23 1
DHVANIL KAMLESH GANDHI Executive Director 2024-08-14 1
UMESH RAJANIKANT SHAH Non-Executive - Independent Director 2016-12-21 1
NARAYANAN SADANANDAN Non-Executive - Independent Director 2023-06-21 4
VISHAL VASU Non-Executive - Independent Director 2024-04-24 2
BARNALI CHAKLADER Non-Executive - Independent Director 2025-03-04 1
Board Committees
CommitteeMembers
Audit Committee UMESH RAJANIKANT SHAH (Chairperson), DARSHANA SAUMIL PANDYA, NARAYANAN SADANANDAN
Nomination and remuneration committee UMESH RAJANIKANT SHAH (Chairperson), NARAYANAN SADANANDAN, VISHAL VASU
Stakeholders Relationship Committee NARAYANAN SADANANDAN (Chairperson), DARSHANA SAUMIL PANDYA, UMESH RAJANIKANT SHAH
Risk Management Committee NARAYANAN SADANANDAN (Chairperson), DARSHANA SAUMIL PANDYA, DHVANIL KAMLESH GANDHI, UMESH RAJANIKANT SHAH
Corporate Social Responsibility Committee NARAYANAN SADANANDAN (Chairperson), DARSHANA SAUMIL PANDYA, UMESH RAJANIKANT SHAH

Group Structure of Mas Financial Services Limited

Mas Financial Services Limited has 2 subsidiary companies. This group structure data is as of FY 2024. The corporate group structure reflects Mas Financial Services Limited's business expansion strategy and organizational complexity.

2
Subsidiary companies
Key Subsidiaries
Company Name CIN Shares Held
Masfin Insurance Broking Private Limited U66000GJ2022PTC134562 -
Mas Rural Housing & Mortgage Finance Limited U74900GJ2007PLC051383 -

Showing major subsidiaries. Total: 2.

Charges & Borrowings of Mas Financial Services Limited

Open charges
₹14,147 Cr
Satisfied charges
₹6,745.05 Cr
Breakdown by lending institutions
Others₹9,302.80 Cr
State Bank of India₹1,300.00 Cr
Indian Bank₹900.00 Cr
Uco Bank₹700.00 Cr
Sidbi₹600.00 Cr
Others₹1,344.50 Cr
Latest charge details
DateLenderAmountStatus
09 Dec 2025 Others ₹300 Cr Open
29 Sep 2025 Others ₹300 Cr Open
24 Sep 2025 Others ₹50 Cr Open
23 Sep 2025 Others ₹1.34 Cr Open
22 Sep 2025 Others ₹50 Cr Open

Total charge records: 261 View all charges

Employees and EPFO Compliance at Mas Financial Services Limited

Mas Financial Services Limited has a workforce of 1,683 employees as of Nov 24, 2025.

Employee count
1,683
Active EPFO establishments
1
Employee growth
15.35%
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026

Employee Count & EPFO Data of Mas Financial Services Limited

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Monthly employee headcount & PF contributions
EPFO establishment details & ECR filing status
Year-wise workforce analytics & attrition trends
PF exemption, coverage & compliance verification

GST Compliance of Mas Financial Services Limited

XX%
Compliant
GSTR-1
GSTR-3B
GSTR-9
MH
KA
UP
TN
TS

GSTIN & GST Filing Data of Mas Financial Services Limited

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GSTIN registrations & state-wise presence
Filing compliance - GSTR-1, GSTR-3B, GSTR-9
HSN/SAC codes with goods & services details
Taxpayer type, jurisdiction & business constitution

Credit Ratings, Litigation & Regulatory Alerts for Mas Financial Services Limited

Credit rating
AAA
AA+
AA
AA-
! !
2015 2017 2019 2021 2023
Litigation
District Court 35
High Court 45
Supreme Court 0
NCLT / NCLAT 0
Pending
Disposed
Regulatory alerts
GSTIN Cancelled
Andhra Pradesh
GSTIN Cancelled
Telangana (on application)
EPFO Delay
12 months delay - Haryana
Violations via Directors
20 MCA + 19 Bank defaults

Credit Ratings, Legal Cases & Regulatory Alerts of Mas Financial Services Limited

Access complete credit rating history, litigation records, regulatory alerts, and compliance data.

Credit rating history across CARE, ICRA, Brickwork & India Ratings
Instrument-wise ratings, outlook & action timeline
Court-wise litigation (District, High Court, Supreme Court, NCLT)
Group company & common directorship litigation
Statutory compliance alerts (GSTIN, EPFO, ROC)
Director & company violations (MCA, SEBI, Banks, BSE/NSE)

MSME Payment Delays by Mas Financial Services Limited

MSME Payment Delays by Mas Financial Services Limited

Track payments outstanding to micro and small enterprise vendors, as disclosed in half-yearly MSME-1 returns filed with the MCA.

Amounts outstanding to MSME suppliers
Delay periods & reasons for delayed payments
Half-yearly MSME-1 filing history
Vendor-payment behaviour as a counterparty risk signal

Subsidiaries & Group Companies of Mas Financial Services Limited

Subsidiaries & Group Companies of Mas Financial Services Limited

See the full corporate group - holding company, subsidiaries, associates and joint ventures of Mas Financial Services Limited with ownership details.

Holding & parent company details
Subsidiaries & step-down subsidiaries with % holding
Associates & joint ventures with partner details
Investments in other entities year-on-year

MCA Filings & Documents of Mas Financial Services Limited

MCA Filings & Documents of Mas Financial Services Limited

Download official documents filed with the Ministry of Corporate Affairs - from incorporation papers to the latest annual filings.

Incorporation documents, MoA & AoA
Annual returns (MGT-7) & financial statements (AOC-4)
Charge filings (CHG-1, CHG-4) & resolutions
Complete document index with filing dates

Recent Activity on Mas Financial Services Limited

Charges
09 Dec 2025
A charge with Others amounted to Rs. 300.00 Cr with Charge ID 101198674 was registered on 09 Dec 2025.
Charges
09 Dec 2025
A charge registered on 25 Aug 2022 via Charge ID 100611138 with Hdfc Bank Limited was fully satisfied on 09 Dec 2025.
Charges
18 Nov 2025
A charge registered on 08 Sep 2023 via Charge ID 100785328 with Canara Bank was fully satisfied on 18 Nov 2025.
Charges
07 Nov 2025
A charge registered on 30 Aug 2022 via Charge ID 100610251 with Others was fully satisfied on 07 Nov 2025.
Charges
29 Oct 2025
A charge registered on 16 Mar 2021 via Charge ID 100425369 with Indian Bank was fully satisfied on 29 Oct 2025.
Charges
18 Oct 2025
A charge registered on 29 Sep 2022 via Charge ID 100612406 with Others was fully satisfied on 18 Oct 2025.

Recent News on Mas Financial Services Limited

Stocks that will see action today: January 29
29 Jan 2025 · Thehindubusinessline

Frequently Asked Questions about Mas Financial Services Limited

Mas Financial Services Limited is an active public limited company in the financial services sector based in Ahmedabad, Gujarat, India. It was incorporated on 25 May 1995 (31+ years old) and is registered under CIN L65910GJ1995PLC026064. Listed on BSE: 540749 and NSE: MASFIN. The company has 1,683 employees.

Mas Financial Services Limited reported revenue of ₹1,600.15 Cr for FY 2025 (up 24.00% YoY).

The current directors of Mas Financial Services Limited are:

The primary industry of Mas Financial Services Limited is financial services. The company specifically operates in investment and credit nbfc. The company is currently active in this sector.

Yes. Mas Financial Services Limited is listed on both BSE (code: 540749) and NSE (symbol: MASFIN).

Mas Financial Services Limited can be reached at the registered office: 6 Narayan Chambers Gr Flr BH Patang Hotel Ashram Road, Ahmedabad, Gujarat, India – 380009, or through the website mas.co.in.

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Financials, directors, compliance, charges and shareholding - sourced from MCA, SEBI and RBI filings.

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