India's Richest People 2026 edition · 1 director · Source: Hurun India
- #824 Kamlesh Chimanlal Gandhi & family ₹3,700 Cr
Market Cap
₹4,541 Cr
MASFIN · NSE
Share Price
₹252.82
+1.04% 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)
10.8x
P/B 1.4x
ROE
13.5%
ROCE 11.3%
Debt / Equity
3.49
Interest cover 64.6x
About Mas Financial Services Limited
Data last updated:
Mas Financial Services Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the investment and credit NBFC segment of the financial services sector. It was incorporated on 25 May 1995 and has been in existence for over 31 years.
Its director Kamlesh Chimanlal Gandhi and family are #824 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L65910GJ1995PLC026064. Its GSTIN is 24AABCM0640A1ZD (Gujarat). The company holds 18 GST registrations, of which 17 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 540749 and NSE: MASFIN.
The company has an authorised share capital of ₹200 Cr and a paid-up capital of ₹181.45 Cr. It is led by directors including Kamlesh Chimanlal Gandhi (Managing Director) and Darshana Saumil Pandya (Whole-Time Director).
Its last annual general meeting (AGM) was held on 02 September 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 6 Narayan Chambers Gr Flr B/H Patang Hotel Ashram Road, Ahmedabad, Gujarat, India – 380009.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹1,998.15 Cr, a growth of 25% compared to the previous year. For the same year it recorded a net profit of ₹374.79 Cr (net margin 18.8%) and EBITDA of ₹1,421.05 Cr (EBITDA margin 71.1%). The net worth stands at ₹2,974.21 Cr (up 14% YoY). Total assets are valued at ₹13,354 Cr (up 12.9% YoY).
The company has about 1,683 employees on its provident fund (EPFO) records. Its group structure includes 2 subsidiaries.
The company is associated with 2 brands: MAS Home Loans and Mas Financial Services. As per MCA filings, the company has open charges of ₹17,927 Cr and satisfied charges of ₹9,007.55 Cr on record. Court records list 24,193 cases involving the company, including 23,963 filed by the company and 230 filed against it; 814 cases are pending.
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
CIN L65910GJ1995PLC026064
Registration Number 026064
Incorporation Date 25 May 1995
ROC Ahmedabad
Listing Status Listed - Listed on NSE (MASFIN); Listed on BSE (540749)
Company Status Active
Date of Last AGM 02 September 2026
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
CIN history
Mas Financial Services 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 |
Key People
Kamlesh Chimanlal Gandhi Managing Director Darshana Saumil Pandya Whole-Time Director Dhvanil Kamlesh Gandhi Whole-Time Director Recognitions & Rankings of Mas Financial Services
Contact details
Mas Financial Services Limited's registered office is in Ahmedabad, Gujarat. Its website is mas.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address6 Narayan Chambers Gr Flr B/H Patang Hotel Ashram Road, Ahmedabad, Gujarat, India – 380009
- IndustryFinancial Services, Investment & Credit NBFC, NBFC
To see the full contact details of Mas Financial Services Limited, buy the company report.
Comprehensive company report
Mas Financial Services Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Secure checkout · GST invoice included
Brands
Mas Financial Services operates two associated brands: MAS Home Loans and Mas Financial Services. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provides home loans tailored for semi-urban and rural communities. | mrhmfl.co.in | |
| Financial services and loans are provided to individuals and businesses. | mas.co.in |
Business activity
The main business activity of Mas Financial Services is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of Mas Financial Services Limited, buy the company report.
Financials of Mas Financial Services Limited
FY 2025-26 filings availableMas Financial Services Limited reported revenue of ₹1,998.15 Cr (up 25% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹1,998 Cr
+25.0% YoY
EBITDA
₹1,421 Cr
+18.9% YoY
Profit After Tax
₹375 Cr
+20.8% YoY
Net Worth
₹2,974 Cr
+14.0% YoY
Total Assets
₹13,354 Cr
+12.9% YoY
Total Debt
₹10,317 Cr
+12.4% YoY
Revenue 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 (₹) | 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 (₹) | 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 (₹) | 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
Figures in ₹ Cr; negatives in brackets. Updated 04 Nov 2026
| 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 (₹) | 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 (₹) | 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 (₹) | 20.46 | 17.11 | 15.31 | 37.19 | 29.13 | 26.41 | 30.62 |
| Dividend per share (₹) | 2.00 | 1.70 | 3.51 | 3.65 | 3.00 | 1.50 | 8.00 |
| Book value per share (₹) | 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 (₹) | 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 (₹) | 20.04 | 16.86 | 15.11 | 36.77 | 28.82 | 26.25 | 30.47 |
| Dividend per share (₹) | 2.00 | 1.70 | 3.51 | 3.65 | 3.00 | 1.50 | 8.00 |
| Book value per share (₹) | 162.72 | 142.51 | 107.87 | 275.47 | 245.26 | 214.51 | 179.45 |
To see the full year-wise statements and ratios of Mas Financial Services Limited, buy the company report.
Board of directors of Mas Financial Services Limited
Mas Financial Services has 7 current directors and 16 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Kamlesh Chimanlal Gandhi Also directs: Anamaya Capital LLP, Prarthna Marketing Private Limited, Masfin Insurance Broking Private Limited and 4 more | Managing Director | 25 Mar 2010 | 16 Years 7 Months | Current |
| Umesh Rajanikant Shah | Director | 21 Dec 2016 | 9 Years 10 Months | Current |
| Darshana Saumil Pandya Also directs: Prarthna Marketing Private Limited, Masfin Insurance Broking Private Limited, Swalamb Mass Financial Services Ltd. and 1 more | Whole-Time Director | 23 Sep 2016 | 10 Years 1 Months | Current |
| Barnali Chaklader | Director | 04 Mar 2025 | 1 Years 8 Months | Current |
| Dhvanil Kamlesh Gandhi | Whole-Time Director | 14 Aug 2024 | 2 Years 2 Months | Current |
| Vishal Vasu Also directs: Mas Rural Housing & Mortgage Finance Limited, Dev Information Technology Limited, Unicred Technologies Private Limited and 1 more | Director | 24 Apr 2024 | 2 Years 6 Months | Current |
Showing 6 of 7 current directors. View all directors
Peer comparison
Mas Financial Services Limited is compared with the 6 companies closest to it by revenue in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Mas Financial Services Limitedthis company | ₹1,998.15 Cr (FY 2026) | ₹374.79 Cr | 18.8% | 25.0% | 1,683 | Ahmedabad, Gujarat, India |
| Mahyco Grow Finance Private Limited | ₹1,785.35 Cr (FY 2023) | 25.0% | Mumbai, Maharashtra, India | |||
| Mpokket Financial Services Private Limited | ₹1,765.63 Cr (FY 2025) | 30.0% | Kolkata, West Bengal, India | |||
| Nihal Fiscal Services Pvt Ltd | ₹1,680.62 Cr (FY 2025) | 6.0% | Kolkata, West Bengal, India | |||
| Subhkam Ventures (I) Private Limited | ₹1,659.45 Cr (FY 2024) | -19.0% | Mumbai, Maharashtra, India | |||
| Toyota Financial Services India Limited | ₹1,525.27 Cr (FY 2025) | 44.0% | Bangalore, Karnataka, India | |||
| Bajoria Financial Services Private Limited | ₹1,501.37 Cr (FY 2023) | 8.0% | Kolkata, West Bengal, India |
To see the full peer comparison of Mas Financial Services Limited, buy the company report.
Auditor
Mas Financial Services Limited is audited by B S R & Co. LLP for the financial year 2019.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B S R & Co. LLP | FY 2019 | 101248W/W-100022 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 66.60%, foreign institutional investors hold 3.70%, domestic institutional investors hold 19.70% and retail and other public shareholders hold 10.00%.
Sep 2026
QUARTER
66.60% Promoters
19.70% DII (Domestic Institutional)
3.70% FII (Foreign Institutional)
10.00% Retail & Others
Promoter holding - history
Now 66.60% · Sep 2026High 66.60% · Dec 2025Low 66.60% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 66.60% | 66.60% | 66.60% | 66.60% |
| Public | 33.40% | 33.40% | 33.40% | 33.40% |
Charges & borrowings
Open charges
₹17,927 Cr
Satisfied charges
₹9,007.55 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 07 Oct 2026 | 101402958 | Others | ₹90 Cr | Open | |
| 27 Sep 2026 | 101404159 | Sbicap Trustee Company Limited | ₹620 Cr | Open | |
| 25 Sep 2026 | 101404330 | Others | ₹50 Cr | Open | |
| 24 Sep 2026 | 101403167 | Others | ₹50 Cr | Open | |
| 23 Sep 2026 | 101402688 | Others | ₹175 Cr | Open |
To see the full charge records of Mas Financial Services Limited, buy the company report.
Total charge records: 302 View all charges
Legal cases
Mas Financial Services Limited has 24,193 court cases on record: 23,963 filed by Mas Financial Services, 230 filed against it. 814 cases are pending and 23,379 are disposed.
Total cases
24,193
Filed by the company
23,963
Filed against the company
230
Pending
814
Disposed
23,379
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 24,074 | 211 | 797 |
| High courts | 115 | 15 | 16 |
| NCLT | 3 | 3 | 0 |
| Supreme Court | 1 | 1 | 1 |
Cases on record (5 of 24,193)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (1512-Criminal Law : Criminal writ petition [not in the nature of PIL]) | Filed against the company by individuals | Pending |
| District court, RAJKOT, Gujarat | Court case (EXE R) | Filed by the company against an individual | Pending |
| District court, Nashik, Maharashtra | Arbitration matter | Filed by the company against an individual | Pending |
| District court, Banaskanth at Palanpur, Gujarat | Court case (EXE R) | Filed by the company against an individual | Pending |
| District court, Nashik, Maharashtra | Arbitration matter | Filed by the company against individuals | Pending |
To see the full case history of Mas Financial Services Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Mas Financial Services Limited was last rated by Care on 02 May 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 02 May 2022 |
To see the full credit ratings and regulatory alerts of Mas Financial Services Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Mas Financial Services Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Mas Financial Services has 2 subsidiary companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
2
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Masfin Insurance Broking Private Limited | U66000GJ2022PTC134562 | |
| Mas Rural Housing & Mortgage Finance Limited | U74900GJ2007PLC051383 |
To see the full group structure of Mas Financial Services Limited, buy the company report.
Employees & EPFO
Mas Financial Services Limited has a workforce of 1,683 employees on its EPFO records as of Nov 24, 2025, across 1 active EPFO establishment.
Employee count
1,683
Active EPFO establishments
1
Employee growth
15.35%
GST
Mas Financial Services has 18 GST registrations: 17 active and 1 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
18
Active
17
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AABCM0640A1ZD | Gujarat | Active | 01 Jul 2017 |
| 24AABCM0640A2ZC | Gujarat | Active | 28 Mar 2025 |
| 08AABCM0640A1Z7 | Rajasthan | Active | 01 Jul 2017 |
| 23AABCM0640A1ZF | Madhya Pradesh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Mas Financial Services Limited, buy the company report.
Recent activity
Mas Financial Services Limited has 33 board changes on record since 1995: 20 appointments and 13 cessations. The latest: Daksha Niranjan Shah ceased to be Director on 13 Mar 2025.
Charges
A charge with Others amounted to Rs. 90.00 Cr with Charge ID 101402958 was registered on 07 Oct 2026.
Charges
A charge with Sbicap Trustee Company Limited amounted to Rs. 620.00 Cr with Charge ID 101404159 was registered on 27 Sep 2026.
Charges
A charge with Others amounted to Rs. 50.00 Cr with Charge ID 101404330 was registered on 25 Sep 2026.
Charges
A charge with Others amounted to Rs. 50.00 Cr with Charge ID 101403167 was registered on 24 Sep 2026.
Charges
A charge with Others amounted to Rs. 175.00 Cr with Charge ID 101402688 was registered on 23 Sep 2026.
Charges
A charge with Others amounted to Rs. 100.00 Cr with Charge ID 101403162 was registered on 23 Sep 2026.
Charges
A charge with Others amounted to Rs. 100.00 Cr with Charge ID 101405143 was registered on 23 Sep 2026.
Charges
A charge with Canara Bank amounted to Rs. 250.00 Cr with Charge ID 101396796 was registered on 22 Sep 2026.
Charges
A charge registered on 31 Aug 2023 via Charge ID 100778212 with Hdfc Bank Limited was fully satisfied on 22 Sep 2026.
Charges
A charge with Uco Bank amounted to Rs. 200.00 Cr with Charge ID 101388759 was registered on 21 Sep 2026.
Charges
A charge registered on 01 Sep 2023 via Charge ID 100773660 with Others was fully satisfied on 17 Sep 2026.
Charges
A charge with Others amounted to Rs. 500.00 Cr with Charge ID 101397474 was registered on 11 Sep 2026.
530 earlier events are in the company report.
News
MASFIN: Q2 CONS NET PROFIT 1.13B RUPEES VS 903.4M (YOY)
MASFIN: Q2 REVENUE 5.9B RUPEES VS 4.8B (YOY)
Mas Financial Services: Plans Meeting With Analysts and Investors on September 22
Frequently asked questions
Mas Financial Services is an active public limited company based in Ahmedabad, Gujarat, India. The company works in investment and credit nbfc, within the financial services industry. It was incorporated on 25 May 1995 (31+ years old) and is registered under CIN L65910GJ1995PLC026064. Listed on BSE: 540749 and NSE: MASFIN.
Mas Financial Services reported revenue of ₹1,998.15 Cr for FY 2025-26 (up 25% YoY) based on consolidated financials.
Mas Financial Services has 7 current directors:
- Kamlesh Chimanlal Gandhi - Managing Director
- Darshana Saumil Pandya - Whole-Time Director
- Dhvanil Kamlesh Gandhi - Whole-Time Director
- Umesh Rajanikant Shah - Director
- Barnali Chaklader - Director
- Vishal Vasu - Director
- Narayanan Sadanandan - Director
The latest financial statements of Mas Financial Services on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 02 September 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Mas Financial Services is 24AABCM0640A1ZD, registered in Gujarat. The company has 18 GST registrations in all, of which 17 are active and 1 is cancelled or inactive. Other active GSTINs include 24AABCM0640A2ZC (Gujarat), 08AABCM0640A1Z7 (Rajasthan), 23AABCM0640A1ZF (Madhya Pradesh).
The CIN (Corporate Identification Number) of Mas Financial Services is L65910GJ1995PLC026064. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Mas Financial Services is a listed company as per MCA records. Its shares are listed on both BSE (code: 540749) and NSE (symbol: MASFIN).
Mas Financial Services has 24,193 court cases on record: 23,963 filed by the company and 230 filed against it. 814 are pending. Most are in the district courts.
Mas Financial Services was incorporated on 25 May 1995, making it 31+ years old. It is registered with the Registrar of Companies, Ahmedabad.
The peers of Mas Financial Services by revenue are Mahyco Grow Finance Private Limited, Mpokket Financial Services Private Limited, Nihal Fiscal Services Pvt Ltd, Subhkam Ventures (I) Private Limited, Toyota Financial Services India Limited and 1 more, all in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities).
Daksha Niranjan Shah ceased to be Director on 13 Mar 2025. Barnali Chaklader was appointed as Director on 04 Mar 2025. Dhvanil Kamlesh Gandhi was appointed as Whole-Time Director on 14 Aug 2024. Mas Financial Services has 33 board changes on record in total.
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