MAS Financial Services Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript MAS Financial Services Ltd filed with BSE on 06 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
MAS Financial Services reported consolidated AUM of Rs 15,304 crore, up 19% year-on-year, with consolidated PAT for the quarter at Rs 104 crore, up 25%, and full-year PAT of Rs 379 crore, up 21%. Standalone AUM grew 18.71% with growth across micro-enterprise, SME, two-wheeler, commercial vehicle and salaried personal loan segments, while asset quality remained stable with net stage 3 assets at 1.70%. Management also announced a final dividend of Rs 0.75 per share, taking the total dividend for the year to Rs 2 per share.
Numbers mentioned
Consolidated AUM: INR15,304 crores (FY26)
p. 5
“AUM stands at INR15,304 crores as compared to INR12,868 crores in last year, which is around 19% growth in AUM”
Darshana Pandya, page 5 of the filed PDF · View the filing
Consolidated quarterly PAT: INR104 crores (Q4 FY26)
p. 5
“if we look at the quarterly PAT for the last quarter, it is INR104 crores as compared to INR83 crores, which is 25% growth in”
Darshana Pandya, page 5 of the filed PDF · View the filing
Consolidated annual PAT: INR379 crores (FY26)
p. 6
“if you look at the annual PAT for the whole year, on consolidated basis, it is INR379 crores as compared to INR313.98 crores, which is 21% growth in PAT”
Darshana Pandya, page 6 of the filed PDF · View the filing
Standalone AUM growth: 18.71% (FY26)
p. 6
“AUM grew by 18.71%”
Darshana Pandya, page 6 of the filed PDF · View the filing
Micro-enterprise loan book: INR5,737 crores (FY26)
p. 6
“there is a growth of around 20% in our micro-enterprise loan from INR4,793 crores to INR5,737 crores”
Darshana Pandya, page 6 of the filed PDF · View the filing
SME book: INR5,213 crores (FY26)
p. 6
“growth of 15.78% in SME book from INR4,502 crores to INR5,213 crores”
Darshana Pandya, page 6 of the filed PDF · View the filing
Two-wheeler book: INR1,063 crores (FY26)
p. 6
“Two-wheeler book grew by 35.43% from INR785 crores to INR1,063 crores”
Darshana Pandya, page 6 of the filed PDF · View the filing
Net stage 3 assets (standalone): 1.70% (Q4 FY26)
p. 6
“Net stage 3 asset is 1.70% as compared to 1.72% in December '25”
Darshana Pandya, page 6 of the filed PDF · View the filing
Housing finance AUM growth: 22.41% (FY26)
p. 6
“there is a growth in AUM of 22.41%, from INR768 crores to INR940 crores”
Darshana Pandya, page 6 of the filed PDF · View the filing
Housing finance net stage 3 assets: 0.68% (Q4 FY26)
p. 6
“Net Stage 3 asset is 0.68% as compared to 0.67% in December '25”
Darshana Pandya, page 6 of the filed PDF · View the filing
Capital adequacy ratio: 22.84% (as on March 31, 2026)
p. 7
“Our capital adequacy ratio remains strong at 22.84% with Tier I capital at 21.50% and a debt equity ratio of 3.31x”
Ankit Jain, page 7 of the filed PDF · View the filing
Average cost of borrowing: 9.39% (Q4 FY26)
p. 7
“The average cost of borrowing for the quarter stood at 9.39%, a 42 basis point reduction from the last year same quarter”
Ankit Jain, page 7 of the filed PDF · View the filing
Final dividend: INR0.75 per share (FY26)
p. 5
“we'll be declaring -- a final dividend of INR0.75 per share, taking it to a total dividend of INR2 per share, that is 20% on the face value”
Kamlesh Gandhi, page 5 of the filed PDF · View the filing
Direct assignment transaction: INR940 crores (Q4 FY26)
p. 7
“the company executed direct assignment transaction amounting to INR940 crores”
Ankit Jain, page 7 of the filed PDF · View the filing
Long-term borrowing raised via term loan: INR750 crores (Q4 FY26)
p. 7
“the company raised INR750 crores through term loan with an average maturity of 3 to 5 years”
Ankit Jain, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
AUM growth — 20% to 25%
stated firmly by Kamlesh Gandhi
p. 4
“we continue to have the confidence to grow anywhere between 20% to 25%, given the positive macro situation because we always prioritize risk management and profitability over just the growth”
Kamlesh Gandhi, page 4 of the filed PDF · View the filing
Housing finance company growth — 30% to 35%
stated as an aspiration by Kamlesh Gandhi
p. 5
“We would aspire to grow this anywhere between 30% to 35% given its lower base”
Kamlesh Gandhi, page 5 of the filed PDF · View the filing
Capital adequacy ratio — around 20%
stated firmly by Kamlesh Gandhi
p. 4
“we'll continue to maintain the capital adequacy of around 20% going forward”
Kamlesh Gandhi, page 4 of the filed PDF · View the filing
AUM (long-term vision) — INR1 lakh crores · by 2036
stated as an aspiration by Kamlesh Gandhi
p. 5
“we are pursuing our vision of 2036 to be a INR1 lakh crores AUM”
Kamlesh Gandhi, page 5 of the filed PDF · View the filing
Cost of borrowing — 9.20% to 9.25% · next 2-3 quarters
stated conditionally by Kamlesh Gandhi
p. 10
“I think from 9.39%, we can see this going down to around, say, 9.20% to 9.25% over next 2-3 quarters.”
Kamlesh Gandhi, page 10 of the filed PDF · View the filing
Yield — 16% to 17% · FY27
stated firmly by Kamlesh Gandhi
p. 13
“Yes, so the range bound is anywhere between 16% to 17%.”
Kamlesh Gandhi, page 13 of the filed PDF · View the filing
Credit cost — 1% to 1.25%
stated conditionally by Kamlesh Gandhi
p. 13
“Credit cost, I think we always painted that it will be anywhere between 1% to 1.25%, a few basis point here or there”
Kamlesh Gandhi, page 13 of the filed PDF · View the filing
Cost-to-NII ratio — 35% to 37%
stated conditionally by Kamlesh Gandhi
p. 13
“On cost-to-NII ratio, I think, currently, we are at around 35%, a range bound between 35% to 37%.”
Kamlesh Gandhi, page 13 of the filed PDF · View the filing
Return on assets — 2.75% to 3%
stated firmly by Kamlesh Gandhi
p. 13
“we would like to maintain that the ROAs after opex, credit cost appropriated from our NIMs, it will be anywhere between 2.75% to 3%”
Kamlesh Gandhi, page 13 of the filed PDF · View the filing
Branch network expansion — 30 to 35 branches · this year
stated firmly by Kamlesh Gandhi
p. 12
“we should see the increase in branches from anywhere from 30 to 35 branches this year across our area of operations”
Kamlesh Gandhi, page 12 of the filed PDF · View the filing
Credit cost post ECL review — 1.25% to 1.3%
stated conditionally by Kamlesh Gandhi
p. 15
“we should see that at around anywhere between 1.25% to 1.3% or something like that”
Kamlesh Gandhi, page 15 of the filed PDF · View the filing
Commercial vehicle book growth — coming 1 or 2 quarters
stated firmly by Kamlesh Gandhi
p. 16
“we would like to wait and watch, and we would like to grow slower for coming 1 or 2 quarters”
Kamlesh Gandhi, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said usage of data is based on their own experience with it, using back-testing of risk models rather than generic extrapolation, and is progressively shifting to AI-based risk management.
Answered by Kamlesh Gandhi
Asked by Abhi Jain: How is MAS leveraging data and AI for risk-adjusted growth?
p. 8
“So what we do is that with the available data with us, back testing our risk models on those data, we take the decisions and that is how technology will help us in our risk assessment.”
Kamlesh Gandhi, page 8 of the filed PDF · View the filing
Management described ground-level feedback from borrowers and banking-based collection bounce data as their main early warning mechanisms.
Answered by Kamlesh Gandhi
Asked by Abhi Jain: Does MAS have an early warning system for risk management?
p. 9
“the most potent early warning system is your ears very close to the ground because when the early warning signal starts appearing on the data, that means the things have already started going bad for us”
Kamlesh Gandhi, page 9 of the filed PDF · View the filing
Management said asset quality should be maintained but they are watching the situation closely, especially for energy-dependent and logistics borrowers.
Answered by Kamlesh Gandhi
Asked by Devam Modi: Will the West Asia crisis and inflation affect lending and reverse the improving NPA trend?
p. 10
“if something goes out of their control, that can slightly reflect once again on the asset quality because there is something that is beyond our control, but we have already disbursed it”
Kamlesh Gandhi, page 10 of the filed PDF · View the filing
Management explained it relates to how fees/commission versus interest yield is structured, partly due to fintech sourcing where commission is booked separately from interest.
Answered by Kamlesh Gandhi
Asked by Devam Modi: What explains the higher origination cost of INR36 crores this quarter?
p. 11
“around close to 10% of our business is from fintech. So, depending upon that business, the fees and commission is structured from time to time.”
Kamlesh Gandhi, page 11 of the filed PDF · View the filing
Management said it was due to aggressive write-offs of 90 DPD assets rather than any conflict-related stress.
Answered by Kamlesh Gandhi
Asked by Ishank Gupta: Why did higher credit cost occur this quarter — was it due to West Asia conflict or stress in certain pools?
p. 12
“we have this year little aggressively written off the 90 DPD assets. So ideally, we would close like 2.57%, we have written off more than 0.10% of the assets aggressively rather than showing higher profitability”
Kamlesh Gandhi, page 12 of the filed PDF · View the filing
Management said branch recalibration across states is a dynamic, continuous process based on branch contribution and potential.
Answered by Kamlesh Gandhi
Asked by Ishank Gupta: Why did the number of branches in Gujarat decline by two?
p. 12
“this recalibration of branches across states is a very dynamic process, this happens, because we don't open branches just for the count of it”
Kamlesh Gandhi, page 12 of the filed PDF · View the filing
Management said LOS is implemented across products and they added certain sectors like petrol pumps, gas agencies and transporters to a caution list due to Middle East supply concerns.
Answered by Dhvanil Gandhi
Asked by Shreepal Doshi: What is the update on LOS and BRE rollout and any industry-facing issues identified?
p. 13
“in the last month, in February end and mid of March, we added petrol pumps, gas agencies, transporter profile, certain chemical-related industries also into caution profile”
Dhvanil Gandhi, page 13 of the filed PDF · View the filing
Management said the write-off policy applies post 360 days across all products and that this quarter's write-offs were more in unsecured loans.
Answered by Kamlesh Gandhi
Asked by Aditya: What is the write-off policy and were the write-offs this quarter mostly secured or unsecured?
p. 15
“The write-off policy is that we write off post 360 days.”
Kamlesh Gandhi, page 15 of the filed PDF · View the filing
Management said they do not upfront income from assignment but amortize it, and attributed the NII rise mainly to lower interest costs and an MCLR reset.
Answered by Kamlesh Gandhi
Asked by Aditya: How much does the assignment book contribute to NII growth, and is there income upfronting?
p. 15
“we do sufficient provisioning that it is very close to an amortized income only. So, we do not upfront income in order to improve the profitability or the NII growth.”
Kamlesh Gandhi, page 15 of the filed PDF · View the filing
Management said they are cautious on CV given perceived quality risk in the current situation and prefer to grow slower for a couple of quarters.
Answered by Kamlesh Gandhi
Asked by Aditya: Why has the CV book grown slowly compared to industry growth?
p. 16
“we internally, from the risk perspective, we understand that this book should grow at a slower pace for coming 1 or 2 quarters before we really pick up the pace”
Kamlesh Gandhi, page 16 of the filed PDF · View the filing
Risks flagged
Potential impact of West Asia/Middle East crisis on borrowers, particularly in commercial vehicle and logistics segments
p. 9
“soon after the Middle East crisis kicked in, we talked to as many as more than 2,000 to 3,000 borrowers in our commercial vehicle segment, took the feedback from them that how they are affected”
Kamlesh Gandhi, page 9 of the filed PDF · View the filing
Potential inflationary trend from higher crude and input prices affecting borrowers
p. 10
“keeping a close watch on the current situation where we all know that there is a potential inflationary trend setting in, and we need to see that how exactly that spans out for our borrowers”
Kamlesh Gandhi, page 10 of the filed PDF · View the filing
Caution on sectors such as textile, agro, petrol pumps, gas agencies, transporters and chemical-related industries due to Middle East supply concerns
p. 13
“we added petrol pumps, gas agencies, transporter profile, certain chemical-related industries also into caution profile”
Dhvanil Gandhi, page 13 of the filed PDF · View the filing
Slower growth in commercial vehicle book due to perceived asset quality risk amid current abnormal situation
p. 16
“whenever there are any sort of abnormal situation which we are going through right now, the first casualty is the logistics and the transport”
Kamlesh Gandhi, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.