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Last Updated: April 2, 2026, 3:19 am
Author: Getaka|Social: XLinkedIn

MAS Financial Services Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹263.78Fairly Valued by 9.97%vs CMP ₹293.00

P/E (15.0) × ROE (14.1%) × BV (₹155.00) × DY (0.58%)

Defaults: P/E=15

₹239.86Overvalued by 18.14%vs CMP ₹293.00
MoS: -22.2% (Negative)Confidence: 48/100 (Moderate)Models: 2 Under, 1 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹302.6619%Fair (+3.3%)
Graham NumberEarnings₹259.5117%Over (-11.4%)
Earnings PowerEarnings₹117.4714%Over (-59.9%)
DCFCash Flow₹391.9114%Under (+33.8%)
Net Asset ValueAssets₹154.798%Over (-47.2%)
EV/EBITDAEnterprise₹3.3010%Over (-98.9%)
Earnings YieldEarnings₹193.108%Over (-34.1%)
ROCE CapitalReturns₹376.3910%Under (+28.5%)
Consensus (8 models)₹239.86100%Overvalued
Key Drivers: Wide model spread (₹3–₹392) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 14.7% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

56
MAS Financial Services Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health59/100 · Moderate
ROCE 11.3% AverageROE 14.1% GoodD/E 2.98 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.01% (6mo) Slight increasePromoter holding at 66.6% Stable
Earnings Quality50/100 · Moderate
Quarterly Momentum58/100 · Moderate
Profit (4Q): +18% YoY Positive
Industry Rank55/100 · Moderate
P/E 15.0 vs industry 98.5 Cheaper than peersROCE 11.3% vs industry 21.7% Below peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:19 am

Market Cap 5,321 Cr.
Current Price 293
Intrinsic Value₹239.86
High / Low 355/226
Stock P/E15.0
Book Value 155
Dividend Yield0.58 %
ROCE11.3 %
ROE14.1 %
Face Value 10.0
PEG Ratio1.02

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for MAS Financial Services Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
MAS Financial Services Ltd 5,321 Cr. 293 355/22615.0 1550.58 %11.3 %14.1 % 10.0
Religare Enterprises Ltd 7,308 Cr. 220 314/19771.1 87.30.00 %8.39 %5.15 % 10.0
Dhani Services Ltd 3,317 Cr. 51.1 76.5/49.897.8 47.00.00 %1.39 %1.81 % 2.00
Indo Thai Securities Ltd 3,235 Cr. 295 470/14486.5 16.90.03 %8.66 %6.54 % 1.00
Indostar Capital Finance Ltd 3,152 Cr. 195 369/179 2470.00 %6.79 %0.45 % 10.0
Industry Average6,725.79 Cr1,029.6498.514,364.490.43%21.71%14.20%7.23

All Competitor Stocks of MAS Financial Services Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue261278293310335347364384410438466480507
Interest 133150150154172171181185195202217224231
Expenses 5957667676838695106124132134143
Financing Profit69727781869397104109113117123133
Financing Margin %27%26%26%26%26%27%27%27%27%26%25%26%26%
Other Income 110321111112-4
Depreciation 1111111112222
Profit before tax 69727783879497104108112116123127
Tax % 25%21%25%25%26%25%25%25%26%26%25%26%27%
Net Profit 52575862647073788083879193
EPS in Rs 3.133.433.473.733.884.233.954.234.384.544.714.985.08
Gross NPA %
Net NPA %

Last Updated: February 5, 2026, 1:40 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue1852383093654776057106276909801,2891,5971,891
Interest 80113142165187225299286340498650770874
Expenses 55628292118138175143132209297403533
Financing Profit506385107171242236198218273342424485
Financing Margin %27%26%27%29%36%40%33%32%32%28%27%27%26%
Other Income 00-0-0-2-2-3011230
Depreciation 1111223323467
Profit before tax 506284106168238230196217272340421478
Tax % 33%34%35%35%37%35%27%26%26%24%25%25%
Net Profit 33415569105155168146161206254314355
EPS in Rs 6.798.3311.295.326.419.3610.218.809.7112.3915.3117.1119.31
Dividend Payout % 17%19%20%20%19%18%26%6%10%10%23%10%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)24.24%34.15%25.45%52.17%47.62%8.39%-13.10%10.27%27.95%23.30%23.62%
Change in YoY Net Profit Growth (%)0.00%9.90%-8.69%26.72%-4.55%-39.23%-21.48%23.37%17.68%-4.65%0.32%

MAS Financial Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:21%
5 Years:18%
3 Years:32%
TTM:25%
Compounded Profit Growth
10 Years:23%
5 Years:13%
3 Years:25%
TTM:22%
Stock Price CAGR
10 Years:%
5 Years:2%
3 Years:8%
1 Year:10%
Return on Equity
10 Years:16%
5 Years:14%
3 Years:14%
Last Year:14%

Last Updated: Unknown

Balance Sheet

Last Updated: December 4, 2025, 1:38 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 16161643555555555555164181181
Reserves 61881222417258619321,1251,2951,4641,6192,4272,630
Borrowing8161,1241,4041,3111,4552,2732,7963,5134,4396,1287,4269,1569,910
Other Liabilities 2393434056056658011,037737519369339434419
Total Liabilities 1,1331,5721,9472,2002,8983,9904,8205,4306,3098,0159,54712,19913,140
Fixed Assets 6489581315121417252732
CWIP 0000046485052587092107
Investments 00000052024937917261,5261,131
Other Assets 1,1271,5671,9382,1912,8403,9324,7525,1665,7507,1498,72610,55411,870
Total Assets 1,1331,5721,9472,2002,8983,9904,8205,4306,3098,0159,54712,19913,140

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -184-267-281-164-386-468196-578-805-1,426-1,366-1,133
Cash from Investing Activity + 0-2-3-4-49144-199-820-30450-828
Cash from Financing Activity + 200303251344388024487199231,6841,2902,198
Net Cash Flow 1634-32-1343348648-59-702-46-26236
Free Cash Flow -185-268-285-168-435-470192-580-811-1,437-1,388-1,163
CFO/OP -128%-139%-111%-47%-92%-85%52%-109%-133%-177%-130%-87%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-761.0061.0081.0091.00117.00136.00173.00140.00128.00203.00290.00394.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROE % 49%44%45%32%20%18%18%13%13%14%15%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 73.72%73.72%73.72%73.72%73.72%66.63%66.63%66.63%66.63%66.63%66.63%66.63%
FIIs 1.59%1.59%2.01%1.63%1.79%3.58%2.72%3.02%3.12%3.07%3.18%3.13%
DIIs 11.01%10.58%8.57%8.43%14.42%20.41%20.23%20.02%20.13%19.99%20.15%20.23%
Public 13.68%14.10%15.69%16.21%10.06%9.38%10.41%10.34%10.12%10.32%10.04%10.01%
No. of Shareholders 24,76723,83728,99931,51444,54445,41550,51051,14849,59946,49643,23742,016

Shareholding Pattern Chart

No. of Shareholders

MAS Financial Services Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 14,579,150 0.72 474.2614,179,1502026-02-23 02:50:362.82%
Bandhan Value Fund 2,500,000 0.8 81.33N/AN/AN/A
Bandhan ELSS Tax Saver Fund 2,000,000 0.92 65.06660,0002025-12-08 01:21:14203.03%
Bandhan Flexi Cap Fund 1,405,887 0.61 45.73N/AN/AN/A
ICICI Prudential Banking and Financial Services 1,001,315 0.3 32.57N/AN/AN/A
Bandhan Multi Cap Fund 810,000 0.94 26.35N/AN/AN/A
Baroda BNP Paribas Small Cap Fund 800,000 2.23 26.02N/AN/AN/A
Aditya Birla Sun Life Banking and Financial Services Fund 534,890 0.48 17.4N/AN/AN/A
Aditya Birla Sun Life Bal Bhavishya Yojna 407,162 1.13 13.25N/AN/AN/A
Bandhan Multi Asset Allocation Fund 400,000 0.44 13.01N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 17.4815.3137.1829.1426.41
Diluted EPS (Rs.) 17.4815.3137.1829.1426.41
Cash EPS (Rs.) 17.6115.7538.1529.8627.09
Book Value[Excl.RevalReserv]/Share (Rs.) 143.78110.90282.57245.12219.57
Book Value[Incl.RevalReserv]/Share (Rs.) 143.78110.90282.57245.12219.57
Revenue From Operations / Share (Rs.) 87.9678.00180.72126.26114.70
PBDIT / Share (Rs.) 65.5560.41140.94101.9488.45
PBIT / Share (Rs.) 65.2460.15140.44101.5687.98
PBT / Share (Rs.) 23.2020.7149.7039.6035.85
Net Profit / Share (Rs.) 17.3015.4937.6529.4826.62
NP After MI And SOA / Share (Rs.) 17.1115.3137.1929.1426.41
PBDIT Margin (%) 74.5277.4477.9880.7377.11
PBIT Margin (%) 74.1777.1177.7180.4376.70
PBT Margin (%) 26.3726.5527.4931.3631.25
Net Profit Margin (%) 19.6719.8520.8323.3423.21
NP After MI And SOA Margin (%) 19.4419.6220.5723.0823.02
Return on Networth / Equity (%) 11.8914.0813.3812.0912.23
Return on Capital Employeed (%) 44.2053.6031.4729.1629.18
Return On Assets (%) 2.542.622.532.522.65
Long Term Debt / Equity (X) 0.000.000.570.370.31
Total Debt / Equity (X) 3.514.174.043.372.98
Asset Turnover Ratio (%) 0.140.140.130.110.11
Current Ratio (X) 1.261.221.421.411.41
Quick Ratio (X) 1.261.221.421.411.41
Dividend Payout Ratio (NP) (%) 8.8210.559.549.430.00
Dividend Payout Ratio (CP) (%) 8.6710.389.419.310.00
Earning Retention Ratio (%) 91.1889.4590.4690.570.00
Cash Earning Retention Ratio (%) 91.3389.6290.5990.690.00
Interest Coverage Ratio (X) 1.561.531.551.651.70
Interest Coverage Ratio (Post Tax) (X) 1.411.391.411.481.51
Enterprise Value (Cr.) 12517.6111246.279742.346514.057182.04
EV / Net Operating Revenue (X) 7.848.799.869.4411.45
EV / EBITDA (X) 10.5211.3512.6511.6914.85
MarketCap / Net Operating Revenue (X) 2.803.654.454.247.45
Retention Ratios (%) 91.1789.4490.4590.560.00
Price / BV (X) 1.712.622.892.223.96
Price / Net Operating Revenue (X) 2.803.654.454.247.45
EarningsYield 0.060.050.040.050.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Mas Financial Services Ltd. is a Public Limited Listed company incorporated on 25/05/1995 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L65910GJ1995PLC026064 and registration number is 026064. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 1517.19 Cr. and Equity Capital is Rs. 181.45 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Non-Banking Financial Company (NBFC)6, Ground Floor, Narayan Chambers, Ahmedabad Gujarat 380009Contact not found
Management
NamePosition Held
Mr. Kamlesh C GandhiChairman & Managing Director
Mrs. Darshana S PandyaDirector & CEO
Mr. Dhvanil GandhiWhole Time Director
Mr. Narayanan SadanandanInd. Non-Executive Director
Mr. Umesh Rajanikant ShahInd. Non-Executive Director
Dr. Barnali ChakladerInd. Non-Executive Director
Mr. Vishal VasuInd. Non-Executive Director

FAQ

What is the intrinsic value of MAS Financial Services Ltd and is it undervalued?

As of 09 April 2026, MAS Financial Services Ltd's intrinsic value is ₹239.86, which is 18.14% lower than the current market price of ₹293.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (14.1 %), book value (₹155), dividend yield (0.58 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of MAS Financial Services Ltd?

MAS Financial Services Ltd is trading at ₹293.00 as of 09 April 2026, with a FY2026-2027 high of ₹355 and low of ₹226. The stock is currently in the middle of its 52-week range. Market cap stands at ₹5,321 Cr..

How does MAS Financial Services Ltd's P/E ratio compare to its industry?

MAS Financial Services Ltd has a P/E ratio of 15.0, which is below the industry average of 98.51. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is MAS Financial Services Ltd financially healthy?

Key indicators for MAS Financial Services Ltd: ROCE of 11.3 % is moderate. Dividend yield is 0.58 %.

Is MAS Financial Services Ltd profitable and how is the profit trend?

MAS Financial Services Ltd reported a net profit of ₹314 Cr in Mar 2025 on revenue of ₹1,597 Cr. Compared to ₹161 Cr in Mar 2022, the net profit shows an improving trend.

Does MAS Financial Services Ltd pay dividends?

MAS Financial Services Ltd has a dividend yield of 0.58 % at the current price of ₹293.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in MAS Financial Services Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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