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MAS Financial Services Limited (MASFIN) Fair Value & Analysis

Financial Services · IN · Market cap ₹57.8B

MF MAS Financial Services Limited MASFIN · NSE
Price₹305.30
Fair Value₹265.95
Upside-12.9%
Quality37/100
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Expensive Growth
Highly profitable · 40.5% net margin
High debt · negative free cash flow
0.65% dividend yield
Trails peers (4/13)
Moderate moat 61/100
Evidence: High Range ₹199.46 – ₹332.44 Share as image

Fair value as of: Aug 13, 2026

From 9 valuation models · updated 4 days ago

Share price −2.7% over the past month.

Below-average quality, and screening another 13% overvalued on our models.

What matters now

  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
  • Our model range runs from ₹199.46 (bear) to ₹332.44 (bull), base ₹265.95. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 37/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

₹347.40 ₹151.97 Fair Value ₹265.95 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹151.97 – ₹347.40 · fair‑value band ₹199.46 – ₹332.44 · the ₹305.30 price screens above the ₹265.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

MAS Financial Services Limited (MASFIN) currently trades at ₹305.30, while our model-based Fair Value estimate is ₹265.95, implying the stock looks roughly 12.9% overvalued today. The Quality Score stands at 37/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, MAS Financial Services Limited generated revenue of ₹9.2B at a net margin of 40.5%. Revenue declined 4.6% year over year. It earns a return on equity of 13.2%. Net debt stands at ₹101B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹199.46 (bear case) to ₹332.44 (bull case); at ₹305.30, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -45% fair-value upside, at -13%, MASFIN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹153.41 ₹188.88 ₹476.09 76
Gordon GGM ₹17.92 ₹37.27 ₹59.12 70
P/E Multiple ₹199.46 ₹265.95 ₹332.44 63
All 9 models by family
DCF Models
Owner Earnings ₹8.51 ₹672.92 31
Earnings-Based
Graham-Dodd ₹139.11 ₹970.14 ₹1,361 54
Lynch FV ₹345.12 ₹493.03 ₹640.94 50
Dividend Discount
Gordon GGM ₹17.92 ₹37.27 ₹59.12 70
DDM Multi-Stage ₹17.92 ₹31.42 ₹39.11 61
Multiples
P/E Multiple ₹199.46 ₹265.95 ₹332.44 63
P/B Multiple ₹172.11 ₹229.47 ₹286.84 55
Asset-Based
NCAV (Graham) ₹81.96 ₹109.82 ₹163.91 50
Economic Profit
Residual Income ₹153.41 ₹188.88 ₹476.09 76

Widest divergence: Earnings-Based (₹493.03) versus DCF Models (₹8.51). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹9.2B
Revenue growth (YoY) -4.6%
Net margin 40.5%
Return on equity 13.2%
Free cash flow −₹18.8B FY2026
P/E ratio 14.9
More key figures
Operating margin 55.2%
EPS (TTM) ₹20.45
Dividend yield 0.7%
EPS growth (YoY) +25.1%
Net debt ₹101B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 37/100

Of which business quality 33 · Market factors (momentum, volatility) 50

Profitability 35
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 28
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 53
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

MAS Financial Services Limited, a non-banking finance company, provides retail financing services in India. The company offers micro-enterprises, small and medium businesses, two-wheeler, commercial vehicle, used vehicle loans, and salaried personal loans, tractor, and housing loans.

Full company description

MAS Financial Services Limited, a non-banking finance company, provides retail financing services in India. The company offers micro-enterprises, small and medium businesses, two-wheeler, commercial vehicle, used vehicle loans, and salaried personal loans, tractor, and housing loans. It serves through a distribution network of partner microfinance institutions, non-banking finance companies, housing finance companies, and franchisees. MAS Financial Services Limited was incorporated in 1995 and is based in Ahmedabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

MAS Financial Services Limited reported revenue of ₹17.6B in FY2026 versus ₹5.7B in FY2022, a compound +32.8%/yr. Reported net income was ₹3.7B in FY2026, compounding +23.6%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹17.6B
Latest YoY
+38.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+31.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+29.1%
Avg. growth/yr (14Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+21.5%
Revenue +32.8%/yr
FY22 ₹5.7B
FY23 ₹7.7B
FY24 ₹10.1B
FY25 ₹12.7B
FY26 ₹17.6B
Net income +23.6%/yr
FY22 ₹1.6B
FY23 ₹2.0B
FY24 ₹2.5B
FY25 ₹3.1B
FY26 ₹3.7B
Character of growth · EPS growth decomposed (2015-2026) +17.2 % p.a.
Revenue per share +13.7 pp

of which total revenue +18.1 pp · buybacks/dilution −4.4 pp

EBIT margin −5.4 pp
Tax rate +1.4 pp
Residual (interest, one-offs) +7.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

MASFIN screens 13% overvalued. Compare with Visa Inc →

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Cite: Fair Value Calculator (2026). "MAS Financial Services Limited Fair Value". https://www.fairvalue-calculator.com/stock/MASFIN

Peer Group

Credit Services · 334 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 36 · Bottom 25%
Fair Value upside −13% · Below median
Return on equity (TTM) 13% · Above median
Return on assets 3% · Above median
Net margin (TTM) 41% · Top 25%
Operating margin (TTM) 55% · Above median
Revenue growth -5% · Below median
Dividend yield (TTM) 0.7% · Bottom 25%
Debt / equity 3.47× · Higher than 75% of peers

Valuation Multiples vs Credit Services median · lower = cheaper

P/E (TTM) 14.9× · Pricier than median
P/B 1.94× · Pricier than median
P/S (TTM) 6.32× · Pricier than 75% of peers
EV/EBITDA 34.9× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 16 · sector 33
FUTURE 0 · sector 39
PAST 53 · sector 32
HEALTH 0 · sector 59
DIVIDEND 13 · sector 58

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Credit Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Visa Inc V $359.42 $198.27 -45%
Mastercard Incorporated MA $561.44 $221.87 -60%
Bajaj Finance Limited BAJFINANCE ₹1,094 ₹397.61 -64%
Shriram Finance Limited SHRIRAMFIN ₹1,117 ₹553.83 -50%
Cholamandalam Investment and Finance Company CHOLAFIN ₹1,918 ₹796.52 -58%
Tata Capital Limited TATACAP ₹367.05 ₹149.40 -59%
Power Finance Corporation PFC ₹376.50 ₹615.85 +64%
Muthoot Finance Limited MUTHOOTFIN ₹2,876 ₹3,429 +19%
Indian Railway Finance Corporation IRFC ₹88.35 ₹69.72 -21%
REC Limited RECLTD ₹346.00 ₹692.00 +100%

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Frequently asked questions

Is MAS Financial Services Limited (MASFIN) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹265.95 versus a price of ₹305.30, about −13% (overvalued).
What is the fair value of MASFIN?
Our model-based fair value for MAS Financial Services Limited is ₹265.95 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹305.30.
What is the quality score of MASFIN?
MAS Financial Services Limited has a Quality Score of 37/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of MAS Financial Services Limited (MASFIN)?
MAS Financial Services Limited reported trailing-twelve-month revenue of about ₹9.2B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MASFIN?
The net profit margin of MAS Financial Services Limited is about 40.5%, meaning it keeps roughly 40.5% of revenue as net income. Based on the latest reported figures.
Does MAS Financial Services Limited pay a dividend?
MAS Financial Services Limited currently shows a dividend yield of about 0.65% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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