MAS Financial Services

What MAS Financial Services does

MAS Financial Services Limited is an Indian non-banking financial company (NBFC) founded in 1995 and headquartered in Ahmedabad, Gujarat. Listed on Indian stock exchanges under ticker MASFIN, the company provides retail and wholesale credit products to micro, small, and medium enterprises (MSMEs) and individual borrowers, with MSMEs accounting for approximately 75% of its loan book. Its product portfolio spans eight core lending products: Micro Enterprise Loan (up to Rs 50 lakh), Business Loan (up to Rs 1 crore), Loans Against Property (up to Rs 5 crore), Two-Wheeler Loan (up to Rs 2 lakh), Used Car Loan (up to Rs 10 lakh), Commercial Vehicle Loan, Salaried Personal Loan (up to Rs 5 lakh), and Home Loans through wholly-owned subsidiary MAS Rural Housing and Mortgage Finance Limited (MRHMFL).

The company operates on a hybrid distribution model combining 205+ branches across 14 Indian states with a 215+ business partner network, with direct sourcing contributing 65% of loan originations. Its technology stack consists of a standard NBFC lending platform supporting digital application processing, an online application portal, and an EMI calculator — no proprietary AI/ML capabilities are disclosed. MAS serves over 1.3 million live loan accounts across 16,500+ service locations.

Revenue is generated predominantly through interest income on the loan book (subscription-recurring model) with monthly EMI billing across products. FY2026 reported revenue was Rs 1,995.43 crore with net profit of Rs 371.21 crore (up 19.60% YoY). Q4 FY26 net profit grew 25.04% YoY to Rs 103.12 crore. The company achieved consolidated AUM of Rs 15,000 crore and PBT of Rs 500 crore in Q4 FY26, and has publicly committed to a Vision 2036 plan targeting Rs 1 lakh crore in AUM with 20-25% annual growth, 15-17% ROE, and 2.75-3.00% ROA. Backing includes Motilal Oswal Alternates and an offshore investor via a 2024 Qualified Institutional Placement.

Name

MAS Financial Services

Legal name

MAS Financial Services Limited

Website

http://www.mas.co.in

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

MAS Financial Services is an Indian NBFC providing MSME and retail credit products including micro enterprise loans, business loans, vehicle financing, and home loans, serving 1.3 million+ borrowers across 14 states through 205+ branches.

Ownership category

akta.pro rank

Product category

Non-Banking Financial Services (MSME & Retail Lending)

NAICS

Nondepository Credit Intermediation (5222), Credit Intermediation and Related Activities (522)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

akta.pro secondary industries

Microloans & Working Capital Loans (FSAKAGAA), SME Lending Platforms & Embedded SME Credit (FSAKAGAJ)

Keywords

• MSME lending
• Micro enterprise loans
• Two-wheeler financing
• Used car loans
• Rural housing finance

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices17 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. MSME Lending: Primary revenue stream generating nearly three-fourths of the loan book, providing loans to micro, small and medium enterprises including micro enterprise loans up to Rs 50 lakh and SME loans up to Rs 1 crore
2. Two-Wheeler Financing: Retail lending for two-wheelers with loans up to Rs 2 lakh, generating interest income through installment payments
3. Used Car Loans: Financing for pre-owned vehicles up to Rs 10 lakh with competitive interest rates
4. Commercial Vehicle Loans: Business financing for commercial vehicle acquisition with tenure up to 60 months
5. Loans Against Property: Secured lending leveraging property equity with loan amounts up to Rs 5 crore and tenure up to 180 months
6. Salaried Personal Loans: Unsecured personal loans for salaried individuals up to Rs 5 lakh
7. Housing Finance (MRHMFL): Home loans through subsidiary MAS Rural Housing and Mortgage Finance Limited, with potential IPO planned within five years

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

MAS Financial Services is a publicly listed Indian NBFC providing retail and wholesale credit products across the small and medium enterprises sector and rural housing loans. Its core offerings include Micro Enterprise Loans (up to Rs 50 lakh), SME Business Loans (up to Rs 1 crore), Loans Against Property (up to Rs 5 crore), Two Wheeler Loans, Used Car Loans, Commercial Vehicle Loans, Salaried Personal Loans, and Home Loans through its MRHMFL subsidiary. The company operates 205+ branches across 14 states covering 16,500+ service locations and serves over 1.3 million live loan accounts.

Product overview

MAS Financial Services offers a comprehensive range of financial services through a unified product portfolio. The company provides eight core lending products: Micro Enterprise Loan (MEL) for micro business financing up to ₹50 lakh, Business Loan for SME growth up to ₹1 crore, Loans Against Property (LAP) leveraging property equity up to ₹5 crore, Two Wheeler Loan for vehicle purchase up to ₹2 lakh, Used Car Loan up to ₹10 lakh, Commercial Vehicle Loan for business vehicle acquisition up to 60 months tenure, Salaried Personal Loan up to ₹5 lakh, and Home Loan through subsidiary MRHMFL. All products feature quick approval processes, transparent terms, flexible EMI options, and doorstep service with minimal documentation requirements.

Differentiator

Problem solved

Functional benefit

Brands

• MAS Wise Loan: Loan product/service brand mentioned on the company's website.

Products and services

• Micro Enterprise Loan (MEL) A small amount of capital to support existing micro enterprises for expansion or day-to-day operational needs, with loan amount up to Rs 50,00,000 and tenure up to 120 months. Targeted at micro enterprises seeking working capital and growth financing.
• Business Loan Boosts business operations for SMEs with loan amount up to Rs 1 crore and tenure up to 36 months. Designed for SME business operations and working capital needs.
• Loans Against Property (LAP) Secured lending leveraging the equity in property, with loan amount up to Rs 5 crore and tenure up to 180 months. Targeted at borrowers seeking long-tenure collateral-backed credit.
• Two Wheeler Loan Hassle-free two-wheeler loans for purchasing bikes or scooters, with loan amount up to Rs 2,00,000. Targeted at individual retail borrowers seeking affordable vehicle financing with quick disbursement.
• Used Car Loan Affordable financing for purchase of pre-owned cars, with loan amount up to Rs 10,00,000. Targeted at individual retail borrowers seeking affordable used vehicle financing.
• Commercial Vehicle Loan Financing for businesses to acquire commercial-use vehicles, with tenure up to 60 months. Targeted at business owners and transport operators.
• Salaried Personal Loan Unsecured personal loans for salaried individuals to meet personal financial needs, with loan amount up to Rs 5,00,000. Targeted at salaried professionals seeking quick personal credit.
• Home Loan Housing loans for purchasing homes, offered through wholly-owned subsidiary MAS Rural Housing and Mortgage Finance Limited (MRHMFL) with a rural housing focus. A potential IPO of MRHMFL is planned within five years.

Quantifiable outcome

• Q4 FY26 Net Profit: Rs 103.12 crore, up 25.04% YoY
• +6 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators19 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Bajaj Finance: India's largest diversified NBFC with consumer durable, two-wheeler, and SME financing products. Highly comparable to MAS's product mix but at much greater scale and broader geographic footprint.
• L&T Finance Holdings: Diversified NBFC arm of the L&T Group focused on rural, SME, and infrastructure finance. Comparable MSME and rural lending orientation, with broader corporate finance exposure as well.
• Muthoot Finance: India's largest gold loan NBFC with growing MSME, microfinance, and housing finance subsidiaries. Comparable diversified NBFC platform and pan-India branch-led distribution model.

Direct peers

• Cholamandalam Investment and Finance: Indian NBFC focused on vehicle finance (including used cars, commercial vehicles, two-wheelers) and SME lending. Closely comparable product set and target customer segments as MAS.
• Shriram Finance: Large Indian NBFC with deep presence in used commercial vehicle financing, MSME lending, and retail credit across semi-urban and rural India. Highly comparable distribution model and customer base to MAS.
• M&M Financial Services (Mahindra Finance): Indian NBFC specializing in vehicle financing (two-wheelers, used cars, tractors, commercial vehicles) and SME lending via rural and semi-urban distribution. Direct overlap with MAS's vehicle finance and MSME products.
• Manappuram Finance: Diversified Indian NBFC with gold loans, microfinance, MSME lending, and vehicle finance. Comparable diversified SME and retail credit focus to MAS, particularly in underserved segments.
• Five-Star Business Finance: Indian NBFC focused on secured small business loans and housing finance to underserved borrowers. Closely comparable MSME and small-ticket secured lending focus to MAS.
• Spandana Sphoorty Financial: Indian microfinance institution with growing MSME lending book targeting underserved borrowers in semi-urban and rural India. Comparable mission and customer profile to MAS's microenterprise segment.

Emerging players

• Fusion Microfinance: Indian NBFC-MFI serving micro-entrepreneurs and small business borrowers, with growing MSME portfolio. Comparable underserved borrower focus and similar scale and growth profile to MAS's microenterprise lending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mas-financial-services-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MAS Financial Services