MAS Financial Services Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year April 1, 2025 to March 31, 2026, to BSE Limited and the National Stock Exchange of India Limited. The filing was made pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report is prepared on a standalone basis and covers disclosures across all nine principles of the National Guidelines on Responsible Business Conduct (NGRBC). The company, incorporated in 1995 and headquartered in Ahmedabad, Gujarat, operates as a Non-Banking Finance Company engaged in lending and allied activities, with 208 offices across 13 states and union territories as on March 31, 2026.

Corporate Overview and Financial Profile

MAS Financial Services Limited reported a paid-up capital of ₹1,81,45,33,770 as of the reporting period. The company's CSR applicability disclosures indicate a turnover of ₹1,900.33 Crore and a net worth of ₹2,952.63 Crore. The company holds two subsidiaries — MAS Rural Housing & Mortgage Finance Limited (63.74% shareholding) and Masfin Insurance Broking Private Limited (69.50% shareholding) — neither of which participates in the company's Business Responsibility initiatives. Investments in related parties as a percentage of total investments stood at 9.63% in FY 2025-26, compared to 4.80% in FY 2024-25.

Workforce Composition and Employee Well-Being

As at the end of FY 2025-26, MAS Financial Services Limited had a total permanent employee strength of 1,933, comprising 1,771 males (91.62%) and 162 females (8.38%). The company reported 3 differently abled permanent employees, all male. Women represented 28.57% of the Board of Directors (2 out of 7) and 40% of Key Management Personnel (2 out of 5) as on March 31, 2026. The employee turnover rate for permanent employees increased to 50.39% in FY 2025-26 from 37.99% in FY 2024-25 and 30.83% in FY 2023-24.

Well-being expenditure as a percentage of total revenue stood at 0.30% in FY 2025-26, up from 0.22% in FY 2024-25. All 1,933 permanent employees were covered under accident insurance. Provident Fund coverage stood at 85.31% of total employees in FY 2025-26, while ESI coverage was at 5.17%. The return-to-work and retention rates for employees who took maternity or parental leave were both 100% for FY 2025-26.

Training, Human Rights, and Governance

In FY 2025-26, the company conducted 4 training and awareness programmes for the Board of Directors and Key Managerial Personnel, achieving 100% coverage. For employees other than Board members and KMPs, 1,899 training programmes were conducted, also with 100% coverage. Topics covered included POSH, whistleblowing, Fair Practices Code, cybersecurity, data privacy, ESG awareness, KYC/AML compliance, and fraud prevention, among others.

On health and safety training, 1,486 out of 1,933 employees (76.88%) received training on health and safety measures in FY 2025-26, while 1,009 employees (52.20%) received skill upgradation training. Human rights training was provided to 1,694 out of 1,933 permanent employees (87.64%) in FY 2025-26, compared to 1,487 out of 1,758 (84.58%) in FY 2024-25. No complaints related to sexual harassment, discrimination, child labour, forced labour, or other human rights issues were filed or pending in either FY 2025-26 or FY 2024-25.

In terms of remuneration, 95.09% of permanent employees (1,838 out of 1,933) were paid above the minimum wage in FY 2025-26. Gross wages paid to female employees as a percentage of total wages rose to 7.78% in FY 2025-26 from 5.77% in FY 2024-25. The median remuneration for male Board of Directors stood at ₹4,99,40,868 and for female Board members at ₹1,48,23,002 (excluding Non-Executive/Independent Directors).

Environmental Performance

MAS Financial Services Limited reported total energy consumption from non-renewable sources of 14,643 gigajoules in FY 2025-26, compared to 11,856 gigajoules in FY 2024-25. Total electricity consumption (non-renewable) was 5,089 gigajoules and total fuel consumption was 9,554 gigajoules in FY 2025-26. Energy intensity per rupee of turnover was 0.77 in FY 2025-26, marginally lower than 0.78 in FY 2024-25.

Total waste generated increased to 1.260 metric tonnes in FY 2025-26 from 0.383 metric tonnes in FY 2024-25, primarily driven by a rise in e-waste from 0.373 to 1.250 metric tonnes. Plastic waste remained at 0.01 metric tonnes in both years. The company has undertaken initiatives including tree plantation, digitization of business processes, and the use of ceramic cups to reduce paper and plastic waste.

Consumer Engagement and Grievance Redressal

The company received 1,620 customer complaints in FY 2025-26, of which 669 were received from partners, compared to 1,321 total complaints in FY 2024-25 (577 from partners). As on March 31, 2026, 60 complaints were pending resolution, of which 31 pertained to partner complaints. In FY 2024-25, 36 complaints were pending as on March 31, 2025, of which 10 were from partners. No complaints were filed or pending from communities, investors, shareholders, employees, or value chain partners in either year.

The company reported zero data breaches during FY 2025-26. It maintains a cyber security and data privacy policy, available on its website. CSR initiatives during FY 2025-26 benefited over 250 individuals under MAS Arogya Abhiyan, over 15,000 students under Shiksha Abhiyan, over 10,000 individuals under the MAS Menstrual Hygiene Programme, and over 300 individuals under Grain Distribution, with 100% of beneficiaries from vulnerable and marginalised groups across all four programmes.

mas financial services reported a consolidated net profit of ₹375.82 crore for the financial year ended March 31, 2026, marking a 19.70% increase from ₹313.98 crore in the previous year. The growth was underpinned by a 24.91% rise in revenue from operations, which stood at ₹1,995.43 crore compared to ₹1,597.45 crore in FY25. On a standalone basis, the company recorded a net profit of ₹363.65 crore, up 18.87% from ₹305.93 crore, with revenue from operations growing 24.79% to ₹1,894.51 crore.

The results reflect strong momentum across key lending segments, particularly Micro Enterprise Loans and Small and Medium Enterprise loans, which form the core of the portfolio. The company’s consolidated Assets Under Management (AUM) surpassed the ₹15,000 crore threshold, reaching ₹15,303.86 crore as of March 31, 2026. This includes standalone AUM of ₹14,363.67 crore and subsidiary MAS Rural Housing & Mortgage Finance Limited’s AUM of ₹940.19 crore. Asset quality remained stable, with net Stage 3 assets at 1.70% of total AUM.

Key Financial Metrics

*Consolidated AUM derived from standalone AUM of ₹14,363.67 crore and subsidiary AUM of ₹940.19 crore.

Portfolio Growth and Diversification

The Micro Enterprise Loans segment, which accounts for over 70% of standalone AUM, saw its book grow by 19.70% to ₹5,737.79 crore. The SME loan portfolio expanded by 15.78% to ₹5,212.99 crore. In the retail segment, Two-Wheeler Loans emerged as the fastest-growing product, with AUM rising 35.43% to ₹1,063.33 crore, supported by improving rural demand. Commercial Vehicle financing also performed well, with AUM increasing 10.86% to ₹1,085.73 crore. Salaried Personal Loans grew 21.58% to ₹1,263.82 crore, remaining within the company’s self-imposed limit of below 10% of total AUM.

Dividend and Corporate Actions

The Board recommended a final dividend of ₹0.75 per equity share for FY26, subject to shareholder approval at the 31st Annual General Meeting scheduled for September 2, 2026. This follows an interim dividend of ₹1.25 per share paid during the year. The company also seeks shareholder approval to increase borrowing powers up to ₹15,000 crore and enhance limits for creation of charges on properties under Section 180(1)(c) and Section 180(1)(a) of the Companies Act, 2013.

What the Numbers Show

The divergence between revenue growth (24.91%) and net profit growth (19.70%) suggests a slight compression in margins or increased provisioning, although asset quality metrics remained healthy. The significant expansion in the Two-Wheeler portfolio indicates a strategic push into high-growth retail segments, diversifying away from traditional MSME lending. With a Capital Adequacy Ratio of 22.84%, well above the regulatory minimum of 15%, the company retains substantial headroom for future credit expansion without immediate need for equity dilution.