MAS Financial Services has received comprehensive credit rating actions from CARE Ratings Limited across its various debt instruments, with the rating agency taking multiple decisions including reaffirmations, new assignments, and withdrawal of ratings on fully redeemed facilities.

Rating Actions Overview

CARE Ratings has undertaken extensive rating actions covering the company's diverse funding instruments:

The rating agency has withdrawn the rating on non-convertible debentures with ISIN INE348L07191, considering the full redemption of these facilities.

Business Performance and Growth

MAS Financial Services demonstrated steady business momentum during the nine-month period of FY26. The company's consolidated disbursements increased to ₹10,112.00 crore in 9MFY26 from ₹9,085.00 crore in 9MFY25, reflecting continued business expansion. Consolidated total income rose to ₹1,457.00 crore in 9MFY26 compared to ₹1,161.00 crore in 9MFY25, supported mainly by higher interest income.

The company's consolidated profit after tax for 9MFY26 stood at ₹271.00 crore, marking an 18.00% year-on-year increase from ₹231.00 crore in 9MFY25. At the consolidated level, the net interest margin improved to 5.48% in 9MFY26 from 5.43% in 9MFY25, supported by a larger loan book and higher investment income.

Portfolio Composition and Asset Quality

As of December 31, 2025, the company's consolidated assets under management stood at ₹14,641.46 crore, compared to ₹12,867.91 crore as of March 31, 2025. The portfolio composition reflects diversification across multiple lending segments:

The company's asset quality parameters showed some moderation, with consolidated gross stage 3 and net stage 3 ratios at 2.47% and 1.64% respectively as of December 31, 2025, compared to 2.35% and 1.56% as of March 31, 2025.

Financial Metrics and Capitalization

MAS Financial Services maintained comfortable capitalization levels with a capital adequacy ratio of 22.84% and tier-I CAR of 21.48% as of December 31, 2025. The company's overall consolidated gearing and consolidated AUM to net worth stood at 3.47x and 5.03x respectively as of December 31, 2025.

Rating Rationale and Outlook

CARE Ratings' stable outlook reflects expectations of consistent and profitable business growth in the near-to-medium term while maintaining asset quality parameters under control. The ratings factor in the company's healthy business uptick with diversified portfolio mix, comfortable capitalisation levels, and long-standing track record in the lending business.

However, the ratings are partially offset by the company's moderately concentrated customer base and geographic presence, with exposure to riskier segments. The company's operations span across 13 states with 208 branches at standalone level and 101 branches of its housing finance subsidiary, alongside 215 NBFC partnerships as of December 31, 2025.

Source: None/Company/INE348L01012/cef00afe-d3ac-4521-ac0e-4417e120a913.pdf

MAS Financial Services Limited has successfully completed its postal ballot process, with shareholders overwhelmingly approving the re-appointment of Dr. Barnali Chaklader as Woman Independent Director. The special resolution was passed on February 28, 2026, following a month-long remote e-voting process that demonstrated strong shareholder confidence in the company's governance structure.

Official Disclosure and Regulatory Compliance

The company formally disclosed the voting results to BSE Limited and National Stock Exchange of India Limited on March 02, 2026, through communication reference MFSL/SEC/EQ/2026/21. The disclosure included comprehensive voting results pursuant to Regulation 44 of the SEBI (LODR) Regulations, 2015, along with the scrutinizer report dated March 02, 2026.

Voting Results Overview

The postal ballot results revealed exceptional shareholder support for the proposed resolution. Out of the total participating shares, an overwhelming majority voted in favour of Dr. Chaklader's re-appointment for a second term of 5 consecutive years.

Category-wise Voting Pattern

The voting pattern across different shareholder categories demonstrated broad-based support for the resolution. Promoter and promoter group showed unanimous support, while institutional and retail investors also backed the proposal significantly.

E-Voting Process and Scrutinizer Report

The remote e-voting process was conducted through Central Depository Services (India) Limited (CDSL) platform, ensuring secure and transparent voting mechanism. Ashish Shah & Associates served as the scrutinizer for the voting process, providing an independent verification of the results.

Resolution Details and Regulatory Framework

The special resolution pertained to the re-appointment of Dr. Barnali Chaklader (DIN: 10970760) as a Woman Independent Director of the company for a second term of 5 consecutive years. The resolution was classified as special business with no promoter or promoter group interest in the agenda.

The postal ballot process was conducted in full compliance with Section 110 of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. All relevant documents have been uploaded on the respective stock exchange websites and the company's official website at https://mas.co.in/ .