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MAS Financial Services BSE:540749 Stock Report

Last Price


Market Cap







01 Oct, 2022


Company Financials +
540749 fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance4/6
Financial Health3/6

540749 Stock Overview

MAS Financial Services Limited, a non-banking finance company, provides retail financing services in India.

MAS Financial Services Competitors

Price History & Performance

Summary of all time highs, changes and price drops for MAS Financial Services
Historical stock prices
Current Share Price₹736.30
52 Week High₹846.95
52 Week Low₹469.05
1 Month Change0.76%
3 Month Change49.58%
1 Year Change-4.15%
3 Year Change5.07%
5 Year Changen/a
Change since IPO12.46%

Recent News & Updates

Shareholder Returns

540749IN Consumer FinanceIN Market

Return vs Industry: 540749 matched the Indian Consumer Finance industry which returned -3.2% over the past year.

Return vs Market: 540749 underperformed the Indian Market which returned -0.6% over the past year.

Price Volatility

Is 540749's price volatile compared to industry and market?
540749 volatility
540749 Average Weekly Movement5.2%
Consumer Finance Industry Average Movement6.1%
Market Average Movement5.9%
10% most volatile stocks in IN Market9.2%
10% least volatile stocks in IN Market3.8%

Stable Share Price: 540749 is not significantly more volatile than the rest of Indian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 540749's weekly volatility (5%) has been stable over the past year.

About the Company

1995946Darshana Pandya

MAS Financial Services Limited, a non-banking finance company, provides retail financing services in India. The company offers micro enterprise, small and medium enterprise, two-wheeler, commercial vehicle, salaried personal, used car, tractor, and housing loans; and loans to micro finance institutions and non-banking financial companies. As of March 31, 2022, it operated approximately 4,438 customer locations through a network of 125 branches in cities/towns of Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Karnataka, and Delhi NCR.

MAS Financial Services Fundamentals Summary

How do MAS Financial Services's earnings and revenue compare to its market cap?
540749 fundamental statistics
Market Cap₹40.25b
Earnings (TTM)₹1.69b
Revenue (TTM)₹3.69b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
540749 income statement (TTM)
Cost of Revenue₹368.24m
Gross Profit₹3.32b
Other Expenses₹1.63b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)30.85
Gross Margin90.02%
Net Profit Margin45.71%
Debt/Equity Ratio331.3%

How did 540749 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is 540749 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 540749?

Other financial metrics that can be useful for relative valuation.

540749 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ration/a

Price to Earnings Ratio vs Peers

How does 540749's PE Ratio compare to its peers?

540749 PE Ratio vs Peers
The above table shows the PE ratio for 540749 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average19.4x
532900 Paisalo Digital
539844 Equitas Holdings
539874 Ujjivan Financial Services
531213 Manappuram Finance
540749 MAS Financial Services

Price-To-Earnings vs Peers: 540749 is expensive based on its Price-To-Earnings Ratio (23.9x) compared to the peer average (19.4x).

Price to Earnings Ratio vs Industry

How does 540749's PE Ratio compare vs other companies in the IN Consumer Finance Industry?

Price-To-Earnings vs Industry: 540749 is good value based on its Price-To-Earnings Ratio (23.9x) compared to the Indian Consumer Finance industry average (29x)

Price to Earnings Ratio vs Fair Ratio

What is 540749's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

540749 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.9x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 540749's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of 540749 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 540749 (₹736.3) is trading above our estimate of fair value (₹199.16)

Significantly Below Fair Value: 540749 is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is MAS Financial Services forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Diversified Financials industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as MAS Financial Services has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Discover growth companies

Past Performance

How has MAS Financial Services performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 540749 has high quality earnings.

Growing Profit Margin: 540749's current net profit margins (45.7%) are lower than last year (51.3%).

Past Earnings Growth Analysis

Earnings Trend: 540749's earnings have grown by 10.6% per year over the past 5 years.

Accelerating Growth: 540749's earnings growth over the past year (17.3%) exceeds its 5-year average (10.6% per year).

Earnings vs Industry: 540749 earnings growth over the past year (17.3%) exceeded the Consumer Finance industry 14.6%.

Return on Equity

High ROE: 540749's Return on Equity (12.7%) is considered low.

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Financial Health

How is MAS Financial Services's financial position?

Financial Health Score


Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 540749's short term assets (₹60.3B) exceed its short term liabilities (₹27.6B).

Long Term Liabilities: 540749's short term assets (₹60.3B) exceed its long term liabilities (₹22.2B).

Debt to Equity History and Analysis

Debt Level: 540749's net debt to equity ratio (287.3%) is considered high.

Reducing Debt: 540749's debt to equity ratio has reduced from 371.2% to 331.3% over the past 5 years.

Debt Coverage: 540749's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if 540749's interest payments on its debt are well covered by EBIT.

Balance Sheet

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What is MAS Financial Services's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

MAS Financial Services Dividend Yield vs Market
How does MAS Financial Services dividend yield compare to the market?
SegmentDividend Yield
Company (MAS Financial Services)0.5%
Market Bottom 25% (IN)0.4%
Market Top 25% (IN)1.6%
Industry Average (Consumer Finance)0.6%
Analyst forecast in 3 Years (MAS Financial Services)n/a

Notable Dividend: 540749's dividend (0.48%) is higher than the bottom 25% of dividend payers in the Indian market (0.36%).

High Dividend: 540749's dividend (0.48%) is low compared to the top 25% of dividend payers in the Indian market (1.63%).

Stability and Growth of Payments

Stable Dividend: 540749 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 540749's dividend payments have increased, but the company has only paid a dividend for 5 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (9.7%), 540749's dividend payments are thoroughly covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: 540749 is paying a dividend but the company has no free cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Darshana Pandya (50 yo)





Ms. Darshana Saumil Pandya serves Whole-Time Director at MAS Financial Services Ltd. since July 31, 2019 and serves its Chief Executive Officer since November 06, 2019. Ms. Pandya served as Chief Operating...

CEO Compensation Analysis

Darshana Pandya's Compensation vs MAS Financial Services Earnings
How has Darshana Pandya's remuneration changed compared to MAS Financial Services's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022₹4m₹4m


Dec 31 2021n/an/a


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021₹3m₹3m


Dec 31 2020n/an/a


Sep 30 2020n/an/a


Jun 30 2020n/an/a


Mar 31 2020₹3m₹3m


Dec 31 2019n/an/a


Sep 30 2019n/an/a


Jun 30 2019n/an/a


Mar 31 2019₹3m₹3m


Dec 31 2018n/an/a


Sep 30 2018n/an/a


Jun 30 2018n/an/a


Mar 31 2018₹2m₹2m


Dec 31 2017n/an/a


Sep 30 2017n/an/a


Jun 30 2017n/an/a


Mar 31 2017n/an/a


Mar 31 2016₹2mn/a


Compensation vs Market: Darshana's total compensation ($USD54.14K) is below average for companies of similar size in the Indian market ($USD302.84K).

Compensation vs Earnings: Darshana's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: 540749's management team is seasoned and experienced (8.6 years average tenure).

Board Members

Experienced Board: 540749's board of directors are seasoned and experienced ( 10.1 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

BSE:540749 Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
29 Jun 22Buy₹4,134,598Kamlesh GandhiIndividual8,300₹498.14
28 Jun 22Buy₹3,409,594Kamlesh GandhiIndividual6,855₹497.39
24 Jun 22Buy₹2,392,358Kamlesh GandhiIndividual4,845₹493.78
24 Jun 22Buy₹499,743Darshana PandyaIndividual1,000₹499.74
22 Jun 22Buy₹2,466,848Kamlesh GandhiIndividual5,000₹493.37
21 Jun 22Buy₹1,503,401Darshana PandyaIndividual3,012₹499.14
12 May 22Buy₹1,361,584Kamlesh GandhiIndividual2,500₹544.63
31 Mar 22Buy₹2,711,767Anamaya Capital LLPCompany5,000₹542.35
31 Mar 22Buy₹4,003,140Prarthana Marketing Private LimitedCompany7,500₹533.75
30 Mar 22Buy₹6,676,538Kamlesh GandhiIndividual12,500₹534.12
08 Mar 22Buy₹1,055,000Kamlesh GandhiIndividual2,000₹527.50
24 Feb 22Buy₹3,233,671Kamlesh GandhiIndividual6,000₹538.95
30 Nov 21Buy₹2,554,206Kamlesh GandhiIndividual3,675₹695.02
25 Nov 21Buy₹710,739Kamlesh GandhiIndividual1,000₹710.74
05 Nov 21Buy₹762,201Kamlesh GandhiIndividual1,000₹762.20

Ownership Breakdown

What is the ownership structure of 540749?
Owner TypeNumber of SharesOwnership Percentage
VC/PE Firms4,044,5797.4%
General Public4,300,9887.9%
Private Companies17,474,37132.0%
Individual Insiders22,753,73041.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 84.65% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Kamlesh Gandhi
22,682,712₹16.7b0.12%no data
Estate Of Mukesh Chimanlal Gandhi
16,156,814₹11.9b0%no data
Axis Asset Management Company Limited
IDFC Asset Management Company Limited
Prarthana Marketing Private Limited
1,317,557₹970.1m0.38%no data
Tata AIA Life Insurance Company Ltd., Asset Management Arm
DHFL Pramerica Asset Managers Private Limited
Schroder Investment Management (Singapore) Ltd
Dimensional Fund Advisors LP
134,659₹99.1m10.14%no data
Anamaya Capital LLP
99,994₹73.6m5.26%no data
BlackRock, Inc.
52,745₹38.8m-4.57%no data
Dhvanil Gandhi
34,619₹25.5m0%no data
Darshana Pandya
33,703₹24.8m13.54%no data
State Street Global Advisors, Inc.
13,725₹10.1m0%no data
American Century Investment Management Inc
11,986₹8.8m15.92%no data
Teachers Insurance and Annuity Association-College Retirement Equities Fund
11,381₹8.4m0%no data
Essel Finance AMC Limited
Schroder Investment Management Limited
4,784₹3.5m0%no data
Balabhaskaran Nair
945₹695.8k0%no data
Sunil Shah
488₹359.3k0%no data
Bhavesh Patel
338₹248.9k0%no data
Gaurang Kasudia
338₹248.9k0%no data
Umesh Shah
250₹184.1k0%no data
Ravi Shah
188₹138.4k0%no data
Rajen Shah
120₹88.4k0%no data

Company Information

MAS Financial Services Limited's employee growth, exchange listings and data sources

Key Information

  • Name: MAS Financial Services Limited
  • Ticker: 540749
  • Exchange: BSE
  • Founded: 1995
  • Industry: Consumer Finance
  • Sector: Diversified Financials
  • Implied Market Cap: ₹40.248b
  • Shares outstanding: 54.66m
  • Website:

Number of Employees


  • MAS Financial Services Limited
  • 6, Narayan Chambers
  • Ground Floor
  • Ahmedabad
  • Gujarat
  • 380009
  • India


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
540749BSE (Mumbai Stock Exchange)YesEquity SharesININROct 2017
MASFINNSEI (National Stock Exchange of India)YesEquity SharesININROct 2017

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2022/03/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.