External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

MAS Financial Services Ltd / Equity Bottom-Up

<ul><li>Prudent Growth While Prioritizing Asset Quality: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the customer segment the company caters to.</li><li>However, the management believes the worst is behind and expects AUM growth to pick up meaningfully over H2.</li><li>MAS has guided for AUM to improve to 5-7% QoQ in Q3 vs 4% in Q2, and a gradual improvement in Q4, as it believes that the on-ground demand from eligible borrowers continues to improve over Sep-Oct’25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudent Growth While Prioritizing Asset Quality: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the customer segment the company caters to.However, the management believes the worst is behind and expects AUM growth to pick up meaningfully over H2.MAS has guided for AUM to improve to 5-7% QoQ in Q3 vs 4% in Q2, and a gradual improvement in Q4, as it believes that the on-ground demand from eligible borrowers continues to improve over Sep-Oct’25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS Financial Services Ltd. - Green Shoots Visible on Growth and Asset Quality!

<ul><li>Prudent Growth While Prioritising Asset Quality: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the customer segment the company caters to.</li><li>However, the log-in, disbursement, and sanction rates have remained broadly stable and not deteriorated.</li><li>Thus, the management is confident of growth picking up in H2, enabling MAS to deliver a steady AUM growth of 20-25%. further scope to accelerate growth contingent on a strong pick-up in the MSME segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudent Growth While Prioritising Asset Quality: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the customer segment the company caters to.However, the log-in, disbursement, and sanction rates have remained broadly stable and not deteriorated.Thus, the management is confident of growth picking up in H2, enabling MAS to deliver a steady AUM growth of 20-25%. further scope to accelerate growth contingent on a strong pick-up in the MSME segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS Financial Services Ltd - Steady Quarter

<ul><li>Prudent growth with focus on profitability: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, resulting in slower growth in FY25</li><li>. However, with stress levels expected to ease from the second half of FY26, management anticipates a rebound in growth, projecting a 20–25% increase in the standalone loan book for FY26.</li><li>This recovery is expected to be broad-based, with the SME segment serving as the primary growth driver. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudent growth with focus on profitability: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, resulting in slower growth in FY25. However, with stress levels expected to ease from the second half of FY26, management anticipates a rebound in growth, projecting a 20–25% increase in the standalone loan book for FY26.This recovery is expected to be broad-based, with the SME segment serving as the primary growth driver. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS Financial Services Ltd - Steady Quarter; Growth to Pick Up from FY26 Onwards!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Thematic (Sector/Industry)

<ul>
<li>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

<ul><li>Prioritizing asset quality over growth: MAS has been able to maintain pristine asset quality consistently owing to its principle of extending credit where due.</li><li>Resultantly, the company has been able to maintain GNPA/NNPA at sub-2.5%/sub-1.75% across cycles.</li><li>MAS has seen a slight deterioration in asset quality in Q2FY25 mainly from the MEL, 2-Wheelers and CV portfolio. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prioritizing asset quality over growth: MAS has been able to maintain pristine asset quality consistently owing to its principle of extending credit where due.Resultantly, the company has been able to maintain GNPA/NNPA at sub-2.5%/sub-1.75% across cycles.MAS has seen a slight deterioration in asset quality in Q2FY25 mainly from the MEL, 2-Wheelers and CV portfolio. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS Financial Services Ltd. - Strong Quarter; Prioritizing Credit Quality over Growth

India

MAS Financial Services Limited provides retail financial services. The Company offers loans and other financial services for homes, two wheeler vehicles, industrial machinery, properties, agricultural use, commercial vehicles, and insurance products. MAS Financial Services offers its services to small and medium enterprises in India.

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MAS Financial Services Ltd (MASFIN IN)

MAS Financial Services Ltd. - Green Shoots Visible on Growth and Asset Quality!

MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the customer segment the company caters...

Axis Direct

MAS Financial Services Ltd - Steady Quarter

MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the customer segment the company caters...

Axis Direct

MAS Financial Services Ltd - Steady Quarter; Growth to Pick Up from FY26 Onwards!

Prudent growth with focus on profitability: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, resulting...

Axis Direct

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

MAS Financial Services Ltd. - Strong Quarter; Prioritizing Credit Quality over Growth

Prioritizing asset quality over growth: MAS has been able to maintain pristine asset quality consistently owing to its principle of extending...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MAS Financial Services Ltd. - Green Shoots Visible on Growth and Asset Quality!

MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the customer segment the company caters...

Axis Direct

MAS Financial Services Ltd - Steady Quarter

MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the customer segment the company caters...

Axis Direct

MAS Financial Services Ltd - Steady Quarter; Growth to Pick Up from FY26 Onwards!

Prudent growth with focus on profitability: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, resulting...

Axis Direct

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

MAS Financial Services Ltd. - Strong Quarter; Prioritizing Credit Quality over Growth

Prioritizing asset quality over growth: MAS has been able to maintain pristine asset quality consistently owing to its principle of extending...

Axis Direct

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...