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 / Equity Bottom-Up

<ul><li>MSME Franchise Remains the Core Growth Engine: MAS continues to anchor its growth strategy around the MSME segment (~76% mix).</li><li>Incremental growth in wheels and SPL is being calibrated without diluting the core focus.</li><li>Though MAS is consciously scaling the Wheels portfolio to ensure portfolio diversification, near-term growth should be led by 2- Wheelers.</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.

MSME Franchise Remains the Core Growth Engine: MAS continues to anchor its growth strategy around the MSME segment (~76% mix).Incremental growth in wheels and SPL is being calibrated without diluting the core focus.Though MAS is consciously scaling the Wheels portfolio to ensure portfolio diversification, near-term growth should be led by 2- Wheelers.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 - Building a Durable Compounding Franchise

<ul><li>We attended the Analyst Meet hosted by MAS Financial Services Ltd. (MAS) to understand the growth roadmap as the company laid down its vision for the forthcoming decade, as it aspires to scale up its AUM to Rs 1 Tn while maintaining strong asset quality and sustainable profitability.</li><li>The company has demonstrated strong and consistent AUM (~20% CAGR over FY15-25) and earnings (~23% CAGR over FY15-25) growth across economic cycles, underpinned by disciplined underwriting, diversified product offerings, and a strong distribution architecture consisting of direct distribution and NBFC partnerships.</li><li>It intends to replicate its consistent performance over the forthcoming decade.</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.

We attended the Analyst Meet hosted by MAS Financial Services Ltd. (MAS) to understand the growth roadmap as the company laid down its vision for the forthcoming decade, as it aspires to scale up its AUM to Rs 1 Tn while maintaining strong asset quality and sustainable profitability.The company has demonstrated strong and consistent AUM (~20% CAGR over FY15-25) and earnings (~23% CAGR over FY15-25) growth across economic cycles, underpinned by disciplined underwriting, diversified product offerings, and a strong distribution architecture consisting of direct distribution and NBFC partnerships.It intends to replicate its consistent performance over the forthcoming decade.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 - Vision 2036: Compounding with Prudence

<ul><li>Eligible Demand Seeing Revival: 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 highlighted that operating conditions at the ground level are gradually improving, with eligible demand showing signs of recovery.</li><li>However, MAS will continue to remain cautious about accelerating growth immediately and expects to adopt a measured approach while improving the pace of growth over the next 2-3 quarters as it looks to revert to its usual 20-25% AUM growth. </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.

Eligible Demand Seeing Revival: 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 highlighted that operating conditions at the ground level are gradually improving, with eligible demand showing signs of recovery.However, MAS will continue to remain cautious about accelerating growth immediately and expects to adopt a measured approach while improving the pace of growth over the next 2-3 quarters as it looks to revert to its usual 20-25% AUM growth. 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; Valuations Attractive!

<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!

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) credit growth was marginally in line with our estimates, delivering an 15/5% YoY/QoQ growth in Q4, with a recovery in corporate demand for most larger banks, along with steady demand in the retail segment (particularly LAP, Auto and Gold) and a gradual pick-up in the unsecured segments (improved disbursement momentum driving sequential advances growth).</li><li>While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ) witnessed growth revival during the quarter.</li><li>SFBs delivered strong growth (+25/8% YoY/QoQ) as unsecured segments, particularly MFI, resumed growth, while secured segments growth remained buoyant. </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.

Banks (incl. SFBs) credit growth was marginally in line with our estimates, delivering an 15/5% YoY/QoQ growth in Q4, with a recovery in corporate demand for most larger banks, along with steady demand in the retail segment (particularly LAP, Auto and Gold) and a gradual pick-up in the unsecured segments (improved disbursement momentum driving sequential advances growth).While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ) witnessed growth revival during the quarter.SFBs delivered strong growth (+25/8% YoY/QoQ) as unsecured segments, particularly MFI, resumed growth, while secured segments growth remained buoyant. 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.

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

India

MAS Financial Services is a non-deposit-taking Non-Banking Financial Company (NBFC) specializing in retail financing for underserved segments of the Indian economy, including micro-enterprises, small and medium businesses, and individuals. The company offers a diverse portfolio of financial solutions such as micro-enterprise loans, SME loans, home loans, two-wheeler loans, and commercial vehicle loans. Headquartered in Ahmedabad, Gujarat, India, the company was established in 1995.

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MAS Financial Services (MASFIN IN)

MAS Financial Services Ltd - Building a Durable Compounding Franchise

MSME Franchise Remains the Core Growth Engine: MAS continues to anchor its growth strategy around the MSME segment (~76% mix).

Axis Direct

MAS Financial Services Ltd - Vision 2036: Compounding with Prudence

We attended the Analyst Meet hosted by MAS Financial Services Ltd. (MAS) to understand the growth roadmap as the company laid down its vision for...

Axis Direct

MAS Financial Services Ltd. - Green Shoots Visible on Growth; Valuations Attractive!

Eligible Demand Seeing Revival: MAS has consciously pruned its growth amidst an uncertain and challenging credit environment, especially in the...

Axis Direct

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

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ)...

Axis Direct

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