MAS Financial Services Q2 FY27 Results: Standalone Net Profit ₹110 Crore on Total Income of ₹560 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit grew faster than total income over the year: profit rose 22.7% to ₹110.05 crore while total income rose 21.9% to ₹560.29 crore. Revenue from operations rose 22.3% to ₹557.19 crore, while other income fell from ₹3.79 crore to ₹3.10 crore, a fall of 18.2%. Other income is 0.6% of total income this quarter, so the revenue line carries almost all of the income.

Finance costs rose 12.1% to ₹238.25 crore, slower than revenue from operations at 22.3%. Finance costs are 42.5% of total income this quarter, against a year-earlier figure of 212.44 crore. Depreciation rose 34.0% to ₹2.09 crore, from a small base of ₹1.56 crore.

Quarter on quarter, other income moved from a negative ₹1.16 crore in the quarter ended 30 Jun 2026 to ₹3.10 crore. Tax expense of ₹37.33 crore is 25.3% of profit before tax of ₹147.38 crore. The filing reports no exceptional item in the quarter; the only exceptional item it names is ₹4.24 crore (net of tax ₹3.16 crore) for the year ended 31 Mar 2026, from the estimated impact of the New Labour Codes.

Impairment on financial instruments rose to ₹63.26 crore from ₹37.14 crore in the same quarter a year before. The filing gives no reason for the change. Standalone capital to risk-weighted assets is 22.12%, gross stage 3 assets are 2.63% and net stage 3 assets are 1.70%, and the debt-equity ratio is 3.50 times.

The consolidated net profit of ₹115.12 crore is ₹5.07 crore above the standalone figure of ₹110.05 crore. The filing gives consolidated net profit, EPS, net worth and ratios in the Regulation 52(4) disclosure, and the consolidated debt-equity ratio is 3.58 times. The consolidated profit and loss line items are not among the pages read, so this article does not break down the consolidated income.

The company is an NBFC engaged primarily in financing, with one business and all operations in India, and it reports no separate segment. The filing says loans not in default totalling ₹1,554.15 crore were transferred by assignment during the half year, and loans of ₹216.86 crore were acquired by assignment. Co-lending arrangements totalled ₹2,436.65 crore at 30 Sep 2026, with no fees paid or received on them.

Three secured NCD issues were raised by private placement in the quarter: ₹250 crore on 09 Jul 2026, ₹150 crore on 27 Jul 2026 and ₹175 crore on 24 Sep 2026. The company says all secured NCDs outstanding at 30 Sep 2026 are fully secured, with security cover of 100% or higher, and that there is no deviation or variation in the use of the proceeds.

Inference

The filing says the board approved, on 28 Oct 2026, an investment of up to ₹50 crore in MAS Rural Housing & Mortgage Limited, a subsidiary, and that disclosures will be made when the investment is made. The filing does not say how the ₹50 crore will be funded or when it will be made.

The board recommended a final dividend of ₹0.75 per equity share for FY2026 on 29 Apr 2026, and shareholders approved it on 02 Sep 2026. The filing also says the company redeemed 6,66,666 OCPS of two series of its subsidiary MAS Rural Housing & Mortgage Finance Limited in cash during the half year. The reason for that redemption is not stated.

Reference: Original filing (PDF)