MAS Financial Services (MASFIN) reported a 25% year‑on‑year increase in profit after tax for the first quarter of FY27, reaching INR1.05 billion. Net total income also grew by 30%, amounting to INR3.1 billion, matching market expectations.
Operating expenses rose by about 29% to INR1.1 billion, while the company’s profit‑plus‑operating profit (PPoP) stood at INR2 billion, up 30% from the previous year. Credit costs increased by roughly 43% to INR605 million, translating into an annualized credit cost of 1.6%.
Looking ahead, analysts forecast an asset‑under‑management to profit growth compounded annual growth rate (CAGR) of 22% and a PAT CAGR of 20% for the period FY26‑FY28. They also project a return on assets of about 3.1% and a return on equity of 15% by FY28.
Based on these figures, the research team reiterates a BUY rating for MASFIN and sets a target price of INR385, which is based on a 1.8‑times projected FY28 book value.
Overall, the company’s financial performance in the first quarter of FY27 demonstrates resilience and steady growth, reinforcing investor confidence in its long‑term prospects.