Analysts/Institutional Investor Meet/Con. Call Updates

MFSL/SEC/EQ/2026/97 November 03, 2026 To, To, The Manager, General Manager BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Plot No. C/1, G Block Mumbai – 400001 Bandra-Kurla Complex Bandra (East) Mumbai – 400051 Scrip Code: 540749, 947381 Trading Symbol: MASFIN Dear Sir, Sub.: Transcript of Conference Call held in respect of the Unaudited Financial Results (Standalone & Consolidated) for the second quarter ended on September 30, 2026. We wish to inform you that pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of conference call held on October 29, 2026 with respect to Unaudited Financial Results (Standalone & Consolidated) for the second quarter ended on September 30, 2026, is available on the Company’s website at the link: https://mas.co.in/investors-corner/conference-call-transcripts/. Please find enclosed the transcript for reference. You are requested to take the same on record. Thanking you, Yours faithfully, For, MAS Financial Services Limited Riddhi Bhaveshbhai Bhayani (Company Secretary & Chief Compliance Officer) Membership No.: A41206 Encl.: as above “MAS Financial Services Limited Q2 & H1 FY27 Earnings Conference Call” October 29, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on October 29, 2026, will prevail. MANAGEMENT: MR. KAMLESH GANDHI – CHAIRMAN AND MANAGING DIRECTOR – MAS FINANCIAL SERVICES LIMITED MRS. DARSHANA PANDYA – EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER – MAS FINANCIAL SERVICES LIMITED MR. DHVANIL GANDHI – EXECUTIVE DIRECTOR – MAS FINANCIAL SERVICES LIMITED MR. ANKIT JAIN – CHIEF FINANCIAL OFFICER – MAS FINANCIAL SERVICES LIMITED MODERATOR: MR. SHREEPAL DOSHI – EQUIRUS SECURITIES Page 1 of 17 MAS Financial Services Limited October 29, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 and H1 FY27 Earnings Call of MAS Financial Services hosted by Equirus Securities. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Shreepal Doshi from Equirus Securities. Thank you, and over to you. Shreepal Doshi: Thank you, Shiv. Good afternoon, everyone. We welcome you all to the Earnings Conference Call of MAS Financial Services to discuss the Q2 and H1 FY27 performance of the company. To discuss the company's financial performance, we are pleased to welcome Mr. Kamlesh Gandhi, Chairman and Managing Director; Mrs. Darshana Pandya, Executive Director and CEO; Mr. Dhvanil Gandhi, Executive Director; Mr. Ankit Jain, Chief Financial Officer; and other senior management team members. On behalf of Equirus, we would like to thank the management of MAS Financial Services for giving us the opportunity to host this call. I would now like to hand over the call to Mr. Kamlesh Gandhi, Chairman and Managing Director, for his opening remarks. Post which we can open the forum for question and answer. Over to you, sir. Kamlesh Gandhi: Thank you so much, Shreepal, and good afternoon to all of you. I'm very happy to connect to all of you once again. I'll be briefing you about the 126th quarter result of this company. And while we have already put the results out on our website and the bourses, but just to give you the brief on how we performed this quarter and the half year, the AUM grew by 23%. I'm talking about consolidated basis first. So the AUM grew by 23.31%. We crossed a very important milestone once again of INR 17,000 crores in consolidated AUM. We crossed INR 16,000 crores in consolidated AUM last quarter. It's INR 17,000 crores, INR 17,042 crores to be precise, this quarter, which translates into almost 23.5% of growth on a half-yearly basis, followed by a very robust profitability on a half-year basis of INR 225 crores, which is a growth of 26.54% over the corresponding period. And if we look at the quarter profitability, it is INR115 crores on a consolidated basis, which is close to 26% over the corresponding quarter. So how we reckon this as a quality growth where the profitability is also robust along with the AUM growth. I'm very, very pleased to share with all of you that our subsidiary MAS Rural Housing and Mortgage Finance Limited has also crossed a very important milestone of INR1,000 crores in AUM this quarter. Page 2 of 17 MAS Financial Services Limited October 29, 2026 And we are very optimistic about subsidiary creating a lot of value in near future once it gains traction in terms of further AUM. And our subsidiary registered a very robust profitability growth of 55% over the corresponding quarter with Net Stage 3 assets of less than 1%, 0.70% to be precise. Even on the parent company, the quality of the assets were maintained at 1.70% net NPA and a gross NPA of around 2.63%, signifying a very stable asset quality. And if we talk in terms of the standalone profitability, it's INR110 crores, which is close to 23% rise over the corresponding quarter. And on a half-year basis, on a standalone basis, it is INR214 crores. So, friends, in short, the performance is well on lines of our expectation. We have always been sharing with all of you that this company will grow anywhere between 20% to 25% depending upon the opportunities we get in the market from time to time, prioritizing risk and profitability. We stick to that, and we have done this over last 126 quarters, and we'll be continuing to do the same going forward. A very brief on how we do our business, starting from what matters a lot in the lending business, is the capital adequacy. We have a capital adequacy of more than 22% giving us sufficient room to grow further. And as we have always maintained that we have a self-propelling model, we don't have to raise capital very frequently. We were INR10,000 crores when we last raised our capital. We are already INR17,000 crores and we don't see raising capital in near future. So capital adequacy remains very strong. The quality of the assets remains very strong, consistent to our belief of extending credit where it is due. And we continue to pursue the same assets which we are doing it. MSME remains our flagship, that is MEL, that is the micro-enterprise loans, that is loans of smaller ticket size to individual borrowers having small establishments, and that we have been doing since many, many decades now. And the SME loans, which are higher in ticket size, where we lend right up to INR 5 crores along with the collateral taken. And that also contributes very significantly to the overall assets. We are also there into wheels. As far as the wheels’ portfolio is concerned, our two-wheeler registered a decent growth while we continue to be very cautious on our commercial vehicle growth. While the market grew at a brisk pace, but we are in process of setting our own distribution and manpower at all the places of our operations, and we see that picking up in the next two to three quarters. The Salaried Personal Loan, as we have shared earlier, we don't intend to have it more than 10% of our total asset size. So that is around 9%. So this contributes the diversified asset basket along with our housing finance company at more than INR1,000 crores with very robust quality, and that company having a very strong capitalization of more than 34% of capital adequacy as I talked [Showing first 8,000 characters — download PDF for full document]