Analysts/Institutional Investor Meet/Con. Call Updates

MFSL/SEC/EQ/2026/69 August 05, 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 first quarter ended on June 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 July 30, 2026 with respect to Unaudited Financial Results (Standalone & Consolidated) for the first quarter ended on June 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 Q1 FY27 Earnings Conference Call” July 30, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on July 30, 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. SANKET CHHEDA – DAM CAPITAL ADVISORS Page 1 of 16 MAS Financial Services Limited July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to MAS Financial Services Q1 FY27 Earnings Conference Call. 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. I now hand the conference over to Mr. Sanket Chheda from DAM Capital Advisors. Thank you, and over to you, sir. Sanket Chheda: Hi. Very good afternoon to all of you. We have with us the entire management team of MAS Financial to discuss the Q1 results. From the management side, we have Mr. Kamlesh Gandhi, who is the Chairman and Managing Director; Mrs. Darshana Pandya, who is Executive Director and CEO; Mr. Dhvanil Gandhi, who is the Executive Director; and Mr. Ankit Jain, who is the CFO. So, without further ado, I will hand the call over to Kamlesh Gandhi, sir, for his opening remarks. We will follow that up with question-and-answers. Over to you, sir. Kamlesh Gandhi: Thank you, Sanket, and good afternoon to all of you. I'm very happy to be connected to all of you again in order to take you through the Q1 results. And so, while everyone of you must have gone through the results and the presentation, but I'm very happy to share with you that we could demonstrate a high-quality growth this quarter, consistent to what we have been doing over this year. This was, 125th quarter of performance. So, this is a very long time and a consistent performance in line of what we think, that is what I shared in the press release also that this is consistent to our belief that steadily and consistently is the fastest way to reach your destination. So, we have walked that talk, and we very well intend to do it in future also. On the performance side, what makes me start with a remark of a high-quality growth is the profitability that we could register along with a very strong asset quality also at 27% on consolidated basis and 25% on standalone basis. With a very strong AUM growth of 21%, consistent to our guidance of 20% to 25%. So, this quarter, we have started moving towards that plus 20% mark, and we see this improving quarter-on-quarter depending the way we have been in a position to spread our distribution and depending upon the macro situations from time-to-time. So, all in all, it was a nice quarter. We crossed once again a landmark of INR16,000 crores in AUM. And as in consistent to our way of working that we double our AUM every 3-3.5 years, we are well on track doing the same if you consider INR10,000 crores in say December 2024. So, that is on the headline numbers. If I talk about three very important things that is asset, liability & operations, let me take you through all these three important constituents of this business. On the asset, we continue to predominantly focus on our prime segment, that is MSME segment that we have been doing Page 2 of 16 MAS Financial Services Limited July 30, 2026 since long. And we are in a position to demonstrate a good growth in both our segments that we bifurcate as MEL and SME with a very stable and a good asset quality. And along with contribution from two-wheelers and commercial vehicle and salaried personal loan that gives us a flair of diversification to the asset that we create. These assets are created through a very strong distribution of 16,500 centers through our 209 branches and also through our partnership with more than 200 NBFCs, which is now more than a 15 years old model. So, around 33% being contributed by that model and 67% coming through our direct distribution, which we see gradually increasing in favour of direct distribution to 70% plus within next 8 to 12 quarters. So, on the asset side, we continue to follow the same strategy that we have been following so far while extending credit it is due and maintaining the very robust quality of assets. Asset creation was also added by our integration with various tech platforms and our tie up with few of the fintechs that helped us to create the assets what we intended to and also give us more understanding of the play of technology in asset creation, which I think all of us will have to learn going forward. On the quality of the assets, we remain very strong at GNPA of close to 2.58% and NNPA of 1.70%. Despite probable headwinds of the conflict, which we were expecting in the beginning, but fortunately did not play out because of two reasons. The first I have to attribute to the resilience of the sector we are working with, the MSME borrowers. And second, our prudent approach to asset creation and extending credit where it is due. Coming on a very important part that is liabilities. Starting from the base of the liabilities that is the capital. Capital adequacy ratio stood at a very strong plus 23% this quarter also that forms a very strong base for us to raise the liability and generate the required liquidity at the optimum rate. I was talking to somebody in the morning on the reduction in rates. So, well, we could achieve a reduction of rate this quarter, but we were, say, in 2023 or before the COVID set in and then there were a lot of changes, we used to borrow less than 9% too. So, if you ask me personally, I aspire that going forward, given the positive macro environment and the liquidity available, we should move back towards those rates. While this year, we did good in reducing our borrowing cost by almost 55 basis points to 9.25% from the erstwhile borrowing cost. We remain very strongly in terms of ALM management and the liquidity management and I would like to thank all the lenders very heartly for putting the trust in us and we always have more liquidity than what we require. Quickly on the operation side, and when we talk about operations, we have to talk tech in the same vein. We are very aware and conscious of the fact that tech and building up of tech, integration of tech in the right earnest should help us and should be the wa [Showing first 8,000 characters — download PDF for full document]