Annual report - 2026

MFSL/SEC/EQ/2026/70 August 07, 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: Annual Report for the Financial Year 2025-26 containing Notice of the 31st Annual General Meeting (‘AGM’) pursuant to Regulation 30, 34 and 53 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”). Pursuant to Regulation 34 read with Regulation 30 and Regulation 53 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), please find enclosed herewith the following documents for the Financial Year 2025- 1. Notice of the 31st AGM scheduled to be held on Wednesday, September 2, 2026 at 11:30 a.m. IST through VC /OAVM. 2. Annual Report for the Financial Year 2025-26 and 3. Business Responsibility and Sustainability Report for the Financial Year 2025-26. In compliance with Circulars issued by MCA and SEBI, the Notice convening the AGM and the Annual Report of the Company for the FY 2025-26 are being sent to all the members of the Company whose email addresses are registered with the Company or Depository Participant(s). Further, in accordance with Regulation 36(1)(b) of the SEBI Listing Regulations, the Company has sent a letter containing the web-link along with the path to access the Annual Report 2025-26 (including the Notice) to the Members whose email addresses are not registered with the Company/RTA/Depository Participant(s). The Member who wishes to obtain a hard copy of the Annual Report can send a request for the same at Riddhi_Bhayani@mas.co.in mentioning Folio No/ DP ID and Client ID. The Notice of AGM along with the Annual Report for the FY 2025-26 is also being made available on the website of the Company at: https://mas.co.in/investors-corner/annual-reports/. Following are important dates in this regards: Sr. No. Particulars Date 1 Cut-off Date for E-Voting & Wednesday, August 26, 2026 Record date for Final Dividend 2 Remote E-Voting Commences at 09:00 A.M. on Saturday, August 29, 2026 and ends at 05:00 P.M. on Tuesday, September 1, 2026 3 Date of AGM Wednesday, September 2, 2026 at 11:30 A.M. Kindly take the same on your record and treat the same as compliance with the applicable provisions of the Listing Regulations. Thanking you, Yours faithfully, For, MAS Financial Services Limited Riddhi Bhaveshbhai Bhayani Company Secretary and Chief Compliance Officer ACS No.: A41206 Encl: As above 2026 2025 YEARS OF ENDEAVOURS RADIANT FUTURE 31ST ANNUAL REPORT 2025-26 1995 MAS Financial Services Limited Purpose Led. Progress Driven. www.mas.co.in INSIDE THIS REPORT CORPORATE OVERVIEW OUR PERFORMANCE DASHBOARD 02 Our Performance Dashboard 04 T hirty Years Back. One Lakh Crore Forward. 06 L etter from the Chairman & Managing Director 08 MAS Overview 11 Product Suite 12 Key Milestones 14 Key Performance Indicators 16 Technology 20 E nvironmental, Social and Read more Page 02 Governance 26 Board of Directors LETTER FROM THE CHAIRMAN & MD 29 Corporate Information STATUTORY REPORTS 30 Notice 42 Directors’ Report 78 M anagement Discussion and Analysis 97 R eport on Corporate Governance 123 B usiness Responsibility & Sustainability Report Read more Page 06 FINANCIAL STATEMENTS MANAGEMENT DISCUSSION Standalone AND ANALYSIS 151 Independent Auditor’s Report 162 Balance Sheet 163 Statement of Profit and Loss 164 Statement of Changes in Equity 165 Statement of Cash Flows 167 Notes to the Financial Statements Consolidated 261 Independent Auditor’s Report 270 Balance Sheet 271 Statement of Profit and Loss 272 Statement of Changes in Equity 274 Statement of Cash Flows 276 Notes to the Financial Statements Read more Page 78 Tribute to Late Shri Mukesh Gandhi (1957–2021) Co-Founder, Whole-time Director & CFO of MAS Financial Services Late Shri Mukesh Gandhi played a pivotal role in transforming the Company from its modest beginnings in 1995 into a leading retail financing institution. He was widely admired across the industry for his compassion, optimism, and pragmatic approach, and was recognised for his visionary leadership and unwavering commitment to excellence. His enduring legacy continues to inspire us, and MAS remains steadfast in carrying forward the values, principles, and vision that he so passionately championed. Our Performance Dashboard MFSL (STANDALONE) Journey of 124 Quarters 34.53% 38.17% CAGR CAGR Assets Under Management (AUM) Profit After Tax (PAT)# FY 2026 Progress in Numbers ` 14,364 2.89% ` 367 Crores Crores Assets Under Management Return on Average AUM# Profit After Tax# 1.70% 22.84% 14.36% Net Stage 3 Assets Capital Adequacy Ratio Return on Net Worth# #Excludes the one-time impact of ` 4.24 Crores of estimated provisions (considered in Q3FY 2026) pursuant to the new Labour Codes 02 Annual Report 2025-26 Corporate Overview Our Performance Dashboard Statutory Reports Financial Statements MRHMFL (SUBSIDIARY) Journey of 72 Quarters 38.01% 51.23% CAGR CAGR Assets Under Management (AUM) Profit After Tax (PAT) FY 2026 Progress in Numbers ` 940 1.73% 0.68% Crores Assets Under Management Return on Average AUM Net Stage 3 Assets 36.72% Capital Adequacy Ratio Annual Report 2025-26 03 Thirty Years Back. One Lakh Crore Forward. A road that stretches Thirty years ago, MAS Financial Services began beyond the horizon is not with `2 Crores and a belief, quiet, unfashionable, and stubbornly held, that the most meaningful a source of anxiety for lending happens not in boardrooms or balance those who have learned sheets, but at the threshold of a small shop, a modest home, a two-wheeler purchased on the to walk it one deliberate strength of a dream. That belief has not changed. step at a time. What has changed is everything around it. 04 Annual Report 2025-26 Corporate Overview Thirty Years Back. One Lakh Crore Forward. Statutory Reports Financial Statements Today, MAS stands at `15,000 Crores in consolidated MAS did not merely survive these chapters. It use them AUM. A milestone, yes, but more than that, a vantage and grew through these times. Each cycle sharpened the point. From here, the next destination comes into view: credit culture. Each headwind stress-tested the model. `1,00,000 Crores by 2036. One Lakh Crore. The kind of Each recovery arrived to find MAS already in position, number that sounds audacious until you lay it against distribution deepened, balance sheet strengthened, thirty years of compounding, 35% CAGR in AUM, 38% technology further along, and the team more experienced CAGR in profitability, through demonetisation, a national than the year before. pandemic, a liquidity crisis, and a sector-wide stress cycle FY 2026 was this story in miniature. A year the sector found that broke many and bent more. difficult. A year MAS found clarifying. Vision 2036 is not a forecast. It is not a promise made to a presentation slide. It is the natural destination of an institution that has spent thirty years learning, precisely and patiently, how to compound with prudence. The road ahead is long. MAS has never minded that. Annual Report 2025-26 05 Letter from the Chairman & Managing Director Building Scale With Quality Dear Shareholders, Thirty years ago, we started MAS with a humble AUM of `2 Crores and a strong conviction, that access to responsible credit has the power to transform lives, strengthen enterprises and contribute meaningfully to economic development. As I reflect on FY 2026, I do so with gratitude, pride and optimism. The year marked an important milestone as we crossed `15,000 Crores in consolidated AUM, our consolidated Profit Before Tax exceeded `500 Crores for the full year, and our consolidated Profit After Tax crossed `100 Crores in a single quarter for the f [Showing first 8,000 characters — download PDF for full document]