Credit Rating

MFSL/SEC/EQ/2026/54 July 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, Subject: Intimation of Credit Rating given by Acuite Ratings & Research Limited With reference to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; we are pleased to inform that Acuite Ratings & Research Limited (‘Acuite’) has assigned, re- affirmed and withdrawn Credit Rating on company’s various instruments. The details are as below: Rating Assigned on ISIN of the Quantum Credit Rating Outlook Current (details of Company for which (Rs. Cr) (actual rating Action instrument) rating is assigned provided) Bank Loan Ratings INE348L01012 6,750 ACUITE AA Stable Re-affirm Bank Loan Ratings INE348L01012 250 NA NA Rating Withdrawn* Proposed INE348L01012 100 ACUITE AA Stable New Debentures Proposed INE348L01012 200 ACUITE AA Stable Re-affirm Debentures Debentures INE348L07183 200 ACUITE AA Stable Re-affirm Debentures INE348L07282 150 ACUITE AA Stable Re-affirm Press release issued by Acuite is enclosed for reference. * Acuite has withdrawn its rating on the Rs. 250.00 Cr. Proposed Bank Loan facilities of MAS Financial Services Limited (MFSL) without assigning any rating. The withdrawal is on account of request received from the issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility /instrument. You are requested to take the same on record please. Thanking you, Yours faithfully, For, MAS Financial Services Limited Riddhi Bhayani Company Secretary and Chief Compliance Officer Membership No.: A41206 Encl. as above 7/6/26, 6:41 PM Press Release Press Release July 06, 2026 MAS FINANCIAL SERVICES LIMITED Rating Assigned, Reaffirmed and Withdrawn Quantum (Rs. Quantum (Rs. Cr) Short Term Regulated Product Long Term Rating Cr) (SEBI) (Other FSR) Rating By ACUITE AA | Stable | Bank Loan Ratings 0.00 6750.00 - RBI Reaffirmed Not Applicable | Bank Loan Ratings 0.00 250.00 - RBI Withdrawn Non Convertible ACUITE AA | Stable | 0.00 100.00 - MCA Debentures (NCD) Assigned Non Convertible ACUITE AA | Stable | 0.00 200.00 - MCA Debentures (NCD) Reaffirmed Non Convertible ACUITE AA | Stable | 350.00 0.00 - SEBI Debentures (NCD) Reaffirmed Total Outstanding 350.00 7050.00 - - - Total Withdrawn 0.00 250.00 - - - Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Rating Rationale Acuité has reaffirmed its long-term rating of ‘ACUITE AA’ (read as ACUITE double A) on the Rs. 6750.00 Cr. Bank loan facilities including Proposed Bank Loan facilities of MAS Financial Services Limited (MFSL). The outlook is 'Stable'. Acuité has reaffirmed its long-term rating to 'ACUITE AA' (read as ACUITE double A) on the Rs. 350.00 Cr. Non- Convertible debenture of MAS Financial Services Limited (MFSL). The outlook is 'Stable'. Acuité has reaffirmed its long-term rating to 'ACUITE AA' (read as ACUITE double A) on the Rs. 200.00 Cr. Proposed Non-Convertible debenture of MAS Financial Services Limited (MFSL). The outlook is 'Stable'. Acuité has assigned long-term rating to 'ACUITE AA' (read as ACUITE double A) on the Rs. 100.00 Cr. Proposed Non-Convertible debenture of MAS Financial Services Limited (MFSL). The outlook is 'Stable'. Acuité has withdrawn its rating on the Rs. 250.00 Cr. Proposed Bank Loan facilities of MAS Financial Services Limited (MFSL) without assigning any rating. The withdrawal is on account of request received from the issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for the rating: The rating reaffirmation takes into consideration the sustained growth in AUM, improvement in earning profile and healthy capitalisation levels. The AUM of the group increased to Rs. 15303.86 Cr. as on March 31, 2026 from Rs. 12867.91 Cr. as on March 31, 2025 as against Rs. 10,721.9 Cr. as on March 31, 2024. At a consolidated level, the group’s Profit after Tax (PAT) grew at Rs 375.82 Cr. as on March 31, 2026 as against Rs. 313.98 Cr. as on March 31, 2025 as against Rs.254.01 Cr. as on March 31, 2024 (Rs 205.82 Cr. as on March 31, 2023). The CAR is at 22.84 percent as on March 31, 2026 as against 24.72 percent as on March 31,2025 as against 24.05 percent as on March 31,2024. The AUM on standalone basis for MAS Financial Services Limited increased to Rs.14363.67 Cr. as on March 31, 2026 as against Rs. 12099.82 Cr. as on March 31, 2025. At a standalone level for MAS Financial Services Limited Profit after Tax (PAT) grew at Rs. 363.65 Cr. as of March 31, 2026 as against Rs. 305.93 Cr. as on March 31, 2025. At consolidated level, the groups Profit after Tax (PAT) is at Rs. 375.82 Cr. as of March 31, 2026 as against Rs. 313.98 Cr. https://connect.acuite.in/fcompany-details/MAS_FINANCIAL_SERVICES_LIMITED/6th_Jul_26 1/21 7/6/26, 6:41 PM Press Release as of March 31, 2025 (Rs 254.01 Cr. as of March 31,2024). The rating further factors in the strong resource raising ability and liquidity buffers. The group has funding relationships with Banks and Financial Institutions with a lender base of over 40 lenders and well diversified resource profile. Additionally, the company maintains healthy liquidity in the form of sufficient cash and bank balance and unutilized lines to meets its funding requirements. The rating is however constrained by the scale of operations and high portfolio concentration in three states comprising ~60.62 percent of the AUM as on March 31,2026. The rating further remains constrained on account of concentration in its Retail Asset Channel (RAC) portfolio. Under the retail portfolio, the group has exposure to Micro enterprise loans (~24.52 percent as on March 31.2026). The inherent risk of large ticket size lending under the RAC portfolio and any deterioration in credit profile of borrowers under the micro enterprise portfolio continues to remain a key rating monitorable. Going forward, the ability of the group to profitably scale-up its operations while maintaining healthy asset quality wil be key monitorable. About the Company Incorporated in 1995, Gujarat based MFSL, is the flagship company of MAS group (i.e. MAS Financial Services Limited (MFSL), MAS Rural Housing and Mortgage Finance Limited - (MRHML) and MASFIN Insurance Broking Private Limited). MFSL is registered with RBI as a Non deposit-taking, non-banking financial company. MFSL provides financing directly and indirectly to Micro Enterprises (MEL), Small and Medium Enterprises (SME), along with loans for commercial vehicles and two wheelers. MFSL primarily operates in 13 states, namely, Rajasthan, Gujarat, Maharashtra, Tamil Nadu, Karnataka, Madhya Pradesh, Chhattisgarh, Uttarakhand, Haryana, Punjab, Telangana and one Union Territory, National Capital Territory of Delhi, through a network of 208 branches as on March 31, 2026. MFSL’s equity shares were listed on BSE and NSE in October 2017, it currently has a market capitalization of Rs. 5655 Cr as on 30th June 2026. MFSL’s shareholders included marquee investors from Banks, NBFC's & other financial institutions. The promoter and promoter group hold 66.65 percent of the equity shareholding in MFSL as on Mar 31, 2026. About the Group MAS Rural Housing and Mortgage Finance Limited (MRHMFL), incorporated in the financial year 2008, is a no deposit taking Housing Finance Company registered with National Housing Board. The company is engaged in providing housing loans, commercial loans and project loans for affordable housing seg [Showing first 8,000 characters — download PDF for full document]