MAS Financial shares slump 28% in six months as profit jumps 23%

MAS Financial Services shares have fallen about 28% over the past six months even though the company posted a 23% jump in net profit. The stock slipped 8.32% in the last two weeks and closed 3.69% lower on Friday, October 30, at ₹244.10 per share on the BSE. The decline left the market capitalisation at roughly ₹4,429.28 crore. ## Analyst View InCred Equities still rates the NBFC as an ‘Add’ and projects a 58.1% upside, setting a target price of ₹400 per share. The brokerage cites strong demand from micro, small and medium enterprises, diversified lending and distribution channels, and prudent underwriting as growth drivers. It warns that narrowing net interest margins and a gradual normalisation of asset quality need monitoring, and that operating efficiency must keep pace with growth. ## Financial Snapshot For the second quarter of FY 2026‑27, MAS reported consolidated net profit of ₹115.12 crore, up from ₹91.43 crore a year earlier, reflecting a 23% annual rise. Asset‑under‑management growth also accelerated in the quarter. The broker values the stock at 1.9 times FY28 forecast book value per share and 13 times FY28 forecast earnings per share. ## Context The firm is headquartered in Gujarat and operates as a non‑bank financial company, a sector that often feels pressure from changing credit demand and regulatory scrutiny. Strong MSME demand can boost earnings, but margin pressure and asset‑quality concerns can limit upside.