MAS Financial Services reported a 25.91% annual increase in consolidated second-quarter profit even as its shares fell 28.22% over six months through Oct. 30, putting earnings growth beside a weaker share price.
The company’s unaudited results put consolidated profit after tax at ₹115.12 crore for the three months ended Sept. 30. Its investor presentation reported standalone profit after tax of ₹110.05 crore, a 22.69% annual rise.
The presentation put consolidated assets under management at ₹17,043 crore as of Sept. 30, up 23.31% from a year earlier. Standalone assets under management rose 23.17% to ₹16,011 crore. MAS lends to micro enterprises and small and midsize businesses, with products that also include two-wheeler and commercial-vehicle loans, salaried personal loans and housing loans.
Twelve Data’s historical price series for the BSE listing showed a close of ₹340.05 on Apr. 30 and ₹244.10 on Oct. 30. The percentage decline is calculated from those closing prices.
Mint reported that InCred Equities maintained an ADD rating and a ₹400 target. Mint said the valuation used 1.9 times forecast FY28 book value per share and 13 times forecast FY28 earnings per share. The outlet described the brokerage’s rationale as small-business borrowing demand, the company’s range of lending and distribution operations, and its underwriting practices. Mint also said InCred cited slower-than-expected growth, continued margin strain and weakening asset quality as risks.
At the Oct. 30 close, a ₹400 target was 63.9% above the share price. That differs from the 58.1% upside Mint reported; its article did not specify the reference price for that calculation or a time horizon for the target.
