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Aao, dekhte hain kya chal raha hai MAS Financial ke results mein. Jab hum company ki standalone performance dekhte hain, toh sab kuch ekdum mast lag raha hai. Q4 FY26 mein unka net profit ₹99.7 crore ho gaya hai, jo pichhle saal se 23.4% zyada hai. Iski sabse badi wajah hai unka Net Interest Income (NII) jo 29% badh kar ₹292.2 crore ho gaya. Aur haan, unka Assets Under Management (AUM) bhi 19% badh kar ₹14,363.67 crore tak pahunch gaya. Poore saal ka standalone profit bhi 20% badhkar ₹356.81 crore raha.
Par jab consolidated figures dekhte hain, ya phir subsidiary MAS Rural Housing and Mortgage Finance ki baat karte hain, toh picture thodi alag hai. Consolidated PAT toh 25% gir gaya. Aur MAS Rural Housing ka Q4 mein standalone profit 40% tak gir kar ₹4.20 crore pe aa gaya, haalanki uska AUM 22% badh kar ₹940.19 crore ho gaya tha. Poore FY26 ke liye bhi subsidiary ka profit lagbhag 35% gira hai.
Toh Aisa kyun hua? Parent company ka AUM growth MSME segment se aa raha hai, jo abhi NBFCs ke liye kaafi achha chal raha hai. NBFC sector mein generally AUM 15-17% badhne ki umeed hai. Company ke paas ₹14,363.67 crore ka AUM hai aur unka capital adequacy ratio bhi kaafi strong hai, 22.84% (Tier-I 21.50%). Management toh 20-25% AUM growth ke liye confident hai.
Valuation ki baat karein toh MAS Financial ka trailing P/E ratio around 16.35 hai, jo Bajaj Finance (P/E 31.40-32.30) aur Cholamandalam (P/E 27.02-27.38) jaise bade players se kaafi kam hai. Company ka market cap abhi around ₹5,900 crore hai.
Subsidiary ke profit girne ke peeche funding costs zyada hona ya unke specific loans mein provisions badhana ho sakta hai. Haalanki, subsidiary ke Stage 3 assets 0.98% hain, jo theek lag rahe hain. Par company pehle bhi commercial vehicle (CV) segment mein asset quality issues dekh chuki hai.
Analysts abhi bhi MAS Financial ko lekar positive hain. Zyadatar 'Buy' ya 'Strong Buy' recommend kar rahe hain, aur price targets ₹395.83 se ₹422.28 tak de rahe hain, matlab 20-33% tak ka upside dikh raha hai. Management bhi 20-25% growth ke liye ready hai. Aur shareholders ke liye khushkhabri yeh hai ki company ne 20% ka total dividend declare kiya hai.