Whalesbook
FY26 mein MAS Financial ne kaise kiya kamaal?
Is fiscal year ke last quarter mein company ke AUM mein 19% ka solid jump dekha gaya hai. Iske peeche ka main reason hai SME yaani Small and Medium Enterprise sector aur Salaried Personal Loans par inka focus. Loan disbursements bhi 17% sequentially badhe hain, jo ki growth ke liye ek accha sign hai.
Future Plans aur Big Targets
MAS Financial ka target hai FY27 mein 20-25% AUM growth maintain karna. Aur long term mein, FY36 tak ₹1 lakh crore ka AUM achieve karne ka aim hai. Matlab, ek accha khaasa 20% CAGR maintain karna padega. Company ka stock bhi pichle saal acha perform kar chuka hai aur 22x ke P/E par abhi bhi attractive lag raha hai, especially compared to competitors like Bajaj Finance jo 33x par trade ho raha hai.
Profitability aur Costs Ka Game
Net interest margin (NIM) bhi sequential basis par improve hua hai, yeh lagatar doosra quarter hai jismein margin badha hai. Iska fayda mil raha hai cost of borrowings kam hone se. Company expect kar rahi hai ki borrowing costs 9.2-9.25% tak ja sakti hain. Ye operational efficiency profitability ko boost karegi.
Asset Quality Ka Khayal
Company ne apne gross aur net Stage 3 assets ko stable rakha hai. Purane NPAs ko write-off karne ke baad, Stage 3 assets par provision cover ko badha kar 42% kar diya hai, jo ki balance sheet ke liye accha hai. Aur haan, inki affordable housing finance wali subsidiary ne bhi 22% year-on-year loan book growth dikhaya hai.
Kya Hain Risks?
MAS Financial mostly SME aur salaried loans par depend karti hai, toh agar economy mein koi dip aaya toh in segments par zyada asar pad sakta hai. NBFC sector par regulatory scrutiny bhi badh rahi hai, especially unsecured lending ko lekar, jisse future mein kuch naye rules aa sakte hain.
Overall Outlook
Management ka forecast hai ki Return on Assets (RoA) 2.75-3% ke aas paas rahega. Analysts bhi expect kar rahe hain ki FY26 se FY28 ke beech 20% earnings CAGR milega. Current growth trajectory aur company ki positioning dekhte hue, valuation abhi bhi reasonable lag raha hai.