Shares of MAS Financial Services Limited have declined nearly 8.32% in two weeks and around 28.22% over the last six months. Despite the decline, InCred Equities sees 58.1% upside potential in the NBFC stock given its healthy quarterly earnings, strong MSME demand, diversified lending and distribution channels.
MAS Financial Services share price closed 3.69% lower on Friday, October 30. The correction in the NBFC stock came despite it reporting a 23% annual jump in its consolidated net profit and accelerated asset under management (AUM) growth in the second quarter of financial year 2026-27.
The Gujarat-headquartered NBFC is well-positioned to post healthy growth, supported by strong MSME demand, diversified lending and distribution channels, and prudent underwriting, highlighted InCred Equities in its report.
The brokerage added that NIM moderation and gradual asset quality normalisation warrant monitoring, operating efficiency and calibrated growth should profitability, as per InCred Equities.
The brokerage maintained its ‘Add’ rating for the stock with a target price of ₹400 per share. “We maintain ADD rating on the stock with a target price of Rs400, valuing it at 1.9x FY28F BVPS and 13x FY28F EPS. Downside risks include slower-than-expected growth, sustained margin pressure and material deterioration in asset quality,” read the brokerage report.