MAS Financial Services Limited — Earnings Release 2026

Jan 28, 2026

MFSL/SEC/EQ/2026/08 January 28, 2026

To, The Manager, BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400001

To, General Manager National Stock Exchange of India Limited Exchange Plaza Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai – 400051

Scrip Code: 540749, 947381 Trading Symbol: MASFIN

Dear Sir,

Sub.: Press Release for the quarter and nine months ended on December 31, 2025

Please find enclosed herewith Press Release for the quarter and nine months ended on December 31, 2025.

Thanking you,

Yours faithfully,

For, MAS Financial Services Limited

RIDDHI BHAVESHBHAI BHAYANI Digitally signed by RIDDHI BHAVESHBHAI BHAYANI Date: 2026.01.28 16:53:08 +05'30'

Riddhi Bhaveshbhai Bhayani Company Secretary and Chief Compliance Officer ACS No.: 41206

Encl.: As above

Purpose Led.

PRESS RETEASE

MAS Financial Services Limited results - 3d Quarter FY 26

A Robust Financial Performance

The consolidated AUM of the companv stands at ( 14541.45 Crores

^Astrone growth of 18.28% in AUM & 20.55% in PAT (excludine one-time impact of New Labour Code provisionl

Wednesday, 28th January 2026, Ahmedabad: The Board of Oirectors of MAS Financial Services Limited (MAS Financial) (BSE: 540749, NSE: MASFIN), specialized in MSME financing, announced today the unaudited financial results for the quarter ended 31't December 2025.

123 Quarters of Consistent Financial Performance is the testimony to the strong fundamentals of the company, which has been followed for last three decades.

Performance Highlights - (Consolidated)

• MAS Financial Services Limited on a consolidated basis reports Assets under Management (AUM) of t L4UL.46 Crores and Profit after Tax (pAT) of { 96.91 Crores (excludint one-time impact of Neu, Labou. Code provision) for the quarter ended 31'r December 2025 ,rom < f2378.80 Crores and t 80.39 Crores respectively for the quarter ended 3ln December 2024. The consolidated disbursement was ? 3560,75 Crores during the guarter ended 31n December 2025 while extending credit where it is due.
• A GroMh of 18.28%inAUM and 20.55% in PAT (excluding one-time impactof New Labour Code provision) over the corresponding q uarter of the previous year.

Performance Highlights - MAS Financial Services limited (Standalone)

MAS Financial Services Limited reports Assets under Management (AUM) of { 13782.29 Crores and Profit after Tax (PAT) ot < 93.49 Crores (excluding one-time impact of New Labour Code provision of 1 4.24 ctorcl for the quarter ended 31n December 2025 from ? 11577.38 Crores and { 78.U Crores respectively for the quarter ended 31n Decemb€r 2024. The AUM as on 3Os September 2025 was { L2999.44 Crores. The standalone disbursement was t 3599,03 Crores during the quarter ended 31n Decemb€r 2025.

• A Growth of 18.03% in AUM and 19.59% in PAT (excluding one-time impact of New Labour Code provision of I 4.24 crore) over the corresponding quarter of the previous year.
• Capital Adequacy Ratio (including Tier ll capital) as of 31't December 2025 remained very strong at 22,84% with Tier-l capital at 21./18%.
• The portfolio quality remained stable and strong at 2.55% gross stage 3 assets and L.72cX net stage 3 assets of AUM as compared to 2.53% gross stage 3 assets and 1.69% net stage 3 assets of AUM as on 3Oh September 2025.
• The company continues to carry a management overlay of ? 17.60 Crores as on 31'r December 2025, 0.16% of the on-book assets.

			(T in Crores)
Particulars	Q3'26 Q3'2s		YoY	9MFY25	9MFY25 YoY		FY25
Assets Under Management		t3782.29 77677 .38	18.03%t	L3782.29		tt677.38 L8.03o/"/l 12099.82
Total lncome		481.58 390.09	23.45%t	1,383.96		L,103.s4 25.4L%+ 7,s2O.45
Profit Before Tax*		727.28 105.10	21.LOo/ol	3 s9.94		301.56 19.36%1 410.43
Profit After Tax*	93.49	78.17	79.69%t	267 .09		225.77 L8.65o/6,1	305.93

*Excluding one-time impact of New Labour Code provision of I 4.24 crore. PAT for Q3FY26 was { 90.33 crore and 9MFY26 was { 253.93 crore (including one-time impact of New Labour Code provision)

Asset Under Management (AUM)*	December-25	December-24	YoY
Micro-Enterprise Loans	s592.66	4704.52	f8.88o/"'f
SME Loans	4925.54	4272.64	ls.28o/o+
2-Wheeler Loans	7022.40	808.84	26.40%+
Commercial Vehicle Loans	1055.77	969.47	8.90%+
Sala ried Persona I Loans	1185.92	921,.91	28.640/"+
TOTAL AUM	L3742.29	11677.38	t8.o3%+

'Represents underlying assets in each of the categories. As on 31n December 2025, 34.32% of the total underlying assets are through various NBFC5.

The MSME segment contributed approximately 73% in the yoy AUM growth of the company while other products also contributed meaningfully.

Dividend: ln consonance to our policy of rewarding the shareholders the board has declared an interim dividend of 12.50% @ { 1.25 per share

Performance Highlights - MAS Rural Housing and Mortgage Finance Limited (Standalone)

MAS Rural Housing and Mortgage Finance Limited reports Assets under Management of < 859.17 Crores and Profit after Tax of ( 3.45 Crores (excluding one-time impact of New Labour Code provision of t 0.58 crore) for the quarter ended 31't December 2025 from < 7Of,42 Crores and ( 2.39 Crores respectively for the quarter ended 31s December 2024.

• A growth ot 22.49% in AUM and M.81,/o in PAT (excluding one-time impact of New Labour Code provision of { 0.58 crore) over the corresponding qua rter of the previous year.
• Capital Adequacy Ratio (including Tier ll capital) as on 31't December 2025 stood at 31.50%. The Tier-l capital stood a|27.77%.
• The portfolio quality remained stable and strong at O.97yo gtoss stage 3 assets and 0.67% net stage 3 assets of AUM as compared to 0.94% gross stage 3 assets and O,66% net stage 3 assets of AUM as on 30th September 2025.
• The company continues to carry a management overlay of ( 3,70 Crores as on 31't December 2025, 0.6096 ofthe on-book assets.

						t< tn Lrores)
Particulars	Q3'25	Q3',2s	YoY	9MFY26	9MFY25	YoY	FY25
Assets U nder Management 859.17		70L.42	22.49%i	859.r7	70L.42	22.49%ll	7 68.O9
Total lncome	26.24	20.33	29.04%1	74.75	58.84	26.02%t	81.08
Profit Before Tax*	4.64	2.98	ss.61%f	72.07	8.8 2	36.79%t	L2.O9
Profit After Tax*	3.45	2.39	44.81%+	9.20	6.93	32.77%A	9.5 5

* Excluding one-time impact of New Labour Code provision of I 0.58 crore. pAT for e3Fy26 was { 3.02 crore and 9MFY26 was < 8.76 crore (including one-time impact of New Labour Code provision)

Commentint on the performance, Mr. Kamlesh Gandhi - Founder, Chairman & Managing Director, MAS Financial said,

'The performance of the company was robust as demonstrated over three decades. The focus remains on strengthening the distribution and improving efficiencies by optimum use of technology. We remain confident for a consistent and prudent growth between 20% to 25% in the medium to long term."

Team MAS remains committed to its mission of "Excellence through endeavors.,, which we now reckon as "PURPOSE LED PROGRESS DR|VEN"

For nd on behalf of the Board ctors n

lesh C. Gandhi Bing Director) (Chairman & - 000rt4852)

Place: Ahmedabad Date: January 28, 2026