Motilal Oswal has issued a buy rating on MAS Financial Services with a target price of ₹385 in its research report dated July 10, 2026. According to the brokerage's analysis, the company has delivered a steady and resilient performance in FY26 despite facing a challenging macroeconomic environment. The recommendation is based on the company's strong business model fundamentals and consistent execution capabilities across market cycles.
MAS Financial aims to maintain an AUM growth trajectory of 20-25% while targeting a sustainable RoA of 2.75-3.0%, as reported by Motilal Oswal. The company is also targeting healthy RoE and strong capital adequacy to ensure that expansion remains both value-accretive and structurally sustainable. This long-standing emphasis on prudent capital allocation and consistent execution forms the foundation of the company's evolution into a resilient, high-quality lending franchise.
Motilal Oswal estimates MAS to deliver an AUM/PAT CAGR of 19%/20% over FY26-28E, with RoA/RoE of ~3.1%/15% in FY28E. The target price of ₹385 is based on 1.8x FY28E book value, reflecting the brokerage's confidence in the company's growth trajectory and financial performance outlook.
The recommendation highlights MAS Financial's position as a resilient, high-quality lending franchise that has demonstrated strength in navigating challenging market conditions. According to Motilal Oswal's analysis, the company's focus on risk-adjusted return metrics and sustainable capital management positions it well for continued growth in the financial services sector.
