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MAS Financial Services Limited — Bonds & AA- (CARE) Rating

NBFC · Financial Services

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Methodology v1.0 Download Report (PDF) Watch
Agency Rating
AA- (CARE)
Most common current rating on senior bonds
12 of 19 rated · CARE, 30 Sep 2026
Total Debt Outstanding
₹3,050 Cr
Across 30 instruments
Active Bonds
30
First Issue
20 Oct 2021
Latest Issue
24 Sep 2026
Maturity Range
2026 - 2031
Observation
30 active bonds tracked from this issuer.
View details →
Coverage: High Data Quality: High Sources: NSE, BSE, SEBI, rating agencies

Latest events

Last 90 days · company disclosures to the exchanges and agency announcements. Not our assessment.
Issuer health card 1 item to look at
  • Current ratings CARE AA-, CARE AA, Acuité AA
  • Rating range Current ratings range from A+ (CARE 31 Oct 2021) to AA (Acuité 31 Jul 2026, CARE 31 May 2026, CRISIL 30 Apr 2025)
  • Rating direction, 12 months No rating actions on file
  • Watch / negative outlook None in 12 months
  • Issuer not cooperating No such actions in 12 months
  • Rating withdrawn, 12 months No withdrawal of this issuer's rating in 12 months
  • Newest agency rating Dated 30 Sep 2026
  • Payment record No payment disclosures since 17 Jul 2026
  • Defaults on record No bond marked defaulted
  • Traded in the last 30 days 12 of 30 active bonds had an exchange trade
  • Exchange filings, 90 days 52 filings on NSE/BSE

A checklist of published facts, not a rating or a view on credit quality. Ratings are the agencies' own; payment record covers NSE disclosures since 17 Jul 2026; "late" means paid more than 3 days after the due date (next-working-day payments are allowed). Rating range covers every current rating on the issuer's active bonds, with each agency's rating date. Rating actions count only when the agency's heading names this issuer, not pools or trusts it originated; a withdrawal is flagged only when the issuer's rating itself is withdrawn, not a single facility. Rating age uses the newest rating date on file and is flagged when older than 12 months. See methodology.

Alert me about MAS Financial Services Limited An email when a rating agency acts on this issuer (including any cut to default grade D) or a payment is disclosed late or short. Free, no account needed.
01 Issuer Overview
Sector
Financial Services
Issuer Type
NBFC
First Tracked Bond
20 Oct 2021
Start of this issuer's debt program timeline
  • 30 active bonds tracked from this issuer.
  • 22 of 30 tracked bonds with a stated security status are secured. (based on 30 bonds with a disclosed security status)

MAS Financial Services Limited, an NBFC in the Financial Services sector, is tracked on RetailBonds.in. Outstanding bonds carry coupons between 8.35% - 10.75%, paid monthly. Maturities on outstanding bonds fall between 2026 - 2031.

Data sourced from NSDL, BSE, NSE, and registered credit rating agencies. Verify against the issuer's offer document before transacting.

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02 Debt Profile
Outstanding Bonds
30
Tracked by RetailBonds
Amount Tracked
₹3,050 Cr
Of bonds tracked by RetailBonds — not the issuer's total outstanding debt (disclosed for 27 of 30 bonds)
Avg Coupon
9.64%
Range 8.35% - 10.75%
Avg Remaining Tenure
1.4 Yrs
Nearest maturity Nov 2026
Secured
73%
22 of 30 bonds with known status
Callable
0
Of 30 bonds
Avg Spread vs G-Sec
+244 bps
Credit premium, from 8 bonds with a current market yield

Maturity Profile

Active bonds maturing, by year. Bar height relative to the tallest year (10 bonds).

0 2026: 4 bonds, ₹265 Cr tracked, avg coupon 9.32% 4 bonds 2026 2027: 10 bonds, ₹790 Cr tracked, avg coupon 9.65% 10 bonds 2027 2028: 10 bonds, ₹1,185 Cr tracked, avg coupon 9.67% 10 bonds 2028 2029: 4 bonds, ₹300 Cr tracked, avg coupon 9.97% 4 bonds 2029 2030: 1 bond, ₹150 Cr tracked, avg coupon 8.90% 1 bond 2030 2031: 1 bond, ₹360 Cr tracked, avg coupon 9.90% 1 bond 2031

Security Type / Instrument Mix

  • NCD 30 bonds · 100% · ₹3,050 Cr tracked

Funding Evolution

■ Issued that year — Cumulative outstanding (tracked)
2021: ₹100 Cr issued 2021 2022: ₹60 Cr issued 2022 2023: ₹150 Cr issued 2023 2024: ₹415 Cr issued 2024 2025: ₹990 Cr issued 2025 2026: ₹1,335 Cr issued 2026 Cumulative: ₹100 Cr Cumulative: ₹160 Cr Cumulative: ₹310 Cr Cumulative: ₹725 Cr Cumulative: ₹1,715 Cr Cumulative: ₹3,050 Cr

Based on 27 of 30 active bonds with a known issue date and issue size — the rest are excluded, not assumed zero.

Financial Snapshot

H1 FY27
Revenue from Operations
₹1,088.67 Cr
 
Net Profit / Loss
₹214.65 Cr
 
Profit Before Tax
₹287.63 Cr
 

As filed under SEBI LODR Reg 52(4) / Integrated Filing, filed 28 Oct 2026. Figures are reported facts, not a rating or recommendation.

03 Credit Profile
  • AA 20 bonds · 67%
  • A 7 bonds · 23%
  • Unrated 3 bonds · 10%
AgencyRatingOutlookBonds
CARE AA- Stable 6
CARE AA- — 5
CARE AA Stable 2
Acuité AA — 1
Acuité AA Stable 1
CARE A+ Stable 1
CARE AA — 1
CRISIL AA Stable 1
CRISIL AA- — 1
CARE A+ NSDL record — 6
Acuité AA- NSDL record — 1
CARE AA- NSDL record — 1

Recent Rating Actions

No rating action history available.

04 Outstanding Bonds View all bonds →
ISIN Bond Name Coupon Rating Maturity YTM Last Trade Details
INE348L07308 MAS Financial Services 8.35% Nov 2026 NCD 8.35% AA- (CARE) 2026-11-16 — 2026-10-19
INE348L07241 MAS Financial Services 9.60% Dec 2026 NCD 9.60% AA- (CARE) 2026-12-23 9.37% 2026-10-12
IN8348L07018 MAS Financial Services 9.60% Dec 2026 NCD 9.60% — 2026-12-23 — —
INE348L07266 MAS Financial Services 9.75% Dec 2026 NCD 9.75% AA- (CARE) 2026-12-30 — —
INE348L07274 MAS Financial Services 9.60% Feb 2027 NCD 9.60% AA- (CARE) 2027-02-13 8.63% 2026-10-21
INE348L07290 MAS Financial Services 9.60% Mar 2027 NCD 9.60% AA (CRISIL) 2027-03-28 — 2026-07-09
INE348L07316 MAS Financial Services 9.25% May 2027 NCD 9.25% AA- (CARE) 2027-05-16 8.72% 2026-11-06
IN8348L07026 MAS Financial Services 9.25% May 2027 NCD 9.25% — 2027-05-16 — —
INE348L08041 MAS Financial Services 10.75% May 2027 NCD 10.75% A+ (CARE) 2027-05-20 — 2025-11-25
INE348L07324 MAS Financial Services 9.75% Jun 2027 NCD 9.75% AA (CARE) 2027-06-15 — —
INE348L07209 MAS Financial Services 9.57% Jun 2027 NCD 9.57% AA- (CARE, NSDL record 2024) 2027-06-21 — 2026-08-31
INE348L07332 MAS Financial Services 9.10% Aug 2027 NCD 9.10% AA- (CARE) 2027-08-29 — 2026-11-05
INE348L07340 MAS Financial Services 8.90% Nov 2027 NCD 8.90% AA- (CARE) 2027-11-28 — 2026-11-06
INE348L08058 MAS Financial Services 10.75% Dec 2027 NCD 10.75% A+ (CARE, NSDL record 2021) 2027-12-29 — 2026-08-20
INE348L07183 MAS Financial Services Mar 2028 NCD — AA- (Acuité, NSDL record 2024) 2028-03-21 — —
INE348L08066 MAS Financial Services 10.75% Apr 2028 NCD 10.75% A+ (CARE, NSDL record 2022) 2028-04-28 — 2026-07-17
INE348L07407 MAS Financial Services 9.00% Jun 2028 NCD 9.00% AA- (CARE) 2028-06-12 — —
INE348L07381 MAS Financial Services 8.70% Jun 2028 NCD 8.70% AA- (CRISIL) 2028-06-24 9.20% 2026-11-06
INE348L07423 MAS Financial Services 8.55% Sep 2028 NCD 8.55% AA- (CARE) 2028-09-24 8.77% 2026-11-06
INE348L08082 MAS Financial Services 10.75% Oct 2028 NCD 10.75% A+ (CARE, NSDL record 2023) 2028-10-10 10.75% 2026-10-23
INE348L08090 MAS Financial Services 10.75% Oct 2028 NCD 10.75% A+ (CARE, NSDL record 2023) 2028-10-27 — 2026-11-05
INE348L07415 MAS Financial Services 9.00% Dec 2028 NCD 9.00% AA- (CARE) 2028-12-18 9.50% 2026-11-06
INE348L08074 MAS Financial Services 10.75% Dec 2028 NCD 10.75% A+ (CARE, NSDL record 2022) 2028-12-21 — 2026-07-03
INE348L07357 MAS Financial Services 8.75% Dec 2028 NCD 8.75% AA- (CARE) 2028-12-30 — —
INE348L07282 MAS Financial Services 9.80% Mar 2029 NCD 9.80% AA (Acuité) 2029-03-21 — —
INE348L07365 MAS Financial Services 8.60% Mar 2029 NCD 8.60% AA (CARE) 2029-03-25 — —
IN8348L08016 MAS Financial Services 10.75% Jul 2029 NCD 10.75% — 2029-07-08 — —
INE348L08108 MAS Financial Services 10.75% Jul 2029 NCD 10.75% A+ (CARE, NSDL record 2023) 2029-07-08 10.04% 2026-10-29
INE348L07399 MAS Financial Services 8.90% Jun 2030 NCD 8.90% AA (Acuité) 2030-06-30 — —
INE348L07373 MAS Financial Services 9.90% May 2031 NCD 9.90% AA (CARE) 2031-05-20 — —
Compare (/) Compare Bonds

YTM is the market yield from the latest BSE/NSE trade. It shows “—” when that trade is over 30 days old, the bond is under 30 days from maturity, it is a market-linked debenture, or the price failed our checks (hover the dash for the reason). A coupon is never shown as a yield.

05 Market Activity

Last 30 days, across all outstanding bonds from this issuer.

BSE Traded Value (Last 30 Days)
₹14.58 L
Number of Trades (Last 30 Days)
94
Avg. Yield (Last 30 Days)
9.2%
06 Regulatory Filings
07 Methodology & Data Coverage
DatasetCountFreshness
Credit Ratings (current) 27 2026-09-30
Rating Actions History 0 —
Secondary-Market Trades 292 2026-11-06
Reg52(4) Payment Disclosures 0 —

Methodology version 1.0. See full methodology for sources and limitations.

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Frequently Asked Questions
How many active bonds does MAS Financial Services Limited have?

MAS Financial Services Limited currently has 30 active bonds with coupons of 8.35% - 10.75%, maturities spanning 2026 - 2031.

What is MAS Financial Services Limited's credit rating?

The most common current rating on MAS Financial Services Limited's senior bonds is AA- (CARE). Ratings on file come from Acuité, CARE, CRISIL.

Are MAS Financial Services Limited's bonds secured?

Of the 30 bonds with a disclosed security status, 22 are secured (73%) and 8 are unsecured.

When do MAS Financial Services Limited's bonds mature?

MAS Financial Services Limited's active bonds mature between 2026 - 2031; the nearest matures in Nov 2026; the average tenure is 1.4 Yrs.

What is the average coupon on MAS Financial Services Limited's bonds?

The average coupon across MAS Financial Services Limited's 30 active bonds is 9.64%.

Disclaimer: This page aggregates publicly available data about MAS Financial Services Limited for informational purposes only. Ratings shown are the opinion of the issuing rating agency and are not buy/sell recommendations. RetailBonds.in does not issue its own ratings or investment advice. Verify all data against the issuer’s offer document before transacting.