Shares down 28% in 6 months but InCred is bullish on this stock with 58% future returns - Do you own? Check target price

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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.
The stock closed 3.69% lower at ₹244.10 per share on BSE with a market capitalisation of ₹4,429.28 crore on Friday. Its share price value has 28.22% in six months, 20.80% in one month and around 14.58% in two years.
MAS Financial Services reported a net profit of ₹115.12 crore in the second quarter of financial year 2026-27. Its net profit stood at ₹91.43 crore in the same quarter in the previous financial year.
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