NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.Axis Securities ReportOver the years, MAS Financial Services Ltd. has consistently adhered to its principle of extending credit where due, successfully maintaining pristine asset quality while achieving healthy growth, with a 14% compound annual growth rate in assets under management over FY19-24. As the company embarks on its next growth journey, the ramping up of the direct distribution network will support MAS' ambitious growth plans of doubling its AUM over the medium term along side enabling geographic diversification. However, it would entail higher opex and relatively higher credit costs versus non-banking financial company partner sourcing. The recently concluded QIP should help bolster MAS' capital position and fuel medium term growth. We expect MAS to continue delivering a healthy return on asset/return on equity of 2.9-3%/15-16% over FY25-27E. We maintain our Buy recommendation on the stock with a target price of Rs 360/share, implying an upside of 20% from the current market price.Click on the attachment to read the full report:Gravita India Gets A 'Buy' Rating From Axis Securities, Sees 20% Upside; Here's WhyDISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.