# Finance & Investments - MSME Lending — company-by-company sector analysis

> Finance & Investments - MSME Lending: Five-Star Business Finance Ltd owns the largest revenue base; SG Finserve Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Finance & Investments - MSME Lending has underperformed NIFTY 500 by 10.6% over 52 weeks and 0.1% over 13 weeks. 3 of 6 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself. Five-Star Business Finance Ltd leads with income of ₹3,260 crore, based on 5 of 6 comparable companies through Jun 2026.

### Is the Finance & Investments - MSME Lending sector outperforming NIFTY 500?

Finance & Investments - MSME Lending has underperformed NIFTY 500 by 10.6% over 52 weeks and 0.1% over 13 weeks. 3 of 6 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself.

### Which Finance & Investments - MSME Lending company is largest by income?

Five-Star Business Finance Ltd leads with income of ₹3,260 crore, based on 5 of 6 comparable companies through Jun 2026.

### Which Finance & Investments - MSME Lending company is growing fastest?

SG Finserve Ltd has the fastest current income growth at 100%, across 5 of 6 comparable companies.

### Which Finance & Investments - MSME Lending company has the strongest 4-Factor Sector Score?

SG Finserve Ltd ranks first at 64.9/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance & Investments - MSME Lending company has the lowest comparable P/BV-to-ROE?

Ugro Capital Ltd has the lowest comparable P/BV ÷ ROE at 0.08, among 6 of 6 companies that pass the metric’s comparability rules.

### How much history does this Finance & Investments - MSME Lending comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Finance & Investments - MSME Lending has underperformed NIFTY 500 by 10.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.1%. 3 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. SG Finserve Ltd is the strongest against the sector itself at +55.1%.

13-week sector return versus NIFTY 500: 0.1%
52-week sector return versus NIFTY 500: -11%
Stocks leading NIFTY: 3/6
Stocks leading sector: 2/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹38.1K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. SG Finserve Ltd (SGFIN): 65/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 26.5/35 | Capital efficiency 13.3/25 | Valuation 5.1/20 | Relative strength 20.0/20
   - Exact sum: 26.5 + 13.3 + 5.1 + 20 = 64.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. MAS Financial Services Ltd (MASFIN): 63/100 — Mixed-positive evidence; evidence 84%
   - Growth & earnings 23.2/35 | Capital efficiency 15.8/25 | Valuation 14.7/20 | Relative strength 9.4/20
   - Exact sum: 23.2 + 15.8 + 14.7 + 9.4 = 63.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. SBFC Finance Ltd (SBFC): 59/100 — Mixed-positive evidence; evidence 84%
   - Growth & earnings 27.2/35 | Capital efficiency 16.8/25 | Valuation 9.1/20 | Relative strength 5.7/20
   - Exact sum: 27.2 + 16.8 + 9.1 + 5.7 = 58.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -6.8% and the one-year return is -20.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Five-Star Business Finance Ltd (FIVESTAR): 44/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 3.4/35 | Capital efficiency 20.8/25 | Valuation 11.6/20 | Relative strength 8.5/20
   - Exact sum: 3.4 + 20.8 + 11.6 + 8.5 = 44.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Moneyboxx Finance Ltd (MONEYBOXX): 27/100 — Adverse evidence; evidence 67%
   - Growth & earnings 16.5/35 | Capital efficiency 4.6/25 | Valuation 3.2/20 | Relative strength 3.0/20
   - Exact sum: 16.5 + 4.6 + 3.2 + 3 = 27.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Ugro Capital Ltd (UGROCAP): 38/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 16.8/35 | Capital efficiency 9.8/25 | Valuation 8.6/20 | Relative strength 3.0/20
   - Exact sum: 16.8 + 9.8 + 8.6 + 3 = 38.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Five-Star Business Finance Ltd is the scale leader at ₹3,260 crore, 63.4% ahead of MAS Financial Services Ltd. SG Finserve Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 106.2% from a ₹402 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Five-Star Business Finance Ltd is the scale benchmark; SG Finserve Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Five-Star Business Finance Ltd's growth falls below SG Finserve Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Five-Star Business Finance Ltd · ₹3,260 crore | 63.4% versus #2 · MAS Financial Services Ltd | 8/8 recent comparable periods | 5/6 companies · 94 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Five-Star Business Finance Ltd (FIVESTAR): ₹3.3K Cr
2. MAS Financial Services Ltd (MASFIN): ₹2.0K Cr
3. SBFC Finance Ltd (SBFC): ₹1.3K Cr
4. SG Finserve Ltd (SGFIN): ₹402 Cr
5. Moneyboxx Finance Ltd (MONEYBOXX): ₹232 Cr

### Income growth — fastest growers
1. SG Finserve Ltd (SGFIN): 100%
2. SBFC Finance Ltd (SBFC): 28%
3. MAS Financial Services Ltd (MASFIN): 25%
4. Moneyboxx Finance Ltd (MONEYBOXX): 17%
5. Five-Star Business Finance Ltd (FIVESTAR): 9.8%

### 20-quarter Income history
- FIVESTAR: Sep 2021 ₹308 Cr | Dec 2021 ₹318 Cr | Mar 2022 ₹327 Cr | Jun 2022 ₹339 Cr | Sep 2022 ₹362 Cr | Dec 2022 ₹387 Cr | Mar 2023 ₹436 Cr | Jun 2023 ₹480 Cr | Sep 2023 ₹519 Cr | Dec 2023 ₹567 Cr | Mar 2024 ₹616 Cr | Jun 2024 ₹666 Cr | Sep 2024 ₹702 Cr | Dec 2024 ₹727 Cr | Mar 2025 ₹752 Cr | Jun 2025 ₹787 Cr | Sep 2025 ₹799 Cr | Dec 2025 ₹815 Cr | Mar 2026 ₹817 Cr | Jun 2026 ₹829 Cr
- SBFC: Sep 2021 ₹125 Cr | Dec 2021 ₹139 Cr | Mar 2022 ₹139 Cr | Jun 2022 ₹160 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹202 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹230 Cr | Sep 2023 ₹246 Cr | Dec 2023 ₹264 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹298 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹334 Cr | Mar 2025 ₹361 Cr | Jun 2025 ₹389 Cr | Sep 2025 ₹411 Cr | Dec 2025 ₹426 Cr | Mar 2026 ₹454 Cr | Jun 2026 —
- MASFIN: Sep 2021 ₹166 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹189 Cr | Jun 2022 ₹206 Cr | Sep 2022 ₹240 Cr | Dec 2022 ₹261 Cr | Mar 2023 ₹278 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹310 Cr | Dec 2023 ₹335 Cr | Mar 2024 ₹347 Cr | Jun 2024 ₹364 Cr | Sep 2024 ₹384 Cr | Dec 2024 ₹410 Cr | Mar 2025 ₹439 Cr | Jun 2025 ₹466 Cr | Sep 2025 ₹480 Cr | Dec 2025 ₹507 Cr | Mar 2026 ₹542 Cr | Jun 2026 —
- SGFIN: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹105 Cr | Jun 2026 ₹136 Cr
- UGROCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹461 Cr | Mar 2026 ₹607 Cr | Jun 2026 —
- MONEYBOXX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹63 Cr | Jun 2026 —

### 20-quarter Income growth history
- FIVESTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 18% | Dec 2022 22% | Mar 2023 33% | Jun 2023 42% | Sep 2023 43% | Dec 2023 47% | Mar 2024 41% | Jun 2024 39% | Sep 2024 35% | Dec 2024 28% | Mar 2025 22% | Jun 2025 18% | Sep 2025 14% | Dec 2025 12% | Mar 2026 8.6% | Jun 2026 5.3%
- SBFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 42% | Dec 2022 45% | Mar 2023 45% | Jun 2023 44% | Sep 2023 39% | Dec 2023 31% | Mar 2024 38% | Jun 2024 30% | Sep 2024 28% | Dec 2024 27% | Mar 2025 29% | Jun 2025 31% | Sep 2025 31% | Dec 2025 28% | Mar 2026 26% | Jun 2026 —
- MASFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 45% | Dec 2022 45% | Mar 2023 47% | Jun 2023 42% | Sep 2023 29% | Dec 2023 28% | Mar 2024 25% | Jun 2024 24% | Sep 2024 24% | Dec 2024 22% | Mar 2025 27% | Jun 2025 28% | Sep 2025 25% | Dec 2025 24% | Mar 2026 23% | Jun 2026 —
- SGFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 1,100% | Mar 2023 — | Jun 2023 — | Sep 2023 2,100% | Dec 2023 333% | Mar 2024 111% | Jun 2024 26% | Sep 2024 -30% | Dec 2024 -19% | Mar 2025 -8.5% | Jun 2025 55% | Sep 2025 142% | Dec 2025 105% | Mar 2026 94% | Jun 2026 100%
- MONEYBOXX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 154% | Mar 2024 127% | Jun 2024 94% | Sep 2024 74% | Dec 2024 55% | Mar 2025 23% | Jun 2025 29% | Sep 2025 11% | Dec 2025 5.6% | Mar 2026 21% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Five-Star Business Finance Ltd leads with ₹1,103 crore of TTM profit, 194.1% above MAS Financial Services Ltd. SG Finserve Ltd shows 79.3% growth from a ₹156 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Five-Star Business Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Five-Star Business Finance Ltd · ₹1,103 crore | 194.1% versus #2 · MAS Financial Services Ltd | 7/8 recent comparable periods | 5/6 companies · 94 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Five-Star Business Finance Ltd (FIVESTAR): ₹1.1K Cr
2. MAS Financial Services Ltd (MASFIN): ₹375 Cr
3. SBFC Finance Ltd (SBFC): ₹345 Cr
4. SG Finserve Ltd (SGFIN): ₹156 Cr
5. Moneyboxx Finance Ltd (MONEYBOXX): ₹1 Cr

### Profit growth — fastest growers
1. SG Finserve Ltd (SGFIN): 79%
2. SBFC Finance Ltd (SBFC): 45%
3. MAS Financial Services Ltd (MASFIN): 19%
4. Five-Star Business Finance Ltd (FIVESTAR): 1.5%

### 20-quarter Net profit history
- FIVESTAR: Sep 2021 ₹118 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹184 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹268 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹279 Cr | Jun 2025 ₹266 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹269 Cr | Jun 2026 ₹271 Cr
- SBFC: Sep 2021 ₹16 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹123 Cr | Jun 2026 —
- MASFIN: Sep 2021 ₹39 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- SGFIN: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹42 Cr | Jun 2026 ₹54 Cr
- UGROCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹46 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- MONEYBOXX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-3 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Profit growth history
- FIVESTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 22% | Dec 2022 28% | Mar 2023 43% | Jun 2023 32% | Sep 2023 38% | Dec 2023 44% | Mar 2024 40% | Jun 2024 37% | Sep 2024 35% | Dec 2024 26% | Mar 2025 18% | Jun 2025 5.6% | Sep 2025 6.7% | Dec 2025 1.1% | Mar 2026 -3.6% | Jun 2026 1.9%
- SBFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 68% | Sep 2022 125% | Dec 2022 215% | Mar 2023 215% | Jun 2023 47% | Sep 2023 47% | Dec 2023 56% | Mar 2024 80% | Jun 2024 68% | Sep 2024 58% | Dec 2024 38% | Mar 2025 27% | Jun 2025 28% | Sep 2025 30% | Dec 2025 34% | Mar 2026 31% | Jun 2026 —
- MASFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 28% | Dec 2022 27% | Mar 2023 33% | Jun 2023 26% | Sep 2023 24% | Dec 2023 23% | Mar 2024 23% | Jun 2024 26% | Sep 2024 26% | Dec 2024 25% | Mar 2025 19% | Jun 2025 19% | Sep 2025 17% | Dec 2025 16% | Mar 2026 25% | Jun 2026 —
- SGFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 400% | Mar 2023 — | Jun 2023 — | Sep 2023 1,600% | Dec 2023 340% | Mar 2024 71% | Jun 2024 19% | Sep 2024 -18% | Dec 2024 9.1% | Mar 2025 0.0% | Jun 2025 32% | Sep 2025 100% | Dec 2025 33% | Mar 2026 75% | Jun 2026 116%
- MONEYBOXX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 881% | Jun 2024 162% | Sep 2024 48% | Dec 2024 -90% | Mar 2025 -228% | Jun 2025 -94% | Sep 2025 -86% | Dec 2025 75% | Mar 2026 — | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/6 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Ugro Capital Ltd (UGROCAP): ₹10.8K Cr
2. MAS Financial Services Ltd (MASFIN): ₹10.3K Cr
3. Five-Star Business Finance Ltd (FIVESTAR): ₹8.2K Cr
4. SBFC Finance Ltd (SBFC): ₹7.3K Cr
5. SG Finserve Ltd (SGFIN): ₹2.7K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- FIVESTAR: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹6.3K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹8.4K Cr | Dec 2025 ₹8.4K Cr | Mar 2026 ₹8.2K Cr | Jun 2026 —
- SBFC: Sep 2021 — | Dec 2021 ₹3.1K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 —
- MASFIN: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹5.7K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹8.2K Cr | Mar 2025 ₹9.2K Cr | Jun 2025 ₹9.2K Cr | Sep 2025 ₹9.9K Cr | Dec 2025 ₹9.9K Cr | Mar 2026 ₹10.3K Cr | Jun 2026 —
- SGFIN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹100 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹493 Cr | Jun 2023 ₹493 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹957 Cr | Jun 2024 ₹957 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.7K Cr
- UGROCAP: Sep 2021 ₹1.2K Cr | Dec 2021 — | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 — | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 — | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹10.8K Cr | Jun 2026 —
- MONEYBOXX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹99 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹241 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹452 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹652 Cr | Jun 2025 — | Sep 2025 ₹639 Cr | Dec 2025 — | Mar 2026 ₹675 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Five-Star Business Finance Ltd leads roa at 7%; MAS Financial Services Ltd leads roa change at +0.1 percentage points.

Investor read: Five-Star Business Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Five-Star Business Finance Ltd · 7% | 70.7% versus #2 · SBFC Finance Ltd | 4/8 recent comparable periods | 6/6 companies · 42 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Five-Star Business Finance Ltd (FIVESTAR): 7.0%
2. SBFC Finance Ltd (SBFC): 4.1%
3. SG Finserve Ltd (SGFIN): 3.0%
4. MAS Financial Services Ltd (MASFIN): 2.7%
5. Ugro Capital Ltd (UGROCAP): 1.5%

### ROA change — fastest improvers
1. MAS Financial Services Ltd (MASFIN): +0.1 pp
2. SBFC Finance Ltd (SBFC): +0.1 pp
3. Five-Star Business Finance Ltd (FIVESTAR): −0.4 pp
4. SG Finserve Ltd (SGFIN): −0.4 pp
5. Ugro Capital Ltd (UGROCAP): −0.4 pp

### 20-quarter ROA history
- FIVESTAR: Sep 2021 6.8% | Dec 2021 7.6% | Mar 2022 7.4% | Jun 2022 7.4% | Sep 2022 8.7% | Dec 2022 8.8% | Mar 2023 6.9% | Jun 2023 — | Sep 2023 7.3% | Dec 2023 — | Mar 2024 7.2% | Jun 2024 — | Sep 2024 7.6% | Dec 2024 — | Mar 2025 7.4% | Jun 2025 — | Sep 2025 7.2% | Dec 2025 — | Mar 2026 7.0% | Jun 2026 —
- SBFC: Sep 2021 — | Dec 2021 — | Mar 2022 1.4% | Jun 2022 1.1% | Sep 2022 2.8% | Dec 2022 2.9% | Mar 2023 3.0% | Jun 2023 2.9% | Sep 2023 2.8% | Dec 2023 — | Mar 2024 3.4% | Jun 2024 — | Sep 2024 4.0% | Dec 2024 — | Mar 2025 4.0% | Jun 2025 — | Sep 2025 4.0% | Dec 2025 — | Mar 2026 4.1% | Jun 2026 —
- MASFIN: Sep 2021 — | Dec 2021 — | Mar 2022 2.5% | Jun 2022 — | Sep 2022 2.3% | Dec 2022 — | Mar 2023 2.6% | Jun 2023 — | Sep 2023 2.6% | Dec 2023 — | Mar 2024 2.7% | Jun 2024 — | Sep 2024 2.6% | Dec 2024 — | Mar 2025 2.6% | Jun 2025 — | Sep 2025 2.6% | Dec 2025 — | Mar 2026 2.7% | Jun 2026 —
- SGFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 1.8% | Jun 2023 — | Sep 2023 2.9% | Dec 2023 — | Mar 2024 4.4% | Jun 2024 — | Sep 2024 9.0% | Dec 2024 — | Mar 2025 3.4% | Jun 2025 — | Sep 2025 3.4% | Dec 2025 — | Mar 2026 3.0% | Jun 2026 —

### 20-quarter ROA change history
- FIVESTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +1.2 pp | Mar 2023 −0.5 pp | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 −0.4 pp | Dec 2025 — | Mar 2026 −0.4 pp | Jun 2026 —
- SBFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.6 pp | Jun 2023 +1.8 pp | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 +0.4 pp | Jun 2024 — | Sep 2024 +1.2 pp | Dec 2024 — | Mar 2025 +0.6 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 +0.1 pp | Jun 2026 —
- MASFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.1 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 −0.1 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 +0.1 pp | Jun 2026 —
- SGFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +2.9 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +6.1 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 −5.6 pp | Dec 2025 — | Mar 2026 −0.4 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Five-Star Business Finance Ltd leads roe at 16.1%; SG Finserve Ltd leads roe change at +3.2 percentage points.

Investor read: Five-Star Business Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Five-Star Business Finance Ltd · 16.1% | 20.1% versus #2 · MAS Financial Services Ltd | 4/8 recent comparable periods | 6/6 companies · 88 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Five-Star Business Finance Ltd (FIVESTAR): 16%
2. MAS Financial Services Ltd (MASFIN): 13%
3. SBFC Finance Ltd (SBFC): 12%
4. SG Finserve Ltd (SGFIN): 10%
5. Ugro Capital Ltd (UGROCAP): 6.0%

### ROE change — fastest improvers
1. SG Finserve Ltd (SGFIN): +3.2 pp
2. SBFC Finance Ltd (SBFC): +1.8 pp
3. MAS Financial Services Ltd (MASFIN): 0.0 pp
4. Ugro Capital Ltd (UGROCAP): −0.2 pp
5. Moneyboxx Finance Ltd (MONEYBOXX): −1.0 pp

### 20-quarter ROE history
- FIVESTAR: Sep 2021 15% | Dec 2021 15% | Mar 2022 13% | Jun 2022 13% | Sep 2022 15% | Dec 2022 15% | Mar 2023 15% | Jun 2023 16% | Sep 2023 17% | Dec 2023 18% | Mar 2024 18% | Jun 2024 19% | Sep 2024 19% | Dec 2024 20% | Mar 2025 19% | Jun 2025 19% | Sep 2025 17% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —
- SBFC: Sep 2021 6.5% | Dec 2021 — | Mar 2022 4.7% | Jun 2022 4.0% | Sep 2022 9.0% | Dec 2022 9.0% | Mar 2023 9.8% | Jun 2023 9.5% | Sep 2023 11% | Dec 2023 9.7% | Mar 2024 9.8% | Jun 2024 11% | Sep 2024 11% | Dec 2024 12% | Mar 2025 12% | Jun 2025 12% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- MASFIN: Sep 2021 12% | Dec 2021 13% | Mar 2022 13% | Jun 2022 13% | Sep 2022 14% | Dec 2022 15% | Mar 2023 15% | Jun 2023 15% | Sep 2023 15% | Dec 2023 15% | Mar 2024 15% | Jun 2024 16% | Sep 2024 16% | Dec 2024 15% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- SGFIN: Sep 2021 — | Dec 2021 12% | Mar 2022 32% | Jun 2022 -31% | Sep 2022 -37% | Dec 2022 1.6% | Mar 2023 6.9% | Jun 2023 13% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 12% | Sep 2024 9.6% | Dec 2024 6.8% | Mar 2025 11% | Jun 2025 10% | Sep 2025 9.7% | Dec 2025 11% | Mar 2026 12% | Jun 2026 13%
- UGROCAP: Sep 2021 0.7% | Dec 2021 1.4% | Mar 2022 — | Jun 2022 — | Sep 2022 3.0% | Dec 2022 2.2% | Mar 2023 — | Jun 2023 — | Sep 2023 10% | Dec 2023 9.8% | Mar 2024 — | Jun 2024 — | Sep 2024 8.4% | Dec 2024 8.4% | Mar 2025 7.7% | Jun 2025 8.1% | Sep 2025 6.7% | Dec 2025 7.7% | Mar 2026 7.5% | Jun 2026 —

### 20-quarter ROE change history
- FIVESTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.1 pp | Mar 2023 +1.7 pp | Jun 2023 +3.3 pp | Sep 2023 +2.2 pp | Dec 2023 +2.9 pp | Mar 2024 +3.2 pp | Jun 2024 +2.8 pp | Sep 2024 +2.5 pp | Dec 2024 +2.0 pp | Mar 2025 +0.8 pp | Jun 2025 −0.4 pp | Sep 2025 −2.5 pp | Dec 2025 −2.1 pp | Mar 2026 −2.8 pp | Jun 2026 —
- SBFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 — | Mar 2023 +5.1 pp | Jun 2023 +5.5 pp | Sep 2023 +1.9 pp | Dec 2023 +0.7 pp | Mar 2024 0.0 pp | Jun 2024 +1.5 pp | Sep 2024 +0.5 pp | Dec 2024 +2.0 pp | Mar 2025 +2.1 pp | Jun 2025 +1.2 pp | Sep 2025 +1.3 pp | Dec 2025 +1.5 pp | Mar 2026 +1.8 pp | Jun 2026 —
- MASFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +1.9 pp | Mar 2023 +2.1 pp | Jun 2023 +2.0 pp | Sep 2023 +1.1 pp | Dec 2023 +0.6 pp | Mar 2024 +0.3 pp | Jun 2024 +0.9 pp | Sep 2024 +1.1 pp | Dec 2024 −0.9 pp | Mar 2025 −2.3 pp | Jun 2025 −3.0 pp | Sep 2025 −2.9 pp | Dec 2025 −1.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- SGFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −10.0 pp | Mar 2023 −24.8 pp | Jun 2023 +44.5 pp | Sep 2023 +47.9 pp | Dec 2023 +8.9 pp | Mar 2024 +4.5 pp | Jun 2024 −1.2 pp | Sep 2024 −1.3 pp | Dec 2024 −3.7 pp | Mar 2025 −0.3 pp | Jun 2025 −2.0 pp | Sep 2025 +0.1 pp | Dec 2025 +4.1 pp | Mar 2026 +1.0 pp | Jun 2026 +3.2 pp
- UGROCAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 +0.8 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +7.3 pp | Dec 2023 +7.6 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 −1.4 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −1.7 pp | Dec 2025 −0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: Five-Star Business Finance Ltd leads both gross npa at 3.5% and gnpa change at +1 percentage points.

Investor read: Five-Star Business Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: Five-Star Business Finance Ltd · 3.5% | Not enough peers | 0/4 recent comparable periods | 1/6 companies · 8 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. Five-Star Business Finance Ltd (FIVESTAR): 3.5%

### GNPA change — fastest improvers
1. Five-Star Business Finance Ltd (FIVESTAR): +1.0 pp

### 20-quarter Gross NPA history
- FIVESTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.5% | Dec 2024 1.6% | Mar 2025 1.8% | Jun 2025 2.5% | Sep 2025 2.6% | Dec 2025 3.2% | Mar 2026 3.4% | Jun 2026 3.5%

### 20-quarter GNPA change history
- FIVESTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +1.2 pp | Dec 2025 +1.6 pp | Mar 2026 +1.6 pp | Jun 2026 +1.0 pp

## Valuation Against Growth & Quality

What the numbers say: Ugro Capital Ltd has the lowest comparable P/BV ÷ ROE at 0.08×, 38.5% below Five-Star Business Finance Ltd. Only 6 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Ugro Capital Ltd · 0.08× | 38.5% versus #2 · Five-Star Business Finance Ltd | 0/8 recent comparable periods | 6/6 companies · 71 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Ugro Capital Ltd (UGROCAP): 0.1
2. Five-Star Business Finance Ltd (FIVESTAR): 0.1
3. MAS Financial Services Ltd (MASFIN): 0.1
4. SBFC Finance Ltd (SBFC): 0.3
5. SG Finserve Ltd (SGFIN): 0.3

### P/BV — lowest P/BV
1. Ugro Capital Ltd (UGROCAP): 0.5
2. Moneyboxx Finance Ltd (MONEYBOXX): 1.4
3. MAS Financial Services Ltd (MASFIN): 1.9
4. Five-Star Business Finance Ltd (FIVESTAR): 2.1
5. SG Finserve Ltd (SGFIN): 3.1

### 20-quarter P/BV ÷ ROE history
- FIVESTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- SBFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- MASFIN: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- SGFIN: Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 — | Sep 2022 — | Dec 2022 2.4 | Mar 2023 0.8 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.2 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 0.2
- UGROCAP: Sep 2021 1.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —

### 20-quarter P/BV history
- FIVESTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.5 | Mar 2023 3.8 | Jun 2023 4.3 | Sep 2023 4.7 | Dec 2023 4.5 | Mar 2024 4.4 | Jun 2024 5.3 | Sep 2024 4.5 | Dec 2024 4.1 | Mar 2025 3.7 | Jun 2025 4.3 | Sep 2025 2.4 | Dec 2025 2.4 | Mar 2026 1.6 | Jun 2026 2.0
- SBFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.4 | Dec 2023 3.7 | Mar 2024 3.4 | Jun 2024 3.2 | Sep 2024 3.6 | Dec 2024 3.2 | Mar 2025 3.2 | Jun 2025 3.6 | Sep 2025 3.6 | Dec 2025 3.6 | Mar 2026 2.8 | Jun 2026 —
- MASFIN: Sep 2021 3.6 | Dec 2021 2.8 | Mar 2022 2.4 | Jun 2022 2.3 | Sep 2022 2.9 | Dec 2022 3.2 | Mar 2023 3.2 | Jun 2023 3.1 | Sep 2023 3.2 | Dec 2023 2.9 | Mar 2024 2.8 | Jun 2024 3.0 | Sep 2024 2.6 | Dec 2024 2.0 | Mar 2025 1.9 | Jun 2025 2.8 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 1.9 | Jun 2026 —
- SGFIN: Sep 2021 0.7 | Dec 2021 1.7 | Mar 2022 2.2 | Jun 2022 6.5 | Sep 2022 10.3 | Dec 2022 3.9 | Mar 2023 5.2 | Jun 2023 6.5 | Sep 2023 3.9 | Dec 2023 3.5 | Mar 2024 3.0 | Jun 2024 2.5 | Sep 2024 3.5 | Dec 2024 2.7 | Mar 2025 2.7 | Jun 2025 2.9 | Sep 2025 1.9 | Dec 2025 2.1 | Mar 2026 2.4 | Jun 2026 2.6
- UGROCAP: Sep 2021 0.9 | Dec 2021 — | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 1.4 | Dec 2022 — | Mar 2023 1.0 | Jun 2023 2.2 | Sep 2023 1.9 | Dec 2023 — | Mar 2024 1.4 | Jun 2024 1.9 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 1.1 | Mar 2026 0.4 | Jun 2026 —
- MONEYBOXX: Sep 2021 — | Dec 2021 — | Mar 2022 12.2 | Jun 2022 — | Sep 2022 — | Dec 2022 7.1 | Mar 2023 8.9 | Jun 2023 9.0 | Sep 2023 6.6 | Dec 2023 8.0 | Mar 2024 9.0 | Jun 2024 9.3 | Sep 2024 4.9 | Dec 2024 3.1 | Mar 2025 2.9 | Jun 2025 3.3 | Sep 2025 2.1 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 —

## Market action

SG Finserve Ltd has the strongest one-year price move in Finance & Investments - MSME Lending at +65.2%. It also leads on Mansfield relative strength against NIFTY at +56%. 3 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. SG Finserve Ltd (SGFIN): 65%
2. MAS Financial Services Ltd (MASFIN): -7.5%
3. SBFC Finance Ltd (SBFC): -20%
4. Five-Star Business Finance Ltd (FIVESTAR): -27%
5. Moneyboxx Finance Ltd (MONEYBOXX): -31%

### Strongest relative strength versus NIFTY 500
1. SG Finserve Ltd (SGFIN): 56%
2. Five-Star Business Finance Ltd (FIVESTAR): 6.2%
3. MAS Financial Services Ltd (MASFIN): 0.9%
4. SBFC Finance Ltd (SBFC): -6.7%
5. Moneyboxx Finance Ltd (MONEYBOXX): -14%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Five-Star Business Finance Ltd (FIVESTAR) — market value ₹15.8K Cr; latest fundamentals Jun 2026
- SBFC Finance Ltd (SBFC) — market value ₹10.2K Cr; latest fundamentals Mar 2026
- MAS Financial Services Ltd (MASFIN) — market value ₹5.7K Cr; latest fundamentals Mar 2026
- SG Finserve Ltd (SGFIN) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- Ugro Capital Ltd (UGROCAP) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Moneyboxx Finance Ltd (MONEYBOXX) — market value ₹424 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 2. Withheld: 0. Graded companies: 6.

1 of 6 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | UGROCAP | Ugro Capital Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Finance & Investments - MSME Lending index?

The Nifty Finance & Investments - MSME Lending index tracks India's listed Finance & Investments - MSME Lending companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance & Investments - MSME Lending sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance & Investments - MSME Lending stocks in India?

Ranked by this page's four-factor score, SG Finserve Ltd places first among 6 listed Finance & Investments - MSME Lending companies, followed by MAS Financial Services Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Finance & Investments - MSME Lending stocks are listed in India?

This comparison covers 6 listed Finance & Investments - MSME Lending companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Finance & Investments - MSME Lending company is the biggest?

Five-Star Business Finance Ltd is the largest, with trailing-twelve-month income of ₹3,260 crore, ahead of MAS Financial Services Ltd at ₹1,995 crore. That covers 5 of 6 companies with comparable reporting through Jun 2026.

### Which Finance & Investments - MSME Lending company is growing fastest?

SG Finserve Ltd has the fastest income growth at 100% year on year, across 5 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Finance & Investments - MSME Lending company makes the most profit?

Five-Star Business Finance Ltd earns the most, at ₹1,103 crore of trailing-twelve-month net profit, from 5 of 6 comparable companies. SG Finserve Ltd has the fastest profit growth at 79.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance & Investments - MSME Lending lender has the best asset quality?

Five-Star Business Finance Ltd reports the lowest gross NPA ratio at 3.5% — lower is better — across 1 of 6 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Finance & Investments - MSME Lending company earns the highest return on capital?

Five-Star Business Finance Ltd leads on return on assets at 7%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Finance & Investments - MSME Lending stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Ugro Capital Ltd screens cheapest at 0.08×. Only 6 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Finance & Investments - MSME Lending sector beating the market?

Finance & Investments - MSME Lending has underperformed NIFTY 500 by 10.6% over the last 52 weeks and 0.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Finance & Investments - MSME Lending stock has the strongest price momentum?

SG Finserve Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Finance & Investments - MSME Lending company scores highest for research priority?

SG Finserve Ltd scores 64.9 out of 100 with 82% evidence confidence, from 26.5 points on growth and earnings, 13.3 on capital efficiency, 5.1 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Finance & Investments - MSME Lending companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Finance & Investments - MSME Lending sector?

The 6 Finance & Investments - MSME Lending companies on this page carry ₹38,146 crore of combined market value. Five-Star Business Finance Ltd is the largest at ₹15,798 crore, about 41% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Finance & Investments - MSME Lending sector's P/B ratio?

The median price-to-book ratio across the 6 Finance & Investments - MSME Lending companies on this page is 2.1×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Finance & Investments - MSME Lending sector performing?

3 of the 6 covered Finance & Investments - MSME Lending companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/finance-investments-msme-lending