Shares of M&M Financial Services trade with cuts of more than 1.5% at Rs. 260 after the non-banking financial company reported its first quarter earnings for the financial year ending March 2025 on Tuesday.Over a 12-month period, shares of M&M Financial have given a negative return of 9.3%.The Mumbai-based NBFC posted a rise of 3.2% in standalone net profit to Rs 530 crore, which missed estimates from brokerage firms Jefferies and Macquarie.Elevated provisions dampened M&M Financial's profitability, while higher credit costs also played spoilsport.Brokerages such as Jefferies and Macquarie both highlighted concerns around provision and credit cost, calling M&M Financial's first quarter earnings a 'soft' one. M&M Financial Services Q1 FY26 Highlights (Standalone, YoY)Net profit rises 3.2% to Rs 530 crore versus Rs 513 croreTotal Income rises 18% to Rs 4,438 crore versus Rs 3,760 croreJefferies & Macquarie On M&M Financial Q1Jefferies maintained a 'hold' call on M&M Financial in the wake of its June quarter earnings while notably cutting the target price to Rs 296 from Rs 306.Macquarie maintained an 'Underperform' rating on M&M Financial while keeping its target price of Rs 235 unchanged.A total of 36 analysts are tracking the company, with 15 having a 'buy' rating. 15 have recommended 'hold,' while six suggest 'sell,' as per data compiled by Bloomberg.The average of 12-month analysts' price target implies a potential upside of 8%.Stock Market Live: Nifty, Sensex Rises As RIL, Infosys Lead; IT Stocks Gain . Read more on Markets by NDTV Profit.