Non Banking Financial Company (NBFC) industry

302 companies · ₹16.7 L cr · 48 with AI deep dives · Q2FY27 report

Gold-loan land grab drives NBFC growth as funding costs turn up and gold-book Stage 2 rises

Acceleratingrevenue growth quickened to 21.3% YoY from 13.6% a year earlier

Revenue YoY: +21.3%
Panel: 44 cos
Price, 1 year: -13.7%; 33% of names up
P/E vs own 5y: -6.2%; 17.6x now

Exhibit 1The quarter in numbers

constant panel of 44 companies above ₹500 cr

aggregate revenue (₹ cr)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	92,540 cr	87,006 cr	+6.4%	76,287 cr	+21.3%	92,540 cr	0.0%

Revenue

Jun 26: 92,540 cr
Mar 26: 87,006 cr
QoQ: +6.4%

Exhibit 5Coverage (25 of 303)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	P/B	NIM	Gross NPA	Rev YoY	Read
Bajaj Finance Ltd	₹5.7 L cr	26.4x	4.7x	-	-	+21.6%	Unlock
Shriram Finance Ltd	₹1.9 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

tailwindDiversified lenders pile into gold loans via branch roll-outs10 managements

Gold is the main source of growth across the sector. Bajaj added 321 gold branches (gold AUM +105%). Shriram has 2,200 branches enabled for gold. L&T Finance's active gold…

BAJFINANCE (Q2FY27): “In Q2, the Company added 321 Gold Loan branches. BFL now has 2,022 Gold loan and 480 MFI…”

headwind8 managements tailwind9 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 278 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	P/B	NIM	Gross NPA	Rev YoY	Read
Ujjivan Financial Services Ltd	₹6,714 cr	8.8x	2.0x	-	-	+37.7%	Unlock