NBFC Industry in India

India’s NBFC landscape brings together lenders serving consumer, business, housing and microcredit needs.

Top NBFC companies in India (CIN-registered statutory-filing scope) (listed and private)

Frequently asked questions

How large is the NBFC industry in India?

416 NBFC companies with statutory filings (43 listed, 373 private) reported combined total income of ₹2.91 lakh crore in FY2025, +22.1% on the same companies. As filed each year, combined total income was ₹1.11 lakh crore in FY2018, reached ₹2.91 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 16 listed companies with an exchange price are worth ₹6.26 lakh crore in market capitalisation. Size here is measured in total income, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Deteriorating. Net profit margin was 17.4% of total income in FY2025, 3.0 pts below FY2024.

Which companies are leading the NBFC industry?

Within the CIN-registered statutory-filing scope, By FY2025 total income the largest NBFC companies are Bajaj Finance (₹69,725 crore); Shriram Finance (₹41,859 crore); Tata Capital (₹28,370 crore); LIC Housing Finance (₹28,111 crore); Reliance Capital (₹24,247 crore). 9 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Digital growth carried 5.8% of nbfc stories in 2025-06 to 2026-05, up 1.3 pts (+29%) on the prior 12 months; net tone +90 vs +56 for all nbfc stories. In buyer searches: Search interest in gold loans queries (iifl gold loan, gold loan rate) was +181% in the 12 months to 2026-09 vs the prior 12, led by “iifl gold loan” (+898%), followed by lenders and loan services (+18%); housing loans moved -15%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: 17 private nbfc lenders pass an IPO-readiness screen (Top NBFC companies in India). Digital growth is gaining the most ground in nbfc news (NBFC in the news). Gold loans searches rose most in the last year (Search & demand signals). 2 of 9 listed NBFC companies above ₹500 crore market cap are up over a year; best Shriram Finance (+29%), weakest Aditya Birla Money (-32%). (Market capitalisation & valuation). Same-company total income CAGR FY2022–FY2025: nbfc +24.7% a year; fastest of the others real estate (+17.3% a year), slowest construction & infrastructure (+14.1% a year). (Industry financials).

How are NBFC stocks valued?

The median trailing P/E is 15.3× across 16 priced companies.

What is an NBFC?

An NBFC is a lender that provides credit and related financial services outside the traditional deposit-taking model.

What does this companies lane cover?

It covers selected Indian lenders across listed and unlisted company populations, with duplicate consolidated entities removed after review.

Research information, not investment advice.