India NBFC & Lending — Bajaj Finance HDFC-Style Compounders
Non-Banking Financial Companies (NBFCs) are India's credit backbone outside the formal banking system. Bajaj Finance, Cholamandalam, Shriram Finance, and microfinance lenders serve the credit-starved middle and lower-middle class. RBI regulation adds governance but limits risk.
Stocks in this theme · India NBFC & lending
16 companies in this theme — showing top 12 by market cap.
| Symbol | Company | Price | Mkt Cap | ROE | P/E |
|---|---|---|---|---|---|
| BAJFINANCE | Bajaj Finance Ltd | ₹1,060.3 | ₹6,51,639 Cr | 17.1% | 39.90 |
| BAJAJFINSV | Bajaj Finserv Ltd | ₹1,876.4 | ₹3,02,560 Cr | 15.4% | 211.00 |
| SHRIRAMFIN | Shriram Finance Ltd | ₹1,058.8 | ₹2,43,342 Cr | 16.4% | 24.30 |
| CHOLAFIN | Cholamandalam Investment & Finance Company Ltd | ₹1,728 | ₹1,45,626 Cr | 19.3% | 27.90 |
| PFC | Power Finance | ₹412.3 | ₹1,36,014 Cr | — | — |
| MUTHOOTFIN | Muthoot Finance Ltd | ₹3,035.6 | ₹1,21,530 Cr | 30.6% | 12.00 |
| ABCAPITAL | Aditya Birla Capital Ltd | ₹400.6 | ₹1,07,502 Cr | 11.6% | 34.50 |
| RECLTD | REC Ltd | ₹360.65 | ₹94,427 Cr | 20.1% | 5.79 |
| LTF | L&T Finance Ltd | ₹305.9 | ₹76,122 Cr | 11.8% | 22.90 |
| BAJAJHFL | Bajaj Housing Finance Ltd | ₹85.46 | ₹70,750 Cr | 12.1% | 27.60 |
| SBICARD | SBI Cards & Payment Services Ltd | ₹626.85 | ₹59,571 Cr | 14.7% | 27.50 |
| M&MFIN | Mahindra & Mahindra Financial Services Ltd | ₹378.15 | ₹51,929 Cr | 12.9% | 16.00 |
Research Coverage
- Top NBFC compounders ranked by AUM growth and ROE
- Microfinance stress: which lenders are clean?
- Housing finance comparison: HDFC Life vs PNB Housing vs Can Fin
- RBI regulatory risk tracker for NBFCs
Parent Discover Hub
Discover Structural Investment Themes keeps this page inside the main discover cluster with sibling theme and workflow links.
Frequently Asked Questions
What is an NBFC?
Non-Banking Financial Company — a financial institution that offers loans, credit, and other banking services but is not a licensed bank. Regulated by the RBI.
Is Bajaj Finance overvalued?
Bajaj Finance trades at a premium (5–7x book) due to its consistent 25%+ AUM growth, cross-sell franchise, and best-in-class collections — a quality premium.