Top 10 NBFC Stocks in India

Finance

Top 10 NBFC Stocks in India

Registrationwala

NBFC stands for Non Banking Financial Company. It is a type of business entity that provides banking-related services without holding a traditional banking license. Instead, it holds an NBFC license issued by the Reserve Bank of India (RBI). If you are an investor planning to invest in NBFC stocks, then this blog post is for you! Here, we shall provide you with the list of top 10 NBFC stocks in India.

List of Top NBFC Stocks in India

Mentioned below is the list of top 10 NBFC stocks in India, as of 2025. All of them are registered with Reserve Bank of India (RBI) and are authorized to provide NBFC services.:

1. Bajaj Finance Limited

Bajaj Finance Limited is one of the best NBFC stocks in India. It is registered on National Stock Exchange (NSE) as well as Bombay Stock Exchange (BSE). As an NBFC, Bajaj Finance is one of the leaders in the NBFC industry. The company was founded in April 2007.

It offers a variety of financial services like loans, deposits and wealth management. It is classified as NBFC-Investment & Credit Company (NBFC-ICC) by the Reserve Bank of India (RBI). As of 31 March 2025, Bajaj Finance’s Asset Under Management (AUM) is Rs. 4.17 lakh crore. This reflects a 26% year-on-year growth.

The portfolio of Bajaj Finance is spread across 3 broad categories i.e., lending, insurance and wealth advisory. In total, it has a total of 24 products spread across 12 product lines. It has a strong footprint in the length and breadth of India.

2. Muthoot Finance Limited

Another leading NBFC stock is Muthoot Finance Ltd. It is available for investing and trading on NSE as well as BSE. Muthoot Finance is an Indian financial corporation, and is regarded as the flagship company of The Muthoot Group. It is classified as an "Upper Layer NBFC" (NBFC-UL) under RBI's revised regulatory framework for NBFCs. 

At present, it is regarded as the largest gold loan NBFC in India. Although it is best known for financing gold loans, it also offers other types of loans, sells gold coins and provides insurance and money transfer services. 

Muthoot Finance Ltd has more than 5000 branches around the nation, with its headquarters located in Kochi, Kerala. It has operations outside of India in the United Arab Emirates, the United States and the United Kingdom.

3. Shriram Transport Finance Limited

Shriram Transport Finance is one of the leading NBFC stocks in the country. It is a part of 50-year old Shriram Group conglomerate, and conducts business of commercial vehicle financing. 

Its main focus is on trucks, including preowned trucks and brand new ones. It is categorized as a deposit-taking NBFC, and has 1,758 branches, 831 rural centers and collaborations with approx. 500 private financiers. 

Shriram Transport Finance is one of the largest retail NBFCs in India, with Assets Under Management (AUM) of over Rs. 200,000 crore.

4. Aditya Birla Capital Limited

Founded in 2007, Aditya Birla Capital Limited is registered as an Upper Layer NBFC (non-deposit taking) registered with the Reserve Bank of India (RBI). It offers a broad range of financial products to cater to the diverse needs of its customers.

Aditya Birla Capital Limited is one of the top five largest private diversified NBFCs in the country on the basis of Asset Under Management. It is a major player across life insurance, asset management, health insurance, private equity, corporate lending, online personal finance management, housing finance, structured finance, project finance, general insurance broking, wealth management, equity, currency and commodity broking and pension fund management.

Aditya Birla Capital is dedicated to providing end-to-end financial services needs of its retail as well as corporate customers. It has more 17,000 employees and more than 2,00,000 agents/channel partners to ensure nationwide reach. 

5. Cholamandalam Investment and Finance Company Limited

Cholamandalam Investment and Finance Company Limited (Chola) is one of the best NBFC stocks in India. It was incorporated as a company in 1978 as the Murrugappa Group’s financial services arm. 

The business of Chola started as an equipment financing company. But in today’s time, it has grown to become a comprehensive financial services provider. It offers various types of loans like SME loans, home loans, vehicle finance, loan against property, secured business personal loans, consumer and small enterprises loans and loan against securities. 

According to their official website, Chola manages assets worth more than INR 1,99,000 crore, with 1613 locations throughout India. The company wants to help its consumers live better lives. Chola's customer base continues to rise with more than 43.7 lakh satisfied clients nationwide. 

6. Sundaram Finance Limited

Sundaram Finance Limited is a diversified Non Banking Financial Company registered with RBI. It sells various products and services like car loans, personal loans and business finance. It is one of the most trusted names in the NBFC industry. 

Sundaram Finance is a prominent member of TSF group. It was established in 1964 when its founder Sri T.S. Santhanam envisaged the future of hire-purchase finance. When the company was set, it had a paid-up capital of Rs. 2 lakh. Back then, its promoters were Madras Motor and General Insurance company.

Sundaram has a strong presence in rural and semi-urban areas due to its established foothold and focus on these regions. It follows a customer-centric approach and is committed to maintaining excellent customer service and financial performance. 

7. L&T Finance

L&T Finance full form is Larsen and Toubro Finance. Headquartered in Mumbai, it is a subsidiary company of Larsen & Toubro Limited, which is one of largest conglomerates in the country. The NBFC stock of L&T Finance is registered on the National Stock Exchange as well as Bombay Stock Exchange. RBI categorizes L&T Finance as an Upper Layer NBFC in India. 

4 popular rating agencies have provided L&T Finance with ‘AAA’ rating i.e., highest credit rating. But that’s not all. The NBFC has also been credited with top-notch ESG Ratings, showcasing its dedication when it comes to sustainability. L&T Finance Ltd has a wide network of branches established across the country. This ensures the company’s financial services are widely accessible and cater to diverse financial needs of individuals.

The company actively drives financial inclusion by extending its products and services to society's underserved and marginalised communities. 

Maintaining the heritage of its parent business, Larsen and Toubro Limited (L&T), is a top priority for L&T Finance. For more than 80 years, the L&T Group has been a reputable name in India's private sector, distinguished by its professionalism and good corporate governance standards.

Ayodhya Ram Temple, ISRO's Chandrayaan 3 mission, the Statue of Unity, Kempegowda International Airport, and the Mumbai Trans Harbour Link are just some of the noteworthy national projects in which L&T has been instrumental.

8. Mannapuram Finance Limited

Mannapuram Finance Limited is based in Valapad, Thrissur in Kerala. It has over 4190 branches across 25 states in India. Its stock is one of the best NBFC stocks in the list of NBFC stocks in India.

Mannapuram Finance Ltd’s origins trace back to 1949. It was founded in a coastal village known as Valapad, situated in Thrissur District of Kerala by Mr. V.C Padmanabhan. He was the father of Shri. V.P. Nandakumar, the current MD & CEO of the NBFC. In 1986, when the father expired, Shri. Nandakumar took over the business.

Since that year, the business has witnessed unparalleled growth and crossed multiple milestones. Currently, the AUM of Mannapuram is Rs. 430 billion and a workforce of over 50,000 employees who work in 5,000 branches across 28 states/UTs.

It was among the first NBFCs in Kerala to come up with an initial public offering (IPO) in 1995 and the first to obtain a Certificate of Registration from the RBI. When the renowned PE fund Sequoia Capital and Hudson Equity Holdings invested Rs 700 million in 2007, Mannapuram Finance Ltd. became the first NBFC with a Kerala base to get funding from foreign institutional investors (FIIs).

It was the first NBFC in Kerala to receive ICRA's highest short-term credit rating of A1+. Not only this, it was also the first NBFC with a Kerala base to provide middle and senior management functionaries with ESOPs (Employee Stock Option Plans) in 2010.

9. Bajaj Holdings & Investment Limited

Headquartered in Pune, Bajaj Holdings and Investment Limited (BHIL) is a financial services company and holding entity for Bajaj Group’s businesses in insurance, finance, home appliances and automobiles. It was established after the demerger of Bajaj Auto in 3 entities, namely, Bajaj Auto, Bajaj Finserv and BHIL, in April 2007.

Under RBI regulations, BHIL is considered as a 'Systemically Important Non-Deposit Taking NBFC'. BHIL is one of the leading NBFC stocks in India. As a principal investment company, Bajaj Holdings & Investment Limited is concentrating on new business prospects. Its main goal is to generate income from investments kept, including dividends, interest, and profits. 

The company's stakes in both public and unlisted companies make up its other equity portfolio. It often makes stock investments with a holding period of five years or more, depending on its perceptions of both public equity market growth and private equity potential. 

Consumer discretionary, consumer staples, financials, industrials, communication services, real estate, and materials/energy are among the other stocks in the company's investing portfolio. Strategic and group investments, other listed stocks and other unlisted stocks and AIFs are all included in the company's equity holdings. Certificates of deposit, mutual funds, government securities, and corporate bonds are all part of its fixed income portfolio.

Strategic/group investments, other listed stocks, and other unlisted stocks/AIFs are all included in the company's equity holdings. Certificates of deposit, mutual funds, government securities, and corporate bonds are all part of BHIL’s fixed income portfolio.

10. Poonawalla Fincorp 

Poonawalla Fincorp is a famous NBFC in India. It has one of the best NBFC stocks on the stock exchanges in India. Poonawalla Fincorp is mainly engaged in the financing business. Its financial services are pre-owned car finance, professional loans, personal loans, loan against property, business loans, machinery loans, medical equipment loans, supply chain finance and consumer loans among others. 

Secured personal loans, urgent personal loans, short-term personal loans, personal loans for salaried personnel and rapid loans online are among Poonawalla Fincorp’s personal loan options. Additionally, it offers small business loans, working capital business loans, women's business loans, and unsecured business loans in the business loan domain. 

Further, it offers medical equipment loans, auto leases, loans secured by real estate and loans for used cars. Chartered accountants, company secretaries and physicians are among the professionals who can apply for its professional loans. The company has a significant presence throughout most states in India.

Conclusion

In this blog post, we discussed the top NBFC stocks in India: Bajaj Finance, Muthoot Finance, Shriram Transport Finance, Aditya Birla Capital, Chola, Sundaram Finance, L&T Finance, Mannapuram Finance, BHIL and Poonawalla Fincorp. Want to start your own NBFC company? Connect with Registrationwala for assistance in securing NBFC registration from the Reserve Bank of India (RBI). 

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