The NBFC sector plays a crucial role in India’s financial ecosystem, providing valuable financial services to individuals and businesses alike. To recognize and honor the top performers in this industry, Elets Technomedia and The Banking & Finance Post have organized the prestigious Top 100 NBFCs Ranking, based on their Assets Under Management (AUM), serving as a benchmark to identify the most successful and influential players in the sector.
This ranking not only highlights the achievements of these NBFCs but also sets a standard of excellence for the entire industry.
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The Indian NBFC industry has experienced significant growth and transformation over the last few years. With the liberalization of the financial sector, NBFCs have emerged as key contributors to the country’s economic development. The NBFC retail sector’s assets under management (AUM) were approximately ₹14 lakh crore as of March 2023. It is
projected to grow at a faster rate of 18-20 per cent in FY24, compared to the previous estimate of 12-14 percent. In the last fiscal year, NBFC-retail AUM expanded by a robust 26 per cent, primarily due to a 44 per cent increase in unsecured loans with an anticipated 10-12 per cent growth in infrastructure and other wholesale loans.
Ranking Methodology:
India’s Top 100 NBFCs Ranking has been determined based on their Asset Under Management (AUM). This ranking serves as a distinctive reference point. Each NBFC received a score according to specific criteria, and the total scores for all institutions were tallied. The NBFC with the highest cumulative score earned the top position, while the one with the lowest score was placed at the bottom.
| Top 100 NBFCs’ Ranking Based on AUM* | ||
| Name of the Organisation | AUM of the Organisation (in Crores) | Rank |
| PTC India Financial Services Limited | 7,63,439 | 1 |
| NABFINS Limited (Formerly: Nabard Financial Services Limited) | 5,32,000 | 2 |
| Indian Railway Finance Corporation | 4,66,938 | 3 |
| Power Finance Corporation Limited | 4,22,498 | 4 |
| Aditya Birla Capital Limited | 3,90,000 | 5 |
| Bajaj Finance Limited | 2,70,050 | 6 |
| LIC Housing Finance Limited | 2,62,336 | 7 |
| Shriram Finance Limited | 1,93,000 | 8 |
| Bharat Financial Inclusion Limited | 1,82,208 | 9 |
| Edelweiss Retail Finance | 1,51,500 | 10 |
| Tata Capital Limited | 1,20,940 | 11 |
| Cholamandalam Investment And Finance Company Limited | 1,14,795 | 12 |
| Mahindra & Mahindra Financial Services Limited | 1,05,080 | 13 |
| L&T Finance Limited | 80,893 | 14 |
| HDB Financial Services Limited | 70,084 | 15 |
| Indiabulls Housing Finance Limited | 69,816 | 16 |
| Bajaj Housing Finance | 69,228 | 17 |
| PNB Housing Finance | 66,617 | 18 |
| IIFL Finance Limited | 64,638 | 19 |
| Piramal Enterprise Limited | 63,209 | 20 |
| Muthoot Finance Limited | 49,620 | 21 |
| Motilal Oswal Financial Services Limited | 45,733 | 22 |
| Sundaram Finance Limited | 37,800 | 23 |
| Hero Fincorp Limited | 36,613 | 24 |
| SMFG India Credit Company Limited | 37,800 | 25 |
| Manappuram Finance Limited | 35,452 | 26 |
| Paisalo Digital Limited | 34,928 | 27 |
| Hinduja Leyland Finance Limited | 33,353 | 28 |
| Muthoot Fincorp Limited (Formerly known as Muthoot Debt Management Services Ltd) | 31,587 | 29 |
| Anand Rathi Global Finance Limited | 31,348 | 30 |
| Axis Finance Limited | 24,995 | 31 |
| ICICI Home Finance Limited | 22,044 | 32 |
| TVS Credit Services Limited | 20,602 | 33 |
| CreditAccess Grameen Limited | 20,000 | 34 |
| Aadhar Housing Finance | 17,223 | 35 |
| Capital Finserve Limited | 16,537 | 36 |
| Poonawalla Fincorp Limited | 16,143 | 37 |
| HDFC Credila Financial Services Limited | 13,753 | 38 |
| Repco Home Finance | 12,655 | 39 |
| Tata Motors Finance Limited | 11,020 | 40 |
| Shanghvi Finance Limited | 10,770 | 41 |
| Sundaram Home Finance Limited | 10,564 | 42 |
| IIFL Samasta Finance Limited | 10,552 | 43 |
| GIC Housing Finance Limited | 10,459 | 44 |
| Capri Global Capital Limited | 10,320 | 45 |
| Asirvad Micro Finance Limited | 10,041 | 46 |
| Fusion Microfinance Limited | 9,296 | 47 |
| Satin Creditcare Network Limited | 9,115 | 48 |
| Fedbank Financial Services Limited | 9,070 | 49 |
| Northern Arc Capital Limited | 9,036 | 50 |
| Avanse Financial Services Limited | 8,646 | 51 |
| Spandana Sphoorty Financial Limited | 8,511 | 52 |
| MAS Financial Services Limited | 8,092 | 53 |
| Shriram Housing Finance Limited | 8,047 | 54 |
| Annapurna Financial Services Pvt. Ltd. | 7,964 | 55 |
| Indostar Capital Finance Limited | 7,813 | 56 |
| Svatantra Microfin Private Limited | 7,499 | 57 |
| S.K. Finance Limited | 7,378 | 58 |
| Five-Star Business Finance Limited | 6,915 | 59 |
| Home First Finance Limited | 6,751 | 60 |
| Aptus Finance India Private Limited | 6,738 | 61 |
| Belstar Microfinance Limited | 6,192 | 62 |
| Vastu Housing Finance Corporation | 6,096 | 63 |
| U GRO Capital Limited | 6,081 | 64 |
| Incred Financial Services Limited | 6,062 | 65 |
| Vivriti Capital Private Limited | 5,836 | 66 |
| Godrej Capital | 5,500 | 67 |
| SATYA MicroCapital Limited | 5,001 | 68 |
| SBFC Finance Limited | 4,943 | 69 |
| Cashpor Micro Credit | 4,624 | 70 |
| Kosamattam Finance Limited | 4,449 | 71 |
| Clix Capital Services Private Limited | 4,374 | 72 |
| India Shelter Finance Corporation Limited | 4,360 | 73 |
| Adani Capital Private Limited | 3,977 | 74 |
| Arka Fincap Limited | 3,960 | 75 |
| Hindusthan Microfinance Private Limited | 3,547 | 76 |
| Veritas Finance Private Limited | 3,500 | 77 |
| Kogta Financial (India) Limited | 3,396 | 78 |
| IKF Finance Limited | 3,200 | 79 |
| Vistaar Financial Services Private Limited | 3,100 | 80 |
| Protium Finance Limited | 2,908 | 81 |
| Electronica Finance Limited | 2,906 | 82 |
| Aye Finance Private Limited | 2,700 | 83 |
| Ambit Finvest Pvt. Limited | 2,681 | 84 |
| Credit Suisse Finance (India) Private Limited | 2,537 | 85 |
| Kinara Capital Limited | 2,487 | 86 |
| Profectus Capital Private Limited | 2,453 | 87 |
| Dvara KGFS Limited | 1,913 | 88 |
| Neogrowth | 1,850 | 89 |
| Light Microfinance Limited | 1,782 | 90 |
| DMI Finance Pvt Limited | 1,649 | 91 |
| Samunnati Financial Intermediation and Services Private Limited | 1,547 | 92 |
| Muthoot Housing Finance Company Limited | 1,438 | 93 |
| Pahal Financial Services Limited | 1,259 | 94 |
| Finova Capital Limited | 1,232 | 95 |
| Sakthi Finance Limited | 1,160 | 96 |
| Centrum Housing Finance | 1,140 | 97 |
| Repco Micro Finance Limited | 1,087 | 98 |
| Ashv Finance Private Limited | 1,070 | 99 |
| APAC Financial Services Private Limited | 1,051 | 100 |
Ranking Survey by– Srajan Agarwal, Shruti Jain & Shivani Singh
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