Analysts of IIFL Capital Services expect NBFCs to grow at a CAGR of 23% over FY24-26, versus 24% in FY24. This marks a slight moderation, but still translates to a significant contribution to overall credit expansion in the economy. Notably, even with this slowdown, NBFCs are poised to expand at a rate significantly higher than their historical average of 15%.
Bajaj Finance and Cholamandalam Investment and Finance Company (CIFC) are IIFL’s top picks within the sector. They have a target price of Rs. 9,300 on Bajaj Finance and Rs. 1,450 on CIFC.
Growth for NBFCs to moderate a bit from FY24 levels. But, this will be 5-10% pts higher than the historical average
…and 1.5x-2x the ~13-14% banking system credit growth in FY25
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