# Conglomerate Backed NBFC — company-by-company sector analysis

> Conglomerate Backed NBFC: Bajaj Finance Ltd owns the largest revenue base; Jio Financial Services Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Conglomerate Backed NBFC has outperformed NIFTY 500 by 19.9% over 52 weeks and 6.7% over 13 weeks. 6 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself. Bajaj Finance Ltd leads with income of ₹82,322 crore, based on 8 of 8 comparable companies through Mar 2026.

### Is the Conglomerate Backed NBFC sector outperforming NIFTY 500?

Conglomerate Backed NBFC has outperformed NIFTY 500 by 19.9% over 52 weeks and 6.7% over 13 weeks. 6 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself.

### Which Conglomerate Backed NBFC company is largest by income?

Bajaj Finance Ltd leads with income of ₹82,322 crore, based on 8 of 8 comparable companies through Mar 2026.

### Which Conglomerate Backed NBFC company is growing fastest?

Jio Financial Services Ltd has the fastest current income growth at 100%, across 8 of 8 comparable companies.

### Which Conglomerate Backed NBFC company has the strongest 4-Factor Sector Score?

HDB Financial Services Ltd ranks first at 58.5/100 with 64.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Conglomerate Backed NBFC company has the largest deposit base?

Bajaj Finance Ltd has the largest reported deposit base at ₹68,533 crore. Bank borrowings are operating funding, not industrial leverage.

### Which Conglomerate Backed NBFC company has the lowest comparable P/BV-to-ROE?

HDB Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.19, among 8 of 8 companies that pass the metric’s comparability rules.

### How much history does this Conglomerate Backed NBFC comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Conglomerate Backed NBFC has outperformed NIFTY 500 by 19.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.7%. 6 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Aditya Birla Capital Ltd is the strongest against the sector itself at +11.5%.

13-week sector return versus NIFTY 500: 6.7%
52-week sector return versus NIFTY 500: 20%
Stocks leading NIFTY: 6/8
Stocks leading sector: 2/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 8
Combined market value: ₹12.6 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. HDB Financial Services Ltd (HDBFS): 59/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 21.2/35 | Capital efficiency 16.5/25 | Valuation 12.4/20 | Relative strength 8.4/20
   - Exact sum: 21.2 + 16.5 + 12.4 + 8.4 = 58.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 57/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 20.4/35 | Capital efficiency 18.7/25 | Valuation 8.7/20 | Relative strength 9.5/20
   - Exact sum: 20.4 + 18.7 + 8.7 + 9.5 = 57.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Poonawalla Fincorp Ltd (POONAWALLA): 54/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 27.2/35 | Capital efficiency 10.2/25 | Valuation 3.9/20 | Relative strength 12.9/20
   - Exact sum: 27.2 + 10.2 + 3.9 + 12.9 = 54.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Bajaj Finance Ltd (BAJFINANCE): 53/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 14.4/35 | Capital efficiency 23.8/25 | Valuation 6.3/20 | Relative strength 8.1/20
   - Exact sum: 14.4 + 23.8 + 6.3 + 8.1 = 52.6
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5. L&T Finance Ltd (LTF): 51/100 — Mixed-positive evidence; evidence 88%
   - Growth & earnings 16.2/35 | Capital efficiency 14.7/25 | Valuation 8.2/20 | Relative strength 11.8/20
   - Exact sum: 16.2 + 14.7 + 8.2 + 11.8 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Aditya Birla Capital Ltd (ABCAPITAL): 49/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 14.9/35 | Capital efficiency 11.7/25 | Valuation 5.3/20 | Relative strength 16.6/20
   - Exact sum: 14.9 + 11.7 + 5.3 + 16.6 = 48.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 18.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Piramal Finance Ltd (PIRAMALFIN): 43/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 23.2/35 | Capital efficiency 8.6/25 | Valuation 3.2/20 | Relative strength 8.0/20
   - Exact sum: 23.2 + 8.6 + 3.2 + 8 = 43
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Jio Financial Services Ltd (JIOFIN): 35/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 20.2/35 | Capital efficiency 6.9/25 | Valuation 3.9/20 | Relative strength 4.0/20
   - Exact sum: 20.2 + 6.9 + 3.9 + 4 = 35
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Income Scale & Growth Durability

What the numbers say: Bajaj Finance Ltd is the scale leader at ₹82,322 crore, 80.9% ahead of Aditya Birla Capital Ltd. Jio Financial Services Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 119.3% from a ₹4,905 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Bajaj Finance Ltd is the scale benchmark; Jio Financial Services Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bajaj Finance Ltd's growth falls below Jio Financial Services Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bajaj Finance Ltd · ₹82,322 crore | 80.9% versus #2 · Aditya Birla Capital Ltd | 8/8 recent comparable periods | 8/8 companies · 141 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Bajaj Finance Ltd (BAJFINANCE): ₹82.3K Cr
2. Aditya Birla Capital Ltd (ABCAPITAL): ₹45.5K Cr
3. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): ₹31.1K Cr
4. HDB Financial Services Ltd (HDBFS): ₹18.9K Cr
5. L&T Finance Ltd (LTF): ₹18.9K Cr

### Income growth — fastest growers
1. Jio Financial Services Ltd (JIOFIN): 100%
2. Poonawalla Fincorp Ltd (POONAWALLA): 73%
3. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 20%
4. Bajaj Finance Ltd (BAJFINANCE): 18%
5. Piramal Finance Ltd (PIRAMALFIN): 18%

### 20-quarter Income history
- BAJFINANCE: Sep 2021 ₹7.7K Cr | Dec 2021 ₹8.5K Cr | Mar 2022 ₹8.6K Cr | Jun 2022 ₹9.3K Cr | Sep 2022 ₹10.0K Cr | Dec 2022 ₹10.8K Cr | Mar 2023 ₹11.4K Cr | Jun 2023 ₹12.5K Cr | Sep 2023 ₹13.4K Cr | Dec 2023 ₹14.2K Cr | Mar 2024 ₹14.9K Cr | Jun 2024 ₹16.1K Cr | Sep 2024 ₹17.1K Cr | Dec 2024 ₹18.0K Cr | Mar 2025 ₹18.3K Cr | Jun 2025 ₹19.5K Cr | Sep 2025 ₹20.2K Cr | Dec 2025 ₹21.0K Cr | Mar 2026 ₹21.6K Cr | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹414 Cr | Sep 2023 ₹608 Cr | Dec 2023 ₹414 Cr | Mar 2024 ₹418 Cr | Jun 2024 ₹418 Cr | Sep 2024 ₹694 Cr | Dec 2024 ₹438 Cr | Mar 2025 ₹493 Cr | Jun 2025 ₹612 Cr | Sep 2025 ₹981 Cr | Dec 2025 ₹901 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹2.0K Cr
- CHOLAFIN: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.3K Cr | Sep 2025 ₹7.5K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 —
- ABCAPITAL: Sep 2021 ₹5.6K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹6.8K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹7.6K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹10.8K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹10.3K Cr | Dec 2024 ₹9.4K Cr | Mar 2025 ₹12.2K Cr | Jun 2025 ₹9.5K Cr | Sep 2025 ₹10.6K Cr | Dec 2025 ₹12.0K Cr | Mar 2026 ₹13.5K Cr | Jun 2026 —
- LTF: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 ₹5.2K Cr
- HDBFS: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹4.9K Cr
- PIRAMALFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1.7K Cr | Sep 2022 — | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹3.4K Cr
- POONAWALLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹498 Cr | Mar 2023 ₹577 Cr | Jun 2023 ₹693 Cr | Sep 2023 ₹739 Cr | Dec 2023 ₹763 Cr | Mar 2024 ₹915 Cr | Jun 2024 ₹978 Cr | Sep 2024 ₹989 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹2.3K Cr

### 20-quarter Income growth history
- BAJFINANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 29% | Dec 2022 26% | Mar 2023 32% | Jun 2023 35% | Sep 2023 34% | Dec 2023 31% | Mar 2024 31% | Jun 2024 29% | Sep 2024 28% | Dec 2024 27% | Mar 2025 23% | Jun 2025 21% | Sep 2025 18% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.0% | Sep 2024 14% | Dec 2024 5.8% | Mar 2025 18% | Jun 2025 46% | Sep 2025 41% | Dec 2025 106% | Mar 2026 107% | Jun 2026 227%
- CHOLAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 23% | Dec 2022 31% | Mar 2023 39% | Jun 2023 47% | Sep 2023 51% | Dec 2023 49% | Mar 2024 45% | Jun 2024 42% | Sep 2024 35% | Dec 2024 34% | Mar 2025 30% | Jun 2025 25% | Sep 2025 20% | Dec 2025 17% | Mar 2026 19% | Jun 2026 —
- ABCAPITAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 22% | Dec 2022 21% | Mar 2023 21% | Jun 2023 26% | Sep 2023 11% | Dec 2023 27% | Mar 2024 34% | Jun 2024 23% | Sep 2024 36% | Dec 2024 6.6% | Mar 2025 13% | Jun 2025 9.6% | Sep 2025 2.6% | Dec 2025 27% | Mar 2026 10% | Jun 2026 —
- LTF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.9% | Dec 2022 11% | Mar 2023 5.7% | Jun 2023 2.8% | Sep 2023 -1.3% | Dec 2023 3.0% | Mar 2024 13% | Jun 2024 17% | Sep 2024 25% | Dec 2024 16% | Mar 2025 9.6% | Jun 2025 13% | Sep 2025 7.9% | Dec 2025 12% | Mar 2026 19% | Jun 2026 22%
- HDBFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 12% | Mar 2023 10% | Jun 2023 14% | Sep 2023 15% | Dec 2023 14% | Mar 2024 14% | Jun 2024 15% | Sep 2024 14% | Dec 2024 15% | Mar 2025 16% | Jun 2025 15% | Sep 2025 13% | Dec 2025 13% | Mar 2026 11% | Jun 2026 11%
- PIRAMALFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -1.4% | Sep 2023 — | Dec 2023 -3.5% | Mar 2024 4.7% | Jun 2024 0.4% | Sep 2024 36% | Dec 2024 67% | Mar 2025 66% | Jun 2025 60% | Sep 2025 21% | Dec 2025 3.3% | Mar 2026 20% | Jun 2026 28%
- POONAWALLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 53% | Mar 2024 59% | Jun 2024 41% | Sep 2024 34% | Dec 2024 39% | Mar 2025 27% | Jun 2025 34% | Sep 2025 56% | Dec 2025 72% | Mar 2026 81% | Jun 2026 77%

## Profit Scale & Acceleration

What the numbers say: Bajaj Finance Ltd leads with ₹19,332 crore of TTM profit, 269.4% above Cholamandalam Investment & Finance Company Ltd. Piramal Finance Ltd shows ≥100% on the scoring scale (191.6% uncapped) growth from a ₹1,691 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Bajaj Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Bajaj Finance Ltd · ₹19,332 crore | 269.4% versus #2 · Cholamandalam Investment & Finance Company Ltd | 7/8 recent comparable periods | 8/8 companies · 141 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Bajaj Finance Ltd (BAJFINANCE): ₹19.3K Cr
2. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): ₹5.2K Cr
3. Aditya Birla Capital Ltd (ABCAPITAL): ₹3.9K Cr
4. L&T Finance Ltd (LTF): ₹3.2K Cr
5. HDB Financial Services Ltd (HDBFS): ₹2.8K Cr

### Profit growth — fastest growers
1. Piramal Finance Ltd (PIRAMALFIN): 100%
2. Poonawalla Fincorp Ltd (POONAWALLA): 100%
3. HDB Financial Services Ltd (HDBFS): 28%
4. Jio Financial Services Ltd (JIOFIN): 27%
5. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 23%

### 20-quarter Net profit history
- BAJFINANCE: Sep 2021 ₹1.5K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹332 Cr | Sep 2023 ₹668 Cr | Dec 2023 ₹294 Cr | Mar 2024 ₹311 Cr | Jun 2024 ₹313 Cr | Sep 2024 ₹689 Cr | Dec 2024 ₹295 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹325 Cr | Sep 2025 ₹695 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹272 Cr | Jun 2026 ₹830 Cr
- CHOLAFIN: Sep 2021 ₹611 Cr | Dec 2021 ₹528 Cr | Mar 2022 ₹687 Cr | Jun 2022 ₹562 Cr | Sep 2022 ₹563 Cr | Dec 2022 ₹685 Cr | Mar 2023 ₹855 Cr | Jun 2023 ₹710 Cr | Sep 2023 ₹773 Cr | Dec 2023 ₹872 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹947 Cr | Sep 2024 ₹968 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- ABCAPITAL: Sep 2021 ₹357 Cr | Dec 2021 ₹571 Cr | Mar 2022 ₹461 Cr | Jun 2022 ₹424 Cr | Sep 2022 ₹479 Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹636 Cr | Jun 2023 ₹666 Cr | Sep 2023 ₹725 Cr | Dec 2023 ₹760 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹779 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹724 Cr | Mar 2025 ₹886 Cr | Jun 2025 ₹851 Cr | Sep 2025 ₹882 Cr | Dec 2025 ₹966 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- LTF: Sep 2021 ₹223 Cr | Dec 2021 ₹308 Cr | Mar 2022 ₹341 Cr | Jun 2022 ₹261 Cr | Sep 2022 ₹406 Cr | Dec 2022 ₹453 Cr | Mar 2023 ₹417 Cr | Jun 2023 ₹531 Cr | Sep 2023 ₹594 Cr | Dec 2023 ₹639 Cr | Mar 2024 ₹553 Cr | Jun 2024 ₹685 Cr | Sep 2024 ₹697 Cr | Dec 2024 ₹626 Cr | Mar 2025 ₹636 Cr | Jun 2025 ₹701 Cr | Sep 2025 ₹735 Cr | Dec 2025 ₹738 Cr | Mar 2026 ₹809 Cr | Jun 2026 ₹916 Cr
- HDBFS: Sep 2021 ₹192 Cr | Dec 2021 ₹304 Cr | Mar 2022 ₹427 Cr | Jun 2022 ₹441 Cr | Sep 2022 ₹471 Cr | Dec 2022 ₹502 Cr | Mar 2023 ₹545 Cr | Jun 2023 ₹567 Cr | Sep 2023 ₹601 Cr | Dec 2023 ₹637 Cr | Mar 2024 ₹656 Cr | Jun 2024 ₹582 Cr | Sep 2024 ₹591 Cr | Dec 2024 ₹472 Cr | Mar 2025 ₹531 Cr | Jun 2025 ₹568 Cr | Sep 2025 ₹581 Cr | Dec 2025 ₹644 Cr | Mar 2026 ₹751 Cr | Jun 2026 ₹785 Cr
- PIRAMALFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹370 Cr | Sep 2022 — | Dec 2022 ₹2.8K Cr | Mar 2023 ₹-9.0K Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-752 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹276 Cr | Sep 2025 ₹327 Cr | Dec 2025 ₹401 Cr | Mar 2026 ₹502 Cr | Jun 2026 ₹461 Cr
- POONAWALLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹182 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹226 Cr | Sep 2023 ₹860 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹332 Cr | Jun 2024 ₹292 Cr | Sep 2024 ₹-471 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹255 Cr | Jun 2026 ₹308 Cr

### 20-quarter Profit growth history
- BAJFINANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 159% | Sep 2022 88% | Dec 2022 40% | Mar 2023 31% | Jun 2023 32% | Sep 2023 28% | Dec 2023 22% | Mar 2024 21% | Jun 2024 14% | Sep 2024 13% | Dec 2024 18% | Mar 2025 19% | Jun 2025 22% | Sep 2025 23% | Dec 2025 -5.6% | Mar 2026 22% | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -5.7% | Sep 2024 3.1% | Dec 2024 0.3% | Mar 2025 1.6% | Jun 2025 3.8% | Sep 2025 0.9% | Dec 2025 -8.8% | Mar 2026 -14% | Jun 2026 155%
- CHOLAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 -7.9% | Dec 2022 30% | Mar 2023 24% | Jun 2023 26% | Sep 2023 37% | Dec 2023 27% | Mar 2024 25% | Jun 2024 33% | Sep 2024 25% | Dec 2024 25% | Mar 2025 18% | Jun 2025 20% | Sep 2025 20% | Dec 2025 19% | Mar 2026 31% | Jun 2026 —
- ABCAPITAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 34% | Dec 2022 475% | Mar 2023 38% | Jun 2023 57% | Sep 2023 51% | Dec 2023 -77% | Mar 2024 103% | Jun 2024 17% | Sep 2024 41% | Dec 2024 -4.7% | Mar 2025 -31% | Jun 2025 9.2% | Sep 2025 -14% | Dec 2025 33% | Mar 2026 31% | Jun 2026 —
- LTF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 82% | Dec 2022 47% | Mar 2023 22% | Jun 2023 103% | Sep 2023 46% | Dec 2023 41% | Mar 2024 33% | Jun 2024 29% | Sep 2024 17% | Dec 2024 -2.0% | Mar 2025 15% | Jun 2025 2.3% | Sep 2025 5.5% | Dec 2025 18% | Mar 2026 27% | Jun 2026 31%
- HDBFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 145% | Dec 2022 65% | Mar 2023 28% | Jun 2023 29% | Sep 2023 28% | Dec 2023 27% | Mar 2024 20% | Jun 2024 2.7% | Sep 2024 -1.7% | Dec 2024 -26% | Mar 2025 -19% | Jun 2025 -2.4% | Sep 2025 -1.7% | Dec 2025 36% | Mar 2026 41% | Jun 2026 38%
- PIRAMALFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -87% | Sep 2023 — | Dec 2023 -145% | Mar 2024 — | Jun 2024 -24% | Sep 2024 220% | Dec 2024 — | Mar 2025 — | Jun 2025 646% | Sep 2025 101% | Dec 2025 928% | Mar 2026 392% | Jun 2026 67%
- POONAWALLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 46% | Mar 2024 67% | Jun 2024 29% | Sep 2024 -155% | Dec 2024 -93% | Mar 2025 -81% | Jun 2025 -78% | Sep 2025 — | Dec 2025 689% | Mar 2026 311% | Jun 2026 389%

## Funding Base & Its Composition

What the numbers say: Bajaj Finance Ltd leads both deposits at ₹68,533 crore and borrowings at ₹4,35,112 crore.

Investor read: Bajaj Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: Bajaj Finance Ltd · ₹68,533 crore | 13,707× versus #2 · Aditya Birla Capital Ltd | 8/8 recent comparable periods | 2/8 companies · 15 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases
1. Bajaj Finance Ltd (BAJFINANCE): ₹68.5K Cr
2. Aditya Birla Capital Ltd (ABCAPITAL): ₹5 Cr

### Borrowings — largest borrowings
1. Bajaj Finance Ltd (BAJFINANCE): ₹4.4 L Cr
2. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): ₹2.1 L Cr
3. Aditya Birla Capital Ltd (ABCAPITAL): ₹1.8 L Cr
4. L&T Finance Ltd (LTF): ₹1.1 L Cr
5. HDB Financial Services Ltd (HDBFS): ₹1.0 L Cr

### 20-quarter Deposits history
- BAJFINANCE: Sep 2021 ₹28.7K Cr | Dec 2021 — | Mar 2022 ₹30.8K Cr | Jun 2022 — | Sep 2022 ₹39.4K Cr | Dec 2022 — | Mar 2023 ₹44.7K Cr | Jun 2023 — | Sep 2023 ₹54.8K Cr | Dec 2023 — | Mar 2024 ₹60.2K Cr | Jun 2024 — | Sep 2024 ₹66.1K Cr | Dec 2024 — | Mar 2025 ₹71.4K Cr | Jun 2025 — | Sep 2025 ₹69.8K Cr | Dec 2025 — | Mar 2026 ₹68.5K Cr | Jun 2026 —
- ABCAPITAL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹8 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹5 Cr | Jun 2026 —

### 20-quarter Borrowings history
- BAJFINANCE: Sep 2021 ₹1.2 L Cr | Dec 2021 ₹1.2 L Cr | Mar 2022 ₹1.7 L Cr | Jun 2022 ₹1.4 L Cr | Sep 2022 ₹1.4 L Cr | Dec 2022 ₹1.4 L Cr | Mar 2023 ₹2.2 L Cr | Jun 2023 ₹1.7 L Cr | Sep 2023 ₹2.0 L Cr | Dec 2023 — | Mar 2024 ₹2.9 L Cr | Jun 2024 ₹2.3 L Cr | Sep 2024 ₹2.6 L Cr | Dec 2024 — | Mar 2025 ₹3.6 L Cr | Jun 2025 ₹2.9 L Cr | Sep 2025 ₹4.0 L Cr | Dec 2025 ₹3.3 L Cr | Mar 2026 ₹4.4 L Cr | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹743 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹10.5K Cr | Dec 2025 ₹10.5K Cr | Mar 2026 ₹21.8K Cr | Jun 2026 ₹21.8K Cr
- CHOLAFIN: Sep 2021 ₹62.4K Cr | Dec 2021 ₹62.4K Cr | Mar 2022 ₹69.2K Cr | Jun 2022 ₹69.5K Cr | Sep 2022 ₹79.5K Cr | Dec 2022 ₹79.5K Cr | Mar 2023 ₹97.4K Cr | Jun 2023 ₹97.7K Cr | Sep 2023 ₹1.2 L Cr | Dec 2023 — | Mar 2024 ₹1.3 L Cr | Jun 2024 ₹1.4 L Cr | Sep 2024 ₹1.6 L Cr | Dec 2024 ₹1.6 L Cr | Mar 2025 ₹1.8 L Cr | Jun 2025 ₹1.8 L Cr | Sep 2025 ₹1.9 L Cr | Dec 2025 ₹1.9 L Cr | Mar 2026 ₹2.1 L Cr | Jun 2026 —
- ABCAPITAL: Sep 2021 ₹51.1K Cr | Dec 2021 ₹51.1K Cr | Mar 2022 ₹58.4K Cr | Jun 2022 ₹58.5K Cr | Sep 2022 ₹68.4K Cr | Dec 2022 ₹68.4K Cr | Mar 2023 ₹84.7K Cr | Jun 2023 ₹84.8K Cr | Sep 2023 ₹99.2K Cr | Dec 2023 ₹99.2K Cr | Mar 2024 ₹1.1 L Cr | Jun 2024 ₹1.1 L Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.2 L Cr | Mar 2025 ₹1.4 L Cr | Jun 2025 ₹1.4 L Cr | Sep 2025 ₹1.6 L Cr | Dec 2025 ₹1.6 L Cr | Mar 2026 ₹1.8 L Cr | Jun 2026 —
- LTF: Sep 2021 ₹84.6K Cr | Dec 2021 ₹84.6K Cr | Mar 2022 ₹85.2K Cr | Jun 2022 ₹85.2K Cr | Sep 2022 ₹85.5K Cr | Dec 2022 ₹85.5K Cr | Mar 2023 ₹83.1K Cr | Jun 2023 ₹83.1K Cr | Sep 2023 ₹76.6K Cr | Dec 2023 ₹76.6K Cr | Mar 2024 ₹76.6K Cr | Jun 2024 ₹76.6K Cr | Sep 2024 ₹85.0K Cr | Dec 2024 ₹85.0K Cr | Mar 2025 ₹92.4K Cr | Jun 2025 ₹92.4K Cr | Sep 2025 ₹98.0K Cr | Dec 2025 ₹98.0K Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 ₹1.1 L Cr
- HDBFS: Sep 2021 ₹49.3K Cr | Dec 2021 — | Mar 2022 ₹50.1K Cr | Jun 2022 ₹50.1K Cr | Sep 2022 ₹51.0K Cr | Dec 2022 ₹51.0K Cr | Mar 2023 ₹54.9K Cr | Jun 2023 ₹56.4K Cr | Sep 2023 ₹61.9K Cr | Dec 2023 ₹61.9K Cr | Mar 2024 ₹74.3K Cr | Jun 2024 ₹75.4K Cr | Sep 2024 ₹83.8K Cr | Dec 2024 ₹83.8K Cr | Mar 2025 ₹87.4K Cr | Jun 2025 ₹88.8K Cr | Sep 2025 ₹90.6K Cr | Dec 2025 ₹90.6K Cr | Mar 2026 ₹1.0 L Cr | Jun 2026 ₹1.0 L Cr
- PIRAMALFIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹46.4K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹41.2K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹45.7K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹65.6K Cr | Jun 2025 — | Sep 2025 ₹71.7K Cr | Dec 2025 — | Mar 2026 ₹80.0K Cr | Jun 2026 —
- POONAWALLA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹10.0K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹11.2K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹15.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹26.1K Cr | Jun 2025 — | Sep 2025 ₹36.0K Cr | Dec 2025 — | Mar 2026 ₹48.4K Cr | Jun 2026 —

## Return On Assets

What the numbers say: Bajaj Finance Ltd leads roa at 3.5%; HDB Financial Services Ltd leads roa change at +0.1 percentage points.

Investor read: Bajaj Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Bajaj Finance Ltd · 3.5% | 66.7% versus #2 · Cholamandalam Investment & Finance Company Ltd | 1/7 recent comparable periods | 6/8 companies · 48 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Bajaj Finance Ltd (BAJFINANCE): 3.5%
2. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 2.1%
3. HDB Financial Services Ltd (HDBFS): 2.1%
4. L&T Finance Ltd (LTF): 2.1%
5. Aditya Birla Capital Ltd (ABCAPITAL): 1.2%

### ROA change — fastest improvers
1. HDB Financial Services Ltd (HDBFS): +0.1 pp
2. Aditya Birla Capital Ltd (ABCAPITAL): 0.0 pp
3. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 0.0 pp
4. Bajaj Finance Ltd (BAJFINANCE): −0.1 pp
5. L&T Finance Ltd (LTF): −0.1 pp

### 20-quarter ROA history
- BAJFINANCE: Sep 2021 — | Dec 2021 — | Mar 2022 3.3% | Jun 2022 — | Sep 2022 4.2% | Dec 2022 — | Mar 2023 4.2% | Jun 2023 — | Sep 2023 4.1% | Dec 2023 — | Mar 2024 3.8% | Jun 2024 — | Sep 2024 3.7% | Dec 2024 — | Mar 2025 3.6% | Jun 2025 — | Sep 2025 3.6% | Dec 2025 — | Mar 2026 3.5% | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.1% | Jun 2024 — | Sep 2024 1.1% | Dec 2024 — | Mar 2025 1.2% | Jun 2025 — | Sep 2025 1.1% | Dec 2025 — | Mar 2026 1.0% | Jun 2026 —
- CHOLAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 2.6% | Jun 2022 — | Sep 2022 2.5% | Dec 2022 — | Mar 2023 2.3% | Jun 2023 — | Sep 2023 2.2% | Dec 2023 — | Mar 2024 2.2% | Jun 2024 — | Sep 2024 2.1% | Dec 2024 — | Mar 2025 2.1% | Jun 2025 — | Sep 2025 2.1% | Dec 2025 — | Mar 2026 2.1% | Jun 2026 —
- ABCAPITAL: Sep 2021 — | Dec 2021 — | Mar 2022 1.2% | Jun 2022 — | Sep 2022 1.2% | Dec 2022 — | Mar 2023 2.7% | Jun 2023 — | Sep 2023 2.6% | Dec 2023 — | Mar 2024 1.5% | Jun 2024 — | Sep 2024 1.5% | Dec 2024 — | Mar 2025 1.2% | Jun 2025 — | Sep 2025 1.1% | Dec 2025 — | Mar 2026 1.2% | Jun 2026 —
- LTF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.2% | Dec 2022 — | Mar 2023 1.4% | Jun 2023 — | Sep 2023 2.0% | Dec 2023 — | Mar 2024 2.3% | Jun 2024 — | Sep 2024 2.3% | Dec 2024 — | Mar 2025 2.2% | Jun 2025 — | Sep 2025 2.1% | Dec 2025 — | Mar 2026 2.1% | Jun 2026 —
- HDBFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.5% | Dec 2022 — | Mar 2023 2.8% | Jun 2023 — | Sep 2023 2.8% | Dec 2023 — | Mar 2024 2.7% | Jun 2024 — | Sep 2024 2.4% | Dec 2024 — | Mar 2025 2.0% | Jun 2025 — | Sep 2025 1.9% | Dec 2025 — | Mar 2026 2.1% | Jun 2026 —

### 20-quarter ROA change history
- BAJFINANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.9 pp | Jun 2023 — | Sep 2023 −0.1 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 — | Mar 2025 −0.2 pp | Jun 2025 — | Sep 2025 −0.1 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +0.1 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 —
- CHOLAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.3 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 −0.1 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- ABCAPITAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 +1.4 pp | Dec 2023 — | Mar 2024 −1.2 pp | Jun 2024 — | Sep 2024 −1.1 pp | Dec 2024 — | Mar 2025 −0.3 pp | Jun 2025 — | Sep 2025 −0.4 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- LTF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 — | Mar 2025 −0.1 pp | Jun 2025 — | Sep 2025 −0.2 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —
- HDBFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 — | Mar 2025 −0.7 pp | Jun 2025 — | Sep 2025 −0.5 pp | Dec 2025 — | Mar 2026 +0.1 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Cholamandalam Investment & Finance Company Ltd leads roe at 19.4%; Poonawalla Fincorp Ltd leads roe change at +7 percentage points.

Investor read: Cholamandalam Investment & Finance Company Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Cholamandalam Investment & Finance Company Ltd · 19.4% | 6.6% versus #2 · Bajaj Finance Ltd | 2/8 recent comparable periods | 8/8 companies · 103 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 19%
2. Bajaj Finance Ltd (BAJFINANCE): 18%
3. HDB Financial Services Ltd (HDBFS): 15%
4. Aditya Birla Capital Ltd (ABCAPITAL): 12%
5. L&T Finance Ltd (LTF): 11%

### ROE change — fastest improvers
1. Poonawalla Fincorp Ltd (POONAWALLA): +7.0 pp
2. Aditya Birla Capital Ltd (ABCAPITAL): +1.8 pp
3. L&T Finance Ltd (LTF): +1.7 pp
4. HDB Financial Services Ltd (HDBFS): +1.2 pp
5. Jio Financial Services Ltd (JIOFIN): −0.2 pp

### 20-quarter ROE history
- BAJFINANCE: Sep 2021 11% | Dec 2021 16% | Mar 2022 22% | Jun 2022 23% | Sep 2022 24% | Dec 2022 24% | Mar 2023 25% | Jun 2023 25% | Sep 2023 25% | Dec 2023 25% | Mar 2024 19% | Jun 2024 20% | Sep 2024 20% | Dec 2024 19% | Mar 2025 17% | Jun 2025 18% | Sep 2025 19% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 0.9% | Dec 2024 2.0% | Mar 2025 0.9% | Jun 2025 1.0% | Sep 2025 1.1% | Dec 2025 2.2% | Mar 2026 0.8% | Jun 2026 0.8%
- CHOLAFIN: Sep 2021 14% | Dec 2021 24% | Mar 2022 20% | Jun 2022 25% | Sep 2022 19% | Dec 2022 18% | Mar 2023 21% | Jun 2023 25% | Sep 2023 20% | Dec 2023 21% | Mar 2024 18% | Jun 2024 19% | Sep 2024 19% | Dec 2024 19% | Mar 2025 20% | Jun 2025 22% | Sep 2025 19% | Dec 2025 19% | Mar 2026 20% | Jun 2026 —
- ABCAPITAL: Sep 2021 7.1% | Dec 2021 9.1% | Mar 2022 14% | Jun 2022 11% | Sep 2022 9.9% | Dec 2022 11% | Mar 2023 73% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 11% | Dec 2024 14% | Mar 2025 9.5% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- LTF: Sep 2021 — | Dec 2021 4.6% | Mar 2022 5.3% | Jun 2022 5.9% | Sep 2022 4.4% | Dec 2022 7.1% | Mar 2023 -34% | Jun 2023 7.9% | Sep 2023 9.8% | Dec 2023 11% | Mar 2024 12% | Jun 2024 9.7% | Sep 2024 12% | Dec 2024 12% | Mar 2025 10% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11% | Jun 2026 12%
- HDBFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 16% | Dec 2022 19% | Mar 2023 19% | Jun 2023 20% | Sep 2023 20% | Dec 2023 20% | Mar 2024 20% | Jun 2024 20% | Sep 2024 17% | Dec 2024 17% | Mar 2025 13% | Jun 2025 14% | Sep 2025 14% | Dec 2025 13% | Mar 2026 13% | Jun 2026 15%

### 20-quarter ROE change history
- BAJFINANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.9 pp | Dec 2022 +8.6 pp | Mar 2023 +3.0 pp | Jun 2023 +1.3 pp | Sep 2023 +1.5 pp | Dec 2023 +0.7 pp | Mar 2024 −6.0 pp | Jun 2024 −5.2 pp | Sep 2024 −4.9 pp | Dec 2024 −5.5 pp | Mar 2025 −1.8 pp | Jun 2025 −1.7 pp | Sep 2025 −1.1 pp | Dec 2025 0.0 pp | Mar 2026 −1.6 pp | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.2 pp | Dec 2025 +0.2 pp | Mar 2026 −0.1 pp | Jun 2026 −0.2 pp
- CHOLAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.4 pp | Dec 2022 −6.0 pp | Mar 2023 +1.0 pp | Jun 2023 +0.4 pp | Sep 2023 +0.7 pp | Dec 2023 +2.2 pp | Mar 2024 −3.7 pp | Jun 2024 −6.4 pp | Sep 2024 −0.5 pp | Dec 2024 −1.6 pp | Mar 2025 +2.8 pp | Jun 2025 +3.7 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 −0.4 pp | Jun 2026 —
- ABCAPITAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 +1.8 pp | Mar 2023 +58.6 pp | Jun 2023 +1.6 pp | Sep 2023 +2.3 pp | Dec 2023 +1.1 pp | Mar 2024 −61.4 pp | Jun 2024 −0.4 pp | Sep 2024 −1.6 pp | Dec 2024 +1.7 pp | Mar 2025 −2.0 pp | Jun 2025 −1.1 pp | Sep 2025 −0.1 pp | Dec 2025 −3.1 pp | Mar 2026 +1.8 pp | Jun 2026 —
- LTF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.5 pp | Mar 2023 −38.8 pp | Jun 2023 +2.0 pp | Sep 2023 +5.4 pp | Dec 2023 +3.7 pp | Mar 2024 +45.0 pp | Jun 2024 +1.8 pp | Sep 2024 +1.9 pp | Dec 2024 +0.8 pp | Mar 2025 −1.2 pp | Jun 2025 +0.5 pp | Sep 2025 −0.8 pp | Dec 2025 −0.3 pp | Mar 2026 +0.9 pp | Jun 2026 +1.7 pp
- HDBFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +5.7 pp | Sep 2023 +4.0 pp | Dec 2023 +1.2 pp | Mar 2024 +1.1 pp | Jun 2024 0.0 pp | Sep 2024 −2.9 pp | Dec 2024 −3.6 pp | Mar 2025 −7.6 pp | Jun 2025 −6.2 pp | Sep 2025 −2.5 pp | Dec 2025 −3.3 pp | Mar 2026 +0.6 pp | Jun 2026 +1.2 pp

## Gross NPA — Leaders & Improvers

What the numbers say: Bajaj Finance Ltd leads both gross npa at 1% and gnpa change at +0.1 percentage points.

Investor read: Bajaj Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: Bajaj Finance Ltd · 1% | Not enough peers | 1/8 recent comparable periods | 1/8 companies · 14 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. Bajaj Finance Ltd (BAJFINANCE): 1.0%

### GNPA change — fastest improvers
1. Bajaj Finance Ltd (BAJFINANCE): +0.1 pp

### 20-quarter Gross NPA history
- BAJFINANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.1% | Mar 2023 0.9% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 1.0% | Mar 2024 0.9% | Jun 2024 0.9% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.0% | Jun 2026 —

### 20-quarter GNPA change history
- BAJFINANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.2 pp | Mar 2024 −0.1 pp | Jun 2024 −0.0 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: HDB Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.19×, 20.8% below L&T Finance Ltd. Only 8 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: HDB Financial Services Ltd · 0.19× | 20.8% versus #2 · L&T Finance Ltd | 0/4 recent comparable periods | 8/8 companies · 89 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. HDB Financial Services Ltd (HDBFS): 0.2
2. L&T Finance Ltd (LTF): 0.2
3. Aditya Birla Capital Ltd (ABCAPITAL): 0.3
4. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 0.3
5. Bajaj Finance Ltd (BAJFINANCE): 0.3

### P/BV — lowest P/BV
1. Jio Financial Services Ltd (JIOFIN): 1.1
2. Piramal Finance Ltd (PIRAMALFIN): 1.7
3. L&T Finance Ltd (LTF): 2.7
4. HDB Financial Services Ltd (HDBFS): 2.7
5. Aditya Birla Capital Ltd (ABCAPITAL): 3.0

### 20-quarter P/BV ÷ ROE history
- BAJFINANCE: Sep 2021 1.2 | Dec 2021 0.7 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.9 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 0.7 | Mar 2025 1.2 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 0.6 | Mar 2026 1.4 | Jun 2026 1.4
- CHOLAFIN: Sep 2021 0.4 | Dec 2021 0.2 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- ABCAPITAL: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.0 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- LTF: Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 — | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 0.2
- HDBFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 0.2

### 20-quarter P/BV history
- BAJFINANCE: Sep 2021 12.7 | Dec 2021 10.8 | Mar 2022 10.8 | Jun 2022 9.1 | Sep 2022 9.2 | Dec 2022 8.3 | Mar 2023 7.8 | Jun 2023 9.9 | Sep 2023 8.7 | Dec 2023 7.4 | Mar 2024 7.5 | Jun 2024 5.7 | Sep 2024 6.3 | Dec 2024 4.9 | Mar 2025 6.4 | Jun 2025 7.6 | Sep 2025 6.3 | Dec 2025 6.0 | Mar 2026 5.1 | Jun 2026 —
- JIOFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.9 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 1.1
- CHOLAFIN: Sep 2021 4.9 | Dec 2021 4.1 | Mar 2022 5.7 | Jun 2022 5.5 | Sep 2022 4.7 | Dec 2022 4.6 | Mar 2023 5.3 | Jun 2023 8.0 | Sep 2023 7.0 | Dec 2023 6.6 | Mar 2024 6.1 | Jun 2024 8.2 | Sep 2024 6.9 | Dec 2024 4.7 | Mar 2025 6.0 | Jun 2025 7.1 | Sep 2025 5.6 | Dec 2025 5.5 | Mar 2026 4.6 | Jun 2026 —
- ABCAPITAL: Sep 2021 2.0 | Dec 2021 2.1 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 3.1 | Sep 2023 2.1 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 2.8 | Sep 2024 2.3 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 2.6 | Sep 2025 2.4 | Dec 2025 2.8 | Mar 2026 2.5 | Jun 2026 —
- LTF: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.9 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 1.4 | Mar 2025 1.6 | Jun 2025 2.0 | Sep 2025 2.3 | Dec 2025 2.9 | Mar 2026 2.4 | Jun 2026 2.7
- HDBFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.2 | Dec 2025 3.3 | Mar 2026 2.3 | Jun 2026 3.0
- PIRAMALFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 1.7
- POONAWALLA: Sep 2021 — | Dec 2021 — | Mar 2022 3.3 | Jun 2022 — | Sep 2022 — | Dec 2022 3.7 | Mar 2023 3.7 | Jun 2023 4.3 | Sep 2023 4.2 | Dec 2023 4.3 | Mar 2024 4.6 | Jun 2024 3.9 | Sep 2024 3.8 | Dec 2024 3.1 | Mar 2025 3.4 | Jun 2025 4.3 | Sep 2025 4.6 | Dec 2025 3.9 | Mar 2026 3.2 | Jun 2026 4.2

## Market action

Aditya Birla Capital Ltd has the strongest one-year price move in Conglomerate Backed NBFC at +49%. Piramal Finance Ltd leads on Mansfield relative strength against NIFTY at +56.5%. 6 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Aditya Birla Capital Ltd (ABCAPITAL): 49%
2. L&T Finance Ltd (LTF): 49%
3. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 11%
4. Bajaj Finance Ltd (BAJFINANCE): 7.5%
5. Poonawalla Fincorp Ltd (POONAWALLA): 1.4%

### Strongest relative strength versus NIFTY 500
1. Piramal Finance Ltd (PIRAMALFIN): 56%
2. Aditya Birla Capital Ltd (ABCAPITAL): 19%
3. L&T Finance Ltd (LTF): 11%
4. Cholamandalam Investment & Finance Company Ltd (CHOLAFIN): 7.3%
5. Bajaj Finance Ltd (BAJFINANCE): 6.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Bajaj Finance Ltd (BAJFINANCE) — market value ₹6.3 L Cr; latest fundamentals Mar 2026
- Jio Financial Services Ltd (JIOFIN) — market value ₹1.5 L Cr; latest fundamentals Jun 2026
- Cholamandalam Investment & Finance Company Ltd (CHOLAFIN) — market value ₹1.5 L Cr; latest fundamentals Mar 2026
- Aditya Birla Capital Ltd (ABCAPITAL) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- L&T Finance Ltd (LTF) — market value ₹75.8K Cr; latest fundamentals Jun 2026
- HDB Financial Services Ltd (HDBFS) — market value ₹57.4K Cr; latest fundamentals Jun 2026
- Piramal Finance Ltd (PIRAMALFIN) — market value ₹47.3K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Poonawalla Fincorp Ltd (POONAWALLA) — market value ₹40.5K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 6. Unverified: 0. Withheld: 2. Graded companies: 8.

2 of 8 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Piramal Finance Ltd (PIRAMALFIN) — its two data sources disagree by up to 404% on reported income across 13 comparable periods, so its derived ratios are withheld; Poonawalla Fincorp Ltd (POONAWALLA) — its two data sources disagree by up to 46% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | PIRAMALFIN | Piramal Finance Ltd | diff_gt_2pct | disagreement up to 404.02% over 13 comparable periods
- WITHHELD | POONAWALLA | Poonawalla Fincorp Ltd | diff_gt_2pct | disagreement up to 46.34% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Conglomerate Backed NBFC index?

The Nifty Conglomerate Backed NBFC index tracks India's listed Conglomerate Backed NBFC companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Conglomerate Backed NBFC sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Conglomerate Backed NBFC stocks in India?

Ranked by this page's four-factor score, HDB Financial Services Ltd places first among 8 listed Conglomerate Backed NBFC companies, followed by Cholamandalam Investment & Finance Company Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Conglomerate Backed NBFC stocks are listed in India?

This comparison covers 8 listed Conglomerate Backed NBFC companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Conglomerate Backed NBFC company is the biggest?

Bajaj Finance Ltd is the largest, with trailing-twelve-month income of ₹82,322 crore, ahead of Aditya Birla Capital Ltd at ₹45,509 crore. That covers 8 of 8 companies with comparable reporting through Mar 2026.

### Which Conglomerate Backed NBFC company is growing fastest?

Jio Financial Services Ltd has the fastest income growth at 100% year on year, across 8 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Conglomerate Backed NBFC company makes the most profit?

Bajaj Finance Ltd earns the most, at ₹19,332 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Piramal Finance Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Conglomerate Backed NBFC lender has the best asset quality?

Bajaj Finance Ltd reports the lowest gross NPA ratio at 1% — lower is better — across 1 of 8 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Conglomerate Backed NBFC company earns the highest return on capital?

Bajaj Finance Ltd leads on return on assets at 3.5%, across 6 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Conglomerate Backed NBFC stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — HDB Financial Services Ltd screens cheapest at 0.19×. Only 8 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Conglomerate Backed NBFC lender has the largest funding base?

Bajaj Finance Ltd has the largest reported deposit base at ₹68,533 crore. For lenders, deposits and borrowings are operating inputs rather than leverage, so they are read against asset quality and returns instead of as debt.

### Is the Conglomerate Backed NBFC sector beating the market?

Conglomerate Backed NBFC has outperformed NIFTY 500 by 19.9% over the last 52 weeks and 6.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Conglomerate Backed NBFC stock has the strongest price momentum?

Piramal Finance Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Conglomerate Backed NBFC company scores highest for research priority?

HDB Financial Services Ltd scores 58.5 out of 100 with 64.6% evidence confidence, from 21.2 points on growth and earnings, 16.5 on capital efficiency, 12.4 on valuation and 8.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Conglomerate Backed NBFC companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Conglomerate Backed NBFC sector?

The 8 Conglomerate Backed NBFC companies on this page carry ₹12,61,281 crore of combined market value. Bajaj Finance Ltd is the largest at ₹6,30,565 crore, about 50% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Conglomerate Backed NBFC sector's P/B ratio?

The median price-to-book ratio across the 8 Conglomerate Backed NBFC companies on this page is 3×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Conglomerate Backed NBFC sector performing?

6 of the 8 covered Conglomerate Backed NBFC companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 19.9% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/conglomerate-backed-nbfc