Sector Alpha Week of 2026-08-05
20-quarter listed-company comparison

Conglomerate Backed NBFC Stocks in India

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

01 · the index people search for

Nifty Conglomerate Backed NBFC Index — Constituents & Performance

The Conglomerate Backed NBFC companies below are the listed Indian Conglomerate Backed NBFC universe this page tracks — the same constituent set people search for as the Nifty Conglomerate Backed NBFC index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Conglomerate Backed NBFC moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 45% ahead of NIFTY 500. Earnings across its companies grew 12% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 7 weeks running.

FADING · −2 in 4w✓Price and the fundamentals both up5 of 8 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more

RS ↑7w · 6/8 >200d (−1) · 5/8 lead (−2) · EPS 7/7↑

20050020262025202420232022 638333 TRAILING 12-MONTH EPS · 100 AT THE START0100236Jun 22Dec 22Jun 23Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reporting · thin coverageJun 2022 · trailing 12-month earnings per share at 109, against 100 at the start · no comparable year yet · 4 reportingSep 2022 · trailing 12-month earnings per share at 115, against 100 at the start · no comparable year yet · 4 reportingDec 2022 · trailing 12-month earnings per share at 140, against 100 at the start · no comparable year yet · 4 reportingMar 2023 · trailing 12-month earnings per share at 152, against 100 at the start · up 63.3% on a year ago · 4 reportingJun 2023 · trailing 12-month earnings per share at 169, against 100 at the start · up 52.7% on a year ago · 4 reportingSep 2023 · trailing 12-month earnings per share at 179, against 100 at the start · up 43.3% on a year ago · 5 reportingDec 2023 · trailing 12-month earnings per share at 150, against 100 at the start · up 27.4% on a year ago · 5 reportingMar 2024 · trailing 12-month earnings per share at 169, against 100 at the start · up 25.4% on a year ago · 6 reportingJun 2024 · trailing 12-month earnings per share at 177, against 100 at the start · up 23.3% on a year ago · 6 reportingSep 2024 · trailing 12-month earnings per share at 189, against 100 at the start · up 14.7% on a year ago · 6 reportingDec 2024 · trailing 12-month earnings per share at 193, against 100 at the start · up 14.0% on a year ago · 6 reportingMar 2025 · trailing 12-month earnings per share at 187, against 100 at the start · up 6.9% on a year ago · 6 reportingJun 2025 · trailing 12-month earnings per share at 194, against 100 at the start · up 4.8% on a year ago · 6 reportingSep 2025 · trailing 12-month earnings per share at 194, against 100 at the start · up 3.1% on a year ago · 6 reportingDec 2025 · trailing 12-month earnings per share at 205, against 100 at the start · up 10.9% on a year ago · 6 reportingMar 2026 · trailing 12-month earnings per share at 217, against 100 at the start · up 13.2% on a year ago · 6 reportingJun 2026 · trailing 12-month earnings per share at 236, against 100 at the start · up 22.4% on a year ago · 6 reportingNot reported yet — earnings trail price by a quarter or two236No earnings on file this far back — the price series reaches further than the filings do
20050020262025202420232022 638333 TRAILING 12-MONTH EPS · 100 AT THE START0100236Jun 22Jun 23Jun 24Jun 25Jun 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reporting · thin coverageJun 2022 · trailing 12-month earnings per share at 109, against 100 at the start · no comparable year yet · 4 reportingSep 2022 · trailing 12-month earnings per share at 115, against 100 at the start · no comparable year yet · 4 reportingDec 2022 · trailing 12-month earnings per share at 140, against 100 at the start · no comparable year yet · 4 reportingMar 2023 · trailing 12-month earnings per share at 152, against 100 at the start · up 63.3% on a year ago · 4 reportingJun 2023 · trailing 12-month earnings per share at 169, against 100 at the start · up 52.7% on a year ago · 4 reportingSep 2023 · trailing 12-month earnings per share at 179, against 100 at the start · up 43.3% on a year ago · 5 reportingDec 2023 · trailing 12-month earnings per share at 150, against 100 at the start · up 27.4% on a year ago · 5 reportingMar 2024 · trailing 12-month earnings per share at 169, against 100 at the start · up 25.4% on a year ago · 6 reportingJun 2024 · trailing 12-month earnings per share at 177, against 100 at the start · up 23.3% on a year ago · 6 reportingSep 2024 · trailing 12-month earnings per share at 189, against 100 at the start · up 14.7% on a year ago · 6 reportingDec 2024 · trailing 12-month earnings per share at 193, against 100 at the start · up 14.0% on a year ago · 6 reportingMar 2025 · trailing 12-month earnings per share at 187, against 100 at the start · up 6.9% on a year ago · 6 reportingJun 2025 · trailing 12-month earnings per share at 194, against 100 at the start · up 4.8% on a year ago · 6 reportingSep 2025 · trailing 12-month earnings per share at 194, against 100 at the start · up 3.1% on a year ago · 6 reportingDec 2025 · trailing 12-month earnings per share at 205, against 100 at the start · up 10.9% on a year ago · 6 reportingMar 2026 · trailing 12-month earnings per share at 217, against 100 at the start · up 13.2% on a year ago · 6 reportingJun 2026 · trailing 12-month earnings per share at 236, against 100 at the start · up 22.4% on a year ago · 6 reportingNot reported yet — earnings trail price by a quarter or twoNo earnings on file this far back — the price series reaches further than the filings do
Conglomerate Backed NBFC, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 8 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Conglomerate Backed NBFC outperforming NIFTY 500?

Conglomerate Backed NBFC has outperformed NIFTY 500 by 21.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 10%. 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 +9.4%.

+10.0%Sector vs NIFTY 500 · 13 weeks
+21.7%Sector vs NIFTY 500 · 52 weeks
6/8Stocks leading NIFTY 500
2/7Stocks leading sector

Sector metric: 13.3 as of 2026-07-19 · NARROWING · rising.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Conglomerate Backed NBFC has outperformed NIFTY 500 by 21.7% over 52 weeks and 10% 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 ₹85,963 crore, based on 8 of 8 comparable companies through Jun 2026.

Companies
8
complete canonical membership
Combined market value
₹13.7 L Cr
Bajaj Finance Ltd
Revenue growing
8/8
positive TTM year-on-year growth
Beating NIFTY 500
6/8
positive Mansfield relative strength
Comparing 5 of 8
04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Cholamandalam Investment & Finance Company Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82% evidence confidence.
Aditya Birla Capital Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Cholamandalam Investment & Finance Company LtdCHOLAFIN 59.8/100Mixed-positive evidence82% evidence TURNING 23.9/35 Income 19.6% · PAT 29.1% 86% evidence 18.7/25 ROA 2.1% · ROE 19.4% · GNPA — 72% evidence 7.7/20 P/BV 5.18× · P/BV÷ROE 0.27 100% evidence 9.5/20 RS sector -8.7% · RS bench 11.9% · 1Y 23%5 of 10 weeks ahead 70% evidence
Exact sum: 23.9 + 18.7 + 7.7 + 9.5 = 59.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2HDB Financial Services LtdHDBFS 56.9/100Mixed-positive evidence65% evidence TURNING 19.8/35 Income 12% · PAT 27.7% 81% evidence 16.5/25 ROA 2.1% · ROE 14.7% · GNPA — 68% evidence 12.6/20 P/BV 2.73× · P/BV÷ROE 0.19 70% evidence 8.0/20 RS sector — · RS bench -5.5% · 1Y -9.8%2 of 10 weeks ahead 25% evidence
Exact sum: 19.8 + 16.5 + 12.6 + 8 = 56.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Poonawalla Fincorp LtdPOONAWALLA 52.0/100Mixed-positive evidence70% evidence BREAKING OUT 27.2/35 Income 72.5% · PAT 100% 62% evidence 10.2/25 ROA — · ROE 5.9% · GNPA — 34% evidence 3.9/20 P/BV 3.65× · P/BV÷ROE 0.62 100% evidence 10.7/20 RS sector -5.8% · RS bench 2% · 1Y 11.9%5 of 12 weeks ahead 100% evidence
Exact sum: 27.2 + 10.2 + 3.9 + 10.7 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Bajaj Finance LtdBAJFINANCE 51.8/100Mixed-positive evidence87% evidence TURNING 16.6/35 Income 17.9% · PAT 17.1% 100% evidence 20.4/25 ROA 3.5% · ROE 18.2% · GNPA — 72% evidence 5.8/20 P/BV 6.23× · P/BV÷ROE 0.34 100% evidence 9.0/20 RS sector -8.8% · RS bench 16.2% · 1Y 24.9%4 of 10 weeks ahead 70% evidence
Exact sum: 16.6 + 20.4 + 5.8 + 9 = 51.8 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5L&T Finance LtdLTF 48.4/100Mixed-negative evidence88% evidence BREAKING OUT 15.5/35 Income 15.2% · PAT 20.2% 86% evidence 14.7/25 ROA 2.1% · ROE 11.2% · GNPA — 72% evidence 7.8/20 P/BV 2.78× · P/BV÷ROE 0.25 100% evidence 10.4/20 RS sector 2.4% · RS bench 10.5% · 1Y 51.9%5 of 12 weeks ahead 100% evidence
Exact sum: 15.5 + 14.7 + 7.8 + 10.4 = 48.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Aditya Birla Capital LtdABCAPITAL 48.1/100Mixed-negative evidence88% evidence LEADER 15.5/35 Income 16.3% · PAT 18.2% 86% evidence 11.5/25 ROA 1.1% · ROE 12% · GNPA — 72% evidence 5.9/20 P/BV 3.08× · P/BV÷ROE 0.26 100% evidence 15.2/20 RS sector 9.4% · RS bench 18% · 1Y 55.3%11 of 12 weeks ahead 100% evidence
Exact sum: 15.5 + 11.5 + 5.9 + 15.2 = 48.1 · Decision use: Price leads the evidence: RS versus the benchmark is 18%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7Piramal Finance LtdPIRAMALFIN 43.0/100Mixed-negative evidence61% evidence FADING 23.2/35 Income 17.8% · PAT 100% 52% evidence 8.6/25 ROA — · ROE 0.9% · GNPA — 34% evidence 3.2/20 P/BV 1.66× · P/BV÷ROE 1.93 100% evidence 8.0/20 RS sector -44.5% · RS bench 46.5% · 1Y —10 of 12 weeks ahead 70% evidence
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.
8Jio Financial Services LtdJIOFIN 33.1/100Adverse evidence82% evidence TURNING 18.3/35 Income 100% · PAT 27.1% 86% evidence 6.9/25 ROA 1% · ROE 1.2% · GNPA — 72% evidence 3.9/20 P/BV 1.21× · P/BV÷ROE 1.02 100% evidence 4.0/20 RS sector -16.8% · RS bench -7.2% · 1Y -17.6%0 of 10 weeks ahead 70% evidence
Exact sum: 18.3 + 6.9 + 3.9 + 4 = 33.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
05 · what price has already done

Market action

Aditya Birla Capital Ltd has the strongest one-year price move in Conglomerate Backed NBFC at +55.3%. Piramal Finance Ltd leads on Mansfield relative strength against NIFTY at +46.5%. 6 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Income Scale & Growth Durability

Bajaj Finance Ltd has the highest Income among the 8 Conglomerate Backed NBFC companies compared here, at ₹85,963 crore. Aditya Birla Capital Ltd is next at ₹48,186 crore. Jio Financial Services Ltd has the highest Income growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bajaj Finance Ltd is the scale leader at ₹85,963 crore, 78.4% 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.

LeaderBajaj Finance Ltd · ₹85,963 crore
Gap78.4% versus #2 · Aditya Birla Capital Ltd
Persistence8/8 recent comparable periods
Coverage8/8 companies · 144 observations

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.

For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.
Incomelargest
1Bajaj Finance Ltd BAJFINANCE₹86.0K Cr
2Aditya Birla Capital Ltd ABCAPITAL₹48.2K Cr
3Cholamandalam Investment & Finance Company Ltd CHOLAFIN₹32.7K Cr
4HDB Financial Services Ltd HDBFS₹18.9K Cr
5L&T Finance Ltd LTF₹18.9K Cr
Income growthfastest growers
1Jio Financial Services Ltd JIOFIN100%
2Poonawalla Fincorp Ltd POONAWALLA73%
3Cholamandalam Investment & Finance Company Ltd CHOLAFIN20%
4Bajaj Finance Ltd BAJFINANCE18%
5Piramal Finance Ltd PIRAMALFIN18%
Income · company comparison
8/8 level · 8/8 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyIncomeIncome growthReported
Bajaj Finance Ltd BAJFINANCE₹23.2K Cr19%Jun 2026
Aditya Birla Capital Ltd ABCAPITAL₹12.2K Cr28%Jun 2026
Cholamandalam Investment & Finance Company Ltd CHOLAFIN₹8.9K Cr22%Jun 2026
L&T Finance Ltd LTF₹5.2K Cr22%Jun 2026
HDB Financial Services Ltd HDBFS₹4.9K Cr11%Jun 2026
Piramal Finance Ltd PIRAMALFIN₹3.4K Cr28%Jun 2026
Poonawalla Fincorp Ltd POONAWALLA₹2.3K Cr77%Jun 2026
Jio Financial Services Ltd JIOFIN₹2.0K Cr227%Jun 2026
Full 20-quarter history · every available company

Income · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

₹5.6K Cr
₹5.7K Cr
₹6.6K Cr
₹5.6K Cr
₹6.8K Cr
₹6.9K Cr
₹8.0K Cr
₹7.0K Cr
₹7.6K Cr
₹8.8K Cr
₹10.8K Cr
₹8.7K Cr
₹10.3K Cr
₹9.4K Cr
₹12.2K Cr
₹9.5K Cr
₹10.6K Cr
₹12.0K Cr
₹13.5K Cr
₹12.2K Cr

Bajaj Finance Ltd · BAJFINANCE

₹7.7K Cr
₹8.5K Cr
₹8.6K Cr
₹9.3K Cr
₹10.0K Cr
₹10.8K Cr
₹11.4K Cr
₹12.5K Cr
₹13.4K Cr
₹14.2K Cr
₹14.9K Cr
₹16.1K Cr
₹17.1K Cr
₹18.0K Cr
₹18.3K Cr
₹19.5K Cr
₹20.2K Cr
₹21.0K Cr
₹21.6K Cr
₹23.2K Cr

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

₹2.5K Cr
₹2.6K Cr
₹2.7K Cr
₹2.8K Cr
₹3.1K Cr
₹3.4K Cr
₹3.7K Cr
₹4.1K Cr
₹4.6K Cr
₹5.0K Cr
₹5.4K Cr
₹5.8K Cr
₹6.3K Cr
₹6.7K Cr
₹7.0K Cr
₹7.3K Cr
₹7.5K Cr
₹7.9K Cr
₹8.4K Cr
₹8.9K Cr

HDB Financial Services Ltd · HDBFS

₹2.8K Cr
₹2.8K Cr
₹2.9K Cr
₹3.0K Cr
₹3.0K Cr
₹3.2K Cr
₹3.2K Cr
₹3.4K Cr
₹3.5K Cr
₹3.6K Cr
₹3.7K Cr
₹3.9K Cr
₹4.0K Cr
₹4.1K Cr
₹4.3K Cr
₹4.5K Cr
₹4.5K Cr
₹4.7K Cr
₹4.7K Cr
₹4.9K Cr

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
₹414 Cr
₹608 Cr
₹414 Cr
₹418 Cr
₹418 Cr
₹694 Cr
₹438 Cr
₹493 Cr
₹612 Cr
₹981 Cr
₹901 Cr
₹1.0K Cr
₹2.0K Cr

L&T Finance Ltd · LTF

₹3.1K Cr
₹3.1K Cr
₹3.1K Cr
₹3.1K Cr
₹3.3K Cr
₹3.4K Cr
₹3.2K Cr
₹3.2K Cr
₹3.2K Cr
₹3.5K Cr
₹3.7K Cr
₹3.8K Cr
₹4.0K Cr
₹4.1K Cr
₹4.0K Cr
₹4.3K Cr
₹4.3K Cr
₹4.6K Cr
₹4.8K Cr
₹5.2K Cr

Piramal Finance Ltd · PIRAMALFIN

—
—
—
₹1.7K Cr
—
₹1.8K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
₹1.7K Cr
₹1.7K Cr
₹1.7K Cr
₹2.4K Cr
₹2.8K Cr
₹2.9K Cr
₹2.6K Cr
₹2.9K Cr
₹2.9K Cr
₹3.4K Cr
₹3.4K Cr

Poonawalla Fincorp Ltd · POONAWALLA

—
—
—
—
—
₹498 Cr
₹577 Cr
₹693 Cr
₹739 Cr
₹763 Cr
₹915 Cr
₹978 Cr
₹989 Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr
₹1.5K Cr
₹1.8K Cr
₹2.1K Cr
₹2.3K Cr

Income growth · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

—
—
—
30%
22%
21%
21%
26%
11%
27%
34%
23%
36%
6.6%
13%
9.6%
2.6%
27%
10%
28%

Bajaj Finance Ltd · BAJFINANCE

—
—
—
38%
29%
26%
32%
35%
34%
31%
31%
29%
28%
27%
23%
21%
18%
17%
18%
19%

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

—
—
—
13%
23%
31%
39%
47%
51%
49%
45%
42%
35%
34%
30%
25%
20%
17%
19%
22%

HDB Financial Services Ltd · HDBFS

—
—
—
—
10%
12%
10%
14%
15%
14%
14%
15%
14%
15%
16%
15%
13%
13%
11%
11%

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
—
—
—
—
1.0%
14%
5.8%
18%
46%
41%
106%
107%
227%

L&T Finance Ltd · LTF

—
—
—
—
3.9%
11%
5.7%
2.8%
-1.3%
3.0%
13%
17%
25%
16%
9.6%
13%
7.9%
12%
19%
22%

Piramal Finance Ltd · PIRAMALFIN

—
—
—
-16%
—
—
—
-1.4%
—
-3.5%
4.7%
0.4%
36%
67%
66%
60%
21%
3.3%
20%
28%

Poonawalla Fincorp Ltd · POONAWALLA

—
—
—
—
—
—
—
—
—
53%
59%
41%
34%
39%
27%
34%
56%
72%
81%
77%
07 · compare level, then change

Profit Scale & Acceleration

Bajaj Finance Ltd has the highest Net profit among the 8 Conglomerate Backed NBFC companies compared here, at ₹20,648 crore. Cholamandalam Investment & Finance Company Ltd is next at ₹5,751 crore. Piramal Finance Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bajaj Finance Ltd leads with ₹20,648 crore of TTM profit, 259% 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.

LeaderBajaj Finance Ltd · ₹20,648 crore
Gap259% versus #2 · Cholamandalam Investment & Finance Company Ltd
Persistence7/8 recent comparable periods
Coverage8/8 companies · 144 observations

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.

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 profitlargest
1Bajaj Finance Ltd BAJFINANCE₹20.6K Cr
2Cholamandalam Investment & Finance Company Ltd CHOLAFIN₹5.8K Cr
3Aditya Birla Capital Ltd ABCAPITAL₹4.1K Cr
4L&T Finance Ltd LTF₹3.2K Cr
5HDB Financial Services Ltd HDBFS₹2.8K Cr
Profit growthfastest growers
1Piramal Finance Ltd PIRAMALFIN100%
2Poonawalla Fincorp Ltd POONAWALLA100%
3Cholamandalam Investment & Finance Company Ltd CHOLAFIN29%
4HDB Financial Services Ltd HDBFS28%
5Jio Financial Services Ltd JIOFIN27%
Net profit · company comparison
8/8 level · 8/8 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
Bajaj Finance Ltd BAJFINANCE₹6.1K Cr28%Jun 2026
Cholamandalam Investment & Finance Company Ltd CHOLAFIN₹1.7K Cr46%Jun 2026
Aditya Birla Capital Ltd ABCAPITAL₹1.2K Cr43%Jun 2026
L&T Finance Ltd LTF₹916 Cr31%Jun 2026
Jio Financial Services Ltd JIOFIN₹830 Cr155%Jun 2026
HDB Financial Services Ltd HDBFS₹785 Cr38%Jun 2026
Piramal Finance Ltd PIRAMALFIN₹461 Cr67%Jun 2026
Poonawalla Fincorp Ltd POONAWALLA₹308 Cr389%Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

₹357 Cr
₹571 Cr
₹461 Cr
₹424 Cr
₹479 Cr
₹3.3K Cr
₹636 Cr
₹666 Cr
₹725 Cr
₹760 Cr
₹1.3K Cr
₹779 Cr
₹1.0K Cr
₹724 Cr
₹886 Cr
₹854 Cr
₹882 Cr
₹966 Cr
₹1.0K Cr
₹1.2K Cr

Bajaj Finance Ltd · BAJFINANCE

₹1.5K Cr
₹2.1K Cr
₹2.4K Cr
₹2.6K Cr
₹2.8K Cr
₹3.0K Cr
₹3.2K Cr
₹3.4K Cr
₹3.6K Cr
₹3.6K Cr
₹3.8K Cr
₹3.9K Cr
₹4.0K Cr
₹4.3K Cr
₹4.5K Cr
₹4.8K Cr
₹4.9K Cr
₹4.1K Cr
₹5.6K Cr
₹6.1K Cr

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

₹611 Cr
₹528 Cr
₹687 Cr
₹562 Cr
₹563 Cr
₹685 Cr
₹855 Cr
₹710 Cr
₹773 Cr
₹872 Cr
₹1.1K Cr
₹947 Cr
₹968 Cr
₹1.1K Cr
₹1.3K Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr
₹1.6K Cr
₹1.7K Cr

HDB Financial Services Ltd · HDBFS

₹192 Cr
₹304 Cr
₹427 Cr
₹441 Cr
₹471 Cr
₹502 Cr
₹545 Cr
₹567 Cr
₹601 Cr
₹637 Cr
₹656 Cr
₹582 Cr
₹591 Cr
₹472 Cr
₹531 Cr
₹568 Cr
₹581 Cr
₹644 Cr
₹751 Cr
₹785 Cr

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
₹332 Cr
₹668 Cr
₹294 Cr
₹311 Cr
₹313 Cr
₹689 Cr
₹295 Cr
₹316 Cr
₹325 Cr
₹695 Cr
₹269 Cr
₹272 Cr
₹830 Cr

L&T Finance Ltd · LTF

₹223 Cr
₹308 Cr
₹341 Cr
₹261 Cr
₹406 Cr
₹453 Cr
₹417 Cr
₹531 Cr
₹594 Cr
₹639 Cr
₹553 Cr
₹685 Cr
₹697 Cr
₹626 Cr
₹636 Cr
₹701 Cr
₹735 Cr
₹738 Cr
₹809 Cr
₹916 Cr

Piramal Finance Ltd · PIRAMALFIN

—
—
—
₹370 Cr
—
₹2.8K Cr
₹-9.0K Cr
₹49 Cr
₹51 Cr
₹-1.3K Cr
₹-752 Cr
₹37 Cr
₹163 Cr
₹39 Cr
₹102 Cr
₹276 Cr
₹327 Cr
₹401 Cr
₹502 Cr
₹461 Cr

Poonawalla Fincorp Ltd · POONAWALLA

—
—
—
—
—
₹182 Cr
₹199 Cr
₹226 Cr
₹860 Cr
₹265 Cr
₹332 Cr
₹292 Cr
₹-471 Cr
₹19 Cr
₹62 Cr
₹63 Cr
₹74 Cr
₹150 Cr
₹255 Cr
₹308 Cr

Profit growth · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

—
—
—
57%
34%
475%
38%
57%
51%
-77%
103%
17%
41%
-4.7%
-31%
9.6%
-14%
33%
18%
43%

Bajaj Finance Ltd · BAJFINANCE

—
—
—
159%
88%
40%
31%
32%
28%
22%
21%
14%
13%
18%
19%
22%
23%
-5.6%
22%
28%

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

—
—
—
71%
-7.9%
30%
24%
26%
37%
27%
25%
33%
25%
25%
18%
20%
20%
19%
31%
46%

HDB Financial Services Ltd · HDBFS

—
—
—
—
145%
65%
28%
29%
28%
27%
20%
2.7%
-1.7%
-26%
-19%
-2.4%
-1.7%
36%
41%
38%

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
—
—
—
—
-5.7%
3.1%
0.3%
1.6%
3.8%
0.9%
-8.8%
-14%
155%

L&T Finance Ltd · LTF

—
—
—
—
82%
47%
22%
103%
46%
41%
33%
29%
17%
-2.0%
15%
2.3%
5.5%
18%
27%
31%

Piramal Finance Ltd · PIRAMALFIN

—
—
—
18%
—
—
—
-87%
—
-145%
—
-24%
220%
—
—
646%
101%
928%
392%
67%

Poonawalla Fincorp Ltd · POONAWALLA

—
—
—
—
—
—
—
—
—
46%
67%
29%
-155%
-93%
-81%
-78%
—
689%
311%
389%
08 · compare level, then change

Funding Base & Its Composition

Bajaj Finance Ltd has the highest Deposits among the 8 Conglomerate Backed NBFC companies compared here, at ₹68,533 crore. Aditya Birla Capital Ltd is next at ₹5 crore. The same company also holds the highest Borrowings, at ₹3,68,309 crore. 2 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Bajaj Finance Ltd leads both deposits at ₹68,533 crore and borrowings at ₹3,68,309 crore.

LeaderBajaj Finance Ltd · ₹68,533 crore
Gap13,707× versus #2 · Aditya Birla Capital Ltd
Persistence8/8 recent comparable periods
Coverage2/8 companies · 15 observations

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.

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.
Depositslargest deposit bases
1Bajaj Finance Ltd BAJFINANCE₹68.5K Cr
2Aditya Birla Capital Ltd ABCAPITAL₹5 Cr
Borrowingslargest borrowings
1Bajaj Finance Ltd BAJFINANCE₹3.7 L Cr
2Cholamandalam Investment & Finance Company Ltd CHOLAFIN₹2.1 L Cr
3Aditya Birla Capital Ltd ABCAPITAL₹1.8 L Cr
4L&T Finance Ltd LTF₹1.1 L Cr
5HDB Financial Services Ltd HDBFS₹1.0 L Cr
Funding base · company comparison
2/8 level · 8/8 change
All-company data · latest reported quarter
CompanyDepositsBorrowingsReported
Bajaj Finance Ltd BAJFINANCE₹68.5K Cr₹3.7 L CrJun 2026
Aditya Birla Capital Ltd ABCAPITAL₹5 Cr₹1.8 L CrJun 2026
Jio Financial Services Ltd JIOFIN—₹21.8K CrJun 2026
Cholamandalam Investment & Finance Company Ltd CHOLAFIN—₹2.1 L CrJun 2026
L&T Finance Ltd LTF—₹1.1 L CrJun 2026
HDB Financial Services Ltd HDBFS—₹1.0 L CrJun 2026
Piramal Finance Ltd PIRAMALFIN—₹80.0K CrJun 2026
Poonawalla Fincorp Ltd POONAWALLA—₹48.4K CrJun 2026
Full 20-quarter history · every available company

Deposits · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

—
—
₹8 Cr
—
—
—
₹7 Cr
—
—
—
₹6 Cr
—
—
—
₹5 Cr
—
—
—
₹5 Cr
—

Bajaj Finance Ltd · BAJFINANCE

₹28.7K Cr
—
₹30.8K Cr
—
₹39.4K Cr
—
₹44.7K Cr
—
₹54.8K Cr
—
₹60.2K Cr
—
₹66.1K Cr
—
₹71.4K Cr
—
₹69.8K Cr
—
₹68.5K Cr
—

Borrowings · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

₹51.1K Cr
₹51.1K Cr
₹58.4K Cr
₹58.5K Cr
₹68.4K Cr
₹68.4K Cr
₹84.7K Cr
₹84.8K Cr
₹99.2K Cr
₹99.2K Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.2 L Cr
₹1.2 L Cr
₹1.4 L Cr
₹1.4 L Cr
₹1.6 L Cr
₹1.6 L Cr
₹1.8 L Cr
₹1.8 L Cr

Bajaj Finance Ltd · BAJFINANCE

₹1.2 L Cr
₹1.2 L Cr
₹1.7 L Cr
₹1.4 L Cr
₹1.4 L Cr
₹1.4 L Cr
₹2.2 L Cr
₹1.7 L Cr
₹2.0 L Cr
—
₹2.9 L Cr
₹2.3 L Cr
₹2.6 L Cr
—
₹3.6 L Cr
₹2.9 L Cr
₹4.0 L Cr
₹3.3 L Cr
₹4.4 L Cr
₹3.7 L Cr

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

₹62.4K Cr
₹62.4K Cr
₹69.2K Cr
₹69.5K Cr
₹79.5K Cr
₹79.5K Cr
₹97.4K Cr
₹97.7K Cr
₹1.2 L Cr
—
₹1.3 L Cr
₹1.4 L Cr
₹1.6 L Cr
₹1.6 L Cr
₹1.8 L Cr
₹1.8 L Cr
₹1.9 L Cr
₹1.9 L Cr
₹2.1 L Cr
₹2.1 L Cr

HDB Financial Services Ltd · HDBFS

₹49.3K Cr
—
₹50.1K Cr
₹50.1K Cr
₹51.0K Cr
₹51.0K Cr
₹54.9K Cr
₹56.4K Cr
₹61.9K Cr
₹61.9K Cr
₹74.3K Cr
₹75.4K Cr
₹83.8K Cr
₹83.8K Cr
₹87.4K Cr
₹88.8K Cr
₹90.6K Cr
₹90.6K Cr
₹1.0 L Cr
₹1.0 L Cr

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
₹743 Cr
—
—
—
₹0 Cr
—
—
—
₹4.0K Cr
₹4.0K Cr
₹10.5K Cr
₹10.5K Cr
₹21.8K Cr
₹21.8K Cr

L&T Finance Ltd · LTF

₹84.6K Cr
₹84.6K Cr
₹85.2K Cr
₹85.2K Cr
₹85.5K Cr
₹85.5K Cr
₹83.1K Cr
₹83.1K Cr
₹76.6K Cr
₹76.6K Cr
₹76.6K Cr
₹76.6K Cr
₹85.0K Cr
₹85.0K Cr
₹92.4K Cr
₹92.4K Cr
₹98.0K Cr
₹98.0K Cr
₹1.1 L Cr
₹1.1 L Cr

Piramal Finance Ltd · PIRAMALFIN

—
—
₹46.4K Cr
—
—
—
₹41.2K Cr
—
—
—
₹45.7K Cr
—
—
—
₹65.6K Cr
—
₹71.7K Cr
—
₹80.0K Cr
—

Poonawalla Fincorp Ltd · POONAWALLA

—
—
₹10.0K Cr
—
—
—
₹11.2K Cr
—
—
—
₹15.2K Cr
—
—
—
₹26.1K Cr
—
₹36.0K Cr
—
₹48.4K Cr
—
09 · compare level, then change

Return On Assets

Bajaj Finance Ltd has the highest ROA among the 8 Conglomerate Backed NBFC companies compared here, at 3.5%. Cholamandalam Investment & Finance Company Ltd is next at 2.1%. HDB Financial Services Ltd has the highest ROA change at +0.1 percentage points, so level and change sit with different companies. Its ROA series carries 9 reported observations across the 20-quarter window.

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

LeaderBajaj Finance Ltd · 3.5%
Gap66.7% versus #2 · Cholamandalam Investment & Finance Company Ltd
Persistence1/7 recent comparable periods
Coverage6/8 companies · 48 observations

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.

ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.
ROAhighest
1Bajaj Finance Ltd BAJFINANCE3.5%
2Cholamandalam Investment & Finance Company Ltd CHOLAFIN2.1%
3HDB Financial Services Ltd HDBFS2.1%
4L&T Finance Ltd LTF2.1%
5Aditya Birla Capital Ltd ABCAPITAL1.1%
ROA changefastest improvers
1HDB Financial Services Ltd HDBFS+0.1 pp
2Cholamandalam Investment & Finance Company Ltd CHOLAFIN0.0 pp
3Aditya Birla Capital Ltd ABCAPITAL−0.1 pp
4Bajaj Finance Ltd BAJFINANCE−0.1 pp
5L&T Finance Ltd LTF−0.1 pp
Return on assets · company comparison
6/8 level · 6/8 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyROAROA changeReported
Bajaj Finance Ltd BAJFINANCE3.5%−0.1 ppJun 2026
Cholamandalam Investment & Finance Company Ltd CHOLAFIN2.1%0.0 ppJun 2026
L&T Finance Ltd LTF2.1%−0.1 ppJun 2026
HDB Financial Services Ltd HDBFS2.1%+0.1 ppJun 2026
Aditya Birla Capital Ltd ABCAPITAL1.1%−0.1 ppJun 2026
Jio Financial Services Ltd JIOFIN1.0%−0.2 ppJun 2026
Full 20-quarter history · every available company

ROA · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

—
—
1.2%
—
1.2%
—
2.7%
—
2.6%
—
1.5%
—
1.5%
—
1.2%
—
1.1%
—
1.1%
—

Bajaj Finance Ltd · BAJFINANCE

—
—
3.3%
—
4.2%
—
4.2%
—
4.1%
—
3.8%
—
3.7%
—
3.6%
—
3.6%
—
3.5%
—

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

—
—
2.6%
—
2.5%
—
2.3%
—
2.2%
—
2.2%
—
2.1%
—
2.1%
—
2.1%
—
2.1%
—

HDB Financial Services Ltd · HDBFS

—
—
—
—
2.5%
—
2.8%
—
2.8%
—
2.7%
—
2.4%
—
2.0%
—
1.9%
—
2.1%
—

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
—
—
—
1.1%
—
1.1%
—
1.2%
—
1.1%
—
1.0%
—

L&T Finance Ltd · LTF

—
—
—
—
1.2%
—
1.4%
—
2.0%
—
2.3%
—
2.3%
—
2.2%
—
2.1%
—
2.1%
—

ROA change · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

—
—
—
—
—
—
+1.5 pp
—
+1.4 pp
—
−1.2 pp
—
−1.1 pp
—
−0.3 pp
—
−0.4 pp
—
−0.1 pp
—

Bajaj Finance Ltd · BAJFINANCE

—
—
—
—
—
—
+0.9 pp
—
−0.1 pp
—
−0.4 pp
—
−0.4 pp
—
−0.2 pp
—
−0.1 pp
—
−0.1 pp
—

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

—
—
—
—
—
—
−0.3 pp
—
−0.3 pp
—
−0.1 pp
—
−0.1 pp
—
−0.1 pp
—
0.0 pp
—
0.0 pp
—

HDB Financial Services Ltd · HDBFS

—
—
—
—
—
—
—
—
+0.3 pp
—
−0.1 pp
—
−0.4 pp
—
−0.7 pp
—
−0.5 pp
—
+0.1 pp
—

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
—
—
—
—
—
—
—
+0.1 pp
—
0.0 pp
—
−0.2 pp
—

L&T Finance Ltd · LTF

—
—
—
—
—
—
—
—
+0.8 pp
—
+0.9 pp
—
+0.3 pp
—
−0.1 pp
—
−0.2 pp
—
−0.1 pp
—
10 · compare level, then change

ROE — Leaders & Improvers

Cholamandalam Investment & Finance Company Ltd has the highest ROE among the 8 Conglomerate Backed NBFC companies compared here, at 19.4%. Bajaj Finance Ltd is next at 18.2%. Poonawalla Fincorp Ltd has the highest ROE change at +7 percentage points, so level and change sit with different companies. Its ROE series carries 19 reported observations across the 20-quarter window.

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

LeaderCholamandalam Investment & Finance Company Ltd · 19.4%
Gap6.6% versus #2 · Bajaj Finance Ltd
Persistence3/8 recent comparable periods
Coverage8/8 companies · 103 observations

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.

ROE shows the return to shareholders, but should be read with asset quality and leverage.
ROEhighest
1Cholamandalam Investment & Finance Company Ltd CHOLAFIN19%
2Bajaj Finance Ltd BAJFINANCE18%
3HDB Financial Services Ltd HDBFS15%
4Aditya Birla Capital Ltd ABCAPITAL12%
5L&T Finance Ltd LTF11%
ROE changefastest improvers
1Poonawalla Fincorp Ltd POONAWALLA+7.0 pp
2Bajaj Finance Ltd BAJFINANCE+2.2 pp
3Aditya Birla Capital Ltd ABCAPITAL+1.8 pp
4L&T Finance Ltd LTF+1.7 pp
5HDB Financial Services Ltd HDBFS+1.2 pp
Return on equity · company comparison
8/8 level · 7/8 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyROEROE changeReported
Cholamandalam Investment & Finance Company Ltd CHOLAFIN23%+0.9 ppJun 2026
Bajaj Finance Ltd BAJFINANCE20%+2.2 ppJun 2026
HDB Financial Services Ltd HDBFS15%+1.2 ppJun 2026
Aditya Birla Capital Ltd ABCAPITAL13%+1.8 ppJun 2026
L&T Finance Ltd LTF12%+1.7 ppJun 2026
Jio Financial Services Ltd JIOFIN0.8%−0.2 ppJun 2026
Full 20-quarter history · every available company

ROE · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

—
9.1%
14%
11%
9.9%
11%
73%
13%
12%
12%
12%
12%
11%
14%
9.5%
11%
11%
11%
11%
13%

Bajaj Finance Ltd · BAJFINANCE

—
16%
22%
23%
24%
24%
25%
25%
25%
25%
19%
20%
20%
19%
17%
18%
19%
19%
15%
20%

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

—
24%
20%
25%
19%
18%
21%
25%
20%
21%
18%
19%
19%
19%
20%
22%
19%
19%
20%
23%

HDB Financial Services Ltd · HDBFS

—
—
—
14%
16%
19%
19%
20%
20%
20%
20%
20%
17%
17%
13%
14%
14%
13%
13%
15%

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
—
—
—
1.0%
1.0%
0.9%
2.0%
0.9%
1.0%
1.1%
2.2%
0.8%
0.8%

L&T Finance Ltd · LTF

—
4.6%
5.3%
5.9%
4.4%
7.1%
-34%
7.9%
9.8%
11%
12%
9.7%
12%
12%
10%
10%
11%
11%
11%
12%

ROE change · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

—
—
—
—
—
+1.8 pp
+58.6 pp
+1.6 pp
+2.3 pp
+1.1 pp
−61.4 pp
−0.4 pp
−1.6 pp
+1.7 pp
−2.0 pp
−1.1 pp
−0.1 pp
−3.1 pp
+1.8 pp
+1.8 pp

Bajaj Finance Ltd · BAJFINANCE

—
—
—
—
—
+8.6 pp
+3.0 pp
+1.3 pp
+1.5 pp
+0.7 pp
−6.0 pp
−5.2 pp
−4.9 pp
−5.5 pp
−1.8 pp
−1.7 pp
−1.1 pp
0.0 pp
−1.6 pp
+2.2 pp

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

—
—
—
—
—
−6.0 pp
+1.0 pp
+0.4 pp
+0.7 pp
+2.2 pp
−3.7 pp
−6.4 pp
−0.5 pp
−1.6 pp
+2.8 pp
+3.7 pp
−0.1 pp
−0.2 pp
−0.4 pp
+0.9 pp

HDB Financial Services Ltd · HDBFS

—
—
—
—
—
—
—
+5.7 pp
+4.0 pp
+1.2 pp
+1.1 pp
0.0 pp
−2.9 pp
−3.6 pp
−7.6 pp
−6.2 pp
−2.5 pp
−3.3 pp
+0.6 pp
+1.2 pp

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
—
—
—
—
—
—
—
−0.1 pp
0.0 pp
+0.2 pp
+0.2 pp
−0.1 pp
−0.2 pp

L&T Finance Ltd · LTF

—
—
—
—
—
+2.5 pp
−38.8 pp
+2.0 pp
+5.4 pp
+3.7 pp
+45.0 pp
+1.8 pp
+1.9 pp
+0.8 pp
−1.2 pp
+0.5 pp
−0.8 pp
−0.3 pp
+0.9 pp
+1.7 pp
11 · compare level, then change

Gross NPA — Leaders & Improvers

No company in this Conglomerate Backed NBFC comparison reports a gross NPA figure this section can compare, so the Gross NPA rank is empty. On GNPA change, Bajaj Finance Ltd is lowest at +0.1 percentage points, across 1 of 8 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

LeaderNo comparable leader
GapNot enough peers
PersistenceNot enough history
Coverage0/8 companies · 14 observations

Investor read: The current leader 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.

Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.
Gross NPAlowest
—Not enough comparable data—
GNPA changefastest improvers
1Bajaj Finance Ltd BAJFINANCE+0.1 pp
Asset quality · company comparison
0/8 level · 1/8 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyGross NPAGNPA changeReported
Bajaj Finance Ltd BAJFINANCE1.0%+0.1 ppJun 2026
Full 20-quarter history · every available company

Gross NPA · reported quarter history

Bajaj Finance Ltd · BAJFINANCE

—
—
—
—
—
1.1%
0.9%
0.9%
0.9%
1.0%
0.9%
0.9%
1.1%
1.1%
1.0%
1.0%
1.2%
1.2%
1.0%
—

GNPA change · reported quarter history

Bajaj Finance Ltd · BAJFINANCE

—
—
—
—
—
—
—
—
—
−0.2 pp
−0.1 pp
−0.0 pp
+0.2 pp
+0.2 pp
+0.1 pp
+0.2 pp
+0.2 pp
+0.1 pp
+0.1 pp
—
12 · compare level, then change

Valuation Against Growth & Quality

HDB Financial Services Ltd has the lowest P/BV ÷ ROE among the 8 Conglomerate Backed NBFC companies compared here, at 0.19×. L&T Finance Ltd is next at 0.25×. Jio Financial Services Ltd has the lowest P/BV at 1.21×, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: HDB Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.19×, 24% below L&T Finance Ltd. Only 8 of 8 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderHDB Financial Services Ltd · 0.19×
Gap24% versus #2 · L&T Finance Ltd
Persistence0/4 recent comparable periods
Coverage8/8 companies · 89 observations

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.

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 ÷ ROElowest return-adjusted price
1HDB Financial Services Ltd HDBFS0.2
2L&T Finance Ltd LTF0.3
3Aditya Birla Capital Ltd ABCAPITAL0.3
4Cholamandalam Investment & Finance Company Ltd CHOLAFIN0.3
5Bajaj Finance Ltd BAJFINANCE0.3
P/BVlowest P/BV
1Jio Financial Services Ltd JIOFIN1.2
2Piramal Finance Ltd PIRAMALFIN1.7
3HDB Financial Services Ltd HDBFS2.7
4L&T Finance Ltd LTF2.8
5Aditya Birla Capital Ltd ABCAPITAL3.1
Valuation · company comparison
8/8 level · 8/8 change
All-company data · latest reported quarter
CompanyP/BV ÷ ROEP/BVReported
Jio Financial Services Ltd JIOFIN1.41.1Jun 2026
Bajaj Finance Ltd BAJFINANCE0.36.3Jun 2026
Cholamandalam Investment & Finance Company Ltd CHOLAFIN0.36.4Jun 2026
Aditya Birla Capital Ltd ABCAPITAL0.33.4Jun 2026
L&T Finance Ltd LTF0.22.7Jun 2026
HDB Financial Services Ltd HDBFS0.23.0Jun 2026
Piramal Finance Ltd PIRAMALFIN—1.7Jun 2026
Poonawalla Fincorp Ltd POONAWALLA—4.2Jun 2026
Full 20-quarter history · every available company

P/BV ÷ ROE · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

—
0.2
0.1
0.1
0.2
0.2
0.0
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.2
0.2
0.2
0.3
0.2
0.3

Bajaj Finance Ltd · BAJFINANCE

—
0.7
0.5
0.4
0.4
0.3
0.3
0.4
0.3
0.3
0.4
0.3
0.3
0.3
0.4
0.4
0.3
0.3
0.3
0.3

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

—
0.2
0.3
0.2
0.3
0.3
0.3
0.3
0.4
0.3
0.4
0.4
0.4
0.3
0.3
0.3
0.3
0.3
0.2
0.3

HDB Financial Services Ltd · HDBFS

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.2
0.3
0.2
0.2

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
—
—
—
1.9
1.6
1.8
0.7
1.2
1.5
1.4
0.6
1.4
1.4

L&T Finance Ltd · LTF

—
0.2
0.2
0.2
0.2
0.2
—
0.2
0.2
0.2
0.2
0.2
0.2
0.1
0.2
0.2
0.2
0.3
0.2
0.2

P/BV · reported quarter history

Aditya Birla Capital Ltd · ABCAPITAL

2.0
2.1
1.8
1.6
1.6
2.2
2.4
3.1
2.1
1.8
1.8
2.8
2.3
1.7
1.7
2.6
2.4
2.8
2.5
3.4

Bajaj Finance Ltd · BAJFINANCE

12.7
10.8
10.8
9.1
9.2
8.3
7.8
9.9
8.7
7.4
7.5
5.7
6.3
4.9
6.4
7.6
6.3
6.0
5.1
6.3

Cholamandalam Investment & Finance Company Ltd · CHOLAFIN

4.9
4.1
5.7
5.5
4.7
4.6
5.3
8.0
7.0
6.6
6.1
8.2
6.9
4.7
6.0
7.1
5.6
5.5
4.6
6.4

HDB Financial Services Ltd · HDBFS

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.2
3.3
2.3
3.0

Jio Financial Services Ltd · JIOFIN

—
—
—
—
—
—
—
—
1.3
1.3
1.9
1.6
1.6
1.4
1.1
1.5
1.5
1.4
1.1
1.1

L&T Finance Ltd · LTF

1.1
1.0
1.1
0.9
0.9
1.1
1.0
1.6
1.5
1.9
1.8
1.9
2.0
1.4
1.6
2.0
2.3
2.9
2.4
2.7

Piramal Finance Ltd · PIRAMALFIN

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1.4
1.5
1.7

Poonawalla Fincorp Ltd · POONAWALLA

—
—
3.3
—
—
3.7
3.7
4.3
4.2
4.3
4.6
3.9
3.8
3.1
3.4
4.3
4.6
3.9
3.2
4.2
13 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Conglomerate Backed NBFC comparison names 7 specific ways its own evidence can mislead, all listed below. All 8 companies here report on comparable dates, so no rank carries a stale marker. 2 have second-feed figures withheld because the two sources disagree. 2 of the 7 ranked sections have fewer than three usable current readings.

Keep these limits visible

  • 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.
14 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 8 Conglomerate Backed NBFC companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-31. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-31 · weekly price and relative-strength history
Derived metricsGrowth, changes and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing6 cross-checked · 0 unverified · 2 withheld, of 8 graded companies.
How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

15 · questions investors ask, short speakable answers

Conglomerate Backed NBFC company comparison FAQs

These 25 answers restate the Conglomerate Backed NBFC comparison above in question form. Every one is computed from the same 8 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Conglomerate Backed NBFC sector outperforming NIFTY 500?

Conglomerate Backed NBFC has outperformed NIFTY 500 by 21.7% over 52 weeks and 10% 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 ₹85,963 crore, based on 8 of 8 comparable companies through Jun 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?

Cholamandalam Investment & Finance Company Ltd ranks first at 59.8/100 with 82% 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 whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Conglomerate Backed NBFC comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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, Cholamandalam Investment & Finance Company Ltd places first among 8 listed Conglomerate Backed NBFC companies, followed by HDB Financial Services 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 ₹85,963 crore, ahead of Aditya Birla Capital Ltd at ₹48,186 crore. That covers 8 of 8 companies with comparable reporting through Jun 2026.

Which Conglomerate Backed NBFC company makes the most profit?

Bajaj Finance Ltd earns the most, at ₹20,648 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 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 have earnings and growth steady enough for the ratio to mean anything, 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 21.7% over the last 52 weeks and 10% 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?

Cholamandalam Investment & Finance Company Ltd scores 59.8 out of 100 with 82% evidence confidence, from 23.9 points on growth and earnings, 18.7 on capital efficiency, 7.7 on valuation and 9.5 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, 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 ₹13,70,628 crore of combined market value. Bajaj Finance Ltd is the largest at ₹7,10,506 crore, about 52% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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 3.1×, 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 2026-08-05.

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 21.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.

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