Group-Backed NBFC Stocks and Companies in India

The largest Group-Backed NBFC stocks in India by market value are Bajaj Finance (₹6.19 lakh crore), Tata Capital (₹1.43 lakh crore) and Chola Finance (₹1.42 lakh crore), at prices of 4 Nov 2026.

• Bajaj Finance: ₹994 | market value ₹6.19 lakh crore | P/BV 5.0
• Tata Capital: ₹337.75 | market value ₹1.43 lakh crore | P/BV 2.9
• Chola Finance: ₹1,658 | market value ₹1.42 lakh crore | P/BV 4.1
• Jio Financial: ₹222.27 | market value ₹1.47 lakh crore | P/BV 1.1
• Aditya Birla Capital: ₹379.95 | market value ₹1.04 lakh crore | P/BV 2.4
• L&T Finance: ₹263.70 | market value ₹66,093 crore | P/BV 2.3
• Piramal Finance: ₹1,946.20 | market value ₹46,053 crore | P/BV 1.5
• HDB Financial Services: ₹506.05 | market value ₹42,048 crore | P/BV 1.9
• Poonawalla Fincorp: ₹469.50 | market value ₹41,344 crore | P/BV 3.0

Share price | market value | P/BV or P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 9 listed Indian Conglomerate Backed NBFC companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Conglomerate Backed NBFC index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Bajaj Finance Ltd₹5.8 lakh cr
2. Tata Capital Ltd₹1.4 lakh cr
3. Cholamandalam Investment & Finance Company Ltd₹1.4 lakh cr
4. Jio Financial Services Ltd₹1.4 lakh cr
5. Aditya Birla Capital Ltd₹1 lakh cr
6. L&T Finance Ltd₹61,300 cr
7. Piramal Finance Ltd₹43,000 cr
8. HDB Financial Services Ltd₹41,400 cr
9. Poonawalla Fincorp Ltd₹40,700 cr

9 Group-Backed NBFC companies in the Conglomerate Backed NBFC industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 9 are listed below, largest first. The largest is Bajaj Finance (₹5.85 lakh crore) and the smallest with a market value is Poonawalla Fincorp.

Download all 9 Group-Backed NBFC companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 34% ahead of NIFTY 500. Earnings across its companies grew 18% on average over the last four reported quarters.

Price and the fundamentals both up. 0 of 9 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 2 of the 9 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 9 pass the momentum test (no change from four weeks earlier); earnings rising at 9 of the 9 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 9 of 9 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 9 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Conglomerate Backed NBFC has done better than the NIFTY 500 by 2.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7.7%. Poonawalla Fincorp Ltd is the strongest against the sector itself at +12.8%.

Conglomerate Backed NBFC has done better than the NIFTY 500 by 2.3% over 52 weeks, but is 7.7% behind over the last 13 weeks. 0 of 9 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 5 of the 6 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Cholamandalam Investment & Finance Company Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 88% evidence confidence.

Piramal Finance Ltd has the strongest one-year price move in Conglomerate Backed NBFC at +37.3%. Poonawalla Fincorp Ltd leads on relative strength against the NIFTY, at +9.2%. 4 of 9 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: 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.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Conglomerate Backed NBFC itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

Profit went from ₹34,898 crore to ₹42,456 crore in a year, up 21.7%, and the durable leg did the work, income up 17.1% contributed roughly four times what the margin improvement did. Second, the operating-margin line for this group is a reporting construct, not economics: it jumped from 40.7% to 61.03% in a single year while the net margin barely moved, from 16.42% to 17.07%. In the week of 17 August 2026, 75% of 8 Conglomerate Backed NBFC companies were beating the Nifty 500, against 66.7% on 6 April 2026.

From our industry review of 22 August 2026. A newer review (10 October 2026) did not cover Conglomerate Backed NBFC, so this is the latest we have.

9 of 9 Conglomerate Backed NBFC companies held a results call for July to September 2026. Aditya Birla Capital guided: NBFC ROA near 2.5% by Q4 this financial year and sustain thereafter.

1 more Conglomerate Backed NBFC calls held for July to September 2026 are not shown here, to keep the page fast.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.8 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on plants is not a useful measure for a lender, so it is left out.

Big funds = foreign and Indian institutions, change in their share of ownership across 9 Conglomerate Backed NBFC companies, in percentage points.

Ownership and spending as of 10 October 2026.

If the September or December quarter shows credit costs re-accelerating at two or more of the nine while disbursement growth is being pushed to hit the 20-28% asset-growth guides, the specific print being L&T Finance's credit cost moving away from its 2-2.2% goal while it stops forgoing disbursements, or Piramal's bounce rates and loan-against-property bad loans rising further, then the improvement was selection rather than a turned cycle and the whole thesis inverts. The second disproving print is gold-loan yields settling below the guided 18-18.5% once all roughly 1,500 new branches are open, which would mean the sector built distribution into a product whose spread had already gone.

From our industry review of 22 August 2026.

Bajaj Finance Ltd has the highest Income among the 9 Conglomerate Backed NBFC companies compared here, at ₹90,330 crore. Aditya Birla Capital Ltd is next at ₹51,594 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 largest at ₹90,330 crore, 75.1% ahead of Aditya Birla Capital Ltd. Jio Financial Services Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 122.8% from a ₹5,623 crore base, with 14 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Bajaj Finance Ltd is the size to compare against; Jio Financial Services Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

Income · company comparison

Income · largest

Income growth · fastest growers

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.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Bajaj Finance Ltd has the highest Net profit among the 9 Conglomerate Backed NBFC companies compared here, at ₹22,067 crore. Cholamandalam Investment & Finance Company Ltd is next at ₹6,221 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 earns the most, ₹22,067 crore of profit over the last 12 months, 254.7% above Cholamandalam Investment & Finance Company Ltd. Piramal Finance Ltd shows at least 100% on the scoring scale (156.6% in full) growth from a profit base of ₹1,909 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Bajaj Finance Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Bajaj Finance Ltd has the highest Deposits among the 9 Conglomerate Backed NBFC companies compared here, at ₹69,754 crore. Aditya Birla Capital Ltd is next at ₹5 crore. The same company also has the highest Borrowings, at ₹5,01,982 crore. 2 of 9 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Bajaj Finance Ltd leads both deposits at ₹69,754 crore and borrowings at ₹5,01,982 crore.

What this means: Bajaj Finance Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Funding base · company comparison

Deposits · largest deposit bases

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

Bajaj Finance Ltd has the highest ROA among the 9 Conglomerate Backed NBFC companies compared here, at 3.5%. Cholamandalam Investment & Finance Company Ltd is next at 2.3%. HDB Financial Services Ltd has the highest ROA change at +0.4 percentage points, so level and change sit with different companies. Its ROA series carries 10 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 +0.4 percentage points.

What this means: Bajaj Finance Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on assets · company comparison

Withheld from this chart: Tata Capital Ltd (TATACAP): its two data sources disagree by up to 35% on reported income across 8 comparable periods, so its derived ratios are withheld; 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 15 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.

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Cholamandalam Investment & Finance Company Ltd has the highest ROE among the 9 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.

What this means: Cholamandalam Investment & Finance Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on equity · company comparison

Withheld from this chart: Tata Capital Ltd (TATACAP): its two data sources disagree by up to 35% on reported income across 8 comparable periods, so its derived ratios are withheld; 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 15 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.

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

Bajaj Finance Ltd has the lowest Gross NPA among the 9 Conglomerate Backed NBFC companies compared here, at 1.1%. The same company also has the lowest GNPA change, at −0.2 percentage points. 1 of 9 companies report a comparable reading, the latest through Sep 2026. Its Gross NPA series carries 16 reported observations across the 20-quarter window.

What the numbers say: Bajaj Finance Ltd leads both gross npa at 1.1% and gnpa change at −0.2 percentage points.

What this means: Bajaj Finance Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Asset quality · company comparison

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 15 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.

Gross NPA · lowest

GNPA change · fastest improvers

All-company data · latest reported quarter

HDB Financial Services Ltd has the lowest P/BV ÷ ROE among the 9 Conglomerate Backed NBFC companies compared here, at 0.14×. L&T Finance Ltd is next at 0.19×. Jio Financial Services Ltd has the lowest P/BV at 1.04×, so level and change sit with different companies. 9 of 9 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: HDB Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.14×, 26.3% below L&T Finance Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV

All-company data · latest reported quarter

Conglomerate Backed NBFC companies show up on 4 of our India lists. The most are on the small & mid cap stocks list (5 companies).

This Conglomerate Backed NBFC comparison names 7 specific ways its own evidence can mislead, all listed below. All 9 companies here report on comparable dates, so no rank carries a stale marker. 3 have second-source figures left out 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 come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROE can come from heavy borrowing. It is best read beside ROA and loan quality.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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.
• 3 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

This comparison is built from the reported filings of 9 Conglomerate Backed NBFC companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

3 of 9 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Tata Capital Ltd (TATACAP): its two data sources disagree by up to 35% on reported income across 8 comparable periods, so its derived ratios are withheld; 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 15 comparable periods, so its derived ratios are withheld.

These 26 answers restate the Conglomerate Backed NBFC comparison above in question form. Every one is computed from the same 9 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.