MSME Lending Stocks and Companies in India

The largest MSME Lending stocks in India by market value are Five-Star Business Finance (₹11,724 crore), SBFC Finance (₹9,812 crore) and SG Finserve (₹4,669 crore), at prices of 4 Nov 2026.

• Five-Star Business Finance: ₹397.15 | market value ₹11,724 crore | P/BV 1.5
• SBFC Finance: ₹88.25 | market value ₹9,812 crore | P/BV 2.4
• SG Finserve: ₹708.55 | market value ₹4,669 crore | P/BV 2.9
• MAS Financial Services: ₹252.82 | market value ₹4,587 crore | P/BV 1.4
• Ugro Capital: ₹70.92 | market value ₹1,101 crore | P/BV 0.4
• Moneyboxx Finance: ₹60.70 (price from the week of 19 Jul 2026) | market value ₹424 crore | P/BV 1.43

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 6 listed Indian Finance & Investments - MSME Lending companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Finance & Investments - MSME Lending index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Five-Star Business Finance Ltd₹11,700 cr
2. SBFC Finance Ltd₹9,380 cr
3. SG Finserve Ltd₹4,540 cr
4. MAS Financial Services Ltd₹4,440 cr
5. Ugro Capital Ltd₹1,130 cr
6. Moneyboxx Finance Ltd₹424 cr

5 MSME Lending companies in the Finance & Investments - MSME Lending industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 5 are listed below, largest first. The largest is Five-Star Business Finance (₹11,715 crore) and the smallest with a market value is Moneyboxx Finance.

Download all 5 MSME Lending 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 17% behind NIFTY 500. Earnings across its companies grew 20% on average over the last four reported quarters.

1 of the 5 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 5 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 1 of those 5 pass the momentum test (1 more than four weeks earlier); earnings rising at 3 of the 5 that report earnings.

Behind NIFTY 500 by −13.4% over a year, with participation off the floor of its own 26-week range. Earnings mixed, 3 of 5 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 5 of its 6 companies (the 1 with too short a price record are ranked in the scorecard but cannot sit in this line). 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.

Finance & Investments - MSME Lending has done worse than the NIFTY 500 by 17.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 9.4%. SG Finserve Ltd is the strongest against the sector itself at +49.2%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 10.6 as of 30 October 2026 (leaders, rising).

Finance & Investments - MSME Lending has done worse than the NIFTY 500 by 17.8% over 52 weeks and by 9.4% over 13 weeks. 1 of 6 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 2 of the 4 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.

SBFC Finance Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 93% evidence confidence.

SG Finserve Ltd has the strongest one-year price move in Finance & Investments - MSME Lending at +77.1%. It also leads on relative strength against the NIFTY, at +36.6%. 1 of 6 companies we track is ahead of the index on that measure (1 has no relative-strength reading yet). 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 Finance & Investments - MSME Lending 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

The catch is fresh: the annual profit curve actually turned DOWN in FY26 to ₹1,813cr (FY25) to ₹1,779cr (FY26), a −1.9% dip, even as revenue grew +26.5%, because aggregate net margin compressed −6.63pp; the topline is not converting. The same compression shows quarterly: profit margin slid from 30.38% (2024-03) to 21.86% (2026-03). In the week of 13 July 2026, 33.3% of 6 Finance & Investments - MSME Lending companies were beating the Nifty 500, against 16.7% on 2 March 2026.

From our industry review of 19 July 2026. A newer review (10 October 2026) did not cover Finance & Investments - MSME Lending, so this is the latest we have.

4 of 5 Finance & Investments - MSME Lending companies held a results call for July to September 2026. Five-Star Business Finance guided: Flattish slippages and credit cost through H2FY24 despite industry headwinds on contained early flows.

From the results calls for July to September 2026.

Big funds, foreign and Indian, cut their stake by 3.0 points over the last two quarters. Founders and promoters raised theirs by 1.2 points.

• 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 6 Finance & Investments - MSME Lending companies, in percentage points.

Ownership and spending as of 10 October 2026.

Two prints would flip me constructive: (1) the FY26 margin stall reverses, aggregate profit re-accelerates from ₹1,779cr as the secured pivot's credit-cost relief demonstrably offsets the 800-1,000 basis points yield drop, AND (2) the institutional exit turns, with FII+DII flow reversing from −3.902pp.

From our industry review of 19 July 2026.

Five-Star Business Finance Ltd has the highest Income among the 6 Finance & Investments - MSME Lending companies compared here, at ₹3,319 crore. MAS Financial Services Ltd is next at ₹2,200 crore. SG Finserve 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: Five-Star Business Finance Ltd is the largest at ₹3,319 crore, 50.9% ahead of MAS Financial Services Ltd. SG Finserve Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 104.2% from a ₹488 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Five-Star Business Finance Ltd is the size to compare against; SG Finserve 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: Five-Star Business Finance Ltd's growth falls below SG Finserve 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.

Five-Star Business Finance Ltd has the highest Net profit among the 6 Finance & Investments - MSME Lending companies compared here, at ₹1,116 crore. SBFC Finance Ltd is next at ₹510 crore. SG Finserve Ltd has the highest Profit growth at 85.2%, so level and change sit with different companies.

What the numbers say: Five-Star Business Finance Ltd earns the most, ₹1,116 crore of profit over the last 12 months, 118.8% above SBFC Finance Ltd. SG Finserve Ltd shows 85.2% growth from a profit base of ₹187 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Five-Star Business 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

No company in this Finance & Investments - MSME Lending comparison reports a funding base figure this section can compare, so the Deposits rank is empty. On Borrowings, MAS Financial Services Ltd is highest at ₹11,787 crore, across 6 of 6 companies with a usable reading.

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

What this means: The current leader 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

Not enough comparable data.

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.

Five-Star Business Finance Ltd has the highest ROA among the 6 Finance & Investments - MSME Lending companies compared here, at 6.9%. SBFC Finance Ltd is next at 3.7%. MAS Financial Services Ltd has the highest ROA change at +0.1 percentage points, so level and change sit with different companies.

What the numbers say: Five-Star Business Finance Ltd leads roa at 6.9%; MAS Financial Services Ltd leads roa change at +0.1 percentage points.

What this means: Five-Star Business 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

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Five-Star Business Finance Ltd has the highest ROE among the 6 Finance & Investments - MSME Lending companies compared here, at 16.1%. MAS Financial Services Ltd is next at 13.4%. Moneyboxx Finance Ltd has the highest ROE change at +8.8 percentage points, so level and change sit with different companies.

What the numbers say: Five-Star Business Finance Ltd leads roe at 16.1%; Moneyboxx Finance Ltd leads roe change at +8.8 percentage points.

What this means: Five-Star Business 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 roe change signal.

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

Return on equity · company comparison

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

Ugro Capital Ltd has the lowest Gross NPA among the 6 Finance & Investments - MSME Lending companies compared here, at 2.6%. Five-Star Business Finance Ltd is next at 3.5%. SBFC Finance Ltd has the lowest GNPA change at −0.1 percentage points, so level and change sit with different companies.

What the numbers say: Ugro Capital Ltd leads gross npa at 2.6%; SBFC Finance Ltd leads gnpa change at −0.1 percentage points.

What this means: Ugro Capital 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

Gross NPA · lowest

GNPA change · fastest improvers

All-company data · latest reported quarter

Five-Star Business Finance Ltd has the lowest P/BV ÷ ROE among the 6 Finance & Investments - MSME Lending companies compared here, at 0.09×. Ugro Capital Ltd has the lowest P/BV at 0.4×, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Five-Star Business Finance Ltd has the lowest comparable P/BV ÷ ROE at 0.09×, 0% below Ugro Capital 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

Finance & Investments - MSME Lending companies show up on 4 of our India lists. The most are on the 52 week high & low list (2 companies).

This Finance & Investments - MSME Lending comparison names 6 specific ways its own evidence can mislead, all listed below. All 6 companies here report on comparable dates, so no rank carries a stale marker. 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.
• Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

This comparison is built from the reported filings of 6 Finance & Investments - MSME Lending 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.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 24 answers restate the Finance & Investments - MSME Lending comparison above in question form. Every one is computed from the same 6 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.