# Finance & Investments - Wholesale NBFC — company-by-company sector analysis > Finance & Investments - Wholesale NBFC: Edelweiss Financial Services Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-20. Not investment advice. ## Bottom line Finance & Investments - Wholesale NBFC has outperformed NIFTY 500 by 24.3% over 52 weeks and 3.3% over 13 weeks. 1 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. Edelweiss Financial Services Ltd leads with income of ₹10,507 crore, based on 1 of 1 comparable companies through Jun 2026. ## Sector relative strength Finance & Investments - Wholesale NBFC has outperformed NIFTY 500 by 24.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.3%. 1 of 1 covered company currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Edelweiss Financial Services Ltd is the strongest against the sector itself at 0%. 13-week sector return versus NIFTY 500: 3.3% 52-week sector return versus NIFTY 500: 24% Stocks leading NIFTY: 1/1 Stocks leading sector: 0/1 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹11.5K Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Edelweiss Financial Services Ltd (EDELWEISS): 59/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 24.8/35 | Capital efficiency 14.3/25 | Valuation 7.5/20 | Relative strength 12.5/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 24.8 + 14.3 + 7.5 + 12.5 = 59.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Market action Edelweiss Financial Services Ltd has the strongest one-year price move in Finance & Investments - Wholesale NBFC at +27.7%. It also leads on Mansfield relative strength against NIFTY at +5.9%. 1 of 1 covered company is above zero on that measure. Every line covers 313 weekly closes through 2026-08-14. ### Strongest one-year price performers 1. Edelweiss Financial Services Ltd (EDELWEISS): 28% ### Strongest relative strength versus NIFTY 500 1. Edelweiss Financial Services Ltd (EDELWEISS): 5.9% ## Finance & Investments - Wholesale NBFC — the story behind the numbers This is the written read behind the Finance & Investments - Wholesale NBFC figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 17 Apr 2026, so the words are older than the numbers. 1 theme is live here. The Wholesale NBFC sector, represented in this analysis by Edelweiss Financial Services, is currently demonstrating an IMPROVING demand environment. For Q3 FY26, Edelweiss reported a consolidated PAT (Post MI) of INR 264 Cr, representing a 112.9% YoY increase from INR 124 Cr in the prior year. This was aided by a Corporate PAT of INR 239 Cr. How old this read is: STALE — this read comes from our Finance & Investments - Wholesale NBFC sector brief dated 17 Apr 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs. ### Live themes, worst first - MEDIUM | Transactions including the EAAA IPO and Carlyle investment are subject to regulatory approvals. | Filing of DRHP completed; SEBI approval awaited. | quoted: "The transaction is subject to regulatory approvals" | named for EDELWEISS Sources: our Finance & Investments - Wholesale NBFC sector brief, 17 Apr 2026 · company earnings-call transcripts. ## Income Scale & Growth Durability What the numbers say: Edelweiss Financial Services Ltd is the scale leader at ₹10,507 crore, Edelweiss Financial Services Ltd's growth is 14% from a ₹10,507 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Edelweiss Financial Services Ltd is the scale benchmark; Edelweiss Financial Services Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Edelweiss Financial Services Ltd's growth falls below Edelweiss Financial Services Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Edelweiss Financial Services Ltd · ₹10,507 crore | Not enough peers | 3/8 recent comparable periods | 1/1 companies · 15 observations Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year. ### Income — largest 1. Edelweiss Financial Services Ltd (EDELWEISS): ₹10.5K Cr ### Income growth — fastest growers 1. Edelweiss Financial Services Ltd (EDELWEISS): 14% ### 20-quarter Income history - EDELWEISS: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹2.1K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.3K Cr ### 20-quarter Income growth history - EDELWEISS: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 -2.9% | Jun 2024 16% | Sep 2024 30% | Dec 2024 -21% | Mar 2025 -22% | Jun 2025 -2.1% | Sep 2025 -33% | Dec 2025 132% | Mar 2026 -16% | Jun 2026 3.7% ## Profit Scale & Acceleration What the numbers say: Edelweiss Financial Services Ltd leads with ₹711 crore of TTM profit, Edelweiss Financial Services Ltd shows 28.6% growth from a ₹711 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Edelweiss Financial Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Edelweiss Financial Services Ltd · ₹711 crore | Not enough peers | 6/8 recent comparable periods | 1/1 companies · 15 observations Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table. ### Net profit — largest 1. Edelweiss Financial Services Ltd (EDELWEISS): ₹711 Cr ### Profit growth — fastest growers 1. Edelweiss Financial Services Ltd (EDELWEISS): 29% ### 20-quarter Net profit history - EDELWEISS: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹122 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹132 Cr | Jun 2026 ₹134 Cr ### 20-quarter Profit growth history - EDELWEISS: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 18% | Jun 2024 9.0% | Sep 2024 44% | Dec 2024 2.0% | Mar 2025 -22% | Jun 2025 21% | Sep 2025 28% | Dec 2025 74% | Mar 2026 -16% | Jun 2026 30% ## Funding Base & Its Composition What the numbers say: There is not enough comparable evidence to name a reliable deposits leader. 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 borrowings signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive. ### Deposits — largest deposit bases ### Borrowings — largest borrowings 1. Edelweiss Financial Services Ltd (EDELWEISS): ₹18.6K Cr ### 20-quarter Deposits history ### 20-quarter Borrowings history - EDELWEISS: Mar 2018 ₹49.0K Cr | Mar 2019 ₹46.1K Cr | Mar 2020 ₹36.7K Cr | Mar 2021 ₹28.4K Cr | Mar 2022 ₹22.8K Cr | Dec 2022 — | Mar 2023 ₹21.8K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹20.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹18.0K Cr | Jun 2025 — | Sep 2025 ₹19.5K Cr | Dec 2025 — | Mar 2026 ₹18.6K Cr | Jun 2026 — ## Return On Assets What the numbers say: There is not enough comparable evidence to name a reliable roa leader. 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 roa change signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset. ### ROA — highest ### ROA change — fastest improvers ### 20-quarter ROA history ### 20-quarter ROA change history ## ROE — Leaders & Improvers What the numbers say: Edelweiss Financial Services Ltd leads roe at 13.5%; the second comparison lacks enough current evidence. Investor read: Edelweiss Financial Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roe change signal. Evidence: Edelweiss Financial Services Ltd · 13.5% | Not enough peers | Not enough history | 1/1 companies · 0 observations Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage. ### ROE — highest 1. Edelweiss Financial Services Ltd (EDELWEISS): 14% ### ROE change — fastest improvers ### 20-quarter ROE history ### 20-quarter ROE change history ## Gross NPA — Leaders & Improvers What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader. 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. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted. ### Gross NPA — lowest ### GNPA change — fastest improvers ### 20-quarter Gross NPA history ### 20-quarter GNPA change history ## Valuation Against Growth & Quality What the numbers say: Edelweiss Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.18×. Only 1 of 1 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. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Edelweiss Financial Services Ltd · 0.18× | Not enough peers | 0/8 recent comparable periods | 1/1 companies · 0 observations Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive. ### P/BV ÷ ROE — lowest return-adjusted price 1. Edelweiss Financial Services Ltd (EDELWEISS): 0.2 ### P/BV — lowest P/BV 1. Edelweiss Financial Services Ltd (EDELWEISS): 2.5 ### 20-quarter P/BV ÷ ROE history ### 20-quarter P/BV history - EDELWEISS: Mar 2018 2.7 | Mar 2019 1.4 | Mar 2020 0.2 | Mar 2021 0.7 | Mar 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 1.7 | Mar 2024 1.4 | Jun 2024 0.9 | Sep 2024 2.8 | Dec 2024 2.4 | Mar 2025 1.7 | Jun 2025 2.3 | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 2.2 | Jun 2026 2.5 ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROE can be manufactured with leverage. Read it beside ROA and asset quality. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing. - 1 company is 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, Return on assets, Asset quality have fewer than three usable current readings. ## Every company - Edelweiss Financial Services Ltd (EDELWEISS) — market value ₹11.5K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD ## Source standing of each company Cross-checked: 0. Unverified: 0. Withheld: 1. Graded companies: 1. 1 of 1 company has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Edelweiss Financial Services Ltd (EDELWEISS) — its two data sources disagree by up to 35% on reported income across 14 comparable periods, so its derived ratios are withheld. - WITHHELD | EDELWEISS | Edelweiss Financial Services Ltd | diff_gt_2pct | disagreement up to 34.69% over 14 comparable periods ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-14. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Finance & Investments - Wholesale NBFC sector outperforming NIFTY 500? Finance & Investments - Wholesale NBFC has outperformed NIFTY 500 by 24.3% over 52 weeks and 3.3% over 13 weeks. 1 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. ### Which Finance & Investments - Wholesale NBFC company is largest by income? Edelweiss Financial Services Ltd leads with income of ₹10,507 crore, based on 1 of 1 comparable companies through Jun 2026. ### Which Finance & Investments - Wholesale NBFC company is growing fastest? Edelweiss Financial Services Ltd has the fastest current income growth at 14%, across 1 of 1 comparable companies. ### Which Finance & Investments - Wholesale NBFC company has the strongest 4-Factor Sector Score? Edelweiss Financial Services Ltd ranks first at 59.1/100 with 64.6% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Finance & Investments - Wholesale NBFC company has the lowest comparable P/BV-to-ROE? Edelweiss Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.18, among 1 of 1 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Finance & Investments - Wholesale 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. ### Is there a Nifty Finance & Investments - Wholesale NBFC index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Finance & Investments - Wholesale NBFC, this page builds its own equal-weight basket of 1 listed Finance & Investments - Wholesale NBFC companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026. ### Which are the best Finance & Investments - Wholesale NBFC stocks in India? Ranked by this page's four-factor score, Edelweiss Financial Services Ltd places first among 1 listed Finance & Investments - Wholesale NBFC companies. 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 Finance & Investments - Wholesale NBFC stocks are listed in India? This comparison covers 1 listed Finance & Investments - Wholesale 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 Finance & Investments - Wholesale NBFC company is the biggest? Edelweiss Financial Services Ltd is the largest, with trailing-twelve-month income of ₹10,507 crore. That covers 1 of 1 companies with comparable reporting through Jun 2026. ### Which Finance & Investments - Wholesale NBFC company makes the most profit? Edelweiss Financial Services Ltd earns the most, at ₹711 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. Edelweiss Financial Services Ltd has the fastest profit growth at 28.6%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Finance & Investments - Wholesale NBFC stock is the cheapest? On price-to-book divided by return on equity — where a LOWER number is cheaper — Edelweiss Financial Services Ltd screens cheapest at 0.18×. All 1 companies qualify for the ratio comparison. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Is the Finance & Investments - Wholesale NBFC sector beating the market? Finance & Investments - Wholesale NBFC has outperformed NIFTY 500 by 24.3% over the last 52 weeks and 3.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 1 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Finance & Investments - Wholesale NBFC stock has the strongest price momentum? Edelweiss Financial Services 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 Finance & Investments - Wholesale NBFC company scores highest for research priority? Edelweiss Financial Services Ltd scores 59.1 out of 100 with 64.6% evidence confidence, from 24.8 points on growth and earnings, 14.3 on capital efficiency, 7.5 on valuation and 12.5 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 Finance & Investments - Wholesale NBFC companies does this comparison cover, and over what period? It compares 1 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 Finance & Investments - Wholesale NBFC sector? The 1 Finance & Investments - Wholesale NBFC companies on this page carry ₹11,546 crore of combined market value. Edelweiss Financial Services Ltd is the largest at ₹11,546 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20. ### How is the Finance & Investments - Wholesale NBFC sector performing? 1 of the 1 covered Finance & Investments - Wholesale NBFC companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 24.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20. ### 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.