HDFC AMC, Poonawalla Fincorp — DRChoksey's Top Stock Picks In Financial Services Space; Q1 Results Preview

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DRChoksey Report

Despite rising competitive intensity from banks, NBFCs continue to dominate the market in high-yield segments such as MSME lending, gold loans, and unsecured retail finance. Their ability to offer faster turnaround times, greater operational flexibility, and tailored product offerings provides a distinct competitive advantage in these segments.

NBFCs are expected to outperform banks in terms of credit growth, led by continued momentum in gold loans, MSME lending, and personal loans. The recent cut in the repo rate by 50bps is likely to ease funding costs for NBFCs, thereby supporting margin improvement and enhancing their competitive positioning in high-yield, retail-focused lending segments.

We believe that new product launches will be a significant growth catalyst for the NBFC sector in Q1 FY26. Initiatives including targeting underserved segments and offering differentiated credit solutions are expected to support higher disbursements, diversify portfolios, and strengthen competitive positioning in a dynamic lending environment.

HDFC AMC and Poonawalla Fincorp remains our top pick, led by their strong brand equity and robust market positioning.

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