NBFCs Q3 Results Preview — Motilal Oswal Lists Shriram Finance, PNB Housing Finance Among Others As Top Picks

Motilal Oswal Report

We expect ~9% YoY growth in AUM for our coverage housing finance company universe, including both affordable and other HFCs. Vehicle financers are projected to report ~22% YoY AUM growth.

Gold lenders (including non-gold products) are likely to record ~24% YoY growth. NBFC-MFIs are estimated to post ~3% YoY growth, while diversified lenders are expected to post ~21% YoY growth in AUM.

For our coverage universe, we estimate a loan growth of ~16% YoY/~4% QoQ in Q3 FY25. Loan growth (relative to our earlier expectations) continued to remain weak due to calibrated growth in unsecured retail, muted disbursements in microfinance, and some weakness seen in mortgages (particularly for select affordable HFCs).

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