NBFCs Q4 Results Preview — Motilal Oswal Projects Muted Quarter; Shriram Finance Among Top Picks

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Motilal Oswal Report

We expect ~9% YoY growth in assets under management for our coverage housing finance companies, including both affordable and large HFCs. Vehicle financers are projected to report ~20% YoY AUM growth. Gold lenders (including non-gold products) are likely to record ~29% YoY growth. NBFC-MFIs are estimated to post a decline of ~15% YoY in AUM, while diversified lenders are expected to deliver ~21% YoY growth in AUM.

For our NBFC coverage universe, we estimate loan growth of ~15% YoY/~4% QoQ as of Mar’25. Notwithstanding seasonality, demand trends and loan growth remained flat during the quarter due to calibrated growth in unsecured retail, muted disbursements in microfinance and low mortgage volumes.

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