Shriram Finance, PNB Housing Finance, L&T Finance — Motilal Oswal Top Stock Picks In NBFCs; Q1 Results Preview

Large housing finance companies are facing heightened competition, particularly from PSU banks that are offering home loans at significantly lower rates. Given their inability to match these rates without compromising yields, many large HFCs are opting to forego such business.

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Motilal Oswal Report

We estimate ~14%/13%/8% YoY growth in net interest income/pre-provision operating profit/PAT in 1QFY26 for our non banking financial companies coverage universe.

Excluding NBFC-MFI, we estimate ~12% YoY growth in PAT for our coverage universe.

Our preference is for housing financiers, including select affordable HFCs and diversified lenders (who have navigated the unsecured credit cycle and are now looking to grow their unsecured loan book again).

Our top picks in the sector are: Shriram Finance, Home First, PNB Housing Finance, and L&T Finance.

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