Top NBFC Stocks Compared: Bajaj Finance vs Cholamandalam Finance vs Shriram Finance vs Muthoot Finance vs Mahindra Finance on Price, Valuation, Q2 FY27 Results and Risks

Previous close: Bajaj Finance Rs 959.40, Cholamandalam Finance Rs 1,624.40, Shriram Finance Rs 863.35, Muthoot Finance Rs 2,514.70, Mahindra Finance Rs 261.75.

NBFC stocks compared looks at Bajaj Finance, Cholamandalam Finance, Shriram Finance, Muthoot Finance and Mahindra Finance on previous close, market capitalisation, valuation and Q2 FY27 numbers. The group covers consumer lending, vehicle finance, gold loans and rural finance, so the businesses differ even though they share one label.

All five lenders have filed their September 2026 quarter, so every result below is Q2 FY27, with revenue as the top line. NBFC shares react to interest rate expectations and credit trends, so the Nifty Fin Service page and the Sensex page give a quick read of the market before you begin.

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NBFC Stocks Compared: Five Lenders, Five Business Models

The NBFC stocks compared here are Bajaj Finance, Cholamandalam Finance, Shriram Finance, Muthoot Finance and Mahindra Finance. Bajaj Finance is the largest by market capitalisation at Rs 5,96,540 crore. Previous closes run from Rs 261.75 for Mahindra Finance to Rs 2,514.70 for Muthoot Finance, which is why a side-by-side look at value rather than price is more useful. This NBFC stocks compared list is the base for every table that follows.

Stock	Previous close (Rs)	Market cap (Rs crore)
Bajaj Finance	959.40	5,96,540
Cholamandalam Finance	1,624.40	1,38,661
Shriram Finance	863.35	2,03,071
Muthoot Finance	2,514.70	1,01,170
Mahindra Finance	261.75	36,374

A quick look at the business behind each ticker puts the numbers in context. Bajaj Finance is India’s largest non-bank lender by market value, with consumer, SME and commercial lending franchises, while Cholamandalam Finance is a vehicle finance leader that has widened into home loans, small business loans and consumer products. Shriram Finance is a large lender to commercial vehicle owners and small businesses, with strong semi-urban reach, and Muthoot Finance is India’s best-known gold loan company, with a vast branch network across the country. To compare NBFC stocks properly, line up price to book, return on equity and credit cost before forming a view.

Rounding out the group, Mahindra Finance finances tractors, vehicles and small businesses in rural and semi-urban India. A fair NBFC stock comparison looks at what each company actually earns from, not only at the share price. Whenever you compare NBFC stocks, remember that gold loans, vehicle loans and consumer loans run on different cycles.

NBFC Stocks Valuation: Price to Book and Return on Equity

Muthoot Finance trades at the lowest price to earnings ratio in this group at 8.21. It also reports the highest return on equity at 28.01%. Mahindra Finance has the lowest price to book value at 1.32. These NBFC stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this NBFC stocks compared table: price to book and return on equity sit side by side so a high or low reading stands out at once.

Stock	Price to earnings	Price to book	ROE (%)	Dividend yield (%)
Bajaj Finance	27.04	4.84	17.61	0.63
Cholamandalam Finance	22.29	4.02	18.02	0.12
Shriram Finance	16.01	1.82	11.39	1.00
Muthoot Finance	8.21	2.30	28.01	1.19
Mahindra Finance	10.09	1.32	13.09	2.87

NBFCs borrow to lend, so debt to equity looks high by design and should not be read the way you would read it for a manufacturer. The more useful trio is price to book, return on equity and credit cost. Price to book tells you what you pay for the loan book, return on equity shows how well it earns, and credit cost shows how much of the income is lost to bad loans. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple NBFC stock comparison like this one is only as useful as the context behind it, which is why credit cost is worth checking as well.

In this group, price to earnings runs from 8.21 for Muthoot Finance to 27.04 for Bajaj Finance. Mahindra Finance offers the highest dividend yield at 2.87%. The industry price to earnings for this group stands at 16.07, which is the benchmark each stock above can be read against. Companies above that figure are being priced for faster loan growth, and those below it are priced closer to the sector norm. A careful NBFC stock comparison reads price to book and return on equity together. Run the same NBFC stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare NBFC stocks, note whether a premium is backed by returns or only by size.

NBFC Stocks Q2 FY27 Results: Income and Profit Growth

All of the five NBFC stocks compared have filed Q2 FY27 numbers. Muthoot Finance posted the fastest revenue growth at 36.5% year on year. Mahindra Finance showed the sharpest rise in net profit at 60.9%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. Treat the Q2 FY27 numbers in this NBFC stocks compared review as a snapshot of one quarter, not a verdict on any lender.

Stock	Q2 FY27 revenue (Rs crore)	Q2 FY26 revenue (Rs crore)	Q2 FY27 net profit (Rs crore)	Q2 FY26 net profit (Rs crore)
Bajaj Finance	24,576	19,992	6,367	4,948
Cholamandalam Finance	9,395	7,613	1,630	1,160
Shriram Finance	13,802	11,921	3,677	2,310
Muthoot Finance	10,011	7,333	3,278	2,412
Mahindra Finance	5,962	5,049	910.7	566.1

Bajaj Finance Results Snapshot

In the September 2026 quarter, Bajaj Finance booked revenue of Rs 24,576 crore against Rs 19,992 crore in the same quarter last year, a rise of 22.9%. Net profit rose 28.7% to Rs 6,367 crore from Rs 4,948 crore. Net profit margin improved to 25.6% from 24.5%. Earnings per share for the quarter rose to Rs 10.05 from Rs 7.83.

Cholamandalam Finance Results Snapshot

Cholamandalam Finance’s Q2 FY27 top line stood at Rs 9,395 crore, versus Rs 7,613 crore in Q2 FY26, a rise of 23.4%. Net profit rose 40.6% to Rs 1,630 crore from Rs 1,160 crore. Net profit margin improved to 17.6% from 15.5%. Earnings per share for the quarter rose to Rs 19.06 from Rs 13.75.

Shriram Finance Results Snapshot

Shriram Finance reported Q2 FY27 revenue of Rs 13,802 crore, compared with Rs 11,921 crore a year earlier, a rise of 15.8%. Net profit rose 59.2% to Rs 3,677 crore from Rs 2,310 crore. Net profit margin improved to 27.1% from 19.7%. Earnings per share for the quarter rose to Rs 15.66 from Rs 12.29.

Muthoot Finance Results Snapshot

In the September 2026 quarter, Muthoot Finance booked revenue of Rs 10,011 crore against Rs 7,333 crore in the same quarter last year, a rise of 36.5%. Net profit rose 35.9% to Rs 3,278 crore from Rs 2,412 crore. Earnings per share for the quarter rose to Rs 80.87 from Rs 60.30.

Mahindra Finance Results Snapshot

Mahindra Finance’s Q2 FY27 top line stood at Rs 5,962 crore, versus Rs 5,049 crore in Q2 FY26, a rise of 18.1%. Net profit rose 60.9% to Rs 910.7 crore from Rs 566.1 crore. Net profit margin improved to 15.3% from 11.2%. Earnings per share for the quarter rose to Rs 6.54 from Rs 4.06.

Income growth in this group is strong across the board in the September quarter, and profit growth has been even faster at several names, which points to controlled credit costs and good spreads. As always, open the filing to read assets under management and credit cost for each company. In practice, an NBFC stocks compared review is as much about business models as it is about ratios. When you compare NBFC stocks after each result season, track how credit cost changes from one quarter to the next. An NBFC stock comparison built on one quarter of data is a starting point, and the next set of results will update it.

NBFC Stocks Compared Two at a Time: Three Matchups

Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare NBFC stocks two at a time.

Bajaj Finance vs Cholamandalam Finance

Bajaj Finance and Cholamandalam Finance are the two growth-focused names here, one in consumer and SME lending and the other in vehicle finance. On price to earnings, Cholamandalam Finance carries the lower multiple at 22.29 against 27.04 for Bajaj Finance. Cholamandalam Finance reports the higher return on equity, at 18.02% against 17.61% for Bajaj Finance. For dividend income, Bajaj Finance offers 0.63% against 0.12% at Cholamandalam Finance. Both command higher multiples, so the question is whether their growth rates justify the premium to you.

Shriram Finance vs Muthoot Finance

Shriram Finance and Muthoot Finance serve very different customers, one financing commercial vehicles and small businesses and the other lending against gold. Muthoot Finance reports the higher return on equity, at 28.01% against 11.39% for Shriram Finance. For dividend income, Muthoot Finance offers 1.19% against 1.00% at Shriram Finance. In Q2 FY27, Muthoot Finance grew revenue faster, at 36.5% year on year against 15.8% for Shriram Finance. Gold loans respond to the gold price and vehicle finance to freight demand, so the two sit on different cycles.

Muthoot Finance vs Mahindra Finance

Muthoot Finance and Mahindra Finance carry the two lowest price to earnings ratios in this group, which makes them natural starting points for readers who begin with valuation. Muthoot Finance is about 2.8 times the size of Mahindra Finance by market capitalisation, at Rs 1,01,170 crore against Rs 36,374 crore. On price to earnings, Muthoot Finance carries the lower multiple at 8.21 against 10.09 for Mahindra Finance. Muthoot Finance reports the higher return on equity, at 28.01% against 13.09% for Mahindra Finance. One lends against gold and the other finances vehicles and small businesses, so read how valuation and returns fit together for each.

Best NBFC Stocks by Investor Goal

If you are asking which of the best NBFC stocks here suits you, the answer depends on what you value. The table below shows who leads on each measure today, which is the fairest way to answer without naming a single winner. Any NBFC stocks compared table can mislead if you stop at one row, because each lender leads on a different measure. Used with care, an NBFC stock comparison turns scattered ratios into a short list of questions worth asking.

If you care most about	Start your research with	The number
Lowest price to earnings	Muthoot Finance	8.21
Highest return on equity	Muthoot Finance	28.01%
Highest dividend yield	Mahindra Finance	2.87%
Lowest price to book value	Mahindra Finance	1.32
Largest by market capitalisation	Bajaj Finance	Rs 5,96,540 crore
Fastest Q2 FY27 revenue growth	Muthoot Finance	36.5%
Sharpest Q2 FY27 net profit rise	Mahindra Finance	60.9%

Lending businesses are not interchangeable, so this table is best used to build a shortlist rather than to name a winner. Match the business model to your own view on rates, gold and vehicle demand.

What Is Driving NBFC Growth Right Now?

Non-banking finance companies serve borrowers that banks often reach slowly, from vehicle buyers to small businesses and gold loan customers. Strong credit demand, digital underwriting and a widening customer base keep their loan books growing. Knowing what moves funding costs and credit trends helps you compare NBFC stocks with the right questions in mind.

Assets under management, net interest margin, credit cost and cost of funds are the main yardsticks. Because NBFCs borrow to lend, the interest rate cycle has a direct bearing on spreads and profit. A good NBFC stocks compared routine therefore tracks assets under management, credit cost, cost of funds and net interest margin. The sector backdrop helps every name here, but an NBFC stock comparison shows it does not help them equally.

Risks to Weigh When You Compare NBFC Stocks

NBFC stocks are sensitive to funding costs, regulatory changes and asset quality in their chosen segments. Gold prices, vehicle demand and rural income each influence specific names. Review disclosures on credit cost and borrowing mix before you compare one lender with another. Every NBFC stock comparison has blind spots, and for this group the biggest is funding costs and credit trends. A thoughtful NBFC stocks compared review keeps these risks next to the numbers instead of in a footnote.

Because assets under management, credit cost, cost of funds and net interest margin drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this NBFC stocks compared guide a balanced starting point.

How to Compare NBFC Stocks and Build a Shortlist

Start with scale, then move to return on equity and price to book to judge quality against price. Add dividend yield only as a bonus, since most of these companies reinvest their profit into loan growth. Done step by step, this NBFC stocks compared routine becomes repeatable rather than a one-off exercise. The same NBFC stocks compared steps work for other sectors on Univest, so you can reuse them.

Next, open each company’s results presentation and read assets under management growth, credit cost and borrowing mix. Holding two NBFCs from different segments, such as a gold lender and a vehicle financier, spreads the risk of one segment slowing. Keep the shortlist of best NBFC stocks short enough that you can actually follow each company’s quarterly results. When you compare NBFC stocks again after new results, update only the rows that changed instead of starting over.

The Univest stock screener lets you filter NBFC stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this NBFC stocks compared page after the next set of results to see which numbers have moved.

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Conclusion: NBFC Stocks Compared at a Glance

This NBFC stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. Bajaj Finance leads on size and Muthoot Finance leads on return on equity, while the others bring their own strengths. Treat the NBFC stocks Q2 FY27 results and NBFC stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare NBFC stocks again next quarter, the same checklist of price to book, return on equity and credit cost will work. That is the practical value of an NBFC stocks compared review: it narrows a long list into a short one.

Frequently Asked Questions on NBFC Stocks Compared

Which are the top NBFC stocks compared in this article?

Ans. The NBFC stocks compared in this article are Bajaj Finance, Cholamandalam Finance, Shriram Finance, Muthoot Finance and Mahindra Finance. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, so you get a clear side-by-side starting point before you open any single company’s filings in more depth.

Which NBFC stock has the highest market capitalisation?

Ans. Among the five names, Bajaj Finance has the highest market capitalisation at Rs 5,96,540 crore. Shriram Finance follows at Rs 2,03,071 crore. Market capitalisation is the total value the market places on a company and moves with the share price every day, so check the live figure before you rely on it.

Which of these NBFC stocks has the lowest price to earnings ratio?

Ans. On NBFC stocks valuation, Muthoot Finance has the lowest price to earnings ratio among these NBFC stocks at 8.21, based on the latest reported earnings. Bajaj Finance sits at the other end at 27.04. A lower multiple is not automatically better, since growth, margins and business quality all influence what investors are willing to pay.

Which NBFC stock has the highest return on equity?

Ans. Muthoot Finance reports the highest return on equity in this group at 28.01%. Return on equity shows how much profit a company earns on shareholder funds, so a higher figure usually points to efficient use of capital. Compare it over several years, and keep debt levels in mind, because heavy borrowing can lift the ratio.

How did NBFC stocks perform in Q2 FY27 results?

Ans. All of the five names have filed Q2 FY27 numbers in our data. Muthoot Finance recorded the fastest revenue growth at 36.5% year on year. Mahindra Finance showed the sharpest net profit rise at 60.9%. For NBFC stocks Q2 FY27 results, each filing on the exchange website carries the full detail behind these figures.

What are the main risks when you compare NBFC stocks?

Ans. NBFC stocks are sensitive to funding costs, regulatory changes and asset quality in their chosen segments. Gold prices, vehicle demand and rural income each influence specific names. Review disclosures on credit cost and borrowing mix before you compare one lender with another. Keep an eye on assets under management, credit cost, cost of funds and net interest margin.

Which metrics matter most when you compare NBFC stocks?

Ans. Price to book value, return on equity, assets under management growth and credit cost are the key numbers. Because NBFCs borrow to lend, debt to equity is high by design and is less useful than it is for other sectors. Cost of funds and net interest margin explain how much of each loan stays as profit, and the borrowing mix shows how sensitive the company is to interest rate changes.

Which is the best NBFC stock to buy among these five?

Ans. The best NBFC stock depends on whether you want a growth leader, a gold lender or a lower-multiple name. On the numbers in this article, Bajaj Finance has the largest market capitalisation; Muthoot Finance has the lowest price to earnings as well as the highest return on equity; Mahindra Finance has the highest dividend yield. No single stock tops every measure, and none of this is a recommendation. Use the tables to build a shortlist, check the latest filings, and speak to a SEBI-registered advisor before you decide, since your goals, time horizon and risk appetite matter more than any ranking.