Top NBFC Stocks to Buy: HDFC Securities Recommends 15 Shares Ahead of Q2 Results, Credit Growth Holds at 16% in August 2026, Q2 Business Updates, What to Check and Risks
- October 12, 2026
- Posted by: Lakshit Sharma
- Category: News
NBFC stocks: HDFC Securities recommends 15 shares ahead of Q2 FY27 results. NBFC credit growth held at 16% YoY in Aug 2026, led by retail and services. Q2 updates: Bajaj Finance AUM +26.5%, CreditAccess Grameen AUM +19.5%, Aye Finance AUM +26%.
Quick Answer
HDFC Securities has recommended 15 NBFC stocks to add ahead of Q2 FY27 results, citing credit growth that held at 16% year on year in August 2026, led by the retail and services segments. Early Q2 business updates support the call, with Bajaj Finance reporting assets under management of Rs 5.85 lakh crore, up 26.5%, and CreditAccess Grameen and Aye Finance posting AUM growth of 19.5% and 26%. The open questions are margins after the RBI rate hike and higher bond yields, and asset quality as loan books grow, so the full results matter more than the business updates. I could not find the list of 15 names or the targets, so check HDFC Securities’ report for the rating and target of each stock.
NBFC stocks have been supported by steady credit demand, with companies guiding for growth of 15% to 25% in FY27 according to an SBI Securities view in August. The Q2 FY27 results season now tests whether that growth is arriving with stable spreads and clean loan books.
This guide explains the HDFC Securities call, the August credit growth data, what Q2 business updates show, which numbers to check in the results, the stocks named by other brokerages, and the risks.
A note on sources: the headline says HDFC Securities picked 15 shares but I could not open the report. Names, ratings and targets are therefore not listed, and I have not guessed them.
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HDFC Securities View on NBFC Stocks
| Item | Detail | Note |
|---|---|---|
| Number of picks | 15 shares | Names and targets not available to me |
| Credit growth, August 2026 | 16% year on year | Sustained momentum, led by retail and services |
| Timing | Ahead of Q2 FY27 results | Results season is starting |
| Source | HDFC Securities brokerage report | Check the original for rating and target |
A growth rate of 16% is healthy for the system, and it is the main reason brokerages are positive on the sector into the Q2 results.
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Q2 FY27 Business Updates From NBFC Stocks
| Company | AUM | Growth and quality | Note |
|---|---|---|---|
| Bajaj Finance | Rs 5.85 lakh crore | AUM up 26.5%; about 4.4 million customers added | New loans booked up about 11% |
| Bajaj Housing Finance | Above Rs 1.58 lakh crore | AUM growing about 25% | Q2 disbursements up about 25% |
| CreditAccess Grameen | Rs 30,946 crore | AUM up 19.5%; PAR 90+ at 1.1% against 2.5% | Disbursements Rs 6,355 crore, up 19.4% |
| Sammaan Capital | Above Rs 59,000 crore | Disbursements about Rs 6,000 crore against Rs 3,875 crore in Q1 | 245 branches |
| Aye Finance | Rs 7,604 crore | AUM up 26%; GNPA 4.30% | Disbursements Rs 1,403 crore |
These are company business updates, not results, and several figures are approximate. They show that growth is strong across large and small lenders.
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Which Numbers to Check in Q2 Results for NBFC Stocks
- Net interest margin: the RBI rate hike and a 10-year yield near 7.36% can raise borrowing costs faster than lending rates.
- Asset quality: gross and net NPA, and early-bucket overdue loans, show whether growth is clean.
- Credit cost: provisions as a share of loans show how much stress the lender expects.
- AUM growth: against the 15% to 25% range most lenders have guided.
- Return on assets: shows whether growth is profitable.
The key variable is whether loan growth turns into stable or better spreads. Modest funding relief can lift margins noticeably, according to one brokerage view.
NBFC Stocks Named by Other Brokerages
| Stock | View | Source and date |
|---|---|---|
| Shriram Finance | Buy on dips, helped by large funds from a Japanese investor that may lower borrowing costs | SBI Securities, 17 August 2026 |
| Bajaj Finance | Top pick after solid numbers; accumulate on corrections | SBI Securities, 17 August 2026 |
| Mahindra and Mahindra Financial Services | Constructive | SBI Securities, 17 August 2026 |
| Northern Arc Capital | Constructive | SBI Securities, 17 August 2026 |
| Poonawalla Fincorp | HDFC Securities reportedly keeps a Reduce rating after a Q2 profit rise (headline only) | Not verified in detail |
These are views from August and a headline, not the 15 picks in the HDFC Securities report. Ratings change quickly, so check dates.
Why NBFC Stocks Can Face Pressure Despite Growth
- Funding costs: a rate hike and a 7.36% 10-year yield raise what NBFCs pay to borrow.
- Asset quality: fast loan growth in unsecured segments can bring delayed stress.
- Valuation: Bajaj Finance has already moved sharply, so even good numbers may be priced in.
- Market mood: these lenders are rate sensitive, and the Sensex and Nifty 50 are under pressure from foreign selling.
Risks for NBFC Stocks Before Q2
Margins: Higher borrowing costs can squeeze net interest margin if lending rates lag.
Credit quality: Microfinance and small business loans can deteriorate quickly in a slowdown.
Rates: More rate hikes or higher bond yields can hurt rate-sensitive lenders.
Valuation: Strong growth is already in many prices, which raises the cost of a miss.
Missing data: The HDFC Securities list is not available to me, so do not treat any single name here as its pick.
What to Watch Next for NBFC Stocks
- Q2 FY27 results dates and margin trend for the larger NBFC stocks.
- Gross NPA and overdue loan trends, especially in microfinance.
- RBI policy and the 10-year yield.
- Monthly credit growth data after the 16% in August.
- HDFC Securities’ full list of 15 NBFC stocks and their targets.
Conclusion
NBFC stocks head into Q2 with 16% credit growth in August and strong business updates, and HDFC Securities has picked 15 shares. Margins and asset quality will decide the reaction, so read each company’s results and the original report. Consult a SEBI-registered advisor before making any decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
How many NBFC stocks has HDFC Securities recommended?
Ans. The headline says 15 shares ahead of Q2 results. The names and targets were not available to me.
What was NBFC credit growth in August 2026?
Ans. About 16% year on year, driven largely by the retail and services segments, per the headline.
What did Bajaj Finance report for Q2 FY27?
Ans. AUM of Rs 5.85 lakh crore, up 26.5%, with about 4.4 million customers added, per a business update summary.
Which NBFC stocks did SBI Securities name in August?
Ans. Shriram Finance, Bajaj Finance, Mahindra and Mahindra Financial Services and Northern Arc Capital.
What should I check in NBFC Q2 results?
Ans. Net interest margin, gross NPA, credit cost, AUM growth and return on assets.
Why are rates important for NBFC stocks?
Ans. NBFCs borrow to lend, so higher funding costs can squeeze margins if lending rates do not rise as fast.
What are the risks of NBFC stocks?
Ans. Margin pressure, asset quality stress, rate moves, valuation and market weakness.
Should I buy NBFC stocks before Q2 results?
Ans. This article does not constitute investment advice. Results can move stocks sharply. Consult a SEBI-registered financial advisor.