{"id":297200,"date":"2026-10-09T10:37:04","date_gmt":"2026-10-09T05:07:04","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=297200"},"modified":"2026-10-09T10:37:04","modified_gmt":"2026-10-09T05:07:04","slug":"gold-loan-and-consumer-finance-stocks-strong-roadmap","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/","title":{"rendered":"3 Gold Loan and Consumer Finance Stocks With a Strong Future Roadmap: Muthoot Finance, Manappuram Finance and Bajaj Finance"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Muthoot Finance Rs 2,559.60, P\/E 8.97. Manappuram Finance Rs 304.15, P\/E 19.80. Bajaj Finance Rs 955.95, P\/E 28.77. Closing prices of 8 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Gold loan and consumer finance stocks with the clearest long-term roadmaps today include Muthoot Finance in gold loans, Manappuram Finance in gold loans and microfinance and Bajaj Finance in consumer and business lending. FY26 revenue growth was 54.3% at Muthoot Finance, -5.0% at Manappuram Finance and 19.1% at Bajaj Finance. P\/E stands at 8.97 for Muthoot Finance (industry 17.72), 19.80 for Manappuram Finance (industry 17.72) and 28.77 for Bajaj Finance (industry 17.72). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Gold loan and consumer finance stocks give investors exposure to non-bank lenders that serve households and small businesses with quick credit. Earnings depend on loan growth, funding costs and credit quality, so return on equity and borrowing trends matter.<\/p>\n<p>Readers comparing gold loan and consumer finance stocks should weigh growth, margins, cash flow and valuation together instead of leaning on any single number.<\/p>\n<p>This list covers three non-banking finance stocks: Muthoot Finance for gold loans, Manappuram Finance for gold loans and microfinance and Bajaj Finance for consumer and business lending. Every figure comes from the latest reported financials and the 8 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=gold-loan-and-consumer-finance-stocks-strong-roadmap\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#What_Are_Gold_Loan_and_Consumer_Finance_Stocks\" title=\"What Are Gold Loan and Consumer Finance Stocks?\">What Are Gold Loan and Consumer Finance Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Gold_Loan_and_Consumer_Finance_Stocks_at_a_Glance\" title=\"Gold Loan and Consumer Finance Stocks at a Glance\">Gold Loan and Consumer Finance Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Why_Do_Gold_Loan_and_Consumer_Finance_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Gold Loan and Consumer Finance Stocks Have a Strong Roadmap in India?\">Why Do Gold Loan and Consumer Finance Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Muthoot_Finance_Gold_Loans_and_a_Wide_Branch_Network_Anchor_the_Roadmap\" title=\"Muthoot Finance: Gold Loans and a Wide Branch Network Anchor the Roadmap\">Muthoot Finance: Gold Loans and a Wide Branch Network Anchor the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Manappuram_Finance_Gold_Loans_and_Microfinance_Drive_the_Pipeline\" title=\"Manappuram Finance: Gold Loans and Microfinance Drive the Pipeline\">Manappuram Finance: Gold Loans and Microfinance Drive the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Bajaj_Finance_Consumer_and_Business_Lending_Build_the_Next_Leg\" title=\"Bajaj Finance: Consumer and Business Lending Build the Next Leg\">Bajaj Finance: Consumer and Business Lending Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Best_Gold_Loan_and_Consumer_Finance_Stocks_in_India_Muthoot_Finance_vs_Manappuram_Finance_vs_Bajaj_Finance_on_Key_Financials\" title=\"Best Gold Loan and Consumer Finance Stocks in India: Muthoot Finance vs Manappuram Finance vs Bajaj Finance on Key Financials\">Best Gold Loan and Consumer Finance Stocks in India: Muthoot Finance vs Manappuram Finance vs Bajaj Finance on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#How_to_Evaluate_NBFC_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate NBFC Stocks to Buy Before You Invest\">How to Evaluate NBFC Stocks to Buy Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Risks_to_Consider_Before_Investing_in_Gold_Loan_and_Consumer_Finance_Stocks\" title=\"Risks to Consider Before Investing in Gold Loan and Consumer Finance Stocks\">Risks to Consider Before Investing in Gold Loan and Consumer Finance Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#FAQs_on_Gold_Loan_and_Consumer_Finance_Stocks\" title=\"FAQs on Gold Loan and Consumer Finance Stocks\">FAQs on Gold Loan and Consumer Finance Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Which_are_the_best_gold_loan_and_consumer_finance_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best gold loan and consumer finance stocks in India with a strong roadmap?\">Which are the best gold loan and consumer finance stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Is_Muthoot_Finance_a_good_stock_to_buy_now\" title=\"Is Muthoot Finance a good stock to buy now?\">Is Muthoot Finance a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#What_is_the_PE_ratio_of_Muthoot_Finance_Manappuram_Finance_and_Bajaj_Finance\" title=\"What is the P\/E ratio of Muthoot Finance, Manappuram Finance and Bajaj Finance?\">What is the P\/E ratio of Muthoot Finance, Manappuram Finance and Bajaj Finance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Which_of_these_gold_loan_and_consumer_finance_stocks_has_the_highest_return_on_equity\" title=\"Which of these gold loan and consumer finance stocks has the highest return on equity?\">Which of these gold loan and consumer finance stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#What_are_the_risks_of_investing_in_gold_loan_and_consumer_finance_stocks\" title=\"What are the risks of investing in gold loan and consumer finance stocks?\">What are the risks of investing in gold loan and consumer finance stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#How_did_Muthoot_Finance_Manappuram_Finance_and_Bajaj_Finance_perform_in_Q1_FY27\" title=\"How did Muthoot Finance, Manappuram Finance and Bajaj Finance perform in Q1 FY27?\">How did Muthoot Finance, Manappuram Finance and Bajaj Finance perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#Do_gold_loan_and_consumer_finance_stocks_pay_dividends\" title=\"Do gold loan and consumer finance stocks pay dividends?\">Do gold loan and consumer finance stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/gold-loan-and-consumer-finance-stocks-strong-roadmap\/#How_can_I_invest_in_gold_loan_and_consumer_finance_stocks_in_India\" title=\"How can I invest in gold loan and consumer finance stocks in India?\">How can I invest in gold loan and consumer finance stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Gold_Loan_and_Consumer_Finance_Stocks\"><\/span><strong>What Are Gold Loan and Consumer Finance Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Gold loan and consumer finance stocks are shares of non-banking finance companies that lend against gold or provide consumer, small business and mortgage loans. Results depend on loan growth, net interest margin, credit costs and return on equity, so funding strength and asset quality separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gold_Loan_and_Consumer_Finance_Stocks_at_a_Glance\"><\/span><strong>Gold Loan and Consumer Finance Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three gold loan and consumer finance stocks as of the 8 Oct 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/muthootfin\/muthoot-finance-ltd-share-price-today\">Muthoot Finance<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,559.60<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">102,816<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.97<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.72<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">28.01%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.02<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/manappuram\/manappuram-finance-ltd-share-price-today\">Manappuram Finance<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">304.15<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">28,617<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.80<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.72<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.25%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.60<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/bajfinance\/bajaj-finance-ltd-share-price-today\">Bajaj Finance<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">955.95<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">593,956<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">28.77<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.72<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.68%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.82<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among non-banking finance stocks, Manappuram Finance and Bajaj Finance trade at a premium to the industry P\/E, while Muthoot Finance trades at a discount.<\/p>\n<p>Valuation matters here because gold loan and consumer finance stocks can look attractive on growth and still look expensive on earnings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Gold_Loan_and_Consumer_Finance_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Gold Loan and Consumer Finance Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Gold loan and consumer finance stocks have a strong roadmap in India because credit demand from households is rising, gold remains a trusted collateral and digital platforms are widening reach. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Household credit demand:<\/strong> Consumers and small firms increasingly borrow from non-bank lenders.<\/li>\n<li><strong>Gold as collateral:<\/strong> Secured lending against gold keeps credit losses low in normal cycles.<\/li>\n<li><strong>Digital reach:<\/strong> Apps and cross-selling lower the cost of adding customers.<\/li>\n<\/ul>\n<p>Together these drivers explain why gold loan and consumer finance stocks keep drawing investor attention.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Muthoot_Finance_Gold_Loans_and_a_Wide_Branch_Network_Anchor_the_Roadmap\"><\/span><strong>Muthoot Finance: Gold Loans and a Wide Branch Network Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Muthoot Finance&#8217;s roadmap rests on gold loans delivered through a very large branch network, with housing and microfinance arms, and with gold loan demand and a wide branch reach supporting loan growth.<\/p>\n<p>Revenue grew from Rs 12,238.16 crore in FY22 to Rs 31,263.41 crore in FY26, a 155.5% rise, and FY26 revenue was 54.3% higher than FY25. FY26 net profit rose 98.2% to Rs 10,606.87 crore. Over four years, net profit rose from Rs 4,031.32 crore in FY22 to Rs 10,606.87 crore. In Q1 FY27, revenue grew 34.5% to Rs 8,694.81 crore, and net profit rose 43.1% to Rs 2,824.84 crore.<\/p>\n<p>Debt to equity is 4.02 and return on equity is 28.01%. Muthoot Finance paid a dividend of Rs 30 per share for FY26, a yield of 1.17%. At a P\/E of 8.97 against an industry P\/E of 17.72, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 8.97 against an industry P\/E of 17.72 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Manappuram_Finance_Gold_Loans_and_Microfinance_Drive_the_Pipeline\"><\/span><strong>Manappuram Finance: Gold Loans and Microfinance Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Manappuram Finance&#8217;s roadmap rests on gold loans, together with microfinance and other lending businesses, and with branch reach and a wider product mix supporting loan growth.<\/p>\n<p>Revenue grew from Rs 6,126.31 crore in FY22 to Rs 9,524.70 crore in FY26, a 55.5% rise, and FY26 revenue was 5.0% lower than FY25. FY26 net profit fell 17.5% to Rs 993.16 crore. Over four years, net profit fell from Rs 1,328.70 crore in FY22 to Rs 993.16 crore. In Q1 FY27, revenue grew 34.2% to Rs 3,040.33 crore, and net profit rose 341.4% to Rs 584.77 crore.<\/p>\n<p>Debt to equity is 3.60 and return on equity is 6.25%. Manappuram Finance paid a dividend of Rs 2 per share for FY26, a yield of 0.66%. At a P\/E of 19.80 against an industry P\/E of 17.72, the stock trades above its industry multiple.<\/p>\n<p>What to watch: FY26 net profit of Rs 993.16 Cr was lower than the Rs 1,203.87 Cr of FY25, and FY26 revenue of Rs 9,524.70 Cr was 5.0% lower than FY25.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bajaj_Finance_Consumer_and_Business_Lending_Build_the_Next_Leg\"><\/span><strong>Bajaj Finance: Consumer and Business Lending Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bajaj Finance&#8217;s roadmap rests on consumer, small business and mortgage lending, along with a large customer base and a fast-growing digital platform, and with cross-selling to existing customers supporting loan growth.<\/p>\n<p>Revenue grew from Rs 31,640.41 crore in FY22 to Rs 81,989.50 crore in FY26, a 159.1% rise, and FY26 revenue was 19.1% higher than FY25. FY26 net profit rose 15.2% to Rs 19,332.36 crore. Over four years, net profit rose from Rs 7,028.23 crore in FY22 to Rs 19,332.36 crore. In Q1 FY27, revenue grew 18.6% to Rs 23,166.42 crore, and net profit rose 27.6% to Rs 6,080.60 crore.<\/p>\n<p>Debt to equity is 3.82 and return on equity is 16.68%. Bajaj Finance paid a dividend of Rs 6 per share for FY26, a yield of 0.63%. At a P\/E of 28.77 against an industry P\/E of 17.72, the stock trades above its industry multiple.<\/p>\n<p>What to watch: The P\/E of 28.77 sits above the industry P\/E of 17.72, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Gold_Loan_and_Consumer_Finance_Stocks_in_India_Muthoot_Finance_vs_Manappuram_Finance_vs_Bajaj_Finance_on_Key_Financials\"><\/span><strong>Best Gold Loan and Consumer Finance Stocks in India: Muthoot Finance vs Manappuram Finance vs Bajaj Finance on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best gold loan and consumer finance stocks in India, Muthoot Finance leads on FY26 revenue growth and Q1 FY27 revenue growth; Manappuram Finance leads on Q1 FY27 net profit growth and the lowest debt to equity; Bajaj Finance ranks second on FY26 revenue growth and FY26 net profit growth. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Muthoot Finance<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Manappuram Finance<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Bajaj Finance<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">31,263.41<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9,524.70<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">81,989.50<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">54.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-5.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10,606.87<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">993.16<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19,332.36<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">98.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-17.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 net profit growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">43.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">341.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">27.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">28.01%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.25%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.68%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.97<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.80<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">28.77<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.02<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.60<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.82<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.17%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.66%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.63%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Lender earnings follow loan growth and funding costs, so full-year numbers and quarterly trends together give a better view.<\/p>\n<p>No single metric ranks gold loan and consumer finance stocks, so the table works as a starting point for deeper research.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_NBFC_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate NBFC Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen gold loan and consumer finance stocks and shortlist NBFC stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which is 17.72 for all three here.<\/li>\n<li>Look at return on equity and debt to equity together, because lenders use borrowed money by design.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read loan growth against funding costs to see how growth is financed.<\/li>\n<li>Watch debt to equity and interest cover before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p>This process works for any basket of gold loan and consumer finance stocks, whatever the share price level.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these gold loan and consumer finance stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Gold_Loan_and_Consumer_Finance_Stocks\"><\/span><strong>Risks to Consider Before Investing in Gold Loan and Consumer Finance Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every group of gold loan and consumer finance stocks carries risks that sit beside the growth story.<\/p>\n<ul>\n<li><strong>Valuation:<\/strong> Bajaj Finance trades at 28.77 times earnings against an industry multiple of 17.72.<\/li>\n<li><strong>Annual profit:<\/strong> Manappuram Finance&#8217;s FY26 net profit of Rs 993.16 Cr was lower than the Rs 1,203.87 Cr of FY25.<\/li>\n<li><strong>Funding costs:<\/strong> Borrowing costs and rate changes affect lending spreads.<\/li>\n<li><strong>Credit quality:<\/strong> Rising defaults in unsecured or microfinance books can hit profit.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Muthoot Finance, Manappuram Finance and Bajaj Finance live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three non-banking finance stocks cover gold loans, gold loans with microfinance, and consumer and business lending. Muthoot Finance leads on FY26 revenue growth and Q1 FY27 revenue growth; Manappuram Finance leads on Q1 FY27 net profit growth and the lowest debt to equity; Bajaj Finance ranks second on FY26 revenue growth and FY26 net profit growth.<\/p>\n<p>Across gold loan and consumer finance stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the NBFC stocks to buy discussed here.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Gold_Loan_and_Consumer_Finance_Stocks\"><\/span><strong>FAQs on Gold Loan and Consumer Finance Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_gold_loan_and_consumer_finance_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best gold loan and consumer finance stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Muthoot Finance, Manappuram Finance and Bajaj Finance stand out for their roadmaps in gold loans, gold loans with microfinance, and consumer and business lending. FY26 revenue growth was 54.3% at Muthoot Finance, -5.0% at Manappuram Finance and 19.1% at Bajaj Finance, and return on equity ranges from 6.25% to 28.01%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Muthoot_Finance_a_good_stock_to_buy_now\"><\/span><strong>Is Muthoot Finance a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Muthoot Finance has a debt to equity ratio of 4.02, a return on equity of 28.01% and a P\/E of 8.97 against an industry P\/E of 17.72. Valuation, funding costs and credit quality move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_Muthoot_Finance_Manappuram_Finance_and_Bajaj_Finance\"><\/span><strong>What is the P\/E ratio of Muthoot Finance, Manappuram Finance and Bajaj Finance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 8.97 for Muthoot Finance (industry 17.72), 19.80 for Manappuram Finance (industry 17.72) and 28.77 for Bajaj Finance (industry 17.72). Only Manappuram Finance and Bajaj Finance trade at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_gold_loan_and_consumer_finance_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these gold loan and consumer finance stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Muthoot Finance has the highest return on equity at 28.01%, followed by Bajaj Finance at 16.68% and Manappuram Finance at 6.25%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_gold_loan_and_consumer_finance_stocks\"><\/span><strong>What are the risks of investing in gold loan and consumer finance stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are valuation, annual profit, funding costs and credit quality. Bajaj Finance trades at 28.77 times earnings against an industry multiple of 17.72.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Muthoot_Finance_Manappuram_Finance_and_Bajaj_Finance_perform_in_Q1_FY27\"><\/span><strong>How did Muthoot Finance, Manappuram Finance and Bajaj Finance perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Muthoot Finance reported revenue of Rs 8,694.81 crore, up 34.5% year on year, and net profit rose 43.1% to Rs 2,824.84 crore. Manappuram Finance reported revenue of Rs 3,040.33 crore, up 34.2% year on year, and net profit rose 341.4% to Rs 584.77 crore. Bajaj Finance reported revenue of Rs 23,166.42 crore, up 18.6% year on year, and net profit rose 27.6% to Rs 6,080.60 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_gold_loan_and_consumer_finance_stocks_pay_dividends\"><\/span><strong>Do gold loan and consumer finance stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes, all three companies pay dividends. The dividend yield is 1.17% for Muthoot Finance, 0.66% for Manappuram Finance and 0.63% for Bajaj Finance, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_gold_loan_and_consumer_finance_stocks_in_India\"><\/span><strong>How can I invest in gold loan and consumer finance stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy gold loan and consumer finance stocks through a demat and trading account on NSE or BSE after checking each company&#8217;s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best gold loan and consumer finance stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Muthoot Finance, Manappuram Finance and Bajaj Finance stand out for their roadmaps in gold loans, gold loans with microfinance, and consumer and business lending. 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Only Manappuram Finance and Bajaj Finance trade at or above the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these gold loan and consumer finance stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Muthoot Finance has the highest return on equity at 28.01%, followed by Bajaj Finance at 16.68% and Manappuram Finance at 6.25%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in gold loan and consumer finance stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are valuation, annual profit, funding costs and credit quality. 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The dividend yield is 1.17% for Muthoot Finance, 0.66% for Manappuram Finance and 0.63% for Bajaj Finance, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in gold loan and consumer finance stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy gold loan and consumer finance stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Muthoot Finance, Manappuram Finance and Bajaj Finance compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":36,"featured_media":297198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[583,10545,7510,7474,10546],"class_list":["post-297200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-bajaj-finance","tag-gold-loan-and-consumer-finance-stocks","tag-manappuram-finance","tag-muthoot-finance","tag-nbfc-stocks-to-buy"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["297198"],"rank_math_title":["Gold Loan and Consumer Finance Stocks: Top 3 Roadmap Picks"],"rank_math_description":["Gold loan and consumer finance stocks with a strong roadmap: Muthoot Finance, Manappuram Finance and Bajaj Finance compared on growth, valuation and risks."],"rank_math_focus_keyword":["gold loan and consumer finance stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/3-gold-loan-and-consumer-finance-stocks-with-a-strong-future-roadmap-muthoot.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/297200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=297200"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/297200\/revisions"}],"predecessor-version":[{"id":297201,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/297200\/revisions\/297201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/297198"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=297200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=297200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=297200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}