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Non-Banking Financial Companies aka NBFC are special entities that are not banks but provides financial facilities. An NBFC is not a bank neither does it meets the legal definitions of a bank. Reserve Bank of India laid down a special banking regulations act and all the NBFCs are governed under those laws.

NBFCs play a very important role in the development of a nation by provided loans to the underprivileged class of a society. A lot of startups are coming forward into space as there is a huge market ahead in this sector. With the intrusion of advanced technologies like AI, ML and Deep Learning, the sector is undergoing a transformation. NBFCs in India accounts for 12.5 per cent rise in the GDP of our country.

Here we are listing the top 10 NBFC companies in India. We have excluded banks and their subsidiary NBFCs from the list. Several banks like Kotak Mahindra Bank, HDFC Bank and Axis Bank have their own NBFC subsidiary. We have only included private and public sector NBFC companies in India who are not associated with any commercial banks.


The ranking is based on the market capitalization of the companies. Market capitalization (market cap) is the market value of a publicly traded company’s outstanding shares. Market capitalization is equal to the share price multiplied by the number of shares outstanding. The market cap, revenues, and net profits are based on 2018-to date metrics available on the BSE and NSE.

Bajaj Finance Limited

Bajaj Finance Limited is a subsidiary of Bajaj Finserv Limited and one of the leading private finance companies in India. The parent company provides loans of various kinds including gold loan, two wheeler loan, four wheeler loan, home loan, personal loan and business loan. It also deals in various types of insurances like health insurance, life insurance, auto insurance and more.

The company was founded by Rahul Bajaj in 2007 and is headquartered in Pune. It is one of the top 10 non-banking financial companies in India with more than 294 consumer branches, 497 rural branches and 33,000 distribution points. Bajaj Finserv, the parent company of Bajaj Finance Limited owns around 57 per cent stake in the firm. Maharashtra Scooters Limited, Government of Singapore, Smallcap World Fund INC and AXIS Long-Term Equity Fund are some of the major investors of the company.

Founded – 2007
CEO – Rajeev Jain
Market Cap – INR 1,41,313 crores
Revenue – INR 4,255.92 crores
Net Profit – INR 923.47 crores

Indiabulls Housing Finance Limited

Headquartered in New Delhi, Indiabulls Housing Finance is India’s second largest home loan provider. The NBFC is a part of Sameer Gehlaut-led Indiabulls group. Since its inception in 2005, the private finance company has grown its operations to international markets like UAE and the United Kingdom. In 2016, the company invested around INR 1,000 crores to upgrade its technology platform and became the first company to completely digitise the loan sanction process in India.

Indiabulls has a branch office in Dubai where it helps NRIs to buy homes in India by providing them with a wide range of mortgage lending solutions. NAREDCO awarded the company with Fastest Growing Housing Finance Company of the Year 2013-14 title. In 2015, Realty Plus awarded Best Housing Finance Company title to Indiabulls and ASSOCHAM awarded Best Affordable Housing Finance Company title to the firm.

Founded – 2005
CEO – Gagan Banga
Market Cap – INR 31,140 crores
Revenue – INR 3,980.39 crores
Net Profit – INR 1,044.15 crores

L&T Finance Holdings Limited

L&T Finance Holdings Limited is a subsidiary of famous Larsen & Toubro group. It is one of the top 10 NBFC companies in India. The non-banking finance company deals in retail and mid-market finance which includes rural products finance, microfinance, housing finance, vehicle finance, supply chain finance and more. L&T Finance Holdings Limited also provides investment management services like assets management of private equity fund and mutual funds.

Headquartered in Mumbai, the company is the brainchild of two Danish engineers who settled in India. The parent company of the NBFC deals in engineering, construction, manufacturing goods, information technology, and financial services, and has offices worldwide. The financial segment was incorporated in November 1994 which finally became a division after the parent company announced its restructuring.

Founded – 2008
CEO – Dinanath Dubhashi
Market Cap – INR 27,903 crores
Revenue – INR 3,246.3 crores
Net Profit – INR 560.41 crores

Shriram Transport Finance Company Limited

Shriram Transport Finance was founded 38 years back in 1979 and since then it has established itself into one of the top 10 NBFC companies in India providing financial investment schemes and services in the whole country. This private finance company in India provides different categories of financial solutions including insurances, stock broking, mutual funds, loans and microcredits.

In the lending segment, it provides Indian citizens with heavy-duty truck loans, the light-duty truck loans, general passenger vehicle loans, commercial vehicle loans, mini truck loans and loans to farmers for buying farming equipment. The finance company also provides financial help to construction companies for buying construction equipment.

Founded – 1979
CEO – Umesh G. Revankar
Market Cap – INR 25,203 crores
Revenue – INR 3,937.99 crores
Net Profit – INR 609.58 crores

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Finance commonly known as MMFSCL is one of the top financial company in India and provides solutions in various fields of investments. The company is a subsidiary of multi-national firm Mahindra & Mahindra. It was established in 1991 and is headed by Ramesh Iyer as the Chief Executive Officer. The motto of the firm is to provide support to the general people for their better financial securities and future.

The private finance company deals in vehicle loans, home loans, corporate loans, gold loans and working capital loans. Working capital loans are much needed financial solution in a developing country like India. The firm has launched two subsidiaries, Mahindra Insurance Brokers Limited which deals in insurance and Mahindra Rural Housing Finance Limited which deals in home loans for the rural people.

Founded – 1991
CEO – Ramesh Iyer
Market Cap – INR 24,834 crores
Revenue – INR 2,103.27 crores
Net Profit – INR 381.39 crores

Power Finance Corporation Limited

Power Finance Corporation Limited is a government-owned financial institution which holds a Navratna Status in the whole financial sector. It is one of the top 10 NBFC companies in India because it caters to the power generation, distribution, management and transmission projects. It was established in 1986 and since then has played a significant role in infrastructure development of the nation.

When it first issued public shares (IPO) in 2007, the issue was oversubscribed by over 76 times, which is one of the largest for an IPO of an Indian Company in recent times. The finance company has provided huge sums of money to the State Electricity Boards, Central Sector Power Utilities, State Sector Power Utilities and several other private sector companies for developing their infrastructure.

Founded – 1986
CEO – Rajeev Sharma
Market Cap – INR 23,206 crores
Revenue – INR 7,407.08 crores
Net Profit – INR 1,355.12 crores

Aditya Birla Capital

Aditya Birla Capital is a subsidiary of the Indian multinational conglomerate Aditya Birla Group headquartered in Mumbai. The parent company has a presence in more than 35 countries employing over 1,20,000 people across the globe. Seth Shiv Narayan Birla founded the firm in 1857. The company has also launched Aditya Birla Payments Bank which competes with Paytm, PhonePe, Airtel and other wallet services.

Aditya Birla Capital holds the prestige of being among the top five largest private diversified NBFCs in India. The firm provides financial solutions like corporate finance, commercial mortgage, capital markets and structured finance. The assets under management of the firm stand at $23 billion. The firm also deals in housing finance, lending, equity and commodity broking, wealth management, and online money management portal.

Founded – 2009
CEO – Ajay Srinivasan
Market Cap – INR 21,662 crores
Revenue – INR 3,590.46 crores
Net Profit – INR 194.78 crores

Rural Electrification Corporation Limited

Rural Electrification Corporation Limited (REC) is a government of India-owned infrastructure finance company. It provides loans to the Central Sector Power Utilities, State Sector Power Utilities, State Electricity Boards, Rural Electric Cooperatives, NGOs and private companies for rural electrification projects across the country. REC was established in 1969 to fight with the critical drought situation at the time.

Initially, the company helped electricity boards to energise pump-sets across the nation to improve agriculture and overcome the drought. However, the company has established itself into one of the most important public sector finance company in India. It provides consultancy, project financing, project monitoring, technical appraisal and much more to the Government of India for various projects.

Founded – 1969
CMD – Dr P.V. Ramesh
Market Cap – INR 20,529 crores
Revenue – INR 7,286.17 crores
Net Profit – INR 1,764.33 crores

Cholamandalam Investment and Finance Company Limited

This private finance company in India was incorporated back in 1978 as a part of Murugappa Group and since then has established itself into 725 branches across India. The firm has a whopping $5 billion in assets under management. Earlier, Cholamandalam was started as an equipment financing company but soon diversified its business to a complete financial service provider.

Cholamandalam Investment and Finance Company Limited provides services like commercial vehicle loans, home loans, home equity loans, small and medium enterprises loans, two-wheeler loans, car loans, working capital loans, investment advisory services, stock broking, commodity and stock trading as well as several other financial services to customers all across the country.

Founded – 1978
MD – N Srinivasan
Market Cap – INR 19,247 crores
Revenue – INR 1,675.73 crores
Net Profit – INR 304.67 crores

Muthoot Finance Limited

Muthoot Finance Limited is one of the oldest and top 10 NBFC companies in India. It began in 1888 as a small lender from a small village in Kerala. In its journey of more than 130 years, the firm has established into a well-known name. Muthoot Finance is well known for providing gold loans in India. The firm also operates Muthoot Housing Finance Limited which provides housing loans to Indian customers.

However, apart from gold loans and finance, the company offers various financial services like foreign exchange, money transfers, travel and tourism services, and wealth management services. The firm also sells gold coins at its branches. Headquartered in Kerala, the company has more than 4,400 branches through India. Muthoot is a leader when it comes to loans against pledge of gold ornaments.

Founded – 1939
CGM – Kuttikattu Rajappan Bijimon
Market Cap – INR 17,737 crores
Revenue – INR 1,649.63 crores
Net Profit – INR 483.83 crores

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