20 Best NBFC Stocks in India: A Complete Guide

Introduction

When I first started exploring the stock market, banks were the obvious choice. They looked safe, familiar, and straightforward. But soon, I realized something interesting: not all financial companies are banks. Some play a much bigger role in places where banks hesitate to step in. That’s when I stumbled upon NBFC stocks.

NBFCs—Non-Banking Financial Companies—quietly power a massive chunk of India’s lending ecosystem. From personal loans to SME financing, from housing credit to rural lending, they fill the gaps traditional banks often leave. Over time, I noticed that NBFC sector stocks can be tricky. They carry their own risks, but they also open up opportunities that pure banking stocks sometimes don’t.

In this guide, I’ll walk you through 20 of the best NBFC stocks in India, not as stock recommendations, but as a learning experience. My goal is to help you see how to read them, how to understand their metrics, and how to build your own lens for evaluating NBFC sector stocks.

What Makes NBFC Stocks Special?

Here’s how I see it: banks are the main highways of credit. NBFCs are the side roads that connect every remote corner. They step in when borrowers can’t access banks easily, or when specific financing is needed.

• They fund small businesses that banks might find “too risky.”

• They finance used vehicles, rural households, and niche loans.

• Many NBFCs specialize in microfinance, housing finance, and gold loans.

That’s why good NBFC stocks in India often move with cycles of credit growth, liquidity, and consumer demand. For me, tracking them means keeping an eye on how India is borrowing, spending, and expanding outside the formal banking net.

How I Look at NBFC Stocks Before Investing

Over time, I’ve built a personal checklist. Before even glancing at the share price, I ask myself:

• Market Cap & Size – Is it a small NBFC struggling for space, or a large established player?

• Valuation Metrics – I check Price-to-Book (P/B) and PE ratio. NBFCs are better judged by book value than just earnings.

• Profitability Ratios – ROE (Return on Equity) and ROCE (Return on Capital Employed) tell me how efficiently they use money.

• Debt/Equity Levels – NBFCs thrive on leverage, but too much debt can be dangerous.

• 52-week Highs & Lows – A reality check on volatility.

This doesn’t mean I predict future stock moves. It just helps me understand which NBFC stocks are stable, which are aggressive, and which are struggling.

20 Best NBFC Stocks in India 2025

Here’s a quick snapshot of the companies I’ll be breaking down one by one:

Breaking Down the 20 NBFC Stocks

Now, let’s walk through each stock, one at a time. I’ll share what stands out to me, using plain language, so you don’t get lost in numbers.

1. Aagam Capital Ltd.

When I look at Aagam Capital, the first thing I notice is its modest size. With a market cap of just ₹23 crore and a latest price around ₹46.5, it’s a small-cap NBFC. The company operates in the finance space but hasn’t yet built a strong earnings record—its PE ratio stands at 0, which means it isn’t posting meaningful profits right now.

The tricky part here is the negative ROE and ROCE, which tell me it’s struggling to generate returns on its equity base. However, debt levels seem under control with a debt-to-equity ratio of just 0.09. In simple words, it’s not heavily leveraged, but it’s also not making strong returns.

For me, this stock represents the riskier side of NBFC stocks in India—companies that are small, volatile, and yet to prove consistent profitability. It’s the kind of NBFC I track only for understanding how micro players function, not for stability.

2. Aastamangalam Finance Ltd.

Aastamangalam Finance, with a market cap of about ₹71 crore, is a classic example of a mid-tier NBFC. Trading around ₹46, it’s not the cheapest stock by valuation, but its fundamentals are more solid compared to smaller peers.

What grabs my attention is its ROE of 13.5% and ROCE of 9.3%. These are healthy numbers for a company of its size. The PE ratio of 8.8 tells me the market values it reasonably—not too expensive, not too cheap.

Debt-to-equity is on the higher side at 1.07, which is common in NBFC sector stocks, but it’s manageable as long as lending quality remains good. For me, this company shows the balance of risk and potential that small-cap NBFC stocks carry in India’s financial landscape.

3. Abans Financial Services Ltd. (AFSL)

Abans is much larger compared to the previous two, with a market cap crossing ₹1,100 crore. Trading near ₹220, it has seen highs of ₹625 in the last year, which shows the volatility that NBFC sector stocks often go through.

The ROE of 11% and ROCE of 10% suggest it runs a fairly efficient lending business. Its PE ratio of 10.17 looks stable. Debt-to-equity at 0.80 is reasonable for the sector.

When I read Abans’ numbers, I think of it as a growing NBFC that has moved past the micro-cap stage but still faces investor mood swings. This is where NBFC stocks can really test your patience—sharp rallies followed by corrections.

4. Abhinav Capital Services Ltd.

Abhinav Capital caught my eye because of its PE ratio—42.9, which is much higher than its peers. That means the market is pricing in growth expectations. Its ROE of 13.5% and ROCE of 16.2% are solid, which explains investor confidence.

At ₹145 a share, with a market cap of about ₹100 crore, it’s still a small player. Debt-to-equity of 0.49 looks comfortable.

This kind of NBFC reminds me that sometimes investors pay up for expected growth, even if the company is small. The risk is if that growth doesn’t materialize, the stock could fall hard.

5. Abhinav Leasing & Finance Ltd.

At first glance, Abhinav Leasing looks extremely small, with a market cap of barely ₹6.5 crore and a stock price of just ₹1.30. It hasn’t delivered strong profitability—ROE is only 2.9%, and ROCE is 5.6%.

What concerns me more is the very high debt-to-equity ratio of 5.13. For such a small NBFC, that’s a red flag. High leverage without consistent profits can make NBFC stocks vulnerable.

This is where I remind myself: not every NBFC stock is meant for growth investing. Some exist at the fringes of the sector, and tracking them helps me understand the wide diversity of India’s NBFC space.

6. Abhishek Finlease Ltd.

Abhishek Finlease is one of those names that instantly reminds me why NBFC stocks can be unpredictable. On paper, the numbers look extreme. With a PE ratio of over 680, it feels expensive. That usually means profits are very slim compared to its stock price. At the same time, the company carries no major debt, which is a small relief.

Its ROE of 4.9% and ROCE of 6.3% suggest it isn’t generating strong returns yet. But the market cap of ₹26 crore makes it a micro-cap NBFC, and these often trade on sentiment rather than fundamentals.

Whenever I track companies like Abhishek Finlease, I remind myself to see them as lessons in volatility. They show how NBFC sector stocks can swing from being overlooked to suddenly attracting attention. Personally, I wouldn’t rely on them for stability, but I do find them useful for understanding how small NBFCs operate in India’s financial market.

7. ACE Engitech Ltd.

ACE Engitech is a curious case. With a market cap of only ₹15 crore, it sits firmly in the micro-cap NBFC category. Its current stock price hovers around ₹186, but here’s the catch—the fundamentals are deeply negative. ROE and ROCE are both in the red, around -24%, which tells me the company is struggling to make money with its capital.

Even the Price-to-Book ratio looks unusual at -6.64, and the lack of meaningful earnings makes it tough to assign value. In short, it’s not one of the good NBFC stocks in India in terms of financial health right now.

For me, ACE Engitech reflects the risky side of nbfc sector stocks—those that carry the NBFC tag but don’t have a sustainable model yet. Tracking them is more about understanding sector diversity than expecting growth. It’s the kind of company that teaches patience and caution.

8. ACME Resources Ltd.

Now, ACME Resources is slightly different. With a market cap close to ₹98 crore and a share price around ₹38, it’s not the smallest fish in the pond. Its PE ratio of 25 shows the market has some confidence in it.

What I really like about ACME is the relatively balanced picture it paints. ROE is 1.3% and ROCE 2.1%, which are low but not negative. Debt-to-equity is 0.09, showing that leverage is under control.

I often see ACME as a quiet NBFC—it doesn’t attract headlines, but it runs steadily in the background. It’s an example of how good NBFC stocks in India don’t always need to show flashy numbers. Sometimes, consistency and low leverage matter more. Whenever I explain nbfc stocks to beginners, I highlight companies like ACME to show the calmer side of the sector.

9. Adcon Capital Services Ltd.

Adcon Capital is a very small player, with a market cap of just ₹12 crore and a rock-bottom share price of ₹0.62. At first glance, it looks more like a penny stock than a serious NBFC.

Its ROE of 2.8% and ROCE of 3.3% tell me the returns are weak. The P/B ratio of 0.54 suggests it’s trading below book value, which can either signal undervaluation or lack of confidence from investors. With no major debt, it avoids heavy risk, but the size is too small to offer long-term stability.

For me, Adcon is a reminder that not all nbfc sector stocks are built for growth. Some exist at the fringes, providing lessons in how micro NBFCs function. While it may not be counted among the best NBFC stocks in India, it adds perspective to the sector’s wide range—from giants to tiny niche players.

10. Aditya Birla Capital Ltd. (ABCAPITAL)

Aditya Birla Capital is the heavyweight in this list. With a market cap of over ₹71,000 crore, it’s one of the largest NBFCs in India. Trading around ₹272, it’s part of a respected business group and operates across multiple financial services segments.

Its ROE of 11.9% and ROCE of 9.5% are healthy for such a large entity. A P/B of 2.31 shows that investors are willing to pay a premium for stability and scale. Debt-to-equity is 4.64, which sounds high, but for big NBFCs, this leverage is manageable.

I often point to Aditya Birla Capital as a good NBFC stock in India for learning purposes. It shows how large NBFCs balance size, diversification, and steady profitability. For beginners trying to understand nbfc stocks, this company demonstrates how the big names differ from the smaller, riskier players.

11. Ad-Manum Finance Ltd.

Ad-Manum Finance, with a market cap of ₹53 crore, sits in the mid-tier of NBFCs. Trading around ₹71, it has an interesting mix of metrics. Its PE ratio is just 4.9, making it look inexpensive compared to peers.

The company’s ROE of 11.5% and ROCE of 15.6% suggest that despite its small size, it runs efficiently. Debt-to-equity is just 0.11, which means it operates with very low leverage—a rare thing in NBFC sector stocks.

For me, Ad-Manum is an example of how good NBFC stocks in India don’t always have to be large. Sometimes, a smaller company with conservative debt levels and steady returns can teach us more about financial discipline than a giant. Whenever I study NBFC stocks, I appreciate companies like this that quietly deliver without attracting big headlines.

12. Advik Capital Ltd.

Advik Capital is a small-cap NBFC with a market cap of about ₹84 crore. Its stock trades at just ₹1.39, which puts it in the penny stock category by price, but the numbers tell a more balanced story.

Its ROE is 7.4% and ROCE is 10.1%, which are decent for a small NBFC. The PE ratio is 12.9, placing it in a reasonable valuation range. Debt-to-equity at 0.70 shows it does use leverage, but not excessively.

For me, Advik Capital reflects the kind of nbfc stocks that can surprise investors. They don’t dominate the news cycle, but they have the ingredients to keep going steadily. In the context of good NBFC stocks in India, this is one of those mid-tier names that often get overlooked but carry valuable lessons for anyone tracking the sector seriously.

13. Agarwal Fortune India Ltd.

Agarwal Fortune India has a very small market cap of just ₹7.5 crore, making it a true micro-cap NBFC. Its share price is around ₹21.9, and what stands out to me are the profitability numbers.

An ROE of 23.6% and ROCE of 18.5% are quite strong for a company this size. The PE ratio is 36.8, which is high, but it signals the market expects growth. Debt-to-equity is just 0.27, showing a conservative approach to leverage.

I find companies like this fascinating because they remind me of the hidden gems within NBFC sector stocks. They’re not household names, but sometimes they quietly deliver solid returns on equity. While it may not yet be among the best NBFC stocks in India, it does highlight how smaller players can build strong business models if managed well.

14. Akme Fintrade (India) Ltd. (AFIL)

Akme Fintrade, with a market cap of nearly ₹300 crore, sits comfortably in the small-to-mid NBFC category. Its stock trades around ₹7, which keeps it in penny stock territory, but the fundamentals are worth noticing.

Its ROE is 8.6% and ROCE 12.8%, which are respectable. The PE ratio of 8.75 also signals reasonable valuation. Debt-to-equity is 0.92, which is well within manageable levels.

For me, Akme Fintrade is a good example of how NBFC sector stocks at the mid-level can operate with balance. They aren’t too highly leveraged, they keep returns steady, and they quietly continue building their base. In the broader list of good NBFC stocks in India, Akme teaches me how important it is not to ignore penny-priced companies—they may have more substance than the price suggests.

15. Alfred Herbert (India) Ltd.

Alfred Herbert is a rare case among NBFCs. With a market cap of about ₹270 crore and a share price above ₹3,500, it clearly stands apart from penny and micro-cap NBFCs.

The company shows modest profitability, with ROE of 5.2% and ROCE of 5.8%. Its PE ratio is very low at 0.63, which could suggest undervaluation, but it also hints at limited earnings visibility. Interestingly, it carries no major debt, which makes its balance sheet very clean.

Whenever I look at Alfred Herbert, I see the quiet resilience of certain nbfc sector stocks. They don’t chase aggressive growth, but they keep themselves safe by avoiding over-leverage. In the universe of best NBFC stocks in India, Alfred Herbert stands out as a conservative, premium-priced stock that shows the value of steady financial discipline.

16. Anjani Finance Ltd.

Anjani Finance is a micro-cap with a market cap of just ₹11 crore and a stock price around ₹11. Despite its size, the company posts an ROE of 2.5% and ROCE of 4.1%. These aren’t spectacular, but they’re positive.

What really stands out is its PE ratio of 28.9, which suggests investors are pricing in growth despite modest profits. With no major debt on its books, it runs a low-risk balance sheet.

For me, Anjani Finance reflects the “hope” category of nbfc stocks—small players that attract investors betting on future growth. While it’s far from being one of the best NBFC stocks in India today, it shows how even tiny NBFCs can gather attention if they show potential.

17. Anupam Finserv Ltd.

Anupam Finserv, with a market cap of ₹40 crore and a stock price of ₹2.12, falls into the micro-cap group. Its PE ratio of 62.5 makes it look expensive, but here’s the interesting part—it posts a decent ROE of 6.2% and ROCE of 8.4%.

Debt-to-equity is low at 0.15, which means it doesn’t rely heavily on borrowing. For me, that signals a conservative approach, which is rare in NBFC sector stocks.

Anupam Finserv isn’t yet among the good NBFC stocks in India, but it gives me perspective on how smaller NBFCs survive by keeping debt low. It’s not about rapid growth but about sustaining operations in a tough financial environment.

18. Apex Capital and Finance Ltd.

Apex Capital is another interesting small NBFC, with a market cap of ₹27 crore and a share price around ₹45. Its fundamentals stand out: an ROE of 15.7% and ROCE of 19.5%. These are impressive efficiency numbers for a company of this size.

Its PE ratio is 21.3, which isn’t cheap, but it matches the profitability levels. Apex has no significant debt, which adds to its financial stability.

For me, Apex Capital is the kind of nbfc stock that quietly earns a place on watchlists. It may not be a big name, but the strong return ratios and low debt make it one of the good NBFC stocks in India to learn from. It proves that small players can still deliver efficiency if managed well.

19. ARC Finance Ltd.

ARC Finance, with a market cap of ₹74 crore and a stock price under ₹1, sits firmly in penny stock territory. But its fundamentals make it an unusual case.

The company posts an ROE of 0.5% and ROCE of 0.6%, which are very low. Its PE ratio of 10.9 is not too high, but the real issue is efficiency. Debt-to-equity stands at 0.31, which isn’t risky, but the lack of strong profitability keeps it from being a leader.

For me, ARC Finance highlights the weaker side of nbfc sector stocks. It shows how some NBFCs survive in the market despite low returns. While it wouldn’t fall in the best NBFC stocks in India, it’s a reminder that not every NBFC grows equally, and that’s an important lesson in itself.

20. Arco Leasing Ltd.

Finally, Arco Leasing is the smallest of the bunch, almost a non-entity in terms of size, with minimal financial data available. Its ROE and ROCE are negative, showing weak returns. With such a limited base, it’s difficult to classify it as one of the good NBFC stocks in India.

But here’s the point: tracking names like Arco Leasing helps me understand the full spectrum of nbfc stocks. From giants like Aditya Birla Capital to tiny names like Arco, the sector is diverse. Each company tells a different story—some of resilience, some of risk, and some of pure survival.

For me, Arco is less about financial strength and more about perspective. It reminds me that the NBFC sector has layers, and learning comes from studying the entire spectrum, not just the big names.

Key Metrics to Track in NBFC Stocks

Whenever I track NBFC sector stocks, I remind myself of a few simple rules:

• ROE above 10% usually indicates efficient profitability.

• ROCE tells me how well capital is being used.

• Debt-to-equity below 3x feels safer, though big NBFCs can stretch this.

• Price-to-Book (P/B) is more useful than just PE. NBFCs run on book value.

It’s easy to get lost in stock prices. But I’ve learned that tracking these fundamentals gives a clearer picture of long-term health.

Lessons I’ve Learned from Tracking NBFC Stocks

• Small NBFCs can double or crash in months.

• Big NBFCs like Aditya Birla Capital usually grow steadily but slowly.

• Debt is a double-edged sword. It helps NBFCs lend more, but it can crush them during downturns.

NBFC sector stocks teach me patience, caution, and the importance of reading balance sheets, not just stock tickers.

Risks in NBFC Sector Stocks

I’ve seen how NBFCs can struggle in tough times.

• Liquidity crunches, like the IL&FS crisis, hit the entire sector.

• Regulatory changes can alter their growth plans overnight.

• Asset quality (bad loans) can spiral if borrowers default.

That’s why I never look at NBFC stocks as “quick win” trades. They need deep understanding and careful tracking.

The Bigger Picture: NBFCs in India’s Future

With fintech rising, NBFCs are reinventing themselves. Digital-first NBFCs, micro-lending apps, and partnerships with banks are reshaping the space.

The RBI keeps a tight watch, which is good. It reduces systemic risks and keeps investors somewhat protected. In my view, NBFCs will remain a core part of India’s financial backbone.

Final Thoughts

If there’s one thing I’ve learned, it’s this: NBFC stocks are not just about price movements. They’re windows into India’s financial story—how credit reaches villages, how small businesses survive, and how consumer demand grows.

For me, tracking the best NBFC stocks in India is not about picking winners. It’s about understanding the sector, spotting risks, and learning how financial services evolve in real time.

So if you’re on the same journey, remember: focus on fundamentals, stay patient, and treat every NBFC stock as a teacher. That’s how I continue to learn, one balance sheet at a time.