Non-Banking Financial Companies (NBFCs) play a crucial role in India’s financial ecosystem by providing essential services, including loans, asset financing, and insurance. The NBFC sector is gaining popularity due to its availability, quality of service, and financial products, including FDs, loans, and credit cards.
Over the years, many players have built their dominance through a financial ecosystem through loans, asset financing, and insurance. These NBFCs offer loans that are slightly higher in interest, but have a small period for loan sanction, better repayment schedules, and great flexibility. These NBFCs need more people to book FDs; for this reason, the interest rate is also significantly higher than that of many public and private banks.
Many companies emerged as NBFCs, and figuring out the top 10 might be difficult, considering the number of accounts or active AUM. Instead, looking at their market cap will help in a better way. Here is the list of the top 10 leading NBFCs in India in 2025. Let’s get started:
1. Bajaj Finance Ltd. – Market Cap: Rs. 6,45,210 Crore
Bajaj Finance Ltd is the top name in the industry with undisputed leadership in the Indian NBFC sector. How? Bajaj Finance has a market cap of Rs. 6,45,210 Crores with its diverse portfolio through consumer loans, credit cards, and SME financing options. The company achieved this success through a robust presence across the nation. Bajaj Finance makes money through interest on loans, penalty on bounced instalments, and smart investment methods.
2. Tata Capital Ltd. – Market Cap: 1,40,292 Crore Rupees
Tata Capital Ltd. is part of the Tata Group, and it provides a wide array of financial services, including personal loans, business loans, and investment advisory. The company’s strong brand presence and diversified offerings have enhanced its market value. The current market cap after fundraising is about 1,40,292 crore rupees.
3. CIFCL – Market Cap: 1,38,642 Crore Rupees
Cholamandalam Investment & Finance Co. Ltd., a part of the Murugappa Group, has made significant strides in vehicle finance, home loans, and SME lending. The company’s strategic focus on rural and semi-urban markets has contributed to its impressive market capitalisation. The company gained traction through fast processing of loans, competitive interest rates, and minimal documentation. Due to all these reasons, most people who want to raise money in a short period started preferring this NBFC company.
4. Muthoot Finance Ltd. – Market Cap: 1,28,991 Crore Rupees
Muthoot Finance Ltd has a strong demand among its customers for gold loans, and this NBFC has the highest assets under management in India. The trust of customers and investors is clearly visible through the market cap, which is 1,28,991 Crore rupees in 2025. Muthoot Finance has a large network of branches and a strong brand reputation, which helps in gaining customers with ease. People who want to raise cash, but want the lowest interest rate, minimum documentation, and loan sanction within days, prefer Muthoot Finance.
5. Shriram Finance Ltd. – Market Cap: 1,26,439 Crore Rupees
Shriram Finance Ltd. has carved a niche in the commercial vehicle financing sector. This company started offering small motorbike loans under the unsecured loan category with reasonable interest rates. Now, Shriram Finance is a big name in the industry, and it is known for quick loan approval and slightly lower interest rates. Its deep penetration in rural markets and a strong customer-centric approach have been instrumental in its growth and subsequent market capitalisation.
6. SBI Cards and Payment Services Ltd. – Market Cap: 87,623 Crore Rupees
SBI Cards and Payment Services Ltd seems like a public bank entity because of its name. However, this is a subsidiary of the State Bank of India, and it is an NBFC as well. This company has emerged as a challenging player in the credit card industry with its fast approval, minimal credit card eligibility criteria, and quality services, along with excellent discounts and offers. This NBFC deals with credit cards, and due to all this, there is an extensive customer base to drive the market cap to 87,623 crore rupees in 2025.
7. Aditya Birla Capital Ltd. – Market Cap: 78,128 Crore Rupees
Aditya Birla Capital Ltd is a part of the Aditya Birla Group, which offers a comprehensive range of financial services like insurance, asset management, and lending. The company’s diversified portfolio and strong brand equity have bolstered its market capitalisation. Aditya Birla also partnered with payment aggregators like Paytm to offer loans under PayTM Postpay to offer its services to a broad audience. The postpaid feature was discontinued due to RBI guidelines, but Aditya Birla Capital Ltd. gained massive exposure to the market.
8. L&T Finance Holdings Ltd. – Market Cap: 66,676 Crore Rupees
L&T Finance Holdings Ltd. is an arm of the engineering giant Larsen & Toubro, which has a diverse portfolio spanning rural finance, infrastructure financing, and housing loans. Its strategic focus on underserved markets has contributed to its robust market cap. The current market cap of this NBFC company is about 66,676 crore rupees in 2025, which is expected to increase before the end of 2025.
9. HDB Financial Services Ltd. – Market Cap: 62,275 Crore Rupees
HDB Financial Services is a subsidiary brand of the private bank HDFC Bank, and it is also registered as an NBFC service provider. The market cap of this subsidiary brand in 2025 is about rupees 61,375 crore. All this became possible through a range of financial products like personal loans, business loans, consumer loans, etc. The association with HDFC Bank has built trust among customers in choosing HDB Finance over other names in the industry.
10. Sundaram Finance Ltd. – Market Cap: 49,217 Crore Rupees
Sundaram Finance Ltd. is a sub-brand of the TVS group and it is known for offering consumer loans related to vehicle financing and insurance. The conservative lending practices and focus on customer relations are the prime reasons behind stable market capitalisation. This company’s market value has been increasing in the past couple of months due to the trust people are showing in TVS vehicles.
Conclusion
The NBFC sector of India is witnessing immense growth in the past few years, and these ten companies lead the whole industry. From customer trust to flawless services, these companies have always focused on customer experience more than anything else, which reflects in their market capitalisation.
