NBFCs’ AUM to top ₹50 lakh crore by March 2027: Crisil

The assets under management (AUM) of non-banking financial companies (NBFCs) are expected to grow at a steady 18-19 per cent this fiscal and the next, and surpass Rs 50 lakh crore by March 2027, according to a Crisil Ratings report released on Monday.

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The ratings agency said the expansion will be supported by strong consumption demand. "Recent policy measures, such as rationalisation and reduction of GST rates, together with benign inflation, will help sustain retail credit demand across asset classes," it noted.

However, Crisil added that risk calibration and funding access could lead to divergent growth trends across NBFCs and their lending segments. The unsecured MSME business loans, accounting for nearly 6 per cent of NBFC AUM, have seen a rise in delinquencies due to higher borrower leverage and overlaps with the microfinance customer segment.

As a result, the segment's AUM growth is expected to moderate to 13-14 per cent, sharply lower than the 31 per cent growth recorded in each of the past two fiscals.