October 2026
Largest Consumer Finance Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Bajaj Finserv, Shriram Finance, Jio Financial Services, Tata Capital and Cholamandalam.
 | Bajaj Finserv Ltd is a non-banking financial services company headquartered in India that engages in lending activities. It services six lending verticals: consumer, small and midsize enterprises, commercial, rural, deposits, and partnerships and services. Bajaj’s consumer and rural lending consists of funding solutions for consumer durables, such as vehicles and furniture, to personal loans. The commercial lending activities consist of funding for plant and machinery assets and term loans to SMEs. Its business segments include: Life Insurance, General Insurance, Windpower, Retail Finance, and Investment and Others. It derives maximum revenue from the Retail Finance segment. Geographically, the company derives all of its revenue from its operations in India. | $18 | -24% | $28B | $80B | 5.5x | 13.5x | ||
| Shriram Finance Ltd is an Indian non-banking finance company. It is engaged in the financing of pre-owned commercial vehicles, equipment, and other loans. The company focuses on loan origination, valuation, and collection for pre-owned and new commercial and passenger vehicles, tractors, 3-wheelers, multi-utility vehicles, and also provides ancillary services such as finance for working capital, engine replacement, bill discounting, credit cards, and tire-loans as holistic financing support. The company's revenue consists of interest income on loans provided. Geographically, it derives maximum revenue from India. | $10 | +13% | $22B | $41B | 15.5x | 24.9x | ||
| Jio Financial Services Ltd is a core investment company, non-deposit taking, systemically important (CIC-ND-SI). Along with its subsidiaries, joint ventures, and associates, it is engaged in the business of Investing and Financing, mainly Leasing, Insurance broking, Payment Bank, Payment Aggregator, and Payment Gateway services. | $2 | -35% | $15B | $15B | 43.8x | 53.5x | ||
| Tata Capital Ltd is a Non-banking Finance company. The company is engaged in lending and investing activities. The company is engaged in providing and supplying different services and products in the financial services sector and operates across various areas of business: Commercial Finance, Consumer Loans, Wealth Services and distribution and marketing of Tata Cards. | $3 | -11% | $14B | $37B | 11.7x | 47.9x | ||
| Cholamandalam Investment and Finance Co Ltd serves as the financial services arm of the Murugappa Group. Its subsidiaries include Cholamandalam Securities Limited (CSEC) and Cholamandalam Home Finance Limited (CHFL). The company's operating segments include; Vehicle finance loans its key revenue generating segment, which provides loans for the purchase of vehicles, tractors, and construction equipment; the Home Loans segment includes loans given for the acquisition of residential property; Loan against property includes loans to the customer against immovable property; and Other loans represents loans against shares and SME loans. The company operates solely in India. | $16 | -16% | $14B | $35B | 19.9x | 48.8x | ||
| Muthoot Finance Ltd is a non-deposit-taking, non-banking financial company with thousands of branches in India. The company's main business is providing personal and business loans to individuals who do not have access to formal credit. The loans are typically secured by gold jewelry. The company also offers some microfinance loans and housing loans to customer segments and areas that are underserved by banks. Interest income accounts for nearly all the company's revenue. It has operations in Sri Lanka and India, with India providing almost all the company's revenue. | $26 | -27% | $10B | $25B | 11.7x | 18.4x | ||
| AU Small Finance Bank Ltd is engaged in the activities of providing financial services such as personal banking, insurance, retail loans and wholesale banking. The company operates in the business segment namely, Treasury; Retail banking; Wholesale banking; and Other banking operations. It generates maximum revenue from Retail banking segment. The retail banking segment serves retail customers through a branch network and other delivery channels. Revenues of the retail banking segment are derived from interest earned on retail loans, fees from services rendered, and others. Geographically, it operates only in India. | $10 | +1% | $7.5B | $7.5B | 5.9x | - | ||
| Bajaj Housing Finance Ltd is a non-deposit-taking Housing Finance Company. The company offers financial solutions tailored to individuals and corporate entities for the purchase and renovation of homes and commercial spaces. The mortgage product suite of the company is comprehensive and comprises home loans, loans against property (LAP), lease rental discounting, and developer financing. The company's emphasis is on individual retail housing loans, complemented by a diversified collection of lease rental discounting and developer loans. | $1 | -31% | $7.1B | $20B | 17.1x | 58.3x | ||
| Non-banking finance company of the Larsen & Toubro group. It lends to rural households, farm equipment buyers, two-wheeler buyers, small businesses, and for housing and infrastructure projects. Headquartered in Mumbai. | $3 | -15% | $6.5B | $18B | 15.6x | - | ||
| Private sector bank offering retail banking, credit cards, microfinance, commercial and corporate banking and treasury services. Credit cards and retail loans are a major growth area. Headquartered in Mumbai. | $4 | +3% | $5.9B | $5.9B | 5.3x | - | ||
| SBI Cards and Payment Services Ltd is a credit card issuer in India. The company offers a credit card portfolio to individual cardholders and corporate clients, including lifestyle, rewards, travel and fuel, shopping, banking partnership cards, and corporate cards covering all cardholder segments in terms of income profiles and lifestyles. It offers four primary SBI Card-branded credit cards SimplySave, SimplyClick, Prime, and Elite, each catering to a varying set of cardholder needs. The company earns revenue from selling credit card memberships to card holders, and income earned from the provision of membership services. | $6 | -41% | $5.6B | $10B | 6.1x | - | ||
| Sundaram Finance Ltd is a nonbanking finance company operating in India. The company provides various financial products and services, including commercial vehicle finance, car finance, farm equipment finance, construction equipment finance, and fleet cards. Through its subsidiaries, the company has a diversified presence in insurance, mutual funds, housing finance, business process outsourcing, information technology services, and retail distribution of various financial services and products. The company's business segments include Asset Financing, which derives key revenue, and Other operations. | $44 | -16% | $4.8B | $11B | 21.5x | - | ||
| Mahindra & Mahindra Financial Services Ltd is a nonbanking financial company engaged in financing new and pre-owned auto, utility vehicles, tractors, passenger cars and commercial vehicles through its pan India branch network. The company has a diversified lending portfolio across retail, small and medium enterprises and commercial customers with a presence in rural and semi-urban India. The company has two segments : Financing Activities, that includes financing and leasing of automobiles, tractors, commercial vehicles, SMEs and housing finance.; and Other reconciling items which consists insurance broking, asset management services and trusteeship services. It derives maximum revenue from Financing Activities. | $3 | -12% | $4.4B | $16B | 14.4x | - | ||
| PNB Housing Finance Ltd is an India-based housing finance company. It is engaged in the business of providing loans for the purchase, construction, repairs, and renovations of houses, flats, and commercial properties. The company also provides loans for commercial space, loans against property, and loans for the purchase of residential plots. Geographically, it operates only in India. It generates revenue in the form of Interest income, and Fees and commission income. | $12 | +16% | $3.2B | $8.5B | 22.3x | - | ||
| Non-banking finance company best known for gold loans, with a large branch network across India. Other lines include microfinance through Asirvad, vehicle and housing loans, and money transfer services. Headquartered in Thrissur, Kerala. | $3 | +5% | $3B | $8.5B | 14.6x | - | ||
| LIC Housing Finance Ltd is a housing finance company that provides loans in India. Its main objective is to provides long-term finance to individuals for the purchase or construction of houses/flats for residential purposes. also provides finance on existing property for business/ personal needs and also gives loans to professionals for the purchase/ construction of clinics, nursing homes, diagnostic centres, office spaces, and equipment. The company also provides finance to builders and developers engaged in the business of construction of houses or flats for residential purposes and to be sold by them. | $5 | -17% | $2.9B | $31B | ||||
| Non-banking finance company focused on gold loans, home loans and loans to small businesses. It lends mainly to retail and small-business customers through a large branch network across India. Headquartered in Mumbai. | $6 | +2% | $2.6B | $9.6B | ||||
| Capri Global Capital Ltd provides financial services. The company is engaged in providing loans to Micro, Small and Medium Enterprises (MSMEs), providing long term finance for the construction of residential houses, retail lending, gold loan, and ancillary services. It generates maximum revenue from the interest income. Geographically, it operates only in India. | $3 | +10% | $2.4B | $4.6B | ||||
| Affordable housing finance company serving low and middle income and self-employed home buyers with home and home improvement loans. Branches mainly in tier 2 and 3 cities. Headquartered in Mumbai. | $5 | -17% | $2.1B | $3.9B | ||||
| CreditAccess Grameen Ltd provides financial and non-financial products and services. The company is engaged in providing microfinance services to women who are enrolled as members and organized as Joint Liability Groups. The only operating segment of the company is lending to members. Geographically, it operates only in India. The company's financial product includes Income generation loans, Home improvement loans, Emergency loans, Family welfare loans, Gruha Vikas loans, Grameen Swarna loans, Grameen Vikas loans, Life insurance, and others. | $12 | -25% | $1.9B | $4.2B | ||||
| Mortgage-focused non-banking finance company, formerly Indiabulls Housing Finance. It offers home loans, loans against property and loans to developers and small businesses. | $1 | -39% | $1.5B | $5.6B | ||||
| Aptus Value Housing Finance is a housing finance company serving self-employed, low and middle income households in semi-urban and rural South India. It offers home purchase, construction, extension and home improvement loans, mostly through a branch network in Tamil Nadu, Andhra Pradesh, Karnataka and Telangana. Headquartered in Chennai. | $2 | -39% | $1.1B | $1.9B | ||||
| Housing finance company promoted by Canara Bank. It gives home loans, plot loans and home improvement loans to salaried and self-employed individuals, mainly in South India. Headquartered in Bengaluru. | $8 | -22% | $1B | $5B | ||||
| SBFC Finance is a non-banking finance company offering secured loans to small businesses, mainly loans against property and gold loans. It serves micro and small enterprises through a branch network across India. Headquartered in Mumbai. | $1 | -33% | $956M | $1.6B | ||||
| Paisalo Digital is a non-deposit NBFC that lends to small borrowers, mainly through business correspondent partnerships with banks and direct loans. Income is interest and fees on its loan book. Headquartered in New Delhi. | $1 | +97% | $794M | $1.2B | ||||
| India Shelter Finance is a housing finance company lending to low-income and self-employed borrowers for home purchase and construction in smaller towns. Income is net interest on its loan book. It operates through a branch network across several Indian states. Headquartered in Gurugram, Haryana. | $6 | -36% | $701M | $1.3B | ||||
| OnEMI Technology Solutions runs the Kissht digital lending platform. It gives consumer and small business loans, on its own balance sheet and with lending partners. Headquartered in Mumbai. | $3 | -- | $621M | $855M | ||||
| Fedbank Financial Services is a non-bank lender offering gold loans, loans against property and home loans to retail borrowers and small businesses. It is a subsidiary of Federal Bank. Headquartered in Mumbai. | $2 | +3% | $617M | $2B | ||||
| MAS Financial Services is an Indian non-banking finance company lending to small businesses, vehicle buyers and housing borrowers, with a large share sourced via partner lenders. Headquartered in Ahmedabad. | $3 | -20% | $498M | $1.4B | ||||
| Jana Small Finance Bank Ltd is engaged in the banking sector. The company is engaged in savings accounts, current accounts, Deposits, Insurance, Loans such as secured business loans, microloans against property, MSME loans, affordable housing loans, term loans to NBFC, loans against fixed deposits, two-wheeler loans, and gold loans. It operates in four segments namely the Treasury segment, Corporate/Wholesale Banking segment, Retail Banking segment, and Other Banking Operations segment. The retail banking segment includes lending to and deposits from retail customers and the identified earnings and expenses of the segment. Maximum revenue is generated from the Retail Banking segment. | $4 | -16% | $468M | $690M | ||||
| IndoStar Capital Finance is a non-bank lender focused on vehicle finance and home loans. It lends for commercial vehicles, used cars and housing. Headquartered in Mumbai. | $2 | -30% | $310M | $843M | ||||
| Muthoot Microfin Ltd is a microfinance institution providing micro-loans to women customers with a focus on rural regions of India. The company offers loan products such as group loans for livelihood solutions such as income generating loans, Pragathi loans, and individual loans; life betterment solutions including mobile phones loans, solar lighting product loans, and household appliances product loans; health and hygiene loans such as sanitation improvement loans; and secured loans in the form of gold loans and Muthoot Small & Growing Business loans. | $2 | -- | $287M | $1.2B | ||||
| Mufin Green Finance is a non-banking finance company that lends for electric vehicles and green assets, including loans to fleet and charging businesses. Borrowers are individuals, small fleets and businesses. It is headquartered in Delhi. | $1 | +7% | $284M | $389M | ||||
| Satin Creditcare Network is a microfinance NBFC giving small group and individual loans to women borrowers in rural and semi-urban India. Income is interest and fees on its loan book. It operates through a large branch network. Headquartered in Gurugram. | $2 | +36% | $263M | $1.2B | ||||
| Fusion Finance is a non-banking microfinance lender providing small group loans mainly to women in rural and semi-urban India. It also offers some retail and MSME loans. It is headquartered in Gurugram. | $2 | -25% | $246M | $627M | ||||
| Repco Home Finance is a housing finance company offering home loans, extension and plot loans to middle and lower income households, mostly in South India. Headquartered in Chennai. | $3 | -27% | $216M | $1.5B | ||||
| Spandana Sphoorty Financial is a microfinance lender giving small joint-liability group loans to women in rural and semi-urban India. It is headquartered in Hyderabad. | $2 | -28% | $184M | $456M | ||||
| Arman Financial Services is a non-banking finance company offering microfinance, two-wheeler and small business loans, mainly in Gujarat and other states. It serves low-income and rural borrowers. It is headquartered in Ahmedabad. | $16 | -15% | $165M | $301M | ||||
| GIC Housing Finance is a housing finance company that gives home loans, loans against property and construction finance to individuals. It is promoted by General Insurance Corporation of India and other public sector insurers. Headquartered in Mumbai. | $1 | -31% | $74M | $1B | ||||
| Muthoot Capital Services is a non-banking finance company that mainly finances two-wheeler purchases, with smaller books in personal and business loans. It sells through dealer networks and branches across India. It is part of the Muthoot Pappachan group and is headquartered in Kochi. | $2 | -32% | $36M | $328M | ||||
| Usha Financial Services Ltd is a non-banking finance company. It provides lending solutions to fellow NBFCs, corporates, MSMEs, and individuals, particularly to women entrepreneurs. The company's services also extend to Electric vehicle (EV) financing. It provides diversified financial products to individuals, bodies corporates, NBFCs, and MSMEs. | $1 | -- | $25M | $42M | ||||
| Median | $3 | -17% | $1.5B | $4.2B | 9.4x | 24.9x |
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