New Delhi, June 24 -- India's non-banking financial company (NBFC) sector is expected to maintain robust growth, with assets under management (AUM) projected to exceed Rs 50 trillion by FY27, according to an analysis of annual reports by Equirus Securities.

This is driven by rising retail credit penetration, increasing formalisation and ongoing financial inclusion efforts.

Retail Lending Continues to Drive Growth

The report noted that NBFC credit expanded 16.7 percent year-on-year in FY26, highlighting the sector's growing role in financing underserved segments.

Retail lending remained the primary growth driver, accounting for nearly 57 percent of NBFC loan portfolios versus around 40 percent of the banking system's credit.

Equirus s...