JM Financial favors NBFCs over banks ahead of higher rates
In short
JM Financial’s Ajit Kumar said NBFCs may do better than banks in the July-September 2026 quarter. He named Aditya Birla Capital, Piramal Enterprises and Cholamandalam Investment as preferred picks, and said he is cautious on gold lending.
This matters because the view could influence investor interest in lenders and related stocks. The report does not give the forecast numbers or say how much growth is expected.
What the reporting says
Ajit Kumar of JM Financial said NBFCs may outpace banks in the July-September 2026 quarter, and he preferred Aditya Birla Capital, Piramal Enterprises and Cholamandalam Investment. The market note also said he remained cautious on gold lending because competition is increasing despite continued strong loan growth. The exact forecast numbers and any portfolio weights were not stated in the available reporting.
Why it matters
JM Financial analyst Ajit Kumar preferred Aditya Birla Capital, Piramal Enterprises and Cholamandalam Investment ahead of rising interest rates, while warning that competition is rising in gold lending even as loan growth stays strong. The note points to a relative preference for NBFCs over banks in the July-September 2026 quarter, but it does not give detailed estimates or a price target. The impact is on Indian financial stocks.