Indian shadow lenders to outpace banks on loan growth over next decade, says Nomura

Piramal Finance

12/03/2026 03:49

** India's top non-bank lenders are set for faster loan growth than banks over the next decade, Nomura says

** Initiates coverage on Piramal Finance PIRL.NS, L&T Finance LTFL.NS and Tata Capital TATC.NS with “Buy” citing aggressive retail expansion, early adoption of AI

** Nomura forecasts 17% annual loan growth for non-bank lenders through FY35, outpacing banks' 12%

** Sets PTs- PIRL at 2,150 rupees, LTFL 325 rupees, TATC 400 rupees

** Also starts HDB Financial Services HDBF.NS at "Neutral" with PT of 760 rupees, a nearly 16% upside; says loan growth recovery is crucial for re-rating

** Stocks trading lower in broader weak market; financial services index .NIFTYFIN down 1.3% .BO

** YTD, .NIFTYFIN down 6.1% vs Nifty 50's .NSEI 8.7% drop

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))