money · Money / Lending / NBFC / Microfinance
Credit is back in gear: NBFC loans +15.8%, Satin AUM +31%, Utkarsh stress pool falls to 1.48%
Lending outside the big banks is speeding up. RBI data show credit from major NBFCs and housing financiers grew 15.8% in August, up from 10.0% a year ago, with retail loans at 22.0% and gold loans accelerating. Microlender Satin Creditcare’s assets under management rose about 31% while bad loans fell to 1.9%; Utkarsh Small Finance Bank’s early-stress pool dropped to 1.48% from 4.87%. Angel One’s client margin-funding book hit a record.
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RBI (6 Oct, August 2026 data, provisional): credit from major NBFCs and housing finance companies grew 15.8% year on year in August, against 10.0% a year ago.
| NBFC credit segment | Aug 2026 YoY | Aug 2025 YoY |
|---|---|---|
| Total | 15.8% | 10.0% |
| Retail loans | 22.0% | 13.6% |
| Agriculture and allied | 17.4% | 5.1% |
| Services | 16.2% | 24.0% |
| Industry | 8.4% | 8.3% |
Within retail, RBI says housing loans and loans against gold jewellery accelerated; vehicle loans stayed strong.
Company updates (Q2 FY27, provisional):
- Satin Creditcare: consolidated AUM ~₹16,600 crore (~31% YoY); standalone gross NPA 1.9% vs 3.5%.
- Utkarsh Small Finance Bank: disbursements ₹3,525 crore (+54.9%); SMA pool 1.48% vs 4.87%.
- Angel One: average client funding book ₹74.53 billion in Q2 (+40.5%), a record; client base 39.98 million.
Takeaway: Retail credit is growing faster outside banks, and small-loan stress has eased sharply from last year. Not investment advice.
Analysis
RBI’s NBFC data: retail leads, services slow
The data cover NBFCs in the upper and middle layers and HFCs — about 87% of NBFC credit, RBI says. Retail growth nearly doubled its year-ago pace. Services credit slowed to 16.2% from 24.0%: commercial real estate was buoyant, but trade and transport operators decelerated. Faster gold-loan growth sits alongside the jewellers’ strong quarter (Titan, Kalyan updates); RBI does not link the two.
Satin Creditcare: growth with cleaner books
| Measure | Q2 FY27 | Year ago | Change |
|---|---|---|---|
| Consolidated AUM | ~₹16,600 crore | ₹12,687 crore | ~31% |
| Standalone AUM | ~₹13,600 crore | ₹11,044 crore | ~23% |
| Non-microfinance share | 20% | 15% | — |
| Consolidated disbursements (quarter) | ₹3,697 crore | ₹2,626 crore | 41% |
| Consolidated disbursements (H1) | ₹7,192 crore | ₹4,868 crore | 48% |
| Standalone gross NPA | 1.9% | 3.5% | −158 bp |
Satin raised ₹2,628 crore of debt in the quarter; its marginal cost of borrowing fell 55 bp to 10.28%. Collection efficiency was ~99.8%; it added about 1.9 lakh borrowers and 39 branches.
Utkarsh Small Finance Bank: moving away from group loans
| Measure (₹ crore) | Q2 FY27 | Q2 FY26 | YoY |
|---|---|---|---|
| Total disbursements | 3,525 | 2,275 | +54.9% |
| — Group (JLG) microloans | 923 | 935 | −1.3% |
| — Other loans | 2,602 | 1,340 | +94.2% |
| Gross loan portfolio | 20,063 | 18,655 | +7.5% |
| — JLG portfolio | 5,146 | 7,613 | −32.4% |
| Total deposits | 23,869 | 22,385 | +6.6% |
| CASA ratio | 21.5% | 20.0% | — |
The SMA pool — loans showing early signs of stress — fell to 1.48% from 4.87% a year ago, though it rose from 1.20% in Q1. Collection efficiency was 99.53%; liquidity coverage ratio 176%. Group microloans are now 26% of the book, down from 41%.
Angel One: more leverage, fewer new SIPs
Angel One’s Q2 FY27 numbers (filed 6 Oct):
- Average client funding book: ₹74.53 billion (about ₹7,453 crore), +40.5% YoY and +21.4% QoQ — a record, the company says. September alone averaged ₹78.71 billion.
- Client base: 39.98 million (+17.3%); gross new clients 1.49 million (−14.1%).
- Unique mutual-fund SIPs registered: 19.30 lakh (−19.0% YoY).
- Commodity average daily turnover: ₹2,438 billion (+105.5%), even as its commodity market share fell to 44.0% from 65.1%.
The twist: fewer new clients and fewer new SIPs — but more borrowed money in client accounts. Margin funding lets clients buy shares partly on credit; it magnifies gains and losses.
What to watch
- RBI’s policy statement today — any word on credit growth, NBFCs or unsecured lending
- Full Q2 results: Satin, Utkarsh and other microlenders’ credit costs
- RBI’s bank sectoral credit data for August-September
Company figures are provisional. Not investment advice. No politics.
Sources
- Reserve Bank of India — Sectoral Deployment of Credit by NBFC – August 2026 (PR 2026-2027/1261), 6 Oct 2026 — https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63739
- Satin Creditcare Network Limited — Business update Q2 FY27, filed 7 Oct 2026 — https://nsearchives.nseindia.com/corporate/SATIN_07102026072926_SCNLBUSINESSUPDATE.pdf
- Utkarsh Small Finance Bank Limited — Business updates for quarter and half year ended 30 Sep 2026, filed 6 Oct 2026 — https://nsearchives.nseindia.com/corporate/UTKARSHBANK_06102026173619_BusinessUpdateQ2FY2027.pdf
- Angel One Limited — Monthly business updates, September 2026 and Q2 FY27, filed 6 Oct 2026 — https://nsearchives.nseindia.com/corporate/ANGEL8896_06102026073616_October062026_Intimation_of_Business_updates.pdf
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