HFC · MFI · SFB
Specialist lenders
01Three business modelsmedians per lender type · excludes outliers · the active filter is highlighted
02How they make money - and what it costswhat each lender pays for its money, what it keeps, and how much risk it takes to earn it · excludes outliers
The spread engine - what they pay vs what they keep
left: cost of funds (what the lender pays for borrowed money) · right: net interest margin (what it keeps after paying for that money, as a share of its loans and assets) · latest reported quarter · grouped by lender type, widest margin first
How to read: a long teal bar on the right is a lender that keeps a wide margin; a long coral bar on the left is one that pays a lot for its money. Microfinance lenders pay the most yet keep the fattest margins, because small unsecured loans carry high rates. Housing financiers pay the least but keep thin mortgage spreads. Small finance banks fund with deposits and land in between. The dashed tick is the median for that lender type.
Risk vs return - who is paid for the risk they take
gross NPA (bad loans, latest quarter) across · return on assets (FY2026) up · the lines are the medians of the lenders shown · bubble size = market cap · click a bubble to opensplit into four groups at the medians · tap a corner, then a ticker
How to read: the map is split at the medians. Top left earns well on a clean book - the sweet spot. Top right takes more credit risk but is paid for it. Bottom left keeps a clean book but earns thin returns. Bottom right carries more bad loans for less return - the danger zone.
Profit momentum
3-year trend (CAGR)latest yearacceleratingslowing
How to read: each line joins a lender's 3-year profit trend (hollow dot) to its latest year (solid dot). A teal line pointing right means this year beat the trend; coral means growth is cooling. For lenders coming out of a stress cycle the latest-year direction is the early tell. Growth from a loss or a very small base year is not meaningful and is marked instead of plotted.
Lender scorecard
grouped by lender type · each column shaded from best (green) to weakest (red) · excludes outliers
Stress flags
Asset quality monitor
All lenders - full comparison
| Ticker | Company | Type | ASTRA | NIM | Cost of funds | GNPA | Capital | ROA FY26 | ROE 5yr | P/B | Val gap | Valuation |
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