Neutral impactCorporate Action
Which NBFCs will gain the most from rate hike cycle? JM Financial lists top picks
Economic Times 7 hrs ago·21 Sept 2026, 10:23 am
JM Financial has identified specific non-banking financial companies (NBFCs) that are likely to outperform as the Reserve Bank of India continues to raise interest rates. The firm notes that rising policy rates and soaring bond yields generally compress the net interest margins (NIMs) of lenders. However, certain sectors are better positioned to handle this environment compared to others.
The brokerage highlights that housing finance companies (HFCs) are expected to gain the most. This is because their loan portfolios are predominantly fixed-rate, allowing them to maintain higher margins even as funding costs increase. Conversely, vehicle financiers and microfinance institutions (MFIs) are expected to face headwinds due to their exposure to floating-rate loans.
JM Financial's top picks include Aditya Birla Capital, Piramal Finance, and CreditAccess Grameen. These names are favored for their strong asset quality and ability to pass on higher borrowing costs to borrowers. Investors should monitor the upcoming earnings reports to see if these companies can sustain their growth in a challenging rate environment.
Affected stocks
Neutral7 stocks
JM Financial
JMFINANCIL Neutral
₹124.47
PNB
PNB Neutral
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ABCAPITAL
ABCAPITAL Neutral
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CREDITACC
CREDITACC Neutral
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LICHSGFIN
LICHSGFIN Neutral
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PNBHOUSING
PNBHOUSING Neutral
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PIRAMALFIN
PIRAMALFIN Neutral
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Bull / bear label is derived from the article's AI sentiment — indicative, not advice. Prices may be delayed.
Key takeaways
- Concerns JM Financial (JMFINANCIL).
- Category: Corporate Action.
- Assessed as a significant, market-relevant update.
- Also mentions PNB, ABCAPITAL, CREDITACC.
Why it matters
A meaningful update for JM Financial worth tracking. Use the price and stock snapshot to gauge how the market is responding.
