15/08/2026
India’s Gold Loan NBFC Ranking — Who is leading the ₹4.6 lakh crore race? 🏆
Latest ranking of 15 NBFCs by Gold Loan AUM / best figure, based on information available up to 15 August 2026:
🥇 1. Muthoot Finance Ltd — ₹1,75,527 Cr (30 Jun 2026)
🥈 2. IIFL Finance Ltd — ₹58,406 Cr (30 Jun 2026)
🥉 3. Manappuram Finance Ltd — ₹54,655 Cr (30 Jun 2026)
4️⃣ Muthoot FinCorp Ltd ** — ₹50,738 Cr (31 Mar 2026)
5️⃣ Bajaj Finance Ltd — ₹21,152 Cr (30 Jun 2026)
6️⃣ Capri Global Capital Ltd — ₹19,179 Cr (30 Jun 2026)
7️⃣ Fedbank Financial Services Ltd (Fedfina) — ₹11,191 Cr (30 Jun 2026)
8️⃣ Muthoot Money Ltd *** — ₹9,727.6 Cr (31 Mar 2026)
9️⃣ Shriram Finance Ltd — ₹7,513.7 Cr (30 Jun 2026)
🔟 Kosamattam Finance Ltd — ₹6,684.24 Cr (31 Dec 2025)
11. Muthoot MCred Ltd * — ₹6,625.07 Cr (31 Mar 2026)
12. L&T Finance Ltd — ₹3,829 Cr (30 Jun 2026)
13. SBFC Finance Ltd — ₹2,631 Cr (30 Jun 2026)
14. Asirvad Micro Finance Ltd — ₹2,344 Cr (30 Jun 2026)
15. Cholamandalam Investment & Finance Co. Ltd — ₹1,813 Cr (31 Mar 2026)
Muthoot Finance leads at ₹1.75 lakh crore, followed by IIFL Finance and Manappuram Finance. Muthoot FinCorp is above ₹50,000 crore.
But there is an important catch 👇
These figures are not perfectly apples-to-apples. Some disclose Gold Loan AUM directly; others report group, subsidiary, co-lending/direct-assignment or proxy figures.
Manappuram reports ₹54,655 Cr standalone Gold Loan AUM, while Asirvad reports ₹2,344 Cr. The consolidated figure is ₹57,006 Cr, so they are shown separately to avoid double-counting.
Old question: “Who has the largest Gold Loan AUM?”
Next question: “Who can operate that AUM most efficiently?”
AUM gives us the size of the battlefield. It doesn't tell us who is winning the battle.
Which NBFC has the strongest Gold Loan franchise — and why?
⭐ Star Key
* Proxy: Muthoot MCred's ₹6,625.07 Cr is Total AUM, not separately disclosed Gold Loan AUM.
** Group: Muthoot FinCorp's ₹50,738 Cr is Group Gold Loan AUM and includes co-lending/direct assignment.
*** Subsidiary: Muthoot Money is within the Muthoot Finance group; its AUM should not be added to Muthoot Finance's consolidated figure.
Disclaimer: Based on publicly available corporate filings, investor presentations, exchange disclosures and rating reports through 15 August 2026. Figures are ranked highest to lowest. Where Gold Loan AUM is not separately disclosed, Total AUM may be shown as a marked proxy. Group, consolidated, standalone, subsidiary and co-lending/direct-assignment figures may not be comparable. This is industry research, not an audited market-share statement.
Different understanding or a more recent figure? Contact MNXT Research Team at [email protected] with the supporting source. We will review and update.
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