Lenders that fund themselves in the market rather than on deposits — valued on the spread they earn and how fast the book can grow without breaking.
Current price and the usual multiples, with the valuation method the engine applies to each business. Listed alphabetically by sector position, not ranked — the gap between price and modelled value is on each company's own page, where the working that produced it can be read alongside it.
| Company | Price | P/E | P/B | ROE % | Valued on |
|---|---|---|---|---|---|
| BAJAJ FINANCE | ₹1,006 | 30.8 | 5.49 | — | Excess return — the correct lens for an NBFC |
| BAJAJ FINSERV | ₹1,837 | 28.9 | 3.77 | — | Estimate withheld — model and market disagree too far |
| Jio Financial Services | ₹225 | 120.2 | 1.11 | — | Discounted cash flow |
| Cholamandalam Investment and Finance Company | ₹1,766 | 28.8 | 4.94 | — | Excess return — the correct lens for an NBFC |
| Shriram Finance | ₹979 | 20.4 | 3.49 | — | Excess return — the correct lens for an NBFC |
| Muthoot Finance | ₹2,771 | 9.8 | 2.84 | — | Excess return — the correct lens for an NBFC |
| POWER FINANCE CORPORATION | ₹346 | 4.4 | 0.86 | — | Estimate withheld — model and market disagree too far |
| REC | ₹313 | 5.1 | 0.97 | — | Estimate withheld — model and market disagree too far |
| INDIAN RAILWAY FINANCE CORPORATION | ₹79 | 14.3 | 1.82 | — | Excess return — the correct lens for a bank |
| Aditya Birla Capital | ₹381 | 25.4 | 3.03 | — | Estimate withheld — model and market disagree too far |
| L&T FINANCE | ₹296 | 22.9 | 2.65 | — | Estimate withheld — the engine says so itself |
| SBI Cards and Payment Services | ₹618 | 25.9 | 3.74 | — | Excess return — the correct lens for an NBFC |
| SUNDARAM FINANCE | ₹4,672 | 23.2 | 3.46 | — | Excess return — the correct lens for an NBFC |
| Poonawalla Fincorp | ₹432 | 48.1 | 3.66 | — | Estimate withheld — model and market disagree too far |
A sector is not one kind of business, and the method has to follow the economics rather than the label. Across the 14 here: