Rate cuts, GST benefits to fuel next leg of NBFC rally; earnings upside seen in H2 FY26: Shweta Daptardar

Gold loan players like Muthoot Finance are expected to see continued growth despite gold price fluctuations, driven by market leadership and internal productivity. Analysts see a robust outlook for NBFCs, with rate cuts and GST simplifications benefiting consumer and gold financiers. The microfinance sector is also showing signs of a turnaround, with improving asset quality and business augmentation.