A fast-read primer on India's broader finance and NBFC sector — the backdrop against which we benchmark every company's cost structure in this category.
AUM is set to more than double this decade, alongside a record year for capital raising.
FY24 → FY29 forecast
2025 actual vs. 2026 pipeline
NBFC-led growth, rising penetration, and policy support for credit access all reinforce each other.
A sample of the industry-wide and policy moves shaping the sector through early 2026.
Listed Indian Finance companies in tDoBe's cost-benchmarking coverage.
The market facts above are public background. What follows is tDoBe's own work: every "Other Expenses" line from these companies' own financial records, read by hand and sorted into one clear set of categories — not a keyword search, not each company's own way of reporting it.
Each mark is one company's total Other Expenses as % of Total Income. No company is named here.
Ranked from biggest to smallest.
Miscellaneous & Others leads at roughly 1.1% of Total Income, with Manpower Supply/Contract Labour, Advertising & Sales Promotion and Legal & Professional Fees each close behind — a lean cost profile typical of lending-focused NBFCs.
This sector spans gold-loan lenders, consumer-finance NBFCs, infrastructure financiers and diversified lenders — different lending models with different cost bases — which drives most of the 16.8x spread.
We use Total Income, the standard base for NBFC-style cost ratios, in place of ‘net revenue.’ We've also left out Bajaj Finserv Ltd and Bajaj Holdings & Investment Ltd, holding companies rather than operating lenders, and Jio Financial Services Ltd, too newly listed for a comparable full-year record — keeping the comparison to established, operating lenders.
This is the free, sector-wide view. It tells you where Finance stands as a whole — not where your own company stands against it, category by category, in rupees.
A below-average number is a reason to call too — the benchmark keeps improving as we go.