Global Research ab 2 July 2026 India NBFCs Q1 FY27E: strong momentum despite macro headwinds We forecast AUM growth of 2-10% QoQ We expect strong growth and asset quality for retail NBFCs in Q1, despite a weaker macro, although there may be some pressure on margins driven by higher cost of funds. We forecast 2-10% QoQ AUM growth for retail NBFCs under our coverage and 2- 3% QoQ growth for covered power financiers in Q1. CRIF Bureau credit data has indicated that growth in the retail and SME segments such as ...