Analysis
Evidence-led research on the institutions, risks and developments shaping India’s BFSI sector.
Published analysis
Latest analysis.
LIQUIDITY · CREDIT
Liquidity → pricing risk
India’s Lenders Are Flush With Liquidity. RBI Doesn’t Want It Turning Into a Credit Price War.
A record FCNR(B)-driven liquidity surge is colliding with stronger credit demand and returning risk appetite. As RBI drains the excess, the bigger question is whether deployment pressure starts showing up in loan pricing, approval thresholds and underwriting discipline.
MONEYVIEW
Valuation reset
Moneyview opens its IPO this week at a valuation ~41% below its 2024 private-market mark
Moneyview is coming to market at roughly ₹5,985 crore even as revenue, disbursals and managed assets have expanded. The deeper question is how public investors will price a business that has become increasingly lending-intensive — with more capital, funding and credit risk in the model.
UGRO · MAS · SBFC · FIVE-STAR
Peer divergence
Beyond the Giants: Four Mid-Sized NBFCs, Four Different Credit-Risk Curves
MAS Financial, UGRO Capital and SBFC ended Q1 FY27 with headline Stage 3 ratios within eight basis points of each other — yet their underlying risk signals look very different. A comparison of formation, migration, provisioning and resolution across four mid-sized NBFCs.
FIVE-STAR BUSINESS FINANCE
Front-end recovery
Five-Star’s front-end delinquency indicators are improving — while GNPA has yet to turn
Early DPD, Stage 2 and slippages have begun to improve after FY26’s stress, while Stage 3, write-offs and credit cost still reflect the existing stock of stressed loans.
SBFC FINANCE
Upstream risk pressure
Beyond GNPA: SBFC Finance’s risk signal is moving upstream
Headline NPAs remain steady, but early delinquency, lower login-to-disbursement conversion, rising credit cost and higher Stage 2 provisioning show pressure appearing earlier in the credit funnel.
UGRO CAPITAL
Balance-sheet rebuild
UGRO Capital is rebuilding both sides of its balance sheet
UGRO is shifting toward higher-yield Emerging Market LAP and embedded merchant finance while reducing transaction-led earnings, resetting costs and building a longer-tenor funding base. The next test is whether the new economics hold as the two growth engines season.
MAS FINANCIAL
Seasoning test
What MAS Financial’s delinquency curve says about the quality of its growth
Early stress has eased from its FY26 peak while deep delinquency keeps building. Why seasoning, rather than the headline Stage 3 ratio alone, is the more important test of MAS Financial’s 20%+ growth.
From information to insight.
Regulatory data, financial disclosures, rating reports, company information and other verifiable public sources form the starting point.
FoFiPulse compares institutions, tracks changes over time and examines the drivers and implications behind reported developments.
Where useful, senior industry practitioners add context on how those developments are being experienced and interpreted inside the sector.
Starting with India’s NBFC sector.
FoFiPulse is building its first deep analytical track around Indian NBFCs, drawing together regulatory information, financial performance, rating-agency material and company disclosures.
Analysis will expand progressively across small finance banks, banking, fintech and the wider BFSI ecosystem.