Whalesbook
Ab bhaiyo aur behno, NBFCs ki duniya mein ek bohot bada game changer aa raha hai. Ye companies apna paisa kahan se arrange karengi, is strategy mein ek tezi se badlav dekhne ko mil raha hai. Crisil Ratings ki latest report bata rahi hai ki FY27 ke end tak, bank se liya gaya udhaar NBFCs ki total funding ka lagbhag 45% ho jayega. Abhi FY26 mein yeh figure 43% ke aas paas hai. Yeh shift basically isliye ho raha hai kyunki bond market ab NBFCs ke liye thoda mehnga pad raha hai.
Dekho, FY26 mein banks ne apni lending rates mein decent cut dikhaya tha, lagbhag 0.90% tak. Isi time pe, bond market mein yields girne ke baad ekdum se badh gaye aur ab high level par bane hue hain FY27 tak. Toh is price difference ke chalte, NBFCs ko bank se loan lena zyada cost-effective lag raha hai. Iska asar ye hua ki NBFCs ne bond market mein paisa uthana kam kar diya. Pehle half FY26 mein ₹2.1 lakh crore ke bond issues hue the, woh dusre half mein ghata kar ₹1.4 lakh crore ho gaye. Overall, NBFCs ki total borrowing FY27 tak ₹750 billion ko cross kar sakti hai, aur market instruments ka share 64% rahega, lekin immediate liquidity needs ke liye bank credit bohot essential hai.
Uske alawa, foreign se paisa uthana, matlab External Commercial Borrowings (ECBs), ab pehle jaisa attractive nahi raha. Duniya mein jo geopolitical uncertainty aur currency ka volatile movement chal raha hai, isne Indian borrowers ke liye hedging costs ko kaafi badha diya hai. Isi wajah se, Indian companies ne FY26 mein offshore bonds se paisa lena 43% kam kar diya, total $4.9 billion hi uthaya.
Jab ECBs mushkil ho gaye, toh NBFCs ne Securitisation par zyada focus kiya hai. Aur kya bataun, India ka securitisation market ek naye record par pahunch gaya hai! FY26 mein ₹2.55 lakh crore ka volume dekha gaya, jo ki pichhle saal se 9% zyada hai. NBFCs khud bhi loan originations 30% tak badha rahi hain, unko liquidity aur balance sheet ko manage karne mein flexibility chahiye. Mazedaar baat ye hai ki gold loan-backed securitisation toh mortgages ko bhi piche chhod kar dusra sabse bada asset class ban gaya hai.
Lekin bhai, har chamakti cheez sona nahi hoti. S&P Global Ratings aur Fitch Ratings jaise rating agencies unsecured lending mein asset quality ko lekar thodi chintit hain. FY26 mein badh (delinquencies) shayad 10-30 basis points tak badh sakti hain. Aur RBI ki research bhi ye batati hai ki NBFCs ko policy rate cuts ka hamesha poora fayda nahi mil pata. Sector ka Assets Under Management (AUM) March 2027 tak ₹50 lakh crore ko cross karne ki umeed hai. IMF India ki growth 6.5% forecast kar raha hai FY27 ke liye. Toh NBFCs ko apne risks ko carefully manage karna hoga aur funding sources ko diversify karna hoga.