{"id":17796,"date":"2026-07-10T05:01:13","date_gmt":"2026-07-10T11:31:13","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=17796"},"modified":"2026-07-10T05:01:48","modified_gmt":"2026-07-10T11:31:48","slug":"india-securitisation-market","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/india-securitisation-market\/","title":{"rendered":"India Securitisation Market Projected at \u20b92.7 Lakh Crore in FY27 as NBFCs Lead Growth"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/india-securitisation-market\/#Why_Is_the_Indian_Securitisation_Market_on_a_Growth_Path\" >Why Is the Indian Securitisation Market on a Growth Path?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/india-securitisation-market\/#Q1_FY27_Securitisation_Volumes_Key_Numbers\" >Q1 FY27 Securitisation Volumes: Key Numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/india-securitisation-market\/#Which_Asset_Classes_Led_Q1_FY27_Securitisation_Activity\" >Which Asset Classes Led Q1 FY27 Securitisation Activity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/india-securitisation-market\/#How_Did_Transaction_Structures_Shift_in_Q1\" >How Did Transaction Structures Shift in Q1?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/india-securitisation-market\/#Smaller_NBFCs_Fill_the_Gap_as_Banks_Pull_Back\" >Smaller NBFCs Fill the Gap as Banks Pull Back<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/india-securitisation-market\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/li><li><span aria-current=\"page\">India Securitisation Market Projected at \u20b92.7 Lakh Crore in FY27 as NBFCs Lead Growth<\/span><\/li><\/ol><\/nav>\n\n\n<meta charset=\"UTF-8\">\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Bricolage+Grotesque:opsz,wght@12..96,400;12..96,600;12..96,700;12..96,800&amp;family=Figtree:ital,wght@0,300;0,400;0,500;0,600;1,400&amp;display=swap\" rel=\"stylesheet\">\n<style>\n  :root {\n    --forest:   #082F25;\n    --copper:   #EFA145;\n    --mint:     #6CE890;\n    --fresh:    #EEFFF2;\n    --bg:       #FAFAF8;\n    --surface:  #FFFFFF;\n    --text:     #1C2B24;\n    --muted:    #5A6B62;\n    --border:   #E2EDE6;\n    --amber-bg: #FEF7EC;\n    --red:      #C0392B;\n    --green:    #1A6B40;\n  }\n  * { box-sizing: border-box; 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}\n  }\n\n  .prose a, .disclaimer a {\n    color: var(--forest);\n    font-weight: 600;\n    text-decoration: underline;\n    text-decoration-color: var(--mint);\n    text-underline-offset: 3px;\n    transition: color 0.15s, text-decoration-color 0.15s;\n  }\n  .prose a:hover, .disclaimer a:hover { color: var(--green); text-decoration-color: var(--green); }\n\n  .source-tag {\n    display: inline-flex;\n    align-items: center;\n    gap: 6px;\n    font-size: 13px;\n    color: var(--muted);\n    background: var(--fresh);\n    border: 1px solid var(--border);\n    padding: 6px 14px;\n    border-radius: 20px;\n    margin: 8px 0 20px;\n  }\n  .source-tag svg { color: var(--green); flex-shrink: 0; }\n  .source-tag strong { color: var(--forest); }\n\n  .disclaimer { font-size: 12px; color: var(--muted); line-height: 1.7; padding: 16px 20px; background: #F4F4F0; border-radius: 8px; border: 1px solid #E4E4DC; margin: 16px 0; }\n\n  @media (max-width: 640px) {\n    table { font-size: 13px; }\n  }\n<\/style>\n\n\n<div class=\"blog-wrap\">\n\n \n\n  <div class=\"prose\">\n\n    <p class=\"lede\">According to ratings agency ICRA, India&#8217;s securitisation market is projected to expand from \u20b92.6 lakh crore to \u20b92.7 lakh crore in FY2026-27. Volumes in FY2025-26 stood at approximately \u20b92.5 lakh crore, and the market has begun the current fiscal year on a strong footing, with April-June volumes estimated at around \u20b961,000 crore, up about 20% year-on-year.<\/p>\n\n    <div class=\"stat-strip\">\n      <div class=\"stat-box\"><span class=\"stat-value\">\u20b961,000 Cr<\/span><span class=\"stat-label\">Q1 FY27 Volumes<\/span><\/div>\n      <div class=\"stat-box\"><span class=\"stat-value\">~20%<\/span><span class=\"stat-label\">YoY Growth<\/span><\/div>\n      <div class=\"stat-box\"><span class=\"stat-value\">\u20b92.7 L Cr<\/span><span class=\"stat-label\">FY27 Projection (Upper End)<\/span><\/div>\n    <\/div>\n\n    <h2><span class=\"ez-toc-section\" id=\"Why_Is_the_Indian_Securitisation_Market_on_a_Growth_Path\"><\/span>Why Is the Indian Securitisation Market on a Growth Path?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>ICRA attributed the expected expansion primarily to non-banking financial companies, which continue to use securitisation as a liquidity and funding tool. Securitisation allows lenders to pool loans and sell them to investors, freeing up capital in the process.<\/p>\n\n    <div class=\"pull-quote\">\n      <p>The first quarter showed healthy volumes, supported by good investor demand and continued reliance by originators on securitisation for funding needs.<\/p>\n      <cite>Sachin Joglekar, Vice President &amp; Co-Group Head, Structured Finance Ratings, ICRA<\/cite>\n    <\/div>\n\n    <p>The agency noted that even as some larger NBFCs reduced their sell-down volumes, several new and smaller non-bank lenders stepped up their use of securitisation as a primary funding route.<\/p>\n\n    <h2><span class=\"ez-toc-section\" id=\"Q1_FY27_Securitisation_Volumes_Key_Numbers\"><\/span>Q1 FY27 Securitisation Volumes: Key Numbers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <div class=\"table-wrap\">\n      <table>\n        <thead><tr><th>Metric<\/th><th>Figure<\/th><\/tr><\/thead>\n        <tbody>\n          <tr><td>Q1 FY27 Securitisation Volumes<\/td><td>Around \u20b961,000 crore<\/td><\/tr>\n          <tr><td>Year-on-Year Growth<\/td><td>Around 20%<\/td><\/tr>\n          <tr><td>FY2025-26 Full Year Volumes<\/td><td>Approximately \u20b92.5 lakh crore<\/td><\/tr>\n          <tr><td>FY2026-27 Projection<\/td><td>\u20b92.6 lakh crore to \u20b92.7 lakh crore<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n\n    <h2><span class=\"ez-toc-section\" id=\"Which_Asset_Classes_Led_Q1_FY27_Securitisation_Activity\"><\/span>Which Asset Classes Led Q1 FY27 Securitisation Activity?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>Gold loans emerged as the largest asset class in the April-June quarter, accounting for around 28% of total securitised volumes. Vehicle loans accounted for 25%, while mortgage and microfinance loans each accounted for about 13%.<\/p>\n    <div class=\"table-wrap\">\n      <table>\n        <thead><tr><th>Asset Class<\/th><th>Share of Q1 FY27 Volumes<\/th><\/tr><\/thead>\n        <tbody>\n          <tr><td>Gold Loans<\/td><td>Around 28%<\/td><\/tr>\n          <tr><td>Vehicle Loans<\/td><td>25%<\/td><\/tr>\n          <tr><td>Mortgage Loans<\/td><td>About 13%<\/td><\/tr>\n          <tr><td>Microfinance<\/td><td>About 13%<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n    <p>ICRA also reported a moderation in the securitisation of MSME and business loans, linking it to investor caution amid headwinds in that segment. Joglekar noted that the microfinance sector showed signs of operational stability, with improving disbursements and collection efficiencies helping revive investor interest.<\/p>\n\n    <h2><span class=\"ez-toc-section\" id=\"How_Did_Transaction_Structures_Shift_in_Q1\"><\/span>How Did Transaction Structures Shift in Q1?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>Direct assignments accounted for 53% of Q1 securitisation volumes, overtaking pass-through certificates, which made up the remaining 47%.<\/p>\n    <p>Gold loan and mortgage portfolios were primarily securitised through the direct assignment route, while vehicle and microfinance loans were largely structured as pass-through certificates.<\/p>\n\n    <h2><span class=\"ez-toc-section\" id=\"Smaller_NBFCs_Fill_the_Gap_as_Banks_Pull_Back\"><\/span>Smaller NBFCs Fill the Gap as Banks Pull Back<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>Nearly all Q1 FY27 securitisation volumes came from non-bank lenders, continuing a trend that began in the previous financial year, as banks reduced their activity in this market.<\/p>\n    <p>Within the NBFC space, the participation mix also shifted. Larger players pulled back on sell-down volumes, while newer and smaller non-bank lenders increasingly turned to securitisation as a core funding channel.<\/p>\n\n    <h2><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>ICRA&#8217;s projection places the securitisation market on a steady growth trajectory through FY27, anchored by NBFC funding demand. The changing asset class mix, with gold loans and vehicle loans leading while MSME securitisation moderates, points to evolving investor preferences. Whether smaller NBFC participation and microfinance stability hold through the remaining quarters will be the key variable to watch.<\/p>\n\n    <div class=\"source-tag\">\n      <svg width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M10 13a5 5 0 0 0 7.54.54l3-3a5 5 0 0 0-7.07-7.07l-1.72 1.71\"><\/path><path d=\"M14 11a5 5 0 0 0-7.54-.54l-3 3a5 5 0 0 0 7.07 7.07l1.71-1.71\"><\/path><\/svg>\n      <span>Source: <strong>CNBC TV18<\/strong><\/span>\n    <\/div>\n\n    <div class=\"disclaimer\">\n      <strong>Disclaimer:<\/strong> This content is for education and awareness purposes only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.\n    <\/div>\n\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to ratings agency ICRA, India&#8217;s securitisation market is projected to expand from \u20b92.6 lakh crore to \u20b92.7 lakh crore in FY2026-27. Volumes in FY2025-26 stood at approximately \u20b92.5 lakh crore, and the market has begun the current fiscal year on a strong footing, with April-June volumes estimated at around \u20b961,000 crore, up about 20% &hellip; <a href=\"https:\/\/shoonya.com\/blog\/india-securitisation-market\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;India Securitisation Market Projected at \u20b92.7 Lakh Crore in FY27 as NBFCs Lead Growth&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":17798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[10218],"class_list":["post-17796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-india-securitisation-market"],"acf":[],"yoast_head":"<!-- This site is optimized with 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