Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Gold loans have overtaken home loans by origination value, reaching ~39% of retail disbursals as of December 2025, with the portfolio growing 4x since March 2022 to ~INR3.38 lakh crore.</li>
<li>This is not a cyclical surge. Rising ticket sizes, broader geographic penetration, and tightening unsecured credit have together created a structural demand shift for gold-backed lending.</li>
<li>With RBI's tiered LTV framework live since April 2026, the real test is whether lenders, especially NBFCs, can sustain growth while absorbing tighter compliance costs and monitoring multiple-account borrowers.</li>
</ul>


Gold loans have overtaken home loans by origination value, reaching ~39% of retail disbursals as of December 2025, with the portfolio growing 4x since March 2022 to ~INR3.38 lakh crore.
This is not a cyclical surge. Rising ticket sizes, broader geographic penetration, and tightening unsecured credit have together created a structural demand shift for gold-backed lending.
With RBI's tiered LTV framework live since April 2026, the real test is whether lenders, especially NBFCs, can sustain growth while absorbing tighter compliance costs and monitoring multiple-account borrowers.


Gold Loan: How a Collateral-First Product Became India's Largest Retail Loan

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India's gold loan portfolio hit INR 16.2 lakh crore by December 2025, a 44% annual jump, driven by regulatory displacement of unsecured lending. </li>
<li>Gold has since corrected 17% from its January 2026 peak, breaching LTV thresholds across the book.</li>
<li>Banks now hold roughly 50% of gold loans (up from 30% in 2020), meaning credit stress is no longer an NBFC-specific risk. </li>
</ul>


India's gold loan portfolio hit INR 16.2 lakh crore by December 2025, a 44% annual jump, driven by regulatory displacement of unsecured lending. 
Gold has since corrected 17% from its January 2026 peak, breaching LTV thresholds across the book.
Banks now hold roughly 50% of gold loans (up from 30% in 2020), meaning credit stress is no longer an NBFC-specific risk. 


India Gold Loans: When Boom Meets a Price Correction

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Bihar mandates state registration, disbursal approvals, lending caps and special courts, materially raising compliance intensity for MFIs.</li>
<li>Dual regulation (RBI + State) may slow growth, elevate costs and create near-term collection and disbursement friction.</li>
<li>Stocks with high Bihar concentration face volatility; geographic diversification becomes the key defensive lever.</li>
</ul>


Bihar mandates state registration, disbursal approvals, lending caps and special courts, materially raising compliance intensity for MFIs.
Dual regulation (RBI + State) may slow growth, elevate costs and create near-term collection and disbursement friction.
Stocks with high Bihar concentration face volatility; geographic diversification becomes the key defensive lever.


Bihar MFI Bill, 2026- Shockwaves Through India’s Largest MFI Market

<ul>
<li>Gold loan specialised NBFCs are witnessing aggressive market share erosion as commercial banks leverage lower funding costs to capture nearly 50% of the gold loan sector.</li>
<li>This fierce competition has crashed industry yields to sub-19% levels, severely compressing NIMs and forcing established players into a defensive operating posture.</li>
<li>Lenders are now halting foreclosures to retain existing borrowers while slashing interest rates and expanding branch networks to protect their shrinking market territories.</li>
</ul>


Gold loan specialised NBFCs are witnessing aggressive market share erosion as commercial banks leverage lower funding costs to capture nearly 50% of the gold loan sector.
This fierce competition has crashed industry yields to sub-19% levels, severely compressing NIMs and forcing established players into a defensive operating posture.
Lenders are now halting foreclosures to retain existing borrowers while slashing interest rates and expanding branch networks to protect their shrinking market territories.


Defensive Pivots in Gold Lending: How NBFCs Are Fighting the 50% Banking Takeover?

<ul>
<li>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

India

Manappuram Finance Limited is an Indian non-banking financial company (NBFC) specializing primarily in gold loans. The company has diversified its portfolio to include microfinance, home loans, vehicle loans, and SME lending. It was founded in 1949 and is headquartered in Valapad, Thrissur, Kerala, India.

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Manappuram Finance (MGFL IN)

Gold Loan: How a Collateral-First Product Became India's Largest Retail Loan

Gold loans have surpassed home loans in origination value, now accounting for 39% of retail disbursals as of December 2025, driven by rising...

Nimish Maheshwari

India Gold Loans: When Boom Meets a Price Correction

India's gold loan portfolio surged to INR 16.2 lakh crore by December 2025 due to regulatory changes, but has since dropped 17%, posing credit...

Sudarshan Bhandari

Bihar MFI Bill, 2026- Shockwaves Through India’s Largest MFI Market

Bihar's new regulations for MFIs increase compliance burden, potentially impacting growth and profitability. Geographic diversification crucial...

Nitin Mangal

Defensive Pivots in Gold Lending: How NBFCs Are Fighting the 50% Banking Takeover?

Commercial banks are taking over the gold loan sector, causing market share erosion and forcing specialized NBFCs to lower interest rates and halt...

Nimish Maheshwari

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gold Loan: How a Collateral-First Product Became India's Largest Retail Loan

​Gold loans have surpassed home loans in origination value, now accounting for 39% of retail disbursals as of December 2025, driven by rising...

Nimish Maheshwari

India Gold Loans: When Boom Meets a Price Correction

​India's gold loan portfolio surged to INR 16.2 lakh crore by December 2025 due to regulatory changes, but has since dropped 17%, posing credit...

Sudarshan Bhandari

Bihar MFI Bill, 2026- Shockwaves Through India’s Largest MFI Market

​Bihar's new regulations for MFIs increase compliance burden, potentially impacting growth and profitability. Geographic diversification crucial...

Nitin Mangal

Defensive Pivots in Gold Lending: How NBFCs Are Fighting the 50% Banking Takeover?

​Commercial banks are taking over the gold loan sector, causing market share erosion and forcing specialized NBFCs to lower interest rates and halt...

Nimish Maheshwari

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Gold loans have surpassed home loans in origination value, now accounting for 39% of retail disbursals as of December 2025, driven by rising...

India's gold loan portfolio surged to INR 16.2 lakh crore by December 2025 due to regulatory changes, but has since dropped 17%, posing credit...

Bihar's new regulations for MFIs increase compliance burden, potentially impacting growth and profitability. Geographic diversification crucial...

Commercial banks are taking over the gold loan sector, causing market share erosion and forcing specialized NBFCs to lower interest rates and halt...

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...