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Securitisation volumes grow 5% to Rs 1.87 lakh crore in nine months of FY26: Crisil ratings
Jan-09-2026

A report released by rating agency Crisil ratings has showed that the first nine months of financial year 2025-26 (9MFY26) saw a continued steady momentum in securitisation volumes aided by sustained originations by non-banking financial companies (NBFCs). During the period, securitisation volumes grew by 5% to around Rs 1.87 lakh crore from around Rs 1.78 lakh crore in the same period last fiscal. In third quarter of financial year 2025-26 (Q3FY26), the volumes stood at Rs 63,000 crore, which was broadly in line with issuances seen in the corresponding quarter of fiscal 2025. In Q3FY26, banks contributed meaningfully than that of same quarter of last fiscal. Last year contribution of banks was negligible, however, it was offset by the increased activity from NBFCs.

During Q3FY26, originations by NBFCs surged 35% on year-on-year (YoY) basis fuelled by strong volumes in both gold and vehicle loan pools. This has resulted in a shift in the originator mix this quarter with NBFCs accounting for around 97% of the overall retail volumes, as compared to around 71% for the corresponding period last year. Besides, the market also witnessed a broadening of the originator base. In 9MFY26, total number of originators was around 200 as compared to about 150 in the corresponding period last fiscal, mostly NBFCs. Meanwhile, the report noted that the new co-lending guidelines have increased operational complexities, it has prompted some originators to shift away from co-lending transactions. This trend is likely to drive a sustained growth in Direct Assignment volumes over the near to medium term.

The report highlighted that among retail asset classes, gold loan securitisation experienced a significant uptick in volumes rising to 12% of the market volume over the nine-month period, a substantial increase from just 1% during the same period last year. During the 9MFY26, NBFC originated vehicle pools grew around 14% YoY, while share of mortgage-backed securitisation declined to around 17% from 23% same period last year. Going forward, Crisil expects volumes to remain steady in fiscal 2026 as NBFCs continue to raise funds via securitisation route. Furthermore, with the credit-deposit ratio showing a marginal increase for most banks, it expects some increase in bank-led originations in the market.
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