Copyright © 2026 Authors retain the copyright of this article. This article is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

@article{200424,
        author = {MITHILESH DNYANESHWAR KHOBRAGADE and PROF. PRATIKSHA MESHRAM},
        title = {AN ANALYTICAL STUDY OF FINANCIAL PERFORMANCE AND GROWTH OF NON-BANKING FINANCIAL COMPANIES (NBFCs) IN INDIA},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {12},
        number = {12},
        pages = {1002-1012},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=200424},
        abstract = {Non-Banking Financial Companies (NBFCs) are a significant pillar in the Indian financial system, responsible for providing access to credit for segments that are underserved by commercial banks, such as micro, small, and medium enterprises, rural households, and low-income households. This research paper undertakes a thorough analytical study on the financial performance and growth patterns of ten leading NBFCs, spread across five categories, from 2015 to 2020.
This research study undertakes ratio analysis, including Current Ratio, Debt-Equity Ratio, Net Profit Ratio, Return on Capital Employed, and Return on Net Worth, in addition to employing one-way Analysis of Variance, or ANOVA, to test for significant differences between NBFCs. The research study finds that NBFCs in the Infrastructure Finance Companies and Asset Finance Companies categories possess better liquidity, while NBFCs in the Microfinance Companies category possess better profitability ratios. The study further finds that all five ratios are significantly different from each other at a 5% level of significance, according to the ANOVA test.
This research study ends with a forward-looking analysis on the potential and prospects for NBFCs in a post-pandemic Indian economy.},
        keywords = {NBFCs, Ratio Analysis, ANOVA, Financial Performance, Liquidity, Profitability, Debt-Equity, India},
        month = {May},
        }