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October 10, 2025Gold loan lenders surge over 50% on D-Street in 2025
Shares of Manappuram Finance and Muthoot Finance have surged over 50% so far in 2025. The sharp rise in gold prices this year, along with the growing strength of the organised gold loan market, has supported these lenders in the domestic equity markets. On the other hand, the benchmark equity index BSE Sensex advanced just 5% during the same period.
The market size of organised gold loan players is expected to continue rising. ICRA projects the organised gold loan (GL) market to reach Rs 15 lakh crore in the current financial year — a year ahead of earlier estimates. The rating agency now expects the organised GL market to expand to Rs 18 lakh crore by FY2027. So far in 2025, gold prices have surged by over 55%.
“ICRA foresees the NBFC GL AUM to expand by 30-35% in FY2026, considering elevated gold prices and lower growth in the unsecured loan products, which are also generally targeted at the same borrower segments. Further, diversification by players into this space and a sizable estimated free gold-hold in the country provide visibility for achieving this,” said A M Karthik, Senior Vice President and Co-Group Head Financial Sector Ratings, ICRA Limited.
