India’s gold-loan NBFCs report record Q2 collections amid festival season boost

India’s gold-loan-focused NBFCs reported a record increase in collections for Q2 FY26, with Golden Chariot Finance and Muthoot Fincorp citing collections up ~28% year-on-year, driven by pre-festival pledges and strong urban demand. Loan books grew 12%, while the gross-NPAs remained below 1.8% thanks to the short-term nature of the loans and strong asset value of pledged gold. Analysts believe the pocket of gold-loan NBFCs could be a defensive hedge in the current market, offering both yield and collateral security amid broader equity and credit-market caution.