Research Report

Securitisation volumes surpassed Rs. 2.5 trillion in FY2026, primarily supported by non-banking financial institutions. A similar trajectory is expected in FY2027 as well.

• As per ICRA’s estimates, aggregate securitisation volumes grew by ~5% YoY to Rs. 2.5 lakh crore in FY2026. This was largely driven by a handful of high-value corporate securitisation transactions, unlike FY2025 when volumes were primarily supported by issuances by large commercial banks.
• NBFCs and HFCs posted robust growth in FY2026. Excluding two large corporate transactions, overall volumes declined slightly while traditional originators’ issuance rose by ~30%.
• Originator participation has expanded steadily over the past few fiscals. This indicates rising awareness and improving familiarity with securitisation structures and market mechanisms across a broader financier base.

Exhibit: Securitisation market volume

Source: ICRA Research