ICRA: Gold and vehicle loans drive record ₹1.47 trillion securitisation volumes in H1 FY27

Key facts

• Securitisation volumes rose 42 per cent year-on-year to a record ₹1.47 trillion in the first half of FY27, driven by a sharp rise in gold loan securitisation and a recovery in vehicle loan transactions, according to ICRA estimates.
• Volumes stood at ₹1.04 trillion in H1 FY26, while Q2 FY27 securitisation volumes reached ₹86,000 crore.
• Gold loan securitisation volumes rose nearly 1.5 times over the year-ago period, while vehicle loans accounted for a third of overall H1 FY27 volumes, up from 25 per cent in Q1 FY27.
• Mortgage loans, small business loans and micro-loans each accounted for 12-15 per cent of overall volumes in H1 FY27.
• Volumes were evenly split between the pass-through certificate and direct assignment routes, and continued reliance on securitisation by non-banking financial companies (NBFCs) for funding supported growth.
• ICRA projects FY27 securitisation volumes of at least ₹2.6-2.7 trillion, which would mark an all-time high.