Research Report

As per ICRA's estimates, the overall securitisation volumes increased by ~5% YoY to Rs. 2.5 lakh crore in FY2026. ICRA expects securitisation volumes to expand by 15-20% to Rs. 2.6-2.7 lakh crore in FY2027. PTCs continued to dominate the securitisation market in FY2026, accounting for ~62% of total volumes, in line with the trend observed since FY2024. Vehicle loans remained the dominant asset class, contributing ~37% to the total securitisation volumes in FY2026, driven by steady origination from large vehicle financiers and withdrawal of HL/LAP transactions by a major bank.

Exhibit: Securitisation market volume (PTC & DA)