Warren Buffett's quote, "You only find out who is swimming naked when the tide goes out" perfectly describes the prevailing condition in the NBFC space. As the liquidity crunch continues, NBFCs saddled with bad debt are struggling to stay afloat. But one NBFC’s loss is another’s gain. While weaker financial companies are grappling with liquidity crisis, stronger ones such as HDFC have continued to report stellar numbers.