CreditAccess Grameen Ltd
CreditAccess Grameen Ltd
Financial ServicesKey Fundamentals
SmallcapMicrofinanceFinancial ServicesInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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52 extracted metrics + investor summaries across FY05–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company's median sales growth is 31.0% of last 10 years
Weaknesses
5- Stock is trading at 3.17 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of 13.8% over last 3 years.
- Dividend payout has been low at 3.67% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
CreditAccess Grameen is India's largest NBFC-MFI with an AUM of ~₹26,500 crore, trading at a market cap of ₹24,715 crore (PE 20.5x, PB 3.16x). The company suffered a sharp deterioration in FY25 with ROE falling to 7.7% and ROA to 1.9%, but is showing sequential recovery in FY26 with collection efficiency improving from 91.9% in Q4 FY25 to 95.5% by Dec-25 and Q4 FY26 ROA recovering to 4.4% with ROE of 17.8%.
- Strong long-term revenue CAGR — compounded sales growth of 29% over 10 years and 24% over 5 years demonstrates consistent franchise expansion
- Sharp profit recovery in FY26 — TTM profit growth of 524% indicates the FY25 asset quality pain was cyclical rather than structural, with Q4 FY26 ROA recovering to 4.4% and ROE to 17.8%
- Collection efficiency improving sequentially from 91.9% in Q4 FY25 to 94.1% (Jun-25), 94.9% (Sep-25), and 95.5% (Dec-25), signalling stress resolution
- Largest NBFC-MFI in India with AUM of ~₹26,500 crore providing scale advantages in cost of funds, technology, and geographic diversification across multiple states
- Median sales growth of 31% over last 10 years reflects consistent ability to grow the loan book through multiple credit cycles
- Management guiding for FY26 AUM growth of 14-18% and credit cost normalization to 3-4% levels, suggesting worst of asset quality cycle is behind
- Deliberate strategic shift toward retail finance (non-MFI) to diversify revenue streams, with retail finance expected to drive incremental growth
- PE of 20.5x is reasonable relative to historical ROE of 14% over 5 years and the recovery trajectory back toward 17-18% ROE
- FY25 was a severe earnings miss — full-year ROA collapsed to 1.9% and ROE to just 7.7%, far below the historical 4%+ ROA and 20%+ ROE, exposing vulnerability to MFI sector stress
- Stock trades at 3.16x book value which is expensive given the current 3-year ROE average of only 13.8% and recent ROE trough of 7.7%
- Low interest coverage ratio indicates sensitivity to borrowing cost increases, a concern as NBFC-MFIs rely heavily on wholesale funding
- Dividend payout of just 3.67% of profits over last 3 years and a yield of only 0.65% — minimal capital return to shareholders despite repeated profitability
- 3-year compounded profit CAGR is negative at -2%, meaning the FY25 downturn wiped out several years of profit growth
- Microfinance is inherently exposed to regulatory risk — RBI guardrails on over-leveraging, state-level political interference, and loan waiver demands remain structural overhangs
- Active borrower base declined from 4.7 million in FY25 to 4.4 million in FY26 as company deliberately sacrificed growth for quality, limiting near-term AUM expansion
- AUM growth slowed sharply from 20%+ in prior years to just 3-7% YoY through FY26 quarters, suggesting the growth engine has decelerated materially
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Promoter sells 2.28% stake Aug 7
CreditAccess India B.V. sold 36,57,500 shares at ₹1,482/share in a block deal on Aug 6, reducing promoter holding from 66.21% to 63.93%. Transaction valued at ₹542.04 crore, aimed at enhancing free float.
- Q1FY27 profit surges 720% YoY Jul 27
Consolidated net profit jumped 719.7% YoY to ₹493.39 crore with revenue up 25.8% to ₹1,234.4 crore. AUM grew 16.4% to ₹30,319 crore, GNPA improved sharply from 4.70% to 2.18%, NIM expanded to 14.4%, and CRAR stood at 24.9%.
- Strong FY27 growth guidance Jul 27
Management guided for AUM growth of 20-25% and credit cost of 3.0-4.0% for FY27, signaling confidence in sustained momentum.
- Multiple investor meetings scheduled Aug 11
Company held virtual and physical investor meetings between Aug 11-14 with UTI MF, India First Life Insurance, Capital Investment Trust, and at Equirus/Emkay conferences in Mumbai and Bengaluru.
- Q1 FY27 earnings call held Jul 17
Earnings conference call held on Jul 24 featuring MD & CEO Ganesh Narayanan; audio recording made available on investor relations website.
- MF meetings in late July Jul 22
CreditAccess Grameen scheduled meetings with mutual funds from Jul 27-29 in Mumbai.
TL;DR: CreditAccess Grameen delivered a blowout Q1FY27 with profit up 720% YoY driven by strong revenue growth and a dramatic improvement in asset quality (GNPA down from 4.70% to 2.18%). Management guidance of 20-25% AUM growth signals continued momentum. The promoter stake sale is a mild overhang but was positioned as a free-float enhancement move. The trend is clearly improving after a stressed FY26, and sustained asset quality will be the key monitorable.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,170 | 1,247 | 1,292 | 1,457 | 1,512 | 1,453 | 1,380 | 1,407 | 1,463 | 1,508 | 1,490 | 1,597 | 1,783 |
| Expenses | 309 | 342 | 365 | 434 | 453 | 700 | 1,020 | 864 | 885 | 845 | 678 | 660 | 558 |
| Financing Profit | 477 | 481 | 486 | 542 | 549 | 269 | -115 | 65 | 96 | 184 | 353 | 459 | 675 |
| Fin. Margin % | 41% | 39% | 38% | 37% | 36% | 18% | -8% | 5% | 7% | 12% | 24% | 29% | 38% |
| Other Income | 1 | 1 | 3 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Interest | 385 | 424 | 442 | 482 | 510 | 485 | 475 | 478 | 482 | 480 | 459 | 478 | 550 |
| Depreciation | 12 | 12 | 13 | 14 | 14 | 17 | 16 | 15 | 15 | 16 | 16 | 16 | 16 |
| PBT | 465 | 469 | 476 | 529 | 535 | 252 | -129 | 51 | 81 | 169 | 338 | 445 | 660 |
| Tax % | 26% | 26% | 26% | 25% | 26% | 26% | -23% | 8% | 26% | 26% | 25% | 24% | 25% |
| Net Profit | 346 | 349 | 353 | 397 | 398 | 186 | -100 | 47 | 60 | 126 | 252 | 340 | 493 |
| EPS in Rs | 22.16 | 21.95 | 22.2 | 24.91 | 24.95 | 11.67 | -6.24 | 2.96 | 3.77 | 7.87 | 15.75 | 21.2 | 30.79 |
| Gross NPA % | 0.89% | 0.77% | 0.97% | 1.18% | 1.46% | 2.44% | 3.99% | 4.76% | 4.7% | 3.65% | 4.04% | 3.17% | 2.18% |
| Net NPA % | 0.27% | 0.24% | 0.29% | 0.35% | 0.45% | 0.76% | 1.28% | 1.73% | 1.78% | 1.26% | 1.36% | 1.12% | 0.76% |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 278 | 464 | 708 | 871 | 1,282 | 1,683 | 2,028 | 2,669 | 3,487 | 5,167 | 5,752 | 6,059 | 6,380 |
| Expenses | 76 | 126 | 264 | 184 | 361 | 639 | 1,069 | 1,235 | 1,179 | 1,444 | 3,030 | 3,061 | 2,740 |
| Financing Profit | 74 | 130 | 128 | 332 | 504 | 470 | 214 | 447 | 1,092 | 1,984 | 767 | 1,093 | 1,672 |
| Fin. Margin % | 26% | 28% | 18% | 38% | 39% | 28% | 11% | 17% | 31% | 38% | 13% | 18% | 26% |
| Other Income | 3 | 2 | 1 | 1 | 1 | 1 | 3 | 81 | 64 | 6 | 4 | 4 | 4 |
| Interest | 129 | 208 | 317 | 354 | 417 | 575 | 745 | 987 | 1,216 | 1,738 | 1,955 | 1,905 | 1,967 |
| Depreciation | 2 | 3 | 4 | 5 | 8 | 20 | 23 | 47 | 50 | 51 | 62 | 63 | 64 |
| PBT | 75 | 130 | 124 | 328 | 498 | 451 | 194 | 481 | 1,105 | 1,939 | 709 | 1,033 | 1,612 |
| Tax % | 35% | 36% | 35% | 35% | 35% | 27% | 27% | 27% | 25% | 25% | 25% | 25% | — |
| Net Profit | 49 | 83 | 80 | 212 | 322 | 328 | 142 | 353 | 826 | 1,446 | 531 | 778 | 1,211 |
| EPS in Rs | 6.68 | 11.41 | 9.37 | 16.54 | 22.41 | 22.75 | 9.15 | 22.65 | 52.87 | 90.72 | 33.27 | 48.54 | 75.61 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 11% | 0% | 0% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 73 | 73 | 86 | 128 | 144 | 144 | 156 | 156 | 159 | 159 | 160 | 160 |
| Reserves | 303 | 387 | 605 | 1,309 | 2,222 | 2,525 | 3,479 | 4,011 | 4,948 | 6,411 | 6,796 | 7,682 |
| Borrowing | 1,291 | 2,233 | 2,668 | 3,623 | 4,867 | 7,823 | 8,781 | 12,921 | 16,312 | 21,841 | 20,446 | 23,641 |
| Other Liabilities | 60 | 115 | 205 | 53 | 126 | 170 | 281 | 394 | 439 | 460 | 401 | 446 |
| Total Liabilities | 1,727 | 2,808 | 3,564 | 5,114 | 7,357 | 10,662 | 12,697 | 17,482 | 21,858 | 28,871 | 27,802 | 31,930 |
| Fixed Assets | 4 | 11 | 12 | 16 | 25 | 87 | 101 | 629 | 599 | 609 | 604 | 588 |
| CWIP | 2 | 0 | 3 | 1 | 2 | 3 | 1 | 3 | 4 | 5 | 4 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 661 | 663 | 1 | 455 | 1,439 | 893 | 1,075 |
| Other Assets | 1,720 | 2,796 | 3,549 | 5,096 | 7,330 | 9,911 | 11,932 | 16,849 | 20,801 | 26,818 | 26,302 | 30,267 |
| Total Assets | 1,727 | 2,808 | 3,564 | 5,114 | 7,357 | 10,662 | 12,697 | 17,482 | 21,858 | 28,871 | 27,802 | 31,930 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | -931 | -425 | -1,726 | -1,378 | -2,302 | -364 | -1,969 | -3,290 | -4,734 | 1,125 | -2,770 |
| Investing | — | -4 | -5 | 54 | -7 | -636 | -32 | -189 | -314 | -994 | 708 | -101 |
| Financing | — | 934 | 579 | 1,470 | 1,829 | 2,929 | 1,706 | 1,684 | 3,365 | 5,494 | -1,669 | 2,751 |
| Net Cash Flow | — | -1 | 149 | -202 | 444 | -9 | 1,310 | -473 | -239 | -234 | 164 | -120 |
| Free Cash Flow | — | -939 | -433 | -1,731 | -1,396 | -2,323 | -376 | -1,992 | -3,307 | -4,754 | 1,092 | -2,788 |
| CFO/OP | — | -262 | -79 | -241 | -130 | -205 | -27 | -129 | -132 | -112 | 54 | -86 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 17% | 20% | 14% | 20% | 17% | 13% | 5% | 9% | 18% | 25% | 8% | 11% |
Documents
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Company Information
CreditAccess Grameen Limited is registered as a non-deposit accepting NBFC - Microfinance Institution with the RBI. It is engaged in providing microfinance services to women who are enrolled as members and organized as Joint Liability Groups. It also uses its distribution channel to provide certain other financial products and services to the members. [1]