CreditAccess Grameen Ltd logo

CreditAccess Grameen Ltd

CREDITACC NSE

Key Fundamentals

SmallcapMicrofinanceFinancial Services
Market Cap
₹24,903 Cr
Volatility
Moderate
P/E Ratio
20.49
EBITDA
₹2,995 Cr
Return on Equity
9.92%
Debt to Equity
2.98
Book Value
₹488.9
EPS
₹93.77
52W High
₹1,634
52W Low
₹1,113

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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52 extracted metrics + investor summaries across FY05–FY26.

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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

Revenue Growth
5.32% ↘
Net Income Growth
46.33% ↗
Cash Flow Change
-346.19% ↘
ROE
29.84% ↘
ROCE
-3.51% ↘
EBITDA Margin (Avg.)
4.62% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

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%.

Bull Case 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
Bear Case 8
  • 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

Anthropic anthropic claude-opus-4.6 1h ago
Headwinds 1
  • 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.

Positives 2
  • 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.

Neutral 3
  • 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 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
17%
20%
14%
20%
17%
13%
5%
9%
18%
25%
8%
11%

Shareholding Pattern

As of Jun 2026
Promoters 66.21%
FIIs 13.48%
DIIs 12.67%
Public 6.18%
Others 1.46%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
73.99%
73.97%
73.91%
73.89%
73.85%
73.82%
73.74%
73.71%
73.68%
66.77%
66.69%
66.66%
66.58%
66.56%
66.54%
66.50%
66.43%
66.43%
66.37%
66.29%
66.24%
66.21%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.65%
10.88%
10.76%
9.76%
11.38%
12.13%
12.29%
11.68%
12.94%
13.48%
DIIs
6.53%
7.11%
8.62%
10.01%
10.88%
10.67%
12.54%
12.55%
12.28%
11.78%
15.77%
15.58%
15.76%
16.25%
14.86%
14.18%
12.68%
12.76%
13.33%
13.23%
12.59%
12.67%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
3.09%
2.97%
3.36%
3.59%
3.37%
3.57%
3.58%
3.51%
3.72%
4.56%
5.06%
4.78%
5.20%
5.41%
6.71%
8.28%
8.12%
7.14%
6.57%
7.11%
6.72%
6.18%
Others
16.40%
15.95%
14.11%
12.51%
11.90%
11.94%
10.14%
10.24%
10.33%
16.89%
12.48%
12.97%
0.81%
0.90%
1.12%
1.29%
1.39%
1.54%
1.45%
1.69%
1.52%
1.46%
No. of Shareholders
0
38,456
38,300
40,033
39,559
34,568
34,142
39,645
41,979
40,622
51,172
57,989
69,824
83,603
1,03,928
1,25,004
1,19,819
1,01,902
83,943
85,666
83,884
79,071

Documents

Frequently Asked Questions about CreditAccess Grameen Ltd

What does CreditAccess Grameen Ltd do?
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 certa...
Where is CreditAccess Grameen Ltd (CREDITACC) listed?
CreditAccess Grameen Ltd is listed on the Indian stock exchanges. It is listed on NSE: CREDITACC and BSE: 541770. You can view its live share price, financials, and ratios on Tapetide.
Which sector does CreditAccess Grameen Ltd belong to?
CreditAccess Grameen Ltd operates in the Financial Services sector within the Microfinance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of CreditAccess Grameen Ltd?
CreditAccess Grameen Ltd has a market capitalisation of approximately ₹24902.52 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of CreditAccess Grameen Ltd?
The Price-to-Earnings (PE) ratio of CreditAccess Grameen Ltd is 20.49. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of CreditAccess Grameen Ltd?
Over the past 52 weeks, CreditAccess Grameen Ltd has traded between a low of ₹1,113 and a high of ₹1,634. This range helps investors understand the stock's price volatility and recent trading levels.
Does CreditAccess Grameen Ltd pay dividends?
Yes, CreditAccess Grameen Ltd has a dividend yield of 0.65%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of CreditAccess Grameen Ltd?
CreditAccess Grameen Ltd has a Return on Equity (ROE) of 9.92%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research CreditAccess Grameen Ltd on Tapetide?
On Tapetide, you can view CreditAccess Grameen Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website creditaccessgrameen.in
CEO Mr. Ganesh Narayanan
Employees 20,970
Listed 2018-08-23
Face Value ₹ 10
Issued Size 16,00,80,005

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