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 2.95 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 a market cap of ~₹24,614 crore, trading at a PE of 20.1x and 3.1x book value. FY25 was severely impacted by an industry-wide asset quality cycle, with net profit declining to ₹531 crore from ₹1,446 crore in FY24 and ROE compressing to 7.7%, though the company's 5-year sales CAGR of 24% and branch network expansion to 2,222 branches signal structural growth capacity.
- Median sales growth of 31% over the last 10 years and compounded revenue CAGR of 24% over 5 years demonstrate sustained top-line momentum in a large addressable microfinance market
- Compounded profit CAGR of 40% over 5 years reflects strong earnings power in normalised credit cycles, with TTM profit growth of 524% indicating a sharp recovery from the FY25 trough
- Branch network expanded 7.9% YoY to 2,222 branches with 165 new branches opened in 9M FY26, supporting distribution-led growth in underpenetrated geographies
- Credit costs guided to normalise from 7.8% in FY25 to ~3.5% in H2 FY26, with Q4 FY26 already delivering ROA of 4.4% and ROE of 17.8%, signalling cyclical recovery
- Diversification into retail finance (home loans, secured lending) now at 6.8% of AUM vs 2.9% a year ago, with a target of 24-25% of AUM — reducing concentration risk in unsecured microfinance
- Disbursements recovering strongly with Q3 FY26 up 13.4% YoY to ₹5,767 crore and Q1 FY26 up 21.9% YoY to ₹5,458 crore after deliberate slowdown in FY25
- Management targets becoming a ₹50,000 crore AUM entity by 2028 with an estimated 21% AUM CAGR over FY26-28, backed by AA- credit rating enabling competitive borrowing costs
- FY25 net profit collapsed 63% YoY to ₹531 crore from ₹1,446 crore in FY24, driven by credit costs of 7.8% that sharply exceeded the 5.5-6% guidance band
- GNPA increased 97.6% between Q4 FY24 and Q2 FY25, while NNPA more than doubled (up 107.5%), exposing vulnerability to microfinance sector stress
- ROE declined sharply to 7.7% in FY25 from ~17% in H1 FY25, with 3-year average ROE at a low 13.8% — below the cost of equity for a high-risk lending business
- Stock trades at 3.1x book value despite the compressed ROE of 7.7%, implying the market is pricing in a recovery that may take longer than expected
- Dividend payout is minimal at 3.67% of profits over the last 3 years with a current yield of just 0.66%, offering negligible income return to shareholders
- Low interest coverage ratio indicates limited buffer if asset quality deteriorates further or funding costs rise in a tight liquidity environment
- Gross loan portfolio declined 2.9% YoY in FY25 and active borrowers fell from 4.7 million to 4.4 million in FY26 as the company prioritised credit quality over growth
- Microfinance sector faces regulatory and political risks including state-level interference, over-leveraging of borrowers, and RBI tightening on unsecured lending norms
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 lakh shares at ₹1,482/share in a block deal on Aug 6, reducing promoter holding from 66.21% to 63.93%. Total transaction value was ₹542.04 crore.
- 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. GNPA improved sharply from 4.70% to 2.18%, NIM expanded to 14.4%, and AUM grew 16.4% to ₹30,319 crore.
- Strong FY27 growth guidance Jul 27
Management guided for 20-25% AUM growth and 3-4% credit cost for FY27, with CRAR at a comfortable 24.9%.
- Active investor engagement schedule Aug 19
Multiple one-on-one investor meetings scheduled across Aug 11-21 in Chennai, Mumbai, and Bengaluru with funds including Franklin Templeton, Sundaram MF, UTI MF, and India First Life Insurance.
- Conference participation Aug 13-14 Aug 3
CreditAccess Grameen to participate in Equirus and Emkay investor conferences in Mumbai on Aug 13-14, 2026.
TL;DR: CreditAccess Grameen delivered a strong Q1FY27 with profit up 720% YoY and sharp improvement in asset quality (GNPA down to 2.18%). The promoter stake sale of 2.28% is a minor overhang but was positioned to boost free float. Active institutional engagement and robust guidance (20-25% AUM growth) suggest confidence in the microfinance cycle recovery continuing through FY27.
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]