CreditAccess Grameen logo

CreditAccess Grameen

CREDITACC NSE

Key Fundamentals

SmallcapMicrofinanceFinancial Services
Market Cap
₹20,341 Cr
P/E (TTM)
16.76
EBITDA
₹2,995 Cr
Return on Equity
9.92%
Debt to Equity
2.98
Book Value
₹488.52
EPS (TTM)
₹75.61
52W High
₹1,634.00
52W Low
₹1,113.00

Price-based figures as of 9 Oct 2026, 3:51 pm IST · EPS basis: Standalone · TTM

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company's median sales growth is 31.0% of last 10 years

Weaknesses

5
  • Stock is trading at 2.56 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% lower than 3Y
Net Income Growth
46.33% higher than 3Y
Cash Flow Change
-346% lower than 3Y
EBITDA Margin (Avg.)
4.62% higher than 3Y

AI Analysis — Bull vs Bear

Figures as of 1 Oct 2026
AI opinion · based on fundamentals
Risk high

As of the 2026-10-01 close, CreditAccess Grameen trades at Rs 1,239, a market cap of Rs 19,884.03 crore, a TTM P/E of 16.39 on EPS of Rs 75.61, and 2.54 times book value. That price is about 24% below its 52-week high of Rs 1,634 and about 11% above its 52-week low of Rs 1,113. TTM profit is up 524%, mostly because it is measured against a weak prior-year base. Return on equity has fallen to 9.92%, against a 3-year average of 14%, and TTM sales growth has slowed to 12% from a 10-year compounded rate of 29%.

Bull Case 7
  • TTM compounded profit growth is 524%. This suggests earnings are recovering sharply from a depressed prior-year base.
  • The company has a long growth record. Sales compounded at 29% over 10 years and 24% over 5 years, and median sales growth over the last decade was 31.0%.
  • Over 5 years, profit compounded at 40% and the stock compounded at 13%. The business has created value over a full cycle despite recent volatility.
  • The TTM P/E of 16.39 on EPS of Rs 75.61 is moderate. If earnings keep normalising, the multiple could fall further.
  • The stock is about 24% below its 52-week high of Rs 1,634 and about 11% above its 52-week low of Rs 1,113. Some of the recent stress may already be reflected in the price.
  • ROE averaged 14% over 3 years, 14% over 5 years and 13% over 10 years. The current 9.92% is well below that range, so higher returns are possible if credit costs normalise.
  • Sales are still growing at 12% TTM even after the slowdown. The loan book has kept expanding through a difficult period.
Bear Case 8
  • ROE is 9.92% and ROCE is 9.35%, down from a 3-year average of 14% and 11% last year. Earnings power has weakened.
  • Profit compounded at -2% over 3 years. The 524% TTM jump comes mainly from a low base, not from earnings growing past their earlier levels.
  • Sales growth has slowed steadily: 29% over 10 years, 24% over 5 years, 20% over 3 years and 12% TTM.
  • At 2.54 times book value, investors are paying a premium to book while ROE is below 10%. That is a demanding combination for a lender.
  • The stock returned -12% over 1 year and -2% compounded over 3 years. Shareholders have seen little or no gain over the medium term.
  • The company has a low interest coverage ratio. As a lender it depends on borrowed funds, and the debt-to-equity figure is not available here to judge how much leverage it carries.
  • Shareholders get little cash back. The dividend yield is 0.79% and payout has averaged only 3.67% of profits over 3 years.
  • Its main business, unsecured microfinance lending, has volatile credit costs. Profit swinging from -2% over 3 years to 524% TTM shows how much earnings can move.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 2
  • PAR accretion ticks up Oct 5

    Monthly portfolio-at-risk (PAR) accretion rose slightly in Q2FY27. The company attributed this to excess rainfall and heavy flooding in August and September across parts of Bihar, Uttar Pradesh, Chhattisgarh and Madhya Pradesh, along with seasonal festivities.

  • Stock flat year-to-date Oct 5

    Despite a 1.42% gain to ₹1,256.60 after the Q2 update, the stock has stayed broadly flat so far this year. This points to a cautious investor response to mixed growth and asset-quality signals.

Positives 6
  • AUM grows 19.5% YoY Oct 5

    Assets under management (AUM) rose 19.5% YoY to ₹30,946 crore in Q2FY27. Growth held up despite a seasonally weaker quarter.

  • Disbursements up 19.4% YoY Oct 5

    Q2FY27 disbursements rose 19.4% YoY to ₹6,355 crore. The lender added 2.3 lakh new borrowers, up 6.6% YoY.

  • PAR 90+ at 10-quarter low Oct 5

    PAR 90+ improved to 1.1%, the lowest level in 10 quarters. This suggests stock asset quality is stabilising even as fresh accretion ticked up.

  • Retail finance AUM scales up Oct 5

    Retail finance AUM reached ₹7,200 crore in Q2FY27, up from ₹6,258 crore in Q1, a sequential rise of about 15%. The book is diversifying beyond core microfinance.

  • Secured and two-wheeler books expand Oct 5

    The secured loan book grew 18% QoQ to ₹695 crore. Two-wheeler finance AUM crossed ₹60 crore, up from ₹20 crore in the prior quarter.

  • Shares rise on Q2 update Oct 5

    Shares traded 1.42% higher at ₹1,256.60 after the quarterly business update.

Neutral 3
  • ₹215 cr NCDs at 9.15% Oct 1

    The company allotted ₹215 crore of 24-month senior secured non-convertible debentures (NCDs) via private placement. The coupon is 9.15% p.a., payable quarterly, which supports funding access at a moderate cost.

  • Citi Financials Forum participation Sep 17

    The company held a virtual group investor meeting at the Citi India Financials Investor Forum on September 23, 2026, from 9:00 am to 10:00 am IST.

  • One-on-one institutional investor meetings Sep 18

    The company held one-on-one meetings with Prudent Investment Managers (Sep 18, Bengaluru), Axis Capital (Sep 22, virtual) and Bowhead India (Sep 28, virtual). This reflects active institutional outreach.

TL;DR: CreditAccess Grameen posted solid Q2FY27 operating momentum, with AUM up 19.5% YoY to ₹30,946 crore, disbursements up 19.4% and PAR 90+ at a 10-quarter low of 1.1%. Its secured, retail and two-wheeler books are also scaling quickly. The main risk is the uptick in monthly PAR accretion from floods in Bihar, UP, Chhattisgarh and MP, which shows how exposed microfinance collections are to weather and regional shocks. The overall trend looks to be improving, and the next test is whether flood-related slippages stay contained in Q3 while diversification continues.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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63 extracted metrics + investor summaries across FY05–FY27.

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Shareholding Pattern

Others1.46%Promot.66.21%Public6.18%DIIs12.67%FIIs13.48%As ofJun 2026

Documents

Frequently Asked Questions about CreditAccess Grameen

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 trades as CREDITACC on the NSE and under code 541770 on the BSE.
Which sector does CreditAccess Grameen Ltd belong to?
CreditAccess Grameen Ltd is classified under the Financial Services sector, in the Microfinance industry.
What is the market capitalisation of CreditAccess Grameen Ltd?
CreditAccess Grameen Ltd has a market capitalisation of ₹20,341 Cr as of 9 Oct 2026, which places it in the Large Cap band.
What is the PE ratio of CreditAccess Grameen Ltd?
CreditAccess Grameen Ltd trades at a PE ratio of 16.76 as of 9 Oct 2026, on earnings per share of ₹75.61, against a book value of ₹488.52 per share.
What is the 52-week high and low of CreditAccess Grameen Ltd?
Over the last 52 weeks CreditAccess Grameen Ltd has traded between ₹1,113 and ₹1,634 as of 9 Oct 2026.
Does CreditAccess Grameen Ltd pay dividends?
CreditAccess Grameen Ltd has a dividend yield of 0.79%.
What is the Return on Equity (ROE) of CreditAccess Grameen Ltd?
CreditAccess Grameen Ltd reported a return on equity of 9.92%. Its debt-to-equity ratio is 2.98.

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
Shares Outstanding 16,04,84,490

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