CreditAccess Grameen Ltd (CREDITACC)

Financial Services · Finance · NSE · Updated 16 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,408.25 ↑ 6.32% (1Y)

🎯 Key Takeaways

CreditAccess Grameen Ltd is in a strong growth phase, transitioning from a high-cost microfinance model to a more profitable retail finance business with improving asset quality and margins. Management is focused on scaling retail finance to drive ROE and profitability, supported by robust cash generation and no need for capital raises.
Revenue grew 11.7% QoQ to ₹1,783 in Q1FY27.
⚠️ Overreliance on retail finance growth: While retail AUM share has risen to 20.6%, the company’s historical DNA is in MFI lending, and the sustainabili

Market Cap

₹22,569

P/E Ratio

18.6

P/B Ratio

2.88

ROE

15.4%

ROCE

11.4%

Debt/Equity

3.01

Promoter

66.2%

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📖 The Story

CreditAccess Grameen Ltd is in a strong growth phase, transitioning from a high-cost microfinance model to a more profitable retail finance business with improving asset quality and margins. Management is focused on scaling retail finance to drive ROE and profitability, supported by robust cash generation and no need for capital raises. The company is not in distress but actively reshaping its portfolio toward higher-return, lower-risk segments.

📰 What's Happening

In Q1 FY27 (July 2026), CreditAccess Grameen reported a 16.4% YoY rise in AUM to INR 30,319 Crore and an 11.9% increase in disbursements, driven by 2.5 lakh new borrowers, 35% of whom were new-to-credit. Retail finance AUM share surged 250 bps sequentially to 20.6%, contributing to stable profitability despite a decline in MFI share. PAT surged 719.7% YoY to INR 493 Crore, with ROE at 24.4% and ROA at 5.9%. The company also allotted 43,025 ESOP shares in August 2026, including 11,050 to MD & CEO Ganesh Narayanan, aligning management incentives. Management confirmed unchanged FY27 guidance, citing no El Nino impact and strong liquidity (INR 3,536 Crore cash, 10.4% of assets).

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1,463	1,508	1,490	1,597	1,783
Operating Profit	80	168	337	444	659
OPM %	5.5%	11.2%	22.6%	27.8%	37.0%
Net Profit	60	126	252	340	493
EPS	₹3.77	₹7.87	₹15.76	₹21.20	₹30.79

The company’s financial trajectory shows a clear inflection point: revenue grew from INR 1,463 Cr in Jun 2025 to INR 1,783 Cr in Jun 2026, while net profit exploded from INR 60 Cr to INR 493 Cr over the same period, pushing EPS from ₹3.77 to ₹30.79. Operating margins improved from 5.5% to 37.0% in one year, reflecting operational efficiency and better asset quality (PAR 90 at 1.46%, net NPA at 0.76%). This margin expansion coincides with the strategic shift toward retail finance, which now contributes 20.6% of AUM and drives profitability. Seasonal headwinds were overcome, indicating structural improvement rather than cyclical gains.

🔮 Management Outlook & What's Next

Management expects the current growth trajectory to sustain through FY27, with retail finance continuing to support stable ROEs and profitability. They highlighted no El Nino impact, strong liquidity, and unchanged guidance, emphasizing that cash generation is sufficient to fund growth without capital raises. They also noted that ROA has no upper cap during up cycles, suggesting confidence in scalable profitability. The focus remains on deepening penetration in retail finance while maintaining discipline in underwriting, with no mention of new product lines or geographic expansion.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	159	160	160	160
Reserves	6,829	6,796	7,005	7,682
Borrowings	19,154	20,446	20,103	23,641
Total Liabilities	26,613	27,802	27,679	31,930
Fixed Assets	143	131	119	588
Investments	1,303	893	1,238	1,075
Total Assets	26,613	27,802	27,679	31,930

The balance sheet shows a deliberate shift in capital structure: equity remains flat at INR 160 Cr, while reserves grew from INR 6,796 Cr to INR 7,682 Cr between FY25 and FY26, indicating retained earnings are being reinvested. Borrowings rose to INR 23,641 Cr in Mar 2026 from INR 20,446 Cr in FY25, but total assets grew faster (to INR 31,930 Cr), implying leverage is being used to fund AUM growth rather than finance deficits. Crucially, cash and cash equivalents stood at INR 3,536 Cr (10.4% of assets), providing a strong liquidity cushion. This suggests management is prioritizing organic growth and financial resilience over aggressive debt-fueled expansion or shareholder returns.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-2,770
Investing	-101
Financing	+2,751
Net Cash Flow	-120

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	66.4%	66.3%	66.2%	66.2%
FII	12.3%	11.7%	12.9%	13.5%
DII	13.3%	13.2%	12.6%	12.7%
Public	6.6%	7.1%	6.7%	6.2%
# Shareholders	83,943	85,666	83,884	79,071

Institutional investor interest has declined slightly: FII holding dropped from 13.48% in Q1FY27 to 12.94% in Q4FY26, and DII from 12.67% to 12.59%. Promoter holding remains stable around 66.2%. The number of public shareholders increased to 6.18% from 6.57% in Q2FY26, but total shareholder count fell to 79,071 from 85,666 in Q3FY26, suggesting possible consolidation. No significant selling by promoters or institutions, but the modest decline in FII/DII participation may reflect profit booking or sector rotation. No pledging or regulatory alerts were disclosed.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
BAJFINANCE	6.29 L Cr	30.9	10.4%	18.1%	3.82
BAJAJFINSV	2.97 L Cr	29.2	11.4%	26.5%	5.50
SHRIRAMFIN	2.31 L Cr	17.3	11.5%	17.1%	3.80
CHOLAFIN	1.53 L Cr	26.5	9.3%	18.9%	6.93
ICICIAMC	1.51 L Cr	30.3	111.5%	83.6%	0.00
TATACAP	1.50 L Cr	27.4	8.4%	12.3%	5.28
JIOFIN	1.49 L Cr	70.2	2.3%	1.6%	0.17
BAJAJHLDNG	1.24 L Cr	13.9	12.4%	12.3%	0.00
PFC	1.14 L Cr	4.4	9.8%	25.3%	7.62
MUTHOOTFIN	1.10 L Cr	9.6	14.4%	29.3%	3.88

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN CHOLAFIN ICICIAMC

⚠️ Risk Factors

1. Overreliance on retail finance growth: While retail AUM share has risen to 20.6%, the company’s historical DNA is in MFI lending, and the sustainability of this shift depends on continued credit discipline and borrower repayment capacity. 2. Rising funding costs: As the sector faces tighter liquidity, the company’s ability to maintain low-cost funding — currently not disclosed — could pressure margins if disbursements slow. 3. Regulatory scrutiny: As a large NBFC in microfinance, any policy changes affecting interest rates or repayment terms could impact collections and profitability. 4. Asset quality pressure: Despite current PAR 90 at 1.46%, the company’s growth is concentrated in lower-ticket retail loans, which may have higher volatility in repayment behavior during economic stress.

📋 Recent Filings

🧠 Analyst's Read

CreditAccess Grameen is transitioning successfully from a high-volume MFI model to a more profitable retail finance business, with strong operational execution reflected in margin expansion and ROE growth. The key watchpoint is whether this momentum can sustain as funding costs rise and economic conditions evolve — investors should monitor quarterly disbursement trends, credit quality in retail portfolios, and the pace of MFI share decline.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-16.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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