NSE: CREDITACC · BSE: 541770
CREDITACCESS GRAMEEN LTD
Lends small-ticket credit to rural and semi-urban women borrowers through group loans under its microfinance business, and is also building retail finance products (such as two-wheeler loans) for graduated customers. Operates 2,276 branches and runs an AUM of INR 30,319 Cr as of Q1 FY27, with disbursements of INR 6,107 Cr in Q1 FY27 and ₹24,859 Cr across FY26. Earnings come mainly from interest on its loan book: net interest margin was 14.4% in Q1 FY27 against a cost of borrowings of 9.2%, and the loan book is funded largely through secured NCDs and bank lines. Employee expense is the largest operating cost at 14.5% of revenue, with other opex at 6.8%. Asset quality has normalised after the recent MFI credit cycle, with GNPA at 2.18% and PAR 90 at 1.46%. Under Project Shakti, the company targets INR 50,000 Cr AUM by CY2028, with retail finance rising to ~24-25% of AUM by FY27 end (from 20.6% in Q1 FY27). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Microfinance (group loans), Retail finance (21%). Asset-light microfinance lender; leveraged (credit-to-equity ~3x); cyclical with MFI credit cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,743 | 3,545 | 5,167 | 5,752 | 6,059 |
| EBITDA (ex other income) | 1,505 | 2,362 | 3,717 | 2,715 | 2,992 |
| margin % | 54.9 | 66.6 | 71.9 | 47.2 | 49.4 |
| Owners' profit | 363 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 23.31 | 52.04 | 90.88 | 33.32 | 48.63 |
| ROE % · ROCE % | 8.8 · — | 16.2 · — | 22.0 · — | 7.6 · — | 9.9 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (2,714) | (3,290) | (4,734) | 1,125 | (2,770) |
| Capex | (20) | (14) | (12) | (27) | (15) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,453 | 1,380 | 1,407 | 1,463 | 1,508 | 1,490 | 1,597 | 1,783 |
| Profit before tax | 252 | (129) | 51 | 81 | 169 | 338 | 445 | 660 |
| Net profit | 186 | (100) | 47 | 60 | 126 | 252 | 340 | 493 |
| EPS (₹) | 11.67 | (6.24) | 2.96 | 3.77 | 7.87 | 15.76 | 21.20 | 30.79 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CREDITACCESS GRAMEEN LTD ◆ | 16,488 | 13.6 | 2.10 | — | 9.9 | — | 19.7 | 68.8 |
| SATIN CREDIT NET LTD | 2,530 | 6.2 | 0.88 | — | 11.6 | — | 18.0 | 55.1 |
| MUTHOOT MICROFIN LIMITED | 2,349 | 9.6 | 0.82 | — | 6.0 | — | — | 54.5 |
| FUSION FINANCE LIMITED | 2,175 | 13.1 | 0.89 | — | 0.6 | — | — | 46.7 |
| SPANDANA SPHOORTY FIN LTD | 1,563 | — | 0.73 | — | (32.8) | — | (7.1) | 53.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.6 | 16.7 | 158 of 369 | 57% |
| P/B | 2.1 | 1.0 | 344 of 464 | 26% |
| ROE | 9.9 | 2.8 | 107 of 476 | 78% |
| EBITDA margin | 68.8 | 46.7 | 162 of 447 | 64% |
| Revenue growth | 21.9 | 10.5 | 160 of 418 | 62% |
| Profit growth | 719.7 | 10.2 | 25 of 474 | 95% |
| Market cap | 16488 | 49 | 34 of 499 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 FY27 profit hits INR 502 crore; interest margin guidance raised | investor communications | medium | — | — |
| 23 Oct 2026 · CreditAccess Grameen publishes September 2026 financial results in newspapers | compliance | minimal | — | — |
| 22 Oct 2026 · Q2 FY27 earnings call audio recording now available | investor communications | low | — | — |
| 22 Oct 2026 · Board approves new joint auditor and Rs 501.57 crore quarterly profit | management changes | medium | — | — |
| 22 Oct 2026 · CA Grameen Q2 FY27 PAT jumps 299% YoY to Rs 502 cr, raises guidance | results | high | — | — |
| 22 Oct 2026 · Q2 profit crosses INR 500 crore as FY27 guidance improves | investor communications | medium | — | — |
| 22 Oct 2026 · Q2 profit jumps 299% as revenue grows 26% | results | high | — | — |
| 22 Oct 2026 · Q2 FY27 results: PAT jumps about 4x to Rs 502 cr; new joint statutory auditor appointed | management changes | medium | — | — |
| 21 Oct 2026 · Allotment of 14,575 Equity Shares under ESOP Plan 2011 | capital market events | low | — | — |
| 14 Oct 2026 · Q2 FY27 earnings conference call on October 22, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.