CREDITACC
Small CapCREDITACCESS GRAMEEN LIMITED
Financial Services
CreditAccess Grameen Limited is a leading rural-focused inclusive financing platform in India. It provides microfinance and other financial services, operating across 16 states and 1 UT with 2,236 branches. The company aims to serve rural communities with a diverse product suite.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is a red flag, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 75/100Rev +14% YoY · PAT +623% YoY · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,597 Cr | +13.5% | +7.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹340 Cr | +623.4% | +34.9% |
| PAT margin | 21.3% | +1795 bps | +438 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CREDITACC reports strong Q4 FY26 with PAT up 619% YoY, AUM growth of 14% YoY, and disbursements up 28% YoY, driven by normalized asset quality and improved operating profits.
The company demonstrated resilience, achieving FY26 growth guidance despite significant write-offs. Asset quality normalized, and operating profitability strengthened. The evolved ECL model and MFIN guardrail alignment suggest a more robust risk framework. FY27 guidance indicates continued strong growth and improved return ratios.
AUM Mix by Product (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Rural Focus
Positioned as a leading rural-focused inclusive financing platform.
Product Diversification
Retail Finance (RF) share in AUM increased QoQ to 18.1%, indicating successful diversification.
Borrower Acquisition
Added 9.8 Lakh new borrowers in FY26, with 38% being New-to-Credit.
Digital Adoption
Grameen Mahi app onboarded 8.4 Lakh customers in FY26, reaching 25.4% of the borrower base.
Branch Expansion
Opened 183 new branches in FY26, increasing total branches to 2,236 (+8.4% YoY).
Q4 Branch Additions
18 new branches were opened in Q4 FY26.
Asset Quality Normalization
PAR 1-90 is back to pre-crisis levels, with continuous reduction in monthly PAR 15+ accretion.
Improved Operating Profitability
Higher yields and lower cost of borrowing led to higher NIM; AUM growth and cost control improved PPOP.
Strong Balance Sheet
Robust CRAR of 24.4% and D/E ratio of 3.0 provide financial stability.
Borrower Write-offs
FY26 saw write-offs of INR 1,968 Cr AUM and 4.9 Lakh borrowers, impacting reported borrower base.
Geopolitical Impact
New ECL model incorporates higher weightage for major external events due to the ongoing West-Asia crisis, leading to additional provisioning.
Asset Quality in RF Mortgage Loans
PAR 90+ for RF Mortgage Loans increased from 0.5% in Q4 FY25 to 1.5% in Q4 FY26.
Borrower Attrition
Active borrowers decreased by 5.9% YoY, partly due to write-offs and attrition.
Evolving Risk Parameters
The company's ECL model is evolving to align with changing risk parameters and macroeconomic factors.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth trends in AUM, disbursements, and overall financial performance. QoQ comparison is vital for tracking sequential momentum in asset quality normalization, operating efficiency, and the impact of strategic initiatives like RF portfolio growth.
AUM Growth
AUM grew 14.0% YoY to INR 29,590 Cr in Q4 FY26, and 11.4% QoQ.
Disbursements
Disbursements increased 28.4% YoY to INR 8,313 Cr in Q4 FY26, and 44.1% QoQ.
NIM
NIM was 14.2% in Q4 FY26, up from 13.4% in FY26.
Weighted Average Cost of Borrowing (COB)
Weighted average COB was 9.2% in Q4 FY26, down from 9.5% in FY26.
FY27 AUM Growth Guidance
Management guides for AUM growth of 20.0% – 25.0% for FY27.
FY27 NIM Guidance
Management expects NIM to be between 12.8% – 13.2% for FY27.
FY27 Return Ratios Guidance
Management targets ROA of 4.0% – 4.8% and ROE of 16.0% – 20.0% for FY27.
Focus on Quality Growth
Continued focus on quality growth in adherence with MFIN guardrails.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | 14.0% YoY (Q4 FY26) | Monitor actual AUM growth against the guided range of 20.0% – 25.0% for FY27, especially the contribution from RF. |
| NIM | 14.2% (Q4 FY26) | Track NIM for stability and impact of yields and cost of borrowing, against the FY27 guidance of 12.8% – 13.2%. |
| Credit Cost | INR 335.3 Cr (Q4 FY26) | Observe credit cost trends, particularly new PAR accretion and impact of the evolved ECL model, against FY27 guidance of 3.0% – 4.0%. |
| PAR 90+ (Overall) | 2.28% (Q4 FY26) | Monitor PAR 90+ trends across all product segments and geographies for sustained improvement. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +3.2% / mo
Technical chart
CREDITACCweekly · 6M+2.4%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 54.
- RSI(14) at 54 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 18.3%.
- Growth contributes 20/25 to the score.
- Valuation contributes 6/30 to the score.
Main drags
- Altman Z is 0.9, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 2nd percentile of the scored universe and 2nd percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Low Trust Lite: Promoter holding is 66.2%. Key concern: Operating cash flow is negative at ₹-2770 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 2nd pctile, median 62 · Small: 2nd pctile, median 65
145 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.2%.
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-2770 Cr.
- ▸Debt/equity is 3.01.
- ▸Altman Z is 0.95.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.00
- P/B
- 2.67
- EV/EBITDA
- 708.89
- Market Cap
- 21019.00Cr
Profitability
- ROE
- 10.50%
- ROCE
- 9.98%
- ROA
- 2.44%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 42.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 3.01
- Interest Coverage
- —
- Altman Z
- 0.95
- Book Value
- 490.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -2770.00 Cr
- EPS TTM
- 48.54
Shareholding
- Promoter Hold
- 66.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 45%
Financial History
Updated 13/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.