Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Oct - Allotment of Equity Shares under Employee Stock Option Plan of the Company
Source: Bse
CREDITACCESS GRAMEEN LIMITED (CREDITACC)
Small CapFinancial Services stocks · Small cap · NSE
CreditAccess Grameen is a rural-focused inclusive financing platform, evolving from microfinance to lifecycle finance. It targets low-to-middle-income households in rural/semi-urban areas, aiming to partner for growth through a diverse product suite and extensive distribution network across 16 states and 1 UT.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result24 Jul, 11:46 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -9.7% / mo · MACD +
Stock trend: 35
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CREDITACCD candles · FIT view-0.8%Latest close ₹1226.50 on 2026-10-19
Bar
-0.5%
RSI
35
MACD hist
2.76
52W pos
22%
2026-10-19O ₹1233.20H ₹1247.70L ₹1219.40C ₹1226.50Vol 76,818 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CREDITACCNifty Financial ServicesNifty 500
- CREDITACC
- -18.1%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -12.5 pp
Chart stats
19 Oct 2026- From 52W high
- -24.9%
- 52W range position
- 22%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.42x
- Avg traded value
- ₹22.8 Cr
- 20D price channel
- ₹1,209.1 - ₹1,409.8
₹1,634
₹1,113 - ₹1,634
₹40.8
Latest completed session
20-session average
33.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +21.9% · PAT +721.7% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model+36.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence45
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +22% YoY · PAT +722% YoY · +12% QoQ · operating leverage
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,783 Cr | +21.9% | +11.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹493 Cr | +721.7% | +45.0% |
| PAT margin | 27.6% | +2355 bps | +636 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.30
- P/B
- 2.52
- EV/EBITDA
- 678.52
- Market Cap
- 19784.00Cr
Profitability
- ROE
- 10.50%
- ROCE
- 9.98%
- ROA
- 3.79%
- 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
- 0.92
- Book Value
- 490.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -2770.00 Cr
- EPS TTM
- 75.61
Shareholding
- Promoter Hold
- 63.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,783+11.6% vs prev
Net Profit
₹ CrLatest: 493+45.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.8% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 25% off 52W high · 10% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 1 Base / Transition
1M return
-11.6%
3M return
-18.1%
6M return
-2.7%
1Y return
-17.0%
RS 1D
0
RS 20D
-22
Sector rank
#9
Industry rank
#20
Stage evidence
- Price is 10.5% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 91.75+0.48%
RS vs Nifty 50092
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation10/30
Growth21/25
Quality1/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 36.4%.
- Growth contributes 21/25 to the score.
- Valuation contributes 10/30 to the score.
Main drags
- Altman Z is 0.9, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
16.3
PB
2.5
EV/EBITDA
678.5
ROE
10.5%
ROCE
10.0%
FCF Yield
—
Debt/Equity
3.0
MoS
+36.4%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+36.4%
Previous: +36.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
33
33
33
33
33
33
33
33
33
33
33
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹913.02
-34.3% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,928.06
+36.4% MoS
PEG
0.39
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AYE
Small
Aye Finance Limited
NBFC
match 164
39
16.9
9.2%
+47%
WATCHLIST
ARMANFIN
Small
Arman Financial Services Limited
NBFC
match 162
39
15.9
6.3%
+46%
WATCHLIST
FUSION
Small
Fusion Finance Limited
NBFC
match 162
21
16.1
0.7%
-530%
OVERVALUED
CAPTRUST
Small
Capital Trust Limited
NBFC
match 161
15
10.3
-8.2%
-510%
OVERVALUED
CGCL
Small
Capri Global Capital Limited
NBFC
match 142
35
21.1
16.5%
+18%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T22:39:11.105Z
Management commentary snapshot
CREDITACC reports strong Q4 FY26 with PAT up 619.4% YoY and AUM growing 14.0% YoY, reaching INR 29,590 Cr. FY26 PAT rose 46.3% YoY, despite 7.6% write-offs. Asset quality shows normalization with GNPA at 3.17% and NNPA at 1.12%.
The company's Q4 FY26 results indicate a strong rebound, with financial performance returning to pre-crisis levels. Management's 'Project Shakti' outlines ambitious growth and return targets, underpinned by improving asset quality and operating profitability. The focus on micro-retail credit and digital adoption could drive future growth, but execution on these fronts and sustained asset quality improvement are key.
Current business mix
AUM Mix by Product (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Group Loan (GL)81.9%
Retail Finance (RF)18.1%
Growth engines
Retail Finance (RF) Expansion
RF share increased QoQ to 18.1% from 14.1%, indicating a shift towards higher-value individual loans.
New Borrower Acquisition
Added 3.3 Lakh new borrowers in Q4 FY26 and 9.8 Lakh in FY26, with 38% being New to Credit (NTC) in FY26.
Digital Customer Engagement
Grameen Mahi customer app onboarded 8.4 Lakh customers in FY26, reaching 11.2 Lakh total (25.4% of borrower base).
Micro-Retail Credit Market
Aiming for a larger addressable market by broadening focus from individual customers to entire households through micro-retail credit.
Capacity and execution
Branch Network Expansion
Opened 183 new branches in FY26, bringing the total to 2,236 branches (+8.4% YoY).
Tailwinds
Asset Quality Normalization
Lower PAR accretion driving asset quality normalization, with PAR 1-90 at 70 Bps, back to pre-crisis levels.
Improving Operating Profitability
Higher yields (lower interest reversals) and lower cost of borrowings led to higher NIM and sequential improvement in PPOP.
Adherence to MFIN Guardrails
Significant deleveraging and alignment with MFIN guardrails, with AUM % of GL borrowers (>3 lenders) at 3.3% (Mar-26) vs 25.3% (Aug-24).
Growing Rural Micro-Retail Credit
Rural/semi-urban micro-retail credit segments are experiencing rapid growth, offering a large addressable market.
Headwinds
Significant Write-offs
FY26 growth guidance was achieved despite 7.6% write-offs in FY26 (INR 1,968 Cr AUM and 4.9 Lakh borrowers).
Borrower Base Contraction
Active borrowers decreased by 5.9% YoY to 44.18 Lakh, primarily due to write-offs.
Geopolitical Impact on Provisioning
New ECL model incorporates higher weightage for major external events due to the West-Asia crisis, resulting in INR 39 Cr additional provisioning.
Shifting Customer Behavior
Customer behavior is undergoing structural shifts, including reducing centre meeting attendance, which may impact traditional collection methods.
Risk radar
Asset Quality Volatility
Despite improvements, the company's asset quality remains susceptible to external events, as evidenced by the additional provisioning for the West-Asia crisis.
Regulatory Changes
Changes in government regulations, tax regimes, and other statutes could materially impact the company's operations.
Operational Efficiency in Collections
Reduced centre meeting attendance could challenge collection efficiency, requiring effective adaptation of multi-channel engagement and digital collection strategies.
Management accountability
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.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are crucial. YoY provides a long-term view of growth and profitability, while QoQ highlights sequential momentum in AUM, disbursements, and asset quality normalization, which are key for NBFCs.
Sector KPIs management disclosed
AUM
Q4 FY26: INR 29,590 Cr (+14.0% YoY, +11.4% QoQ). FY26: +14.0% YoY.
Disbursements
Q4 FY26: INR 8,313 Cr (+28.4% YoY, +44.1% QoQ). FY26: INR 24,859 Cr (+24.1% YoY).
Interest Spread
Q4 FY26: 12.0% (vs 10.6% YoY, 11.6% QoQ). FY26: 11.1% (vs 10.8% FY25).
NIM
Q4 FY26: 14.2% (vs 12.7% YoY, 13.9% QoQ). FY26: 13.4% (vs 12.9% FY25).
Management forward view
FY27 AUM Growth Guidance
Management guides for AUM growth of 20.0% – 25.0% for FY27.
FY27 Profitability Guidance
Management guides for ROA of 4.0% – 4.8% and ROE of 16.0% – 20.0% for FY27.
Project 'Shakti' Objectives
Aims to build leadership in inclusive finance with a customer-first approach, becoming the most trusted digital-enabled financial services provider for women.
Technology and AI as Growth Enablers
Plans to leverage technology and AI capabilities to streamline operations, enhance underwriting, and improve customer engagement.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | 14.0% YoY (FY26) | Achievement of FY27 guidance of 20.0% – 25.0%. |
| GNPA (GL: 60+ dpd, RF: 90+ dpd) | 3.17% | Continued normalization and stability, especially with the evolved ECL model and external factors. |
| ROE | 10.7% (FY26) | Progress towards FY27 guidance of 16.0% – 20.0%. |
| Retail Finance (RF) Share of AUM | 18.1% | Continued increase as a key growth engine and diversification strategy. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
45Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 2nd percentile of the scored universe and 3rd percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
146 docs text-extracted · 42 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
2nd percentile
overall median 67 · Financial Services: 3rd pctile, median 62 · Small: 3rd pctile, median 66
Evidence depth
Financial-only
146 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
48
watch · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 63.8%.
- ▸Promoter pledge is zero.
- ▸4/4 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 0.92.
- ▸2 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.
Continue researching CREDITACCESS GRAMEEN LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment 1 Oct - CreditAccess Grameen allotted 21,500 secured NCDs worth ₹215 crore at 9.15% for 24 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Sep - Allotment of equity shares under Employee Stock Option plan of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep - Intimation of Investor Meet to be held on 22-09-2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Intimation of the Investor Meet to be held on 23-09-2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 4 Sep - Allotment of Equity Shares under Employee Stock option Plan of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 20 Aug - Allotment of Equity Shares under Employee Stock Option Plan of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Aug - Intimation for allotment of Equity Shares under Employee Stock Option Plan of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 20 Jul - Intimation for allotment of Equity Shares under Employee Stock Option Plan of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Jul - Intimation for allotment of Equity Shares under Employee Stock Option Plan of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 23 Jun - Intimation for allotment of equity shares under Employee Stock Option Plan of the Company
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.