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.
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 needs verification, 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 30 Jun 2026
Excellent · 85/100Rev +22% YoY · PAT +722% YoY · +12% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
AUM Mix by Product (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
Branch Network Expansion
Opened 183 new branches in FY26, bringing the total to 2,236 branches (+8.4% YoY).
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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.
Trend score and candlestick chart
46NeutralSMA20 -3.9% / mo · MACD −
Technical chart
CREDITACCdaily · 1Y · AUTO+19.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 46. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.1% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 30% 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.
Relative Strength & Trend Stage
- Price is 6.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.6%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
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 31.2%.
- Growth contributes 21/25 to the score.
- Valuation contributes 7/30 to the score.
Main drags
- Altman Z is 1.0, 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.
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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 3rd percentile of the scored universe and 4th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed 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: 4th pctile, median 62 · Small: 4th pctile, median 66
138 documents have extracted text, 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.
- ▸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 1.00.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 19.10
- P/B
- 2.94
- EV/EBITDA
- 731.19
- Market Cap
- 23155.00Cr
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
- 1.00
- Book Value
- 490.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -2770.00 Cr
- EPS TTM
- 75.61
Shareholding
- Promoter Hold
- 66.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
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.