HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
CreditAccess Grameen Ltd.
NSE: CREDITACCFinancial ServicesCredit Services
- Last close
- ₹1,027.40
- Day change
- −₹61.10 (−5.61%)vs
- Market cap
- ₹17,446 crIndian rupees
- Research updated
- 2 reports
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About CreditAccess Grameen
CreditAccess Grameen Ltd. is a prominent microfinance institution in India, primarily engaged in providing microcredit to the underserved rural population. Its core mission is to offer financial services and products to women from low-income households, empowering them through entrepreneurial opportunities and facilitating financial inclusion. The company operates extensively in rural areas across various Indian states, with a focus on lending for income-generating activities, household purposes, and emergency needs. CreditAccess Grameen Ltd. plays a critical role in the microfinance sector, contributing to grassroots economic development by supporting small-scale businesses and self-employment ventures. By targeting women, the institution also indirectly impacts the broader community, fostering socio-economic growth. Its business model emphasizes group-based lending without collateral, enhancing credit access for those traditionally excluded from formal banking systems. In the financial markets, CreditAccess Grameen Ltd. is significant due to its specialized approach and strong presence in the microfinance domain, attracting attention from investors interested in social impact and sustainable development. Its operations and growth strategies highlight the role of microfinance as a vital tool in reducing poverty and improving financial literacy in developing economies.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: CREDITACC
- Chief executive
- Mr. Ganesh Narayanan
- Employees
- 21,941
- Headquarters
- Bengaluru, India
- ISIN
- INE741K01010
- Website
- creditaccessgrameen.in
Public research · Report of
Business model & financial foundation
CreditAccess Grameen (NSE: CREDITACC), NBFC Microfinance: revenue of ₹6,059 crore in FY26 (+5.3% on FY25) and net profit of ₹0.00 crore.
- Revenue, FY26 (₹ crore)
- 6,059
- consolidated
- Revenue growth, FY26
- +5.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 0.00
- to owners
- Return on equity, FY26
- 0.0%
- on average equity
- Market capitalisation (₹ crore)
- 20,234
- at the close of 22 Oct 2026
Company profile
CreditAccess Grameen provides joint-liability group microfinance predominantly to rural women through weekly/biweekly Kendra collections, expanding individual retail finance along the customer lifecycle. It borrows wholesale from banks, markets and foreign lenders, earning a lending spread while bearing unsecured credit losses. Rural customers were 87% of FY26 borrowers and retail finance 18.1% of AUM.
| Item | Value |
|---|---|
| Legal name | CreditAccess Grameen Limited |
| Exchange and ticker | NSE: CREDITACC; BSE: 541770 |
| ISIN | INE741K01010 |
| CIN | L51216KA1991PLC053425 |
| Sector | Financial Services |
| Industry | NBFC Microfinance |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP and Varma & Varma |
| Market capitalisation | ₹20,234 crore (22 Oct 2026) |
| Shares outstanding | 16.02 crore shares (FY26) |
| Price | ₹1,142 (close, 22 Oct 2026) |
| 52-week range | ₹1,113 - ₹1,634 (to 22 Oct 2026) |
| Website | https://www.creditaccessgrameen.in |
Corporate structure and shareholding
Parent: CreditAccess India B.V..
| Entity | Holding | Business |
|---|---|---|
| CreditAccess India Foundation | 100% | Section 8 not-for-profit CSR activities |
No associates or joint ventures. Lending is one reportable domestic segment.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 66.28% | 66.24% | 66.21% | 63.83% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 11.68% | 12.94% | 13.48% | 14.73% |
| Domestic institutions | 13.23% | 12.59% | 12.67% | 13.77% |
| of which mutual funds | 10.65% | 9.95% | 10.20% | 11.31% |
| Retail | 7.11% | 6.72% | 6.18% | 6.09% |
| Other | 1.69% | 1.52% | 1.46% | 1.59% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CreditAccess Grameen is an Indian microfinance lender: group loans were 76.7% of Q2 FY27 managed AUM and retail finance 23.3%. It earns lending spread and fee/assignment income, with credit costs and collection efficiency the main earnings swing factors. The group reports one domestic lending segment.
| Peer | Why the dossier compares them |
|---|---|
| Spandana Sphoorty Financial (SPANDANA) | NBFC-MFI, comparable unsecured group loan and funding risks |
| Fusion Finance (FUSION) | NBFC-MFI exposed to deleveraging and credit-cost cycle |
| Satin Creditcare Network (SATIN) | NBFC-MFI with overlapping borrower and operating model |
| Bandhan Bank (BANDHANBNK) | Large microfinance exposure; bank funding model differs |
| Ujjivan Small Finance Bank (UJJIVANSFB) | Microfinance/retail diversification; deposit-funded comparator |
| Equitas Small Finance Bank (EQUITASBNK) | Retail diversification with deposit funding; less pure MFI exposure |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total revenue from operations | 5,167 | 5,752 | 6,059 | ||
| Cost of revenue (vendor classification) * | 1,189 | 1,510 | 2,102 | 2,389 | 2,484 |
| Other operating costs (vendor classification) * | 171.0 | 229.1 | 281.1 | 326.5 | 357.5 |
| EBITDA (vendor classification) * | 1,221 | 1,517 | 2,486 | 2,796 | 2,851 |
| EBIT * | 667.3 | 1,264 | 2,157 | 906.7 | 1,173 |
| Finance costs | 1,732 | 1,948 | 1,899 | ||
| Profit before tax | 480.8 | 1,105 | 1,939 | 708.9 | 1,033 |
| Total tax expense | 127.7 | 279.4 | 493.3 | 177.5 | 255.6 |
| Profit after tax | 353.1 | 826.1 | 1,446 | 531.4 | 777.6 |
| Diluted earnings per share (₹) | 22.20 | 51.82 | 90.41 | 33.24 | 48.44 |
| Interest income | 4,900 | 5,547 | 5,763 | ||
| Other income | 5.98 | 3.81 | 3.62 | ||
| Total income | 5,173 | 5,756 | 6,063 | ||
| Net interest income (management definition) | 3,260 | 3,623 | 3,938 | ||
| Employee benefit expenses | 669.4 | 730.4 | 879.1 | ||
| Depreciation and amortisation expenses | 51.2 | 62.2 | 63.1 | ||
| Other expenses (statutory, excluding fee/commission expense) | 324.8 | 376.5 | 409.5 | ||
| Employee + depreciation + other expenses (statutory) | 1,045 | 1,169 | 1,352 | ||
| Pre-provision operating profit (reported) | 2,391 | 2,638 | 2,809 | ||
| Impairment on financial instruments (including write-offs) | 451.8 | 1,930 | 1,775 | ||
| Interest income | 5,547 | 5,763 | |||
| Fees and commission income | 101.6 | 135.9 | |||
| Impairment on financial instruments | 1,930 | 1,775 | |||
| Profit attributable to owners | 0.00 | 0.00 | |||
| Basic EPS (₹) | 33.32 | 48.63 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 4,167 | 5,107 | 6,570 | 6,956 | 7,842 |
| Debt securities + other borrowings + subordinated liabilities | 13,006 | 16,312 | 21,841 | 20,446 | 23,641 |
| Cash and cash equivalents plus other bank balances | 1,581 | 1,341 | 1,314 | 1,443 | 1,327 |
| Trade payables * | 34.8 | 44.1 | 36.5 | 32.1 | 34.9 |
| Property, plant and equipment | 43.6 | 43.7 | |||
| Total assets | 17,482 | 21,858 | 28,846 | 27,802 | 31,930 |
| Loans net of impairment allowance | 25,105 | 24,274 | 27,923 | ||
| Investments | 1,439 | 893.0 | 1,075 | ||
| Loans (net of impairment allowance) | 24,274 | 27,923 | |||
| Deposits | 0.00 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from / used in operating activities | -4,734 | 1,125 | -2,770 | ||
| Free cash flow (vendor definition) * | -2,741 | -3,307 | -4,754 | 1,092 | -2,788 |
| Capital expenditure (an outflow is negative) | -33.7 | -17.6 | |||
| Dividends paid (an outflow is negative) | -159.4 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 15.84 | 15.87 | 15.91 | 15.97 | 16.02 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,380 | 1,407 | 1,463 | 1,508 | 1,490 | 1,597 | 1,783 | 1,904 |
| Cost of revenue (vendor classification) * | 653.9 | 362.9 | 704.3 | 686.8 | 690.9 | 792.6 | ||
| Other operating costs (vendor classification) * | 89.6 | -4.03 | 91.1 | 107.7 | 111.7 | 103.0 | ||
| EBITDA (vendor classification) * | 1,355 | -431.9 | 1,142 | 994.8 | 1,082 | 1,031 | ||
| EBIT * | 604.7 | -1,011 | 603.7 | 657.7 | 755.0 | 836.7 | ||
| Profit before tax | -128.9 | 51.1 | 81.1 | 169.2 | 337.9 | 445.0 | 660.0 | 671.0 |
| Tax | -29.4 | 3.87 | 20.9 | 43.4 | 85.8 | 105.5 | 166.6 | 169.4 |
| Profit after tax | -99.5 | 47.2 | 60.2 | 125.8 | 252.1 | 339.6 | 493.4 | 501.6 |
| Diluted EPS (₹) | -6.24 | 2.95 | 3.76 | 7.83 | 15.68 | 21.11 | 30.65 | 31.12 |
| Interest income | 1,338 | 1,354 | 1,388 | 1,414 | 1,435 | 1,525 | 1,714 | 1,801 |
| Other income | 1.55 | 1.08 | 0.74 | 0.67 | 0.90 | 1.31 | 0.92 | 1.06 |
| Total income | 1,382 | 1,408 | 1,464 | 1,509 | 1,491 | 1,599 | 1,784 | 1,905 |
| Finance cost | 474.9 | 477.8 | 482.2 | 479.5 | 459.3 | 478.1 | 550.1 | 553.0 |
| Management NII | 861.7 | 876.1 | 937.0 | 975.9 | 976.9 | 1,048 | 1,164 | 1,278 |
| Employee cost | 178.4 | 175.4 | 221.2 | 219.3 | 226.9 | 211.7 | 242.0 | 254.5 |
| Depreciation | 15.5 | 15.2 | 15.2 | 15.8 | 16.4 | 15.7 | 16.2 | 16.7 |
| Other expenses | 89.6 | 105.3 | 91.1 | 99.0 | 107.7 | 111.7 | 103.0 | 109.4 |
| Operating expenses | 283.5 | 295.8 | 327.5 | 334.1 | 350.9 | 339.1 | 361.3 | 307.6 |
| Pre-provision operating profit | 622.9 | 634.0 | 653.0 | 694.8 | 680.5 | 780.3 | 872.5 | 970.2 |
| Impairment on financial instruments | 751.9 | 582.9 | 571.9 | 525.7 | 342.6 | 335.3 | 212.5 | 299.2 |
| Interest income | 1,354 | 1,388 | 1,414 | 1,435 | 1,525 | 1,714 | ||
| Fees and commission income | 32.3 | 26.2 | 28.2 | 33.5 | 47.9 | 34.5 | ||
| Impairment on financial instruments | 582.9 | 571.9 | 525.7 | 342.6 | 335.3 | 212.5 | 299.2 | |
| Profit attributable to owners | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Basic EPS (₹) | 2.96 | 3.77 | 7.87 | 15.76 | 21.20 | 30.79 | 31.27 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 11.3% | 5.3% | |||
| Net margin | 0.0% | 0.0% | |||
| Return on equity | 0.0% | 0.0% | |||
| Return on assets | 0.0% | 0.0% | |||
| EPS, diluted (₹) | 22.20 | 51.82 | 90.41 | 33.24 | 48.44 |
| Book value per share (₹) | 263.1 | 321.7 | 412.9 | 435.5 | 489.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on CreditAccess Grameen includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on CreditAccess Grameen
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 25 Oct 2026.
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