AUM Growth
14%
+14% YoY
AUM grew 14% YoY and 11.4% QoQ, in line with annual guidance despite 7.6% write-offs.
CREDITACCESSGRAMEEN
Financial Services
15 May 2026
CreditAccess Grameen Ltd — Q4 FY26
CreditAccess Grameen delivered a strong Q4 FY26, with PAT surging over 6x YoY to ₹340 crore and ROA reaching 4.4%.
✓ Verified against BSE filing
2-Min Summary
CreditAccess Grameen delivered a strong Q4 FY26, with PAT surging over 6x YoY to ₹340 crore and ROA reaching 4.4%. The AUM grew 14% YoY and 11.4% QoQ, driven by robust disbursement growth of 28.4% YoY. The recovery from the MFI credit cycle is evident: gross NPA (60 DPD) improved to 3.17% and PAR accretion rates have normalized. Management guided FY27 AUM growth of 20-25%, with credit cost declining to 3-4% and ROA of 4-4.8%. The retail finance portfolio (18.1% of AUM) is scaling rapidly, leveraging the group lending ecosystem. Key risks include prolonged West Asia crisis impacting rural demand and potential inflationary pressures on operating costs.
Key Numbers
Disbursements Q4
₹8,313 Cr
+28.4% YoY
Disbursements grew 28.4% YoY and 44.1% QoQ, driven by strong borrower acquisition.
Borrower Additions FY26
9.8 Lakh
+38% de novo
9.8 lakh borrowers added in FY26, with 38% being new-to-credit customers.
Share of Unique Group Loan Borrowers
46.1%
+19.5pp YoY
Share of unique group loan borrowers increased from 26.6% in Aug'24 to 46.1% in Mar'26.
Management Guidance
AUM growth of 20-25% in FY27
Management guided AUM growth of 20-25% for FY27, with MFI growing 10-12% and retail finance driving the balance.
growthNIM of 12.8-13% in FY27
Net interest margin guided at 12.8-13% for FY27, down from Q4 FY26 exit of 14.2% due to expected pricing pass-through.
marginsCredit cost of 3-4% in FY27
Credit cost guided at 3-4% for FY27, down from 6.74% in FY26, reflecting normalized asset quality.
marginsROA of 4-4.8% and ROE of 16-20% in FY27
Return on assets guided at 4-4.8% and return on equity at 16-20% for FY27.
growthKey Risks
Prolonged West Asia crisis impact
Management flagged potential supply disruptions (fuel/gas) from the West Asia crisis, which could affect rural customers and increase credit costs.
medium · management_commentaryInflationary pressure on operating costs
Management built in higher cost-to-income ratio guidance (33-35%) due to anticipated inflation from global issues, which could compress margins.
medium · analyst_questionCompetition in retail finance from peers
Analyst raised competition in Tamil Nadu; management acknowledged but downplayed, citing existing customer base and technology investments.
low · analyst_questionRegulatory cap on MFI share (60:40 mix)
Long-term growth ambition of 20%+ AUM CAGR may be constrained by the regulatory requirement to keep MFI below 60% of total portfolio.
medium · analyst_questionNotable Quotes
Tested by cycles, strength and by purpose.
We are no longer in the business of financing only one woman per household. We are building the capability to be the financial life cycle partner of the entire household.
We've been tested. We've been honest with our challenges and we've come through with stronger business, a more resilient risk framework, a clear strategic identity and a much larger opportunity in front of us than behind us.