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%.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions audited
Answered
High priority
Is NMI moving towards individual loans without group safety net?
Asked by Abijital, Mot
Management directly confirmed the strategic shift and provided a target conversion percentage.
Read the exchange
Question
Is the future of NMI moving towards individual loans which could obviously be given as part of a group for operational efficiencies on sourcing and collections but without the G&G safety net?
Management (unnamed)
Individual finance to graduate micros customers is a clear way to progress... roughly around 6 to 8% of our customer base we should be able to target convert to retail finance customers... micro finance will continue to be as an entry point.
Partial answer
High priority
Why such a wide credit cost guidance band of 3-4%?
Asked by Abijital, Mot
Management explained the range but did not quantify the ECA provision component.
no specific proportion for ECA provision given
Read the exchange
Question
Why such a wide band in terms of the credit cost guidance 3 to 4% and within this as per your estimates what proportion of this could be because of the higher ECA provision?
Management (unnamed)
We have implemented a new ECL model... stage one ECL has gone up to 1.65%... we need to keep certain room to factor in certain microeconomic effects... that is the reason why we have kept a broader range.
Answered
Medium priority
Are customers more resilient given rural exposure?
Asked by Abijital, Mot
Management directly addressed resilience and explained the cushion built into guidance.
Read the exchange
Question
At times like this if there is an economic impact do we also see our segment of customers coming across as vulnerable or more resilient given the more rural exposure?
Management (unnamed)
Typically we have seen our customers segment specifically to be more resilient but we'll have to see what happens in case of prolonged disruptions... we have built a cushion around it.
Partial answer
High priority
Does guidance include bond market volatility and is credit cost guidance conservative?
Asked by Aravind Ravi Chandran, Sundam alternates
Management explained the model but did not directly say if guidance is conservative.
no explicit confirmation of conservatism
Read the exchange
Question
Does the overall guidance on growth, margins include bond market borrowing rates moved up and down? And are we on the conservative side with 3-4% credit cost given par rates under 10 bps?
Management (unnamed)
The model takes care of it... we've reached the bottom of cost of borrowing reduction... we have kept a wider range... we went through an elevated credit cost period and then corrected sharply in the last quarter.
Answered
Medium priority
Have you taken any rate hike in microfinance in last quarter?
Asked by Shipal Dushi, Equirus
Management gave a clear and direct answer.
Read the exchange
Question
Have we taken any rate hike during the quarter or in the last 3-4 months time period?
Management (unnamed)
No, we've not taken any rate hike in the last quarter.
Answered
Medium priority
Why has IBL ticket size dropped from 142K to 93K?
Asked by Shipal Dushi, Equirus
Management explained the two models causing the decline.
Read the exchange
Question
Within the IBL portfolio, the ticket size has changed materially from 142K to down to almost 93K in the last one year. Have we changed any strategy?
Management (unnamed)
Individual loans are practiced in two models... unati with average ticket size around 1.7 lakhs... uni live with lower ticket size... that is why you're seeing a taper down.
Answered
Medium priority
How are you selecting geographies for retail portfolio expansion?
Asked by Shipal Dushi, Equirus
Management described the pilot-and-scale approach.
Read the exchange
Question
In terms of selection of those geographies how are we planning that out?
Management (unnamed)
Our retail products are today at least three years vintage... we didn't go to our core markets specific districts we got them piloted and once assumptions were proven we scaled up.
Partial answer
High priority
Is the 38 crore additional provision for West Asia crisis sitting in stage one? Will it become usual?
Asked by Rajiv Ma, Yes Security Securities
Management explained the process but did not directly confirm the stage or permanence.
did not confirm if 38 cr is in stage one
Read the exchange
Question
This 38 crore of additional provision taken for the West Asia crisis. This is sitting in stage one, right? Would this become a usual provision rate or will coverage come down next quarter?
Management (unnamed)
We formed an ECL committee... every quarter this committee will convene... unless there is significant data points to look at a reduction but that takes a longer period to move back.
Answered
High priority
What is the implied growth for core group loan MFI?
Asked by Rajiv Ma, Yes Security Securities
Management gave a specific numeric range.
Read the exchange
Question
The implied residual growth has to come from your core group loan MFI. That will be what 12 to 15% in the current year?
Management (unnamed)
Our assumption is around 10 to 12%.
Answered
High priority
Why is NIM guidance midpoint lower than exit NIM?
Asked by Rajiv Ma, Yes Security Securities
Management explained the rationale for lower NIM guidance.
Read the exchange
Question
The midpoint is 13% you exiting at 14.2. Is the decline because of change in mix, cost of funds, or pricing?
Management (unnamed)
On a year-on-year basis we do see the credit cost will be trending downwards and to that extent there will be certain pricing which needs to be passed on to the customer... we are budgeting lower NIMs because credit cost will also be lower.
Answered
High priority
Is long-term CAGR target 20-25% over 10 years?
Asked by Shri Shivani, Namura
Management confirmed the target.
Read the exchange
Question
Slide 21, you're targeting for 20 to 25% CAGR over next 10 years. Is that interpretation correct?
Management (unnamed)
Right now we've assumed a growth rate of at least 20% plus. On a basis. Yes.
Answered
High priority
What is the growth differential between MFI and non-MFI portfolio?
Asked by Chintan Sha, IC securities
Management provided specific growth ranges and yield comparison.
Read the exchange
Question
What kind of growth are we building from the MFI and non MFI portfolio? What would be the yield differential?
Management (unnamed)
Micro finance growth being in the range of 10 to 12% and the rest of the growth will come from the non-MFI... from a yield perspective micro and non-micro are very close to each other.