CreditAccess Grameen LimitedQ1 FY27 Results & Financial Update
CreditAccess Grameen Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,783.49 Cr, PAT ₹493.39 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore CreditAccess Grameen Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
CreditAccess Grameen reported robust performance for the quarter ended June 30, 2026, characterized by steady asset growth, normalising credit costs, and improved profitability metrics. Gross Loan Portfolio Assets Under Management (AUM) reached INR 30,319 crore, marking a 16.4% year-on-year expansion despite accounting for a 6.3% twelve-month trailing write-off, and a 2.5% sequential increase overcoming typical first-quarter seasonality.
Net Interest Income (NII) grew 24.2% year-on-year to INR 1,164 crore, supported by higher yields and lower interest reversals on performing assets alongside stable borrowing costs. Pre-Provision Operating Profit (PPOP) rose 33.6% year-on-year to INR 873 crore, reflecting steady AUM growth, strong net interest margins, and ongoing operational expense control.
Profit After Tax (PAT) stood at INR 493.4 crore for Q1 FY27, compared with INR 60.2 crore in Q1 FY26 and INR 339.5 crore in Q4 FY26, benefiting from a significant reduction in credit impairment charges. Impairment of financial instruments dropped 62.8% year-on-year to INR 212.5 crore as new PAR (Portfolio at Risk) accretion subsided to pre-crisis levels.
Asset quality metrics exhibited clear normalisation during the quarter. Gross NPA (defined as Group Loans at 60+ days past due and Retail Finance at 90+ days past due) improved to 2.18%, down from 4.70% in Q1 FY26. Net NPA stood at 0.76%, while PAR 90+ decreased to 1.46%. Collection efficiency excluding arrears remained strong at 97.4%, with X-Bucket collection efficiency touching 99.68% in June 2026.
The company added 2.5 lakh new borrowers during the quarter, taking total active borrowers to 44.51 lakh. The Retail Finance segment increased its share of AUM by 250 basis points sequentially to 20.6% (INR 6,258 crore), driven by expansion in individual business loans, secured business loans, and affordable housing loans.
Digital adoption continued to deepen, with the Grameen Mahi customer application onboarding 4.0 lakh new customers in Q1 FY27 to reach a cumulative base of 15.3 lakh active registered users. Digital collections reached 24.2% of total collections, compared to 16.3% in Q1 FY26.
The balance sheet remained well-capitalized, with total equity standing at INR 8,347 crore and a total Capital Adequacy Ratio (CRAR) of 24.9% (Tier 1 at 24.2%). Liquidity reserves included INR 3,536 crore in cash and cash equivalents, backed by INR 2,993 crore in undrawn sanctions and INR 9,440 crore in the pipeline.
During the quarter ended 30 June 2026 (Q1 FY27), CreditAccess Grameen recorded a consolidated revenue from operations of INR 1,783.49 crore.
01 · Business model
What does CreditAccess Grameen do?
CreditAccess Grameen Limited operates as a leading rural-focused inclusive financing platform in India, delivering microfinance and lifecycle credit products primarily to low- and middle-income households. The company's primary customers are women organized into self-chosen community groups, supported by dedicated loan officers conducting weekly or fortnightly centre meetings.
The product portfolio spans Group Loans for income generation, Individual Business Loans, Secured Business Loans, Affordable Housing Loans, Two-wheeler Loans, and Individual Digital Lending. This structure allows the institution to transition customers from microfinance to broader retail finance as borrower incomes and household aspirations mature.
Geographically, the lender maintains a robust pan-India presence across 16 states and 1 union territory, encompassing 457 districts supported by 2,276 branches and a foot-on-street team of over 14,000 loan officers covering more than 400,000 villages weekly.
The operating model relies on strong grassroots distribution, centralized credit decision-making via Business Rule Engines (BRE), and rigorous risk monitoring. The lender combines physical centre interactions with digital touchpoints through its customer application, Grameen Mahi.
02 · Historical context
What shaped the business before this quarter
Over the ten-year period from FY17 to FY26, the company expanded its AUM from INR 3,075 crore to INR 29,590 crore, achieving a 10-year compound annual growth rate of 28.6%.
The active borrower base grew from 14.52 lakh in FY17 to 44.51 lakh in Q1 FY27, supported by a branch network expanding from 393 branches to 2,276 branches.
The company progressively evolved its product mix from pure microfinance group loans toward diversified lifecycle and retail finance offerings, lifting retail finance share to over 20% of total AUM by Q1 FY27.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Total income | ₹1,784.41 Cr |
| Interest income | ₹1,714.11 Cr |
| Other income | ₹0.92 Cr |
| Profit before tax | ₹660.03 Cr |
| Profit after tax | ₹493.39 Cr |
| EPS | ₹30.65 |
04 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
Interest income rose 23.5% year-on-year to INR 1,714.1 crore in Q1 FY27, driven by a 23.3% increase in interest earned on loans to INR 1,687.4 crore and higher interest on bank deposits.
Net interest income increased 24.2% year-on-year to INR 1,164.0 crore, supported by portfolio yield expansion to 21.8% and a reduced cost of borrowings at 9.2%.
Interest income stood at INR 1,714.11 crore, forming the overwhelming majority of total operational inflows for Q1 FY27.
Other income contributed a modest INR 0.92 crore to the overall consolidated top-line figures for the quarter.
Interest income from the loan portfolio generated INR 1,714.11 crore during the quarter, forming the overwhelming majority of total revenues.
Other operating and miscellaneous income contributed INR 0.92 crore to the consolidated total income of INR 1,784.41 crore.
NIM, spread, funding cost and credit cost
Net Interest Margin (NIM) expanded to 14.4% in Q1 FY27 compared to 12.8% in Q1 FY26 and 14.2% in Q4 FY26, driven by higher portfolio yields and lower interest reversals on delinquent assets.
Cost-to-income ratio improved to 29.3% in Q1 FY27 from 33.5% in Q1 FY26, supported by strict operating expense control and operating leverage as AUM scaled.
Borrowing and interest expenses accounted for INR 550.05 crore, representing a key operational cost line against interest income.
Tax expenses for the quarter were recorded at INR 166.64 crore against a profit before tax of INR 660.03 crore.
Borrowing and finance costs stood at INR 550.05 crore, directly impacting net interest margins and profitability.
05 · Loan growth, sanctions & disbursements
How the lending book is moving
The company added 2.5 lakh new borrowers during Q1 FY27, with New-to-Credit (NTC) customers accounting for 35% of Q1 additions.
Active registered customers on the Grameen Mahi digital application reached 15.3 lakh, representing 34.5% of the total borrower base.
06 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
Group Loans AUM stood at INR 24,061 crore, representing 79.4% of total AUM, with Income Generation Loans accounting for 90% of the segment.
Retail Finance AUM grew to INR 6,258 crore, accounting for 20.6% of total AUM. Within RF, Individual Business Loans and other lifecycle loans reached INR 5,669 crore, Secured Business Loans stood at INR 296 crore, and Affordable Housing Loans reached INR 272 crore.
Geography and market mix
Karnataka represented 29.3% of total AUM, followed by Maharashtra at 21.7%, Tamil Nadu at 17.5%, Madhya Pradesh at 8.4%, and Bihar at 4.9%, with other states accounting for 18.2%.
Operations span 16 states and 1 union territory across 457 districts and 2,276 branches, with 86.8% of districts representing less than 0.5% of total AUM exposure each.
07 · Asset quality & capital strength
How credit quality and balance-sheet capacity changed
Asset quality, stages and credit risk
Total loan disbursements reached INR 6,107 crore during Q1 FY27, marking an 11.9% increase compared to Q1 FY26.
The branch network expanded by 42 new branches during the quarter to reach 2,276 branches, representing a 7.7% increase year-on-year.
08 · Strategy & portfolio evolution
How the lending mix and strategic agenda are changing
The company advanced its strategic vision under Project Shakti, aiming to build leadership in inclusive finance, expand digital capabilities via Grameen Mahi, and accelerate growth in secured lending via market adjacencies.
09 · Reported developments
What changed operationally
PAR 1-90 dropped to 74 basis points, returning to pre-crisis levels and driving a sharp decline in overall credit costs and ECL provisions.
CRAR remained robust at 24.9% with Tier 1 capital at 24.2%, providing ample headroom for future portfolio expansion.
10 · Items worth noticing
The line items that can distort a quick read
The revised Expected Credit Loss (ECL) model incorporated additional provisions of INR 41 crore specifically considering the ongoing West-Asia crisis.
11 · Funding & balance sheet
How funding, liquidity and capital support the loan book
Capital allocation & funding
Total borrowings (other than debt securities) stood at INR 23,805.6 crore, while debt securities stood at INR 1,346.9 crore. Bank term loans and cash credit facilities formed 60.8% of liabilities, followed by foreign external commercial borrowings at 21.7%.
The lender diversified its liability base during the quarter with a private NCD issuance of INR 425 crore. Total drawdowns in Q1 FY27 reached INR 5,009 crore, with 92% sourced domestically and 8% from foreign lenders.
12 · Management guidance & targets
What management is targeting from here
Management guided for FY27 AUM growth of 20.0% to 25.0%, Net Interest Margin of 12.8% to 13.2%, Cost-to-Income ratio of 33.0% to 35.0%, Credit Cost of 3.0% to 4.0%, Return on Assets of 4.0% to 4.8%, and Return on Equity of 16.0% to 20.0%.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG and Social Ratings
Sustainalytics assigned an ESG risk score of 20.7 (Medium Risk) to CreditAccess Grameen, while S&P Global rated the company 53/100 and M-CRIL awarded a Gold Level Client Protection Certification.
14 · Key Q&A
The quarter, answered directly
What does CreditAccess Grameen do?
CreditAccess Grameen Limited operates as a leading rural-focused inclusive financing platform in India, delivering microfinance and lifecycle credit products primarily to low- and middle-income households. The company's primary customers are women organized into self-chosen community groups, supported by dedicated loan officers conducting weekly or fortnightly centre meetings.
What is the clearest takeaway from Q1 FY27?
CreditAccess Grameen reported robust performance for the quarter ended June 30, 2026, characterized by steady asset growth, normalising credit costs, and improved profitability metrics. Gross Loan Portfolio Assets Under Management (AUM) reached INR 30,319 crore, marking a 16.4% year-on-year expansion despite accounting for a 6.3% twelve-month trailing write-off, and a 2.5% sequential increase overcoming typical first-quarter seasonality.
What drove earnings or loan-book movement?
Interest income rose 23.5% year-on-year to INR 1,714.1 crore in Q1 FY27, driven by a 23.3% increase in interest earned on loans to INR 1,687.4 crore and higher interest on bank deposits.
What mattered most for margins, funding or credit cost?
Net Interest Margin (NIM) expanded to 14.4% in Q1 FY27 compared to 12.8% in Q1 FY26 and 14.2% in Q4 FY26, driven by higher portfolio yields and lower interest reversals on delinquent assets.
What changed operationally beyond the headline numbers?
Total loan disbursements reached INR 6,107 crore during Q1 FY27, marking an 11.9% increase compared to Q1 FY26.
What is management guiding or targeting from here?
Management guided for FY27 AUM growth of 20.0% to 25.0%, Net Interest Margin of 12.8% to 13.2%, Cost-to-Income ratio of 33.0% to 35.0%, Credit Cost of 3.0% to 4.0%, Return on Assets of 4.0% to 4.8%, and Return on Equity of 16.0% to 20.0%.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Asset Quality and PAR Tracking: Monitor subsequent quarterly movements in PAR 90+, GNPA ratios, and credit cost progression relative to the full-year guidance range of 3.0% to 4.0%.
- 02
Retail Finance Scaling: Track the continued expansion of the Retail Finance portfolio share beyond the Q1 FY27 level of 20.6% of total AUM.
- 03
Sequential Financial Performance: Monitor upcoming quarterly filings to establish comparative growth metrics and trend evaluations against Q1 FY27.
- 04
Profitability and Margins: Monitor subsequent quarterly disclosures for trends in net interest income, cost of borrowings, and overall PAT growth.
- 05
Asset Quality and Portfolio Health: Watch for disclosures regarding credit costs, provisioning, and portfolio performance metrics in future filings.
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