1. Opening Hook
After demonetisation, COVID waves, floods, elections, and every regulator’s mood swing, CreditAccess Grameen decided Q3 FY26 was the quarter to quietly flex. No fireworks, no chest-thumping—just a calm “see, we told you asset quality would normalise.”
While borrowers actually fell YoY, profits sprinted ahead like they missed the memo. Credit costs collapsed, write-offs shrank, and suddenly the same business that analysts love to panic about looks… boringly stable.
Management sounded less defensive this time. More “we’re back in control,” less “please wait two more quarters.”
And the best part? They didn’t chase growth blindly. They cleaned up the mess first, then pressed the accelerator.
Read on—because the boring-looking numbers hide a very deliberate comeback strategy.
2. At a Glance
- PAT up 153% YoY – Turns out lower credit cost is better than motivational speeches.
- NII up 13.4% – Yield up, borrowing cost down; textbook NBFC hygiene.
- GLP up 7.1% YoY – Growth walked back in politely, not kicking doors.
- Borrowers down 8.4% – Fewer customers, better ones. Management chose peace.
- Credit cost down to 1.34% – From panic mode to normal life, one quarter at a time.
- GNPA
- at 4.04% – Still high, but no longer climbing Everest.
3. Management’s Key Commentary
“We are seeing sustained reduction in new PAR accretion.”
(Translation: The fire is out; now we’re sweeping the floor 😏)
“Accelerated write-offs are largely behind us.”
(Translation: The ugly part of the cleanup is done, finally.)
“Retail Finance is scaling with superior asset quality.”
(Translation: Individual loans pay better and behave better.)
“Alignment with MFI guardrails has improved borrower quality.”
(Translation: Saying ‘no’ to bad customers actually works.)
“Credit cost has normalised across geographies.”
(Translation: Even Bihar and UP stopped giving us jump scares.)
“We remain focused on calibrated growth.”
(Translation: No YOLO lending, don’t worry.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Says |
|---|---|---|
| GLP | ₹26,566 Cr | Growth is back, but on management’s terms |
| NIM | 13.9% | MFI economics still elite |
| Credit Cost | ₹343 Cr | Down from ₹572 Cr in Q1—massive relief |
| PAT | ₹252 Cr | Profit came from discipline, not luck |
| CRAR | 26.4% | Capital cushion thick enough for Indian weather |
