1. Opening Hook
Just when everyone was busy writing obituaries for microfinance, CreditAccess Grameen quietly walked into Q3FY26 and said, “Relax, we’ve seen worse.” Karnataka normalized, PAR cooled off, and suddenly the panic room looked… unnecessary.
After months of credit-cost doomscrolling, management finally had charts that didn’t need emotional disclaimers. Collections tightened, growth tiptoed back, and profitability remembered its job description.
October sulked because festivals happened. December made up for it by crossing ₹2,200 crore disbursements. January followed along politely.
This wasn’t a victory lap, but it definitely wasn’t survival mode anymore.
Read on — because the real fun begins when credit costs, guardrails, and ROA philosophy collide later. 😏
2. At a Glance
- Disbursements ₹5,767 cr (+13.4% YoY) – Growth returned, no motivational quotes required.
- AUM ₹26,566 cr (+2.6% QoQ) – Small step forward, but at least not moonwalking backward.
- NIM at 13.9% – Yield up, borrowing cost down, finance team quietly smiling.
- PAT ₹252 cr (2× QoQ) – Turns out fewer NPAs improve profits. Who knew.
- GNPA 4.04%, NNPA 1.36% – Still ugly, but healing, like a bad fracture.
- Credit cost ₹343 cr – Includes one-time write-offs; drama mostly accounted for.
3. Management’s Key Commentary
“Asset quality trends have clearly normalized across geographies.”
(Translation: Panic phase
officially cancelled.) 😏
“X-bucket collection efficiency stood at 99.71%.”
(Translation: Customers remembered EMI dates again.)
“Monthly PAR 15+ accretion declined to 18 bps in December.”
(Translation: New bad loans finally got tired of showing up.)
“Karnataka has reverted to historical levels.”
(Translation: Home turf fixed first — advantage of knowing every 30 km.)
“We wrote off ₹259 crore, including accelerated write-offs.”
(Translation: Took the trash out aggressively.)
“FY27 credit cost guidance remains at 4–4.5%.”
(Translation: Still conservative, because hope is not a strategy.)
“Retail finance now forms 14.1% of AUM.”
(Translation: JLG kids are growing up and asking for individual loans.) 😏
4. Numbers Decoded
Metric Q3 FY26 What It Really Means
---------------------------------------------------------------
Disbursements ₹5,767 cr Growth cautiously switched back on
AUM ₹26,566 cr Balance sheet stopped shrinking
PAR 15+ Accretion 109 bps Old mess still flowing through
Credit