{"id":182564,"date":"2026-05-08T10:52:09","date_gmt":"2026-05-08T14:52:09","guid":{"rendered":"https:\/\/alphastreet.com\/india\/creditaccess-grameen-limited-creditacc-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T10:52:09","modified_gmt":"2026-05-08T14:52:09","slug":"creditaccess-grameen-limited-creditacc-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/creditaccess-grameen-limited-creditacc-q4-2026-earnings-call-transcript\/","title":{"rendered":"CREDITACCESS GRAMEEN LIMITED (CREDITACC) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

CREDITACCESS GRAMEEN LIMITED (NSE: CREDITACC) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ganesh Narayanan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Chintan Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhijit Tibrewal<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajiv Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Arvind Ravi Chandra<\/strong> \u2014 Analyst<\/em><\/p>\n

Shreya Shivani<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen. Good day and welcome to credit access gramming Q4 and FY26 funding conference call. As a reminder, all participant line will be in the listen only mode. And there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. I now hand the conference over to Mr. Chintan Shah from ICICI Securities. Thank you. And over to you sir.<\/p>\n

Chintan Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah, thank you. Danish. Welcome. On behalf of ICSS authorities, I’m pleased to welcome all to the Q4FY26 results conference call of Credit Access Grameen. First of all, I would like to thank the management for giving us the opportunity to host the conference call. And I would like to congratulate the team on a very strong set of numbers. So from the management we have Mr. Ganesh Narayanan, managing director and chief executive officer. Then Mr. Guru Raj Rao, chief operating officer. Then Mr. Nilesh Dalvi, chief financial officer.<\/p>\n

And Mr. Saibes Sharma, DGM investor relations. So now without further ado, I would now like to hand over the floor to MD and CEO sir, thank you. And over to you, Ganesh sir.<\/p>\n

Ganesh Narayanan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you. Thank you so much. Very good evening to all of you and welcome to the conference call to discuss our fourth quarter and FY26 business performance tested by cycles, strength and by purpose. The theme that we’ve chosen for our investor presentation. This theme aptly captures our evolution into India’s leading rural focused, inclusive finance platform. Having delivered consistent performance despite multiple business and macroeconomic cycles over the past two years, we were navigating one of the most challenging environment.<\/p>\n

We continue to work on the future and never lost sight of our long term vision. Our performance trajectory over the past four quarters not only evidences our recovery story, but also validates our resilience as an institution. Let me just check it’s audible. Last time it didn’t work. Right? Okay. Okay. Let me begin with where we stand today. Q4. FY26 marks a decisive inflection in our performance trajectory. The AEM grew 14% year on year and 11.4% quarter on quarter in line with the annual growth guidance.<\/p>\n

Despite 7.6% write offs made in FY26 disbursements in Q4 grew 28.4% year on year and 44.1% quarter on quarter to 8,313 crore while the full year disbursements came in at 24,859 crore up to 24.1%. We continue to scale borrowed acquisitions with 3.3 lakh borrowers added in Q4 while 9.8 lakh borrowers added in FY26 of which 38% were new to credit. Our portfolio growth was a combination of new to credit customers, guardrail compliant borrowers and graduation of big page borrowers to higher value retail finance products.<\/p>\n

Today the aum share of GL borrowers with greater than three lenders has declined from 25.3% in August 24 to 3.3% in March 26. Au share of Unique Group loan borrowers stands at 46.1% up from 26.6% in August 24. The share of retail finance increased to 18.1% as of March 26 up from 5.9% a year ago. This expansion is driven by deepening of relationships with our 44 lakh customer base and our ability to graduate them through a curated product suite. We opened 183 branches to close with 2,236 branches by March 2026.<\/p>\n

Our employee base grew 4.6% year on year to 21,941 with employee attrition moderating to 29.4% against 33.5% in the previous year. We observed strong and accelerating digital adoption among our customers. Our customer app Grameen Mahi onboarded 8.4 lakh followers in FY26, taking that total active base to 11.2 lakh customers representing 25.4% of our borrower base. The proportion of digital collections increased year on year from 14% in Q4FY25 to 22% in Q4FY26 NIMS expanded by 35 basis points quarter on quarter to 14.2 in Q4.<\/p>\n

Cost of ordering further declined to 9.2% in Q4 marking a total 60 BAS reduction during the year. Our marginal cost of borrowing continued to remain around 8.9% in Q4. Liability diversification was on track with the share of foreign borrowings increasing from 21% to 24.4%. Cost to income ratio improved quarter on quarter to 30.4%. P grew 23.1% year on year and 14.7% quarter on quarter to 780 crore in Q4 while PAT grew over 6x year on year and 34.7% quarter on quarter to 340 crore translating to an ROE of 4.4% and an ROE of 17.8%.<\/p>\n

Our recovery story is marked by PAR accretion rate ex bucket collection in PCLC and par 1 to 90 bucket reverting to pre crisis levels. Gross NPI predominantly at 60:DBD stood at 3.17%, net NPI at 1.12% and par 90 at 2.28%. Our balance sheet is strong with capital adequacy at 24.4%, total equity at 7,842 crore, a debt equity ratio at a consummate of 3x. Considering the full year performance, our PPOP of 2,809 crore grew 6.5% year on year. We ended the year with 778 crore PAT translating to ROE of 2.7 and ROE of 10.7.<\/p>\n

While our peak POP was in line with the budget, our credit cost ended at 6.74 as against the guidance of 5.5 to 6%. The 6.74% credit cost consisted of 6.1% due to NewPAR and 0.64 due to increase in ECL provisioning rates. Aligning with the prevailing bending point, we had gradually increased our ECL provisioning every quarter further. During Q4 we evolved our new ECL provisioning model to capture past data over long period covering various business scenarios and forward looking macroeconomic variables.<\/p>\n

We believe the new ECL model aligns with our conservative provisioning approach as our loan book scales over medium term. Considering the ongoing West Asia crisis, the new ECL model has incorporated a higher weightage for major external event scenario resulting in an additional provisioning of 39 crore in Q4. The additional 0.64 current percentage credit cost due to increase in ECL rates resulted in marginal miss on the lower end of our ROE and roe guidance of 2.9 and 11.8% respectively. The past two years were genuinely difficult and we took structured steps to navigate through the challenging environment with discipline and intentionality.<\/p>\n

We prioritized collections first then portfolio maintenance and only then growth. We stabilized our force through continuous training, the leaders at the forefront approach and extensive hiring. We increased internal audit frequency from 60 days to 40 days supported by real time analytics. Senior leadership traveled extensively to provide onbound direction and model support. We deployed a dedicated quality control team for targeted collections to support across geographies. We accelerated digital capabilities Rami Mahi Digital payment channels WhatsApp steady calling to maintain customer engagements beyond centerpieces, what the past two years also demonstrated is that our return ratio through this MFI credit cycle were meaningfully higher than what we delivered through the COVID crisis.<\/p>\n

Despite higher credit costs, our model has become more resilient with every passing crisis. Let me step back and give you a 10 year context because it’s important to frame how you should think about this business. FY17 to FY26 we have compounded AVM at 28.6% per annum, disbursements at 24.7% and PAC at 29.7%. Our equity basis compounded at 32.7% from 613 crore to 7842 crore through three major external disruptions namely demonetization, Covid and the recent MFI credit cycle. The cross cycle roe stands at 3.4% and Roe at 13.9%.<\/p>\n

We achieved this while maintaining industry leading cost structures. Our internal accruals have primarily funded our growth. That kind of sustaining compounding is what we are committed to continue in the future. Today we’re building a rural focused inclusive financing platform that serves the customer across multiple financial needs over time. Starting with group based microfinance, we are extending into individual business loans, mortgage backed loans and two wheeler financing. Leveraging the trust our brand has built on the ground, we intend to selectively add products aligned to our customer lifecycle approach contingent on achieving scale in the newer business lines launched over the past three years.<\/p>\n

Our focus remains on deepening these relationships responsibly while maintaining the credit discipline that defines our microfinance heritage. India’s rural and semi urban micro retail credit market across segments is growing at double digit rates. CAGRMIN is steadily evolving to target the vast and underpenetrated opportunity of serving the 23.5 crore low to middle income household by 2030. 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 across income stages, credit needs and life events.<\/p>\n

This is the transformation we are executing now. I want to turn the strategic section of what we are building because the opportunity ahead is significantly larger the than what we have addressed so far. Our customers are evolving. Their income profiles are becoming diverse with multiple income streams adding resilience. Their credit footprint is expanding with increased access to various retail finance products. We are strengthening our acquisition engines through three channels, group based sourcing, individual lending and digital through the Grameen Mahia.<\/p>\n

Our focus markets are rural and renewable India with contiguous urban expansion and the life cycle engine is designed to ensure that every customer we acquire deepens in value over a period of time. The accelerators behind this engine are formidable vast distribution reach, dedicated food on street, localized intelligence, strong customer reference, trusted brand recall in every community and a diverse product suite spanning the full life cycle. We strengthen our underwriting and controls to support our product diversifications, leveraging both proprietary and bureau data, centralized credit intelligence through business rule engine and decentralized branch based credit engineering.<\/p>\n

Beyond underwriting, a risk and audit framework is also evolving towards being predictive. Our collections model is equally getting structured. Center meetings remain the primary touch point with more than 99% of regular collections still happening there. Our customers are managed through a disciplined escalation protocol calibrated to each delinquency bucket. We piloted a collections management platform which provides customer profiling, geolocation data within logs and prioritization engine feeding into predictive next step action decision.<\/p>\n

We’re also working on enabling multichannel customer engagement with center meetings as the anchor the Grameen Mahi app for end to end digital journeys in vernacular languages, WhatsApp for self service queries, tele calling for graduation outreach and in person relationship results. Our technology architecture processes over 30 lakh transactions per day with 10 to 15 lakh loan retainers, 20 to 25 lakh credit bureau submissions, 70 to 80,000 loan applications. Looking ahead, our technology roadmap is focused on three things strengthening the code for performance, security and modern architecture enabling our life cycle strategy through paperless journeys, single app disability from lead to connection and vernacular self service UX and making AI truly inclusive by embedding AI into credit rationing, compliance monitoring, employee productivity and voice based customer engagement.<\/p>\n

We are not treating AI as a future aspiration, we are building it into our operations today as we enter FY27 with a strengthened foundation, a strategic priorities, improving return metrics, we are confident in our ability to deliver sustained value to shareholders. For FY27 we are guiding an AVM grade growth of 20 to 25%, NIM of 12.8 to 13%, cost to income of 33 to 35%, credit cost of 3 to 4%, ROE of 4 to 4.8% and an ROE of 16 to 20%. 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 over the coming decade.<\/p>\n

Our ambition is to build A clear leadership position in inclusive finance space through a customer first approach. We call this Transformation Journey Project Shakti. Inspired by strength, resilience and inspiration of our customers we proudly serve, Project Shakti is not merely about scaling the business. It is about creating a stronger, future ready and more impactful institutions. Our focus will be on deepening market reach, expanding household level relationships, increasing customer wallet share and significantly enhancing our people, technology and AI capabilities.<\/p>\n

Thereby positioning ourselves as one of the strongest players in the financial inclusion space in the years to come. We would like to thank our investor and analyst community for their continued trust and unwavering support. A special note of gratitude to our employees, particularly our field teams who have consistently gone beyond the call of duty to protect and serve the interests of our stakeholders. Their commitment in challenging environments reflect the true strength of our institution. I also take this opportunity to thank all our members who have continually supported for so many years and we hope that we deliver to their expectations.<\/p>\n

We are now open to the forum for questions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question press star anyone on their touched on telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are request to use handsets while asking a question, Ladies and gentlemen. No problem, sir. Take your time.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Chintan, are we audible? Yeah.<\/p>\n

Rajiv Mehta<\/strong><\/p>\n

Yes. Yes sir, you are<\/p>\n

Operator<\/strong><\/p>\n

Okay.<\/p>\n

Rajiv Mehta<\/strong><\/p>\n

Anyone who wishes to ask a question may press star n1. Ladies and gentlemen, we’ll wait for a moment while the question quiz embles. Our first question comes from the line of Abhijit Tibrewal from Motila Masol. Please go ahead.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Yeah. Good evening. Thank you for taking a question and answers. Congratulations on a good quarter. So, first question is around retail finance. I’m just referring to slide number 41. Within that I see that retail finance as a proportion of the GLP mix has become three times on an active basis. It’s 3.5 times obviously on a small base but very, very clearly other than those other products, we are seeing individual loans growing much faster. So just trying to understand is the future of MM5 moving towards individual loans which could obviously be given as part of a group for operational efficiencies on sourcing and collections, but without the JNG safety net.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Okay. See Abhishek. Very good evening. While we have discussed the subject earlier too, our thought process is that individual finance to graduated microfinance customers the clear way to progress and the growth in individual loans will look larger because of the days like you said and its initial time period as we start penetrating into a certain proportion of customers, which we believe roughly around 6 to 8% of our customer base, we should be able to target convert to retail finance customers and as the base increases it should slow down.<\/p>\n

But we are of the firm belief that microfinance will continue to be as an entry point and the better strategy is to pick up the good ones, the ones which have established credit history and they’re able to demonstrate better cash flow to move into individual loans. Right. So it will be calibrated growth and why microfinance continues to grow.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Got it sir. The second question I had was around the guidance that you put out. Just trying to understand this time around 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 ACL provision?<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Abhijit I am Elisha. So ECL. Yeah, we have implemented a new ECL model this that you may have seen. Our stage one ECL has gone up to 1.65% and the current model is forward looking wherein we have also taken into account certain maybe probable impact because of the ongoing global issues. So from that perspective, obviously certain elements of that has already been baked in the current issue. Nevertheless, it’s a evolving model. In every quarter this is the external factors, business factors as well as the macro factors, we will be revisiting the ECL.<\/p>\n

So the broader end, what we have from 3 to 4, it is primarily to take into account all these evolving externalities because we need to see how what is going to be the actual fallout of the global issues. While we also are aware of a fact that our customer segment will be relatively much more resilient in in the current environment. But at the same time we need to keep certain room to kind of. We need to keep certain room to kind of factor in certain macroeconomic effects, etc. So that is the reason why we have kept the broader range.<\/p>\n

But largely we believe that we should be within this range because the current power accretion rate is very much stable now we have seen full month of April and we are in the first week of May relatively the trend what we have seen in fourth quarter, it is voltage. So we need to see, I mean as we head into the next year we’ll be in better position to take away whether we are at the lower end of the guidance or at the higher end of the guidance. Largely we have kept that balance up.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Thanks Nilesh. And just to follow up on that. So I mean, when you said we’re starting to understand April month, like Nadesh mentioned, has been in line with what we’ve been seeing in the fourth quarter. So in times like this, especially in the context of the current West Asia conflict, I remember seeing a chart that you’ve given or maybe a slide that you’ve given in the presentation where we have shown that in this cycle we have done better than Covid. So at times like this, if there is an economic impact, do we also see our segment of customers coming across as vulnerable or like Nilesh mentioned, they will come across as more resilient given the more rural exposure and the kind of various work that they are in.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Typically we have seen our customers, segments specifically owners be more resilient but we have to see what happens in case of prolonged disruptions with respect to the ongoing global scenario. Any temporary issues I think we should be able to manage very strongly. But say for example, if there is no supply of fuel or gas for months, then what happens? So those are things that we have to be prepared for and we budgeted a little more around that. And I think at this point of time, while we don’t anticipate something like that, since the evolution of the model is such that we have to take into account certain risk weightage for external events, we built a cushion around it.<\/p>\n

Right. So now what happens subsequently, whether this ends or it has a larger impact on the country will outweigh the words. But just that we are a little more prepared in case something. That’s what it means. Thank you so much for patiently answering all my questions. I wish you and your team the very best. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Aravind Ravichandran from Sundaram. Alternates please go ahead.<\/p>\n

Arvind Ravi Chandra<\/strong><\/p>\n

Yeah, thank you so much for the opportunity and congratulations on the very good set of numbers. Just like to understand that the world guidance given on growth margins and everything does it include even like for example like you know, you know bond market borrowing rates have you know, moved up and down. Like you know we have seen much of volatility there. Like we considered all those things in our guidance. Like that is one question and similar question, you know, from the first, from the first participant also like you know, our power much lower than like, you know what we are seeing in the past like in the last few quarters and you know it’s under 10 basis points apart, 15 plus but still we have given the 3 to 4 percentage kind of a guidance and credit cost.<\/p>\n

So are we on the conservative side here, just to be on the paperwork, you know, even with the energy vertical crisis, you know, the debt cost could be, you know, under 3%.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Right. So for your first question, the model itself takes care of any changes in pricing, if that’s what you’re talking about. Cost of borrowing is what he’s talking about. Yes, yes, yeah. So the model takes care of it predominantly. But what we see is that so far we’ve had a very strong cost of borrowing reduction and I think now we’ve reached kind of the bottom. We don’t see ample opportunities renewed any further. It could probably remain rainstorm or slightly more and any moment it will get automatically, you know, price into our pricing model.<\/p>\n

And the second question on far acquisition rate. Yes, we have kept a wider range. We also have to keep in mind that we went through an elevated credit cost period and then we corrected very sharply in the last quarter. Normally your last quarter would be much lower than any other quarter. Now we will start moving towards the normative range. So that also need to be kept in mind and hence what is given also takes care of what is the normative range of thermal secretion that we anticipate as well as probable external events, including, you know, the global crisis, probably some amount of heat wave that’s going to build in and any effects due to that, etc.<\/p>\n

Rajiv Mehta<\/strong><\/p>\n

Okay, thank you so much.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and 1. Our next question come from the line of Shipal Doshi from Equidus. Please go ahead.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Hi sir. Congrats on a good quarter and thank you for giving me the opportunity. My first question, sir was on the micro finance side. So have you taken any rate hike during the quarter or in the last<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Three, four months time period?<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

So we’ve not taken any rate hike in the last quarter.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Okay. And do we like, do we any such or do we plan to take any rate increase in that segment<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

At this point of time? No, unless we see significant movement in cost of borrowing that also comes with a two quarter. That’s how it.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Okay, okay, got it. So thank you. So my second question was on the retail side. So within the IBL portfolio I see<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

That the ticket size has, you know, changed materially. So from 142k to down to almost 93k<\/p>\n

Arvind Ravi Chandra<\/strong><\/p>\n

In the last one year. So have we changed any strategy for that particular product?<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

It’s gone down. Yeah, it’s gone down because individual loans are practiced in two models. One is called Unity, the other called Unity Live. So the first model is there we actually have a larger ticket size, average ticket size is around 1.7 lakhs there where we look at visible. Study points that are required for underwriting a customer. Right. So customers who exhibit better therapy profile, better cash flow demonstration, we give them a slightly larger ticket cycle. However, customers who have moved up the income cycle but they are not able to or we are not able to reasonably validate while we move them to individual loans, we maintain a lower ticket size and probably in the next cycle we will look at graduating them to the normal individual loans.<\/p>\n

So that is why you are seeing that since both these books are growing, you’re seeing a taper down of the unsecured business ticket size.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Okay, okay. So sir, in the Unity product you said the average ticket size was broadly 1.7 and the Unati life wherein we are not having complete grip of the cash flows of the customer or his or her growth. So there the ticket size would be what<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Can we range of 75 to 1 lakh. Okay,<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Okay. So there we are broadly trying to match with the group loan ticket size thought process.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

But then if you have other borrowings it gets minimized, but when they come for next cycle it will go up.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Okay. Okay. Got it sir. Thank<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

You for answering that question. Sir, the last question was pertaining to the retail portfolio growth strategy. So in terms of launching this product or let’s say you know, having it implemented. So how are we doing it? We are doing it in some specific states initially and then, or little specific districts initially and then expanding it because I know that this is done through separate branch network. So in terms of selection of those let’s say geographies, how are we sort of planning that out?<\/p>\n

Just wanted to understand that because the growth has been pretty healthy. Sure. So you know that this is not new at this point of time. Right. So so our retail products are today at least three years except for two wheeler looms. And when we launched the products we did go to our core markets, specific districts, we got them piloted and once the assumptions were proven we scaled up. So today our individual products are predominantly offered across all our core markets and a significant portion of our branches are already covered.<\/p>\n

So we have specific branches for mortgage loan at roughly around 170 branches. And the rest of the group loan branches manage this portion of the individual business loan which has also scaled up significantly over the last three years. So today it’s widespread.<\/p>\n

Arvind Ravi Chandra<\/strong><\/p>\n

Got it. So<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Core<\/p>\n

Arvind Ravi Chandra<\/strong><\/p>\n

Markets when we say it will be broadly be Karnataka, Tamil Nadu and the southern Belt. So that would be the broader belt where we are sort of launching this retail product so far. Got it sir, got it. So incrementally FY27 end or by FY27 end<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Where do we see the share<\/p>\n

Arvind Ravi Chandra<\/strong><\/p>\n

Of retail products, let’s say<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Reaching, we should hit somewhere around 24, 25%. Got it? Got it, sir. Thank you sir. Thank you so much for answering my question. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, anyone who wishes to ask a question, press star and 1. Our next question comes from the line of Rajiv Mehta from yes, securities. Please go ahead.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Yeah, hi, good evening. Congratulations on good numbers. One clarification. First is 38 crore of additional provision taken for the West Asia crisis. This is the sitting in stage one. Right. So 1.63 percentage will have some element of this. But would this become a, would this become a usual provisioning rate or then this coverage will actually come down next quarter because you may not take this additional provision if it is not required.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Right. So. So what we’ve done is basis the guidance of the board. We formed an ECL committee with board members as a part of it along with management team. And this committee reviews various variables that needs to be considered. What weightage is actually given. This is the development. So every quarter this committee will convene and whatever has happened in the previous quarter, what they foresee for the next quarter will be taken into account before making any interest.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

So in your guidance of 3 to 4% grade cost, have you kind of your main assumption is that you will continue with this 1.63%, you know, broad based ECL provision<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Broadly you should expect that it will be raised, it will remain there.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Yeah, yeah, got it. Unless<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

There is significant data points to look at a reduction. So that takes a longer period to move back.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Okay, understood. And just coming back to growth because we are seeing exponential growth in retail and as you were discussing that there’s a lot of penetration growth happen of individual loans in the group loan customer base. So this may continue and but the implied then the residual growth has to come from you know, your core group loan IGN then that will be what, 12 to 15% in the current year. That’s what the expectation is.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

So our assumption is around 10 to 12%.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Okay. At the portfolio level. Yeah.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Yes.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

And on min, when I look at your guided name, the midpoint is 13%. You’re exiting at 14.2. I know that be a leveraging effect because of growth, but still, I mean the kind of decline that we are trying to Indicate in the guidance, is it because of the change in mix which I don’t believe it’s so diluted. But is it because of cost of fund changes that you are envisaging or are you planning to pass on incremental high spreads and efficiencies by reducing pricing?<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Okay, you take this one. So Rajiv, your the name range, what we have given. So yeah, compared to the post quarter name sitting at auctions, there are a couple of things here. The names, what we generate, they are, they are always a factor of our pricing, what we charge to the customer and the pricing it is aligned with our borrowing cost, operating cost and credit cost. So obviously 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 on a y OI basis.<\/p>\n

So from that perspective, if we are able to do a better credit cost this year compared to FY26, obviously some of it will flow as a benefit to the customer. So that is where slightly we are budgeting lower needs because at the same time the credit cost will also be lower and we’ll be still doing ROI in our guided range. And on the borrowing front, as we said earlier, we believe that the borrowing cost seems to have stabilized now. We don’t see it further dropping. So and depending upon the rate environment we are keeping certain buffer on the borrowing cost as well because even, I mean the domestic rate environment seems to have been reversing now in the coming three to four quarters and even internationally given the way global situation is panning out, the hedging rates have also gone up.<\/p>\n

So factoring all these aspects we are keeping this NIM range and largely at any point in time you will see that the NIMS will have to be compensated to absorb our OPEX and credit cost and give a guided ROI range. So that will be the corridor within which we will always maintain our names to achieve our intended roas<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

N. Here’s a similar question for cost income ratio bands as well. I mean the midpoint is 34. I mean I’ll not take the exact number of 30 but even the whole year number is about 33. While we grow income in this year very nicely. So would the OPEX grow more than commensurately and that is what the guidance is seems to be factoring and we were thinking that when the growth will come back you will also have some operating efficiencies which you are trying to pass through pricing. But when I look at cost Income guidance, it seems to suggest that your cost will grow higher than income.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

We need to see currently things are little volatile. So we have built certain inflationary elements because of the global issues. So it is the global issues do not prolong longer. I mean if they do not prolong and if there are no cascading effects on the input factors, then we may not see cost to income rise. But as of now we have built certain increase considering the anticipated inflationary elements.<\/p>\n

Arvind Ravi Chandra<\/strong><\/p>\n

Okay,<\/p>\n

Operator<\/strong><\/p>\n

Thank<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

You. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Shreya Shivani from Nomura. Please go ahead.<\/p>\n

Shreya Shivani<\/strong><\/p>\n

Yeah, hi. Thank you for the opportunity. I have a question, I have a question on your long term guidance that you’ve shared, which is Project Shakti. So this slide number 21, I think fair to say that you’re targeting for 20 to 25% CAGR over next 10 years. Is that understanding correct? Interpretation correct?<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Yeah. Right now we’ve assumed a growth rate of at least 20% plus.<\/p>\n

Shreya Shivani<\/strong><\/p>\n

Right. So now that makes me question that. See you’ve always said in that in the near term your MSI will grow slower and your retail finance will grow faster. And that’s how you will achieve the FY27 guidance. But if over over 10 years, if you’re going to target this, then your MSI also has to grow at the same pace because you cannot breach the 60:40 mix. So what is our thought process around it? And when our entire presentation today has been about, you know, moving beyond mfi then doesn’t the NBFC MFI format somewhere restrict us on the longer term period?<\/p>\n

I’m not talking about immediate one year.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

So broadly it picked up certain business lines and we are anticipating certain growth rate in each of these lines. Right. And you also have to remember the regulatory guideline was 15 till not so long ago. Then it became 25. Now it’s 40. Our assumption probably if there is enough room in potential that also could move up. Or in the worst case, we can look at managing the 6040 in various methods including securitization, sale of portfolio, whatever you deal with. We can also pick up co lending as we always maintain.<\/p>\n

For us growing these independent business lines will be top priority. How we grow it and how we manage, you know, the various regulatory aspects is something that we can always work on. Right. And we also indicated that we probably look at some kind of diversification over a period of time, including inorganic. We can figure out how to kind of do it. But for us that is not a limiting factor in what you’re seeing. So these lines will continue. This is a certain mass where we need to work on that.<\/p>\n

We’re already working on all these aspects. We will build on it and we should be able to maintain it.<\/p>\n

Shreya Shivani<\/strong><\/p>\n

Right? Right. No, that makes sense. Also there’s a very detailed slide on 32 where you’ve talked about the internal control structure etc so this is particular. This is pertaining to your retail finance, right? Because this is completely a branch model that we are talking about, right? The three lines of defense, there’s a big slide on it<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

That is applicable to all our business. So both in DL and retail we have the same concept including our internal audit, including our risk, including our quality assurance. All of them are common across the business lines. Right.<\/p>\n

Shreya Shivani<\/strong><\/p>\n

But you will have to scale it up in the retail finance or is it that gold finance you already have this structure and parallelly you will develop this in retail finance or for retail finance you have to start from.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

No, no, it is already in place. Whatever size and format we have, it is already in place. So any expansion that happens, even the control teams will naturally move towards that. Just to add in the same slide on the right side, if you see finance, we have the verticals which are<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Supporting so which is already in place.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

So<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

This will be scaled up at the business case. So all this infrastructure is already built and controls are in place.<\/p>\n

Shreya Shivani<\/strong><\/p>\n

Got it. So it’s not exactly.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Sorry, but your voice is breaking.<\/p>\n

Shreya Shivani<\/strong><\/p>\n

Okay, I think that answers my question. This was useful. All the best.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ma’. Am. Ladies and gentlemen, anyone who wishes to ask a question, we press star and one. Thank you. The next question comes from the line of Varun Gajaria from Omkara Capital. Please go ahead.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Hi sir. And congratulations on a good set. So now that we start our individual loan business and Tamil Nadu being one of the one of the prime blocks targeting what is the competition landscape like? Especially in Tamil Nadu which is one of your peers also has announced something similar. So just would like to understand how the competition set there.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

I think it is natural for most institutions to take this path, right? Both with respect to regulatory group as well as large customer base. Now I think the biggest strength that we would probably have is in how we execute and how we strategize more. Right? So from potential perspective I don’t see that competition is something that’s going to limit us or you know, we have to look at it differently. But I think our biggest strength is our already made investments on technology, our existing customer base, how we train our employees, how we figure out distribution across all these products and try and retain as many customers who are graduating from us not going out of this.<\/p>\n

Right. So just for a broad data point within our existing customers, what we have built as a portfolio is roughly around 30,000 crores. And what they have already with outside is roughly around 40,000 crores. So we just have to be sharper in ensuring we understand our customers requirements, build products accordingly and reach them on time for several projects.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Right. And on the back of the recent, I mean the two years, the tough two years that we’ve had in the industry, we believe that they believe that a host of, that a host of the customers that we will be the host of the clients that we’ll be now targeting. The pool must have gotten smaller over time because a lot of people must have gone out of system due to default. Right. How do you deal with something like this? What is our approach? A<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Lot of customers would have gone because of default. Yeah, but what is your question?<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Yeah, so how I want to understand is how do we, how do we deal with a pool like this, especially when, especially when we are trying to, you know, ramp up a new portfolio.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Right. How do you deal with the pool which has been written out is what you’re asking?<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Yeah, yeah. Like which has, which has gone out of system or you know, probably, probably is in the default zone.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Okay. So see, typically once we write off a customer, we don’t do much with them except for helping them come back through OTS as well as a restructuring product that we have. Right. So that is the only way to approach. But we will continue to solve new customers and that is a very strong possibility because we only have around 7% market share when it comes to the number of customers we are gathering in the microfinance space. And most of our new geographies are still very new. We don’t have sufficient depth there.<\/p>\n

So we continue to grow more and non core space. But a different percentage is probably because of penetration. But there will be strong acquisition of customers through microfinance and we will kind of bring them up the curve for a few years and then proactively because of them to move forward. That is the broad strategy. Just to add, if you refer to slide number 11, even in<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

The challenging year of this financial year, we added 9,76,000 customers and our write off customers were 4,91,000. There is a net addition of 4 lakh plus customers. So this write off is going to come down this year whereas the customer<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Addition rate will increase. So this is going to be the Growth engine where customers will come through and we will keep graduating.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Okay. Okay. Thank you sir. And all the best on future content. Thank you.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

I think I also want to add one point. What we are seeing because of very strict guardrail implementation is we have even very old customers coming back to settlement. Even the COVID period customers. We are now getting requests for either restructuring or settlement of some form of help to make them come back. So that’s also playing out quite well. I’m seeing things.<\/p>\n

Rajiv Mehta<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in order to ask a question you may press star and one. Gender reminder to other participants. If<\/p>\n

Operator<\/strong><\/p>\n

You wish to ask a question, you may press star and 1. Our next question comes from the line of Chintan Shah from ICIC Securities. Please go ahead.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Yeah, again hopping on this guidance part, particularly on the AUM growth. So 20 to 25% is the AUM growth guidance office. What kind of growth are we building from the MFI and non MFI portfolio? If you could just help on that. And what would be the yield differential between MFI and the non mfi which is the retail or other parts of the portfolio? What would be the yield differential there? Yeah,<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Right. So as we said earlier, the microfinance growth being in the range of 10 to 12% and the rest of the growth will come from the non mfi. And from an E perspective today I think both microfinance and non microfinance are very close to each other, not very different in yield. Except for home loans which is a small group. And like we said earlier, home loan is something we’ll actually try and do in partnership with probably a larger bank or figure out some of the strategy for that as we scale up.<\/p>\n

Add one more point here. So when we are saying that microfinance will grow at 10% to 12%, that doesn’t mean that microfinance is growing at a slower pace. What we need to understand is that we continue to see strong customer acquisition. So like last year we acquired close to 10 lakh customers. So this year we should be doing much, much better than what we did last year. So the new customer acquisition will continue to happen in msi. But at the same time what we’ll also see is that CP6 to 8% of MFI customers, they will get graduated into retail.<\/p>\n

So that is why the net growth in MFI will be 12%. It’s not that the NFI as a segment will be growing at a slower pace. So overall we will see that despite 6 to 8% customers moving out of MFI into retail, still MFI will grow at 10 to 12 and those 6 to 8% customers who move into detail, we take at least 2 to 3x exposure on them compared to that 10 to 12% growth. And that’s where the overall we fit into 2020 5% range.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Understood? Understood. Fair enough. And one so this question again MFI growth would be around probably other growth are expand, other sectors expanding. But so for our MFI, what incremental disbursement for FY27 or for FY26, how much of the incremental development awards are towards the new customers and towards the existing customer? What would be that share? Yeah,<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

It may be around this year. I mean last year also the the disbursements were more skewed towards the existing customers because the new customer addition was relatively lesser than what would have added. In a normal year you may take maybe 20% coming from new customers, 80% coming from existing. So in a steady state basis there should be around maybe 30 to 40 coming from New customers and balance coming from exist.<\/p>\n

Chintan Shah<\/strong><\/p>\n

So probably studies it means FY27 we should see that inching up to 3040 versus 20<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

And he’s 3014 at times 38.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Okay. But going ahead also then even in FY28 29 and probably given that 30 is from new so that around 10 to 10 15% ballparking. So that could also inch up further.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

It will be a range bond like we guided. Would it not change much in any other.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Understood, this is very helpful. Yeah, thank you. And all the very best for the future.<\/p>\n

Operator<\/strong><\/p>\n

Thank you Chintan. Our next question comes from the line of Sripal Ghoshi from eqrs. Please go ahead.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Hi sir, thank you for giving me the opportunity once again just had one question which is on the product wise profitability. So as we’ve been scaling up these newer products under the retail head by when do you see these products like all of them or rather if you could give product wise,<\/p>\n

Arvind Ravi Chandra<\/strong><\/p>\n

Let’s say some clarity becoming profitable at a standalone level.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Shripal today, except for the mortgage book, all other products are profitable at the product level. Because if you see for all retail finance products we are leveraging our group loans ecosystem. So mortgage loans we have been for the last three years we have been doing mortgage loans through the standalone retail finance branches and the individual business loans we have been doing through the group lending process. So there we get the economies of scale and we have been able to achieve a faster break even in the individual business loan products.<\/p>\n

For mortgage loan products, standalone retail branches should actually break Even as we near maybe 800 to 1000 crores of mortgage book from the retail finance branches. But at the same time we will. We have now also started expanding the mortgage loans through select group lending branches adopting the similar approach for individual business loans. So overall as these products scale up, we believe that we’ll be able to see benefits of operating leverage because we’ll be leveraging the GL ecosystem across various states.<\/p>\n

Obviously first we start with the high wind debt states and gradually we percolate into the newer states over a period of time. Got it sir. Got it. This is very helpful. Thank you. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, as there’s no question from the participant, I would like to hand the conference over to the management for the closing remarks. Thank you. And over to you team.<\/p>\n

Ganesh Narayanan<\/strong><\/p>\n

Thank you. Thank you everybody. Wishing you all the best and we hope this year will be a very normal year and we will meet our guidances quite confident. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir. Ladies and gentlemen, on behalf of ICIC securities, that concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. CREDITACCESS GRAMEEN LIMITED (NSE: CREDITACC) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Ganesh Narayanan \u2014 Managing Director and Chief Executive Officer Analysts: Chintan Shah \u2014 Analyst Abhijit Tibrewal \u2014 Analyst Rajiv Mehta […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":146340,"url":"https:\/\/alphastreet.com\/india\/earnings-creditaccess-grameen-limited-nse-creditacc-q4fy23-results-out-total-income-rises-29-yoy\/","url_meta":{"origin":182564,"position":0},"title":"Earnings | CreditAccess Grameen Limited (NSE: CREDITACC): Q4FY23 Results Out; Total Income rises 29% YoY.","author":"Divyansh_Kasana","date":"May 16, 2023","format":false,"excerpt":"CreditAccess Grameen Limited is a registered non-deposit accepting NBFC - Microfinance Institution regulated by the Reserve Bank of India. 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