Company Update : CreditAccess Grameen by Motilal Oswal Financial Services Ltd
AUM rises ~16% YoY; asset quality continues to improve
Loan Growth
* CREDAG’s AUM grew ~16% YoY and ~2.5% QoQ to INR303b as of Jun’26 (in line with our estimates).
* Disbursements grew 12% YoY and declined ~27% QoQ to INR61b in 1QFY27.
* The company added 250K+ new borrowers during 1QFY27.
* It opened 40 new branches in 1QFY27.
* Retail finance share stood at 21% in Jun’26 vs. 18% in Mar’26 and 7% in Jun’25.
Asset quality
* Monthly PAR 15+ accretion/AUM rate stood at 0.16% in Jun’26 vs. 0.46% in Jun’25 and 0.07% in Mar’26.
* Asset quality completely normalized across all geographies, with overall XBucket CE of 99.68% in Jun’26.
* PAR buckets exhibited a meaningful improvement QoQ, led by lower new PAR accretion.
* Improvement in asset quality was witnessed across all operating geographies.
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