External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>In FY26, CAGrameen successfully navigated an industry-wide MFI downcycle and emerged stronger by deliberately shifting its focus from volume-led growth to quality-led growth.</li><li>While active borrowers contracted, owing to the company’s selective onboarding approach and accelerated write-offs, disciplined risk management led to a sharp asset quality recovery, with PAR 0/60/90+ improving (across geographies) to 2.99%/2.52%/2.28% (down from 6.93%/4.25%/3.28% in FY25) alongside reduced slippage ratios.</li><li>Disbursements rebounded in H2FY26, driving a 14% YoY GLP growth. Growth was primarily powered by a 248% exponential scale-up in the Retail Finance (RF) portfolio (18% mix) and gradual stabilisation of the core MFI portfolio (flat growth YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In FY26, CAGrameen successfully navigated an industry-wide MFI downcycle and emerged stronger by deliberately shifting its focus from volume-led growth to quality-led growth.While active borrowers contracted, owing to the company’s selective onboarding approach and accelerated write-offs, disciplined risk management led to a sharp asset quality recovery, with PAR 0/60/90+ improving (across geographies) to 2.99%/2.52%/2.28% (down from 6.93%/4.25%/3.28% in FY25) alongside reduced slippage ratios.Disbursements rebounded in H2FY26, driving a 14% YoY GLP growth. Growth was primarily powered by a 248% exponential scale-up in the Retail Finance (RF) portfolio (18% mix) and gradual stabilisation of the core MFI portfolio (flat growth YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CreditAccess Grameen Ltd - Pivoting from an MFI-Focused Lender to an Inclusive Financier!

<ul><li>Asset Quality Metrics at Pre-Crisis Levels; Credit Costs to Decline Meaningfully: CAGrameen’s asset quality metrics continued their improvement trajectory, with X-bucket CE recovering to pre-crisis levels and fresh PAR accretion moderating significantly, reflecting the efforts of the company’s intensified collections and risk-monitoring mechanism.</li><li>In FY26, credit costs settled slightly higher at 6.74%, ahead of management guidance of 5.5-6%, of which 6.1% was attributable to fresh PAR formation and 0.64% to an incremental increase in ECL provisioning rates as the company evolved its provisioning model.</li><li>CAGrameen has transitioned to a more comprehensive ECL framework, incorporating long-term historical performance data, multiple business cycles, and forward-looking macro variables (West Asia Crisis and Potential Heatwaves), resulting in an incremental provisioning of Rs 39 Cr during Q4. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asset Quality Metrics at Pre-Crisis Levels; Credit Costs to Decline Meaningfully: CAGrameen’s asset quality metrics continued their improvement trajectory, with X-bucket CE recovering to pre-crisis levels and fresh PAR accretion moderating significantly, reflecting the efforts of the company’s intensified collections and risk-monitoring mechanism.In FY26, credit costs settled slightly higher at 6.74%, ahead of management guidance of 5.5-6%, of which 6.1% was attributable to fresh PAR formation and 0.64% to an incremental increase in ECL provisioning rates as the company evolved its provisioning model.CAGrameen has transitioned to a more comprehensive ECL framework, incorporating long-term historical performance data, multiple business cycles, and forward-looking macro variables (West Asia Crisis and Potential Heatwaves), resulting in an incremental provisioning of Rs 39 Cr during Q4. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CreditAccess Grameen Ltd - Strong All-Round Performance; Earnings Recovery Poised to Accelerate

<ul><li>CAGrameen expects normalised levels of write-off from Q3 onwards, thereby keeping the credit costs lower.</li><li>Credit costs have peaked and are expected to improve over H2.</li><li>GLP growth would be driven by sustained branch additions, scaling up customer addition run-rate to ~1 Lc customers/month, and sustained robust growth in the Retail Finance (RF) book.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CAGrameen expects normalised levels of write-off from Q3 onwards, thereby keeping the credit costs lower.Credit costs have peaked and are expected to improve over H2.GLP growth would be driven by sustained branch additions, scaling up customer addition run-rate to ~1 Lc customers/month, and sustained robust growth in the Retail Finance (RF) book.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: CreditAccess Grameen Ltd - 03rd January, 2026

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.</li><li>Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.</li><li>The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

High Conviction Ideas:Banking, Financial Services & Insurance

<ul><li>Credit Costs to Settle Higher Owing to ECL Rate Reset: CAGrameen’s CE-ex arrears improved to 94.5% in Q2FY26 vs 93.2% QoQ, with improvement visible across all geographies.</li><li>The company has seen the PAR15+ accretion rate being largely rangebound in Q2, primarily owing to the temporary impact of heavy rains/floods across operating geographies.</li><li>PAR bucket roll-forward rates were stable during the quarter vs Q1. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Credit Costs to Settle Higher Owing to ECL Rate Reset: CAGrameen’s CE-ex arrears improved to 94.5% in Q2FY26 vs 93.2% QoQ, with improvement visible across all geographies.The company has seen the PAR15+ accretion rate being largely rangebound in Q2, primarily owing to the temporary impact of heavy rains/floods across operating geographies.PAR bucket roll-forward rates were stable during the quarter vs Q1. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CreditAccess Grameen Ltd - Higher Credit Costs to Be Offset by Strong NIMs and Controlled Opex!

India

CreditAccess Grameen is a leading Indian microfinance institution that provides micro-loans to women customers, predominantly in rural areas across India. The company offers a diverse range of financial products including income generation loans, family welfare loans, home improvement loans, and emergency loans. It is headquartered in Bengaluru, India, and was founded in 1999.

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CreditAccess Grameen (CREDAG IN)

CreditAccess Grameen Ltd - Pivoting from an MFI-Focused Lender to an Inclusive Financier!

In FY26, CAGrameen successfully navigated an industry-wide MFI downcycle and emerged stronger by deliberately shifting its focus from volume-led...

Axis Direct

CreditAccess Grameen Ltd - Strong All-Round Performance; Earnings Recovery Poised to Accelerate

CAGrameen’s asset quality metrics continued their improvement trajectory, with X-bucket CE recovering to pre-crisis levels and fresh PAR accretion...

Axis Direct

Pick of the Week: CreditAccess Grameen Ltd - 03rd January, 2026

CAGrameen expects normalised levels of write-off from Q3 onwards, thereby keeping the credit costs lower. Credit costs have peaked and are expected...

Axis Direct

High Conviction Ideas:Banking, Financial Services & Insurance

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth...

Axis Direct

CreditAccess Grameen Ltd - Higher Credit Costs to Be Offset by Strong NIMs and Controlled Opex!

Credit Costs to Settle Higher Owing to ECL Rate Reset: CAGrameen’s CE-ex arrears improved to 94.5% in Q2FY26 vs 93.2% QoQ, with improvement visible...

Axis Direct

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