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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Asset Quality to Improve: CAGrameen’s Collection Efficiency (CE) improved to 93.2% in Q1FY26 (93.5% in Jun’25) vs 91.9% in Q4FY25, with improvement visible across all geographies (slightly delayed in KA).</li><li>The management indicated that the collections (incl. KA) in Jul’25 have been stable and expects a similar strong trend to continue over Aug-Sep’25.</li><li>CAGrameen has seen the PAR15+ accretion rate trend downwards to 0.46% in Jun’25 vs 0.84% in Mar’25, indicating lower incremental credit costs. </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 to Improve: CAGrameen’s Collection Efficiency (CE) improved to 93.2% in Q1FY26 (93.5% in Jun’25) vs 91.9% in Q4FY25, with improvement visible across all geographies (slightly delayed in KA).The management indicated that the collections (incl. KA) in Jul’25 have been stable and expects a similar strong trend to continue over Aug-Sep’25.CAGrameen has seen the PAR15+ accretion rate trend downwards to 0.46% in Jun’25 vs 0.84% in Mar’25, indicating lower incremental credit costs. 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.

Axis PUNCH - CreditAccess Grameen Ltd: 17th September, 2025

<ul><li>Asset Quality to Improve; Monthly PAR Accretion Across Most Geographies Trending Downwards: CAGrameen’s Collection Efficiency (CE) improved to 93.2% in Q1FY26 (93.5% in Jun’25) vs 91.9% in Q4FY25, with improvement visible across all geographies (slightly delayed in KA).</li><li>The management indicated that the collections (incl. KA) in Jul’25 have been stable and expects a similar strong trend to continue over AugSep’25.</li><li>CAGrameen has seen the PAR15+ accretion rate trend downwards to 0.46% in Jun’25 vs 0.84% in Mar’25, indicating lower incremental credit costs. </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 to Improve; Monthly PAR Accretion Across Most Geographies Trending Downwards: CAGrameen’s Collection Efficiency (CE) improved to 93.2% in Q1FY26 (93.5% in Jun’25) vs 91.9% in Q4FY25, with improvement visible across all geographies (slightly delayed in KA).The management indicated that the collections (incl. KA) in Jul’25 have been stable and expects a similar strong trend to continue over AugSep’25.CAGrameen has seen the PAR15+ accretion rate trend downwards to 0.46% in Jun’25 vs 0.84% in Mar’25, indicating lower incremental credit costs. 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. - Pain Bottoming Out in Q2...

<ul><li>Asset Quality on the mend; PAR accretion ex-KA at near-normal: CAGrameen’s Collection Efficiency (CE) deteriorated to 91.9% in Q4FY25 vs 93.3% in Q3FY25, mainly owing to lower CE in KA.</li><li>CAGrameen has enhanced its collection efforts with strong control over employee attrition.</li><li>The management has indicated that the X-bucket CE (ex-KA) has stabilised at 99.3-99.4% in Mar’25, with a slight improvement over Apr-May’25. </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 on the mend; PAR accretion ex-KA at near-normal: CAGrameen’s Collection Efficiency (CE) deteriorated to 91.9% in Q4FY25 vs 93.3% in Q3FY25, mainly owing to lower CE in KA.CAGrameen has enhanced its collection efforts with strong control over employee attrition.The management has indicated that the X-bucket CE (ex-KA) has stabilised at 99.3-99.4% in Mar’25, with a slight improvement over Apr-May’25. 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. - Business Normalcy Likely from H2FY26 Onwards...

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>CreditAccess Grameen (CREDAG)’s 3QFY25 loss stood at INR995m (vs. MOFSLe PAT of INR1.3b). NII grew ~7% YoY to ~INR8.6b (~6% miss) and PPoP rose 4% YoY to ~INR6.2b (~6% miss).</li><li>Cost-income ratio was stable at ~31% (PY: ~30% and PQ: ~31%). Reported yields declined ~90bp QoQ to ~20.2%, while CoF was stable QoQ at 9.8%.</li><li>Reported NIM contracted ~100bp QoQ to ~12.5%, primarily because of interest income reversal of INR750m. We model NIMs of 14.0%/14.1% for FY26/FY27 (FY25E: ~14%)</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.

CreditAccess Grameen (CREDAG)’s 3QFY25 loss stood at INR995m (vs. MOFSLe PAT of INR1.3b). NII grew ~7% YoY to ~INR8.6b (~6% miss) and PPoP rose 4% YoY to ~INR6.2b (~6% miss).Cost-income ratio was stable at ~31% (PY: ~30% and PQ: ~31%). Reported yields declined ~90bp QoQ to ~20.2%, while CoF was stable QoQ at 9.8%.Reported NIM contracted ~100bp QoQ to ~12.5%, primarily because of interest income reversal of INR750m. We model NIMs of 14.0%/14.1% for FY26/FY27 (FY25E: ~14%)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 - Delinquencies Moderating but Normalization Still Some Time Away

<ul><li>Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.</li><li>The peaking out of fresh PAR accretion was delayed by ~4 weeks (earlier anticipated to peak out on Sep’24) due to the temporary impact of festivities, heavy rains, cyclones, and localised disruptions.</li><li>The strong trend reversal in Dec’24/Jan’25, can be taken as an indication of reversion to normalised PAR accretion rate by Q4FY25 or Q1FY26. </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.

Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.The peaking out of fresh PAR accretion was delayed by ~4 weeks (earlier anticipated to peak out on Sep’24) due to the temporary impact of festivities, heavy rains, cyclones, and localised disruptions.The strong trend reversal in Dec’24/Jan’25, can be taken as an indication of reversion to normalised PAR accretion rate by Q4FY25 or Q1FY26. 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. - Weak Quarter, Hopes Pinned on Normalised Profitability from Q2FY26!

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)

Axis PUNCH - CreditAccess Grameen Ltd: 17th September, 2025

The management has maintained its credit costs guidance of 5.5-6% for FY26, and we expect them to trend meaningfully downwards from FY27E onwards.

Axis Direct

CreditAccess Grameen Ltd. - Pain Bottoming Out in Q2...

The management indicated that the collections (incl. KA) in Jul’25 have been stable and expects a similar strong trend to continue over AugSep’25.

Axis Direct

CreditAccess Grameen Ltd. - Business Normalcy Likely from H2FY26 Onwards...

Asset Quality on the mend; PAR accretion ex-KA at near-normal: CAGrameen’s Collection Efficiency (CE) deteriorated to 91.9% in Q4FY25 vs 93.3% in...

Axis Direct

CreditAccess Grameen - Delinquencies Moderating but Normalization Still Some Time Away

CreditAccess Grameen (CREDAG)’s 3QFY25 loss stood at INR995m (vs. MOFSLe PAT of INR1.3b). NII grew ~7% YoY to ~INR8.6b (~6% miss) and PPoP rose 4%...

Motilal Oswal

CreditAccess Grameen Ltd. - Weak Quarter, Hopes Pinned on Normalised Profitability from Q2FY26!

Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.

Axis Direct

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