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Axis Securities Report
CreditAccess Grameen Ltd. has been successfully navigating the challenges of the recent MFI credit downcycle and exhibited resilience as it gradually inches closer to normalcy.
We expect CreditAccess to revert to its RoA delivery of 4.5+% from FY27E, supported by-
Strong GLP growth,
Steady margin profile,
controlled opex, and
meaningfully lower credit costs.
Resultantly, we factor in a strong GLP/net interest income/Earnings CAGR growth of 18/13/54% over FY25-28E, with RoA/RoE delivery of 4.5-4.6%/18-19% over the same period.
We recommend a Buy on the stock with a target price of Rs 1,461/share, implying an upside of 10% from the current market price.
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