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Motilal Oswal Report
CreditAccess Grameen Ltd. is transitioning from a stress-recovery phase to a structurally stronger growth trajectory, supported by retail-led diversification, margin resilience, and embedded risk discipline, according to Motilal Oswal.
The brokerage models an assets under management/net interest income/pre-provision operating profit/net profit of 21%/16%/13%/50% over FY26-28E with an RoA/ RoE of ~4.5%/17.5% by FY28E.
At ~2.3x FY27E P/BV and ~14x FY27E P/E, CreditAccess's valuations remain reasonable relative to the medium-term RoE potential of ~17-18%.
As credit costs normalise and earnings visibility brightens, the brokerage sees scope for gradual rerating and reiterates its Buy rating with a target price of Rs 1,600 (premised on 2.4x Dec'27E book value per share).
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