Microfinance Institutions industry

5 companies · ₹25,405 cr · 5 with AI deep dives · Q1FY27 report

MFI credit cycle turns: GNPA falls sector-wide, but monsoon overlays cap provision release

Acceleratingrevenue growth quickened to 14.2% YoY from -16.6% a year earlier

Revenue YoY: +14.2%
Panel: 5 cos
Price, 1 year: -22.8%; 20% of names up
P/E vs own 5y: -37.3%; 12.0x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	3,956 cr	3,832 cr	+3.2%	3,465 cr	+14.2%	4,155 cr	-4.8%

Revenue

Jun 26: 3,956 cr
Mar 26: 3,832 cr
QoQ: +3.2%
Jun 25: 3,465 cr
YoY: +14.2%
Peak: 4,155 cr
vs peak: -4.8%

Sept 26: 1 of 5 reported so far, so it is not in the trend above.

Breadth: 80% of 5 companies grew revenue year on year (was 60% a quarter earlier).

Exhibit 2What it costs

9.49x - 13.65x across the panel today

The median name trades at 12.0x, -37.3% against this industry's own 5-year median of 19.2x, and -92.3% against its own peak of 157.2x.

Exhibit 3Structure

₹25,405 cr

CreditAccess Grameen Ltd is 65.1% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

mid 1small 45 above ₹500 cr

Exhibit 5Coverage (5 of 5)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	P/B	NIM	Gross NPA	Rev YoY	Read
CreditAccess Grameen Ltd	₹16,529 cr	14.5x	2.2x	-	-	+26.2%	Unlock
Muthoot Microfin Ltd	₹2,626 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindAsset quality normalising across all five covered names - GNPA and credit costs falling sector-wide5 managements

GNPA declined sharply YoY: CreditAccess to 2.18% from 4.70%, Satin (standalone) to 2.2% from 3.7%, Muthoot Microfin to 3.70% (-115 bps), Spandana to 3.64% (-185 bps), Fusion…

CREDITACC (Q1 FY27): “The average PAR 15 accretion rate for Q1 FY27 stood at ~15 bps per month, whereas the…”

tailwind4 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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