Microfinance Institutions industry

5 companies · ₹33,842 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
+19.7%
80% of names up
P/E vs own 5y
-16.4%
16.4x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr
aggregate revenue (₹ cr)
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%

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

Exhibit 2What it costs

12.11x - 18.58x across the panel today

The median name trades at 16.4x, -16.4% against this industry's own 5-year median of 19.6x, and -89.6% against its own peak of 157.2x.

Exhibit 3Structure

₹33,842 cr

CreditAccess Grameen Ltd is 66.5% 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.

CreditAccess Grameen Ltd
Mcap
₹22,650 cr
P/E
18.9x
P/B
2.9x
NIM
-
Gross NPA
-
Rev YoY
+21.9%
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Muthoot Microfin Ltd
Mcap
₹3,437 cr
P/E
13.7x
P/B
1.2x
NIM
-
Gross NPA
-
Rev YoY
+19.7%
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Fusion Finance Ltd
Mcap
₹3,267 cr
P/E
19.6x
P/B
1.3x
NIM
-
Gross NPA
-
Rev YoY
+5.5%
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Satin Creditcare Network Ltd
Mcap
₹2,404 cr
P/E
5.8x
P/B
0.8x
NIM
-
Gross NPA
-
Rev YoY
+7.6%
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Spandana Sphoorty Financial Ltd
Mcap
₹2,110 cr
P/E
-
P/B
1.0x
NIM
-
Gross NPA
-
Rev YoY
-5.5%
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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 managementsheadwind3 managementsheadwind2 managementsmixed3 managementsheadwind2 managements
5 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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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