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The rating agency for this Bond is ICRA.
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Creditaccess Grameen Ltd. Sep '28
₹1,01,225.65YTM
8.80%Tenure left
23 monthsInterest payout
AnnualPrincipal payout
BulletBond details
Minimum investment₹1,01,225.65
Date of maturity02 Sep 2028
ISININE741K07629
Bond typeSenior Secured
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About
CreditAccess Grameen Limited (CAGL) is the largest Non-Banking Financial Company-Microfinance Institution (NBFC-MFI) in India, having commenced microfinance operations in 1999 as a non-governmental initiative before transforming into an NBFC during 2007–2008. Holding entity CreditAccess India acquired a majority stake in FY2014 and currently holds 66.3% equity in the company, which listed publicly in FY2019 and amalgamated Madura Microfinance Limited in 2023. CAGL primarily provides micro-lending to rural female borrowers using the Grameen joint-liability group model and weekly/biweekly collection meetings. As of March 2026, CAGL serves 44.2 lakh borrowers across 2,236 branches in 17 states and union territories, managing a total loan portfolio of Rs. 29,590 crore.;
Pros and Cons
Pros
Cons
CAGL is the largest NBFC-MFI in India with an established track record of over two decades, managing a portfolio of Rs. 29,590 crore across a predominantly rural customer base (~85%) as of March 2026.
The company maintains a comfortable capitalization profile with an adjusted net worth of Rs. 7,386 crore, a Capital Adequacy Ratio (CRAR) of 24.4%, and a managed gearing of 3.3 times as of March 2026.
Asset quality performance demonstrated a steady recovery in Q2–Q4 FY2026 following the adoption of MFIN guardrails, bringing 0+ dpd and 90+ dpd down to 3.0% and 2.3% respectively as of March 2026.
The entity holds a strong liquidity buffer featuring Rs. 2,370 crore in cash and liquid investments alongside undrawn bank lines of Rs. 2,897 crore and funding relationships across 44 commercial banks and 24 foreign lenders.
The loan portfolio is strategically expanding into non-microfinance retail products—such as individual unsecured loans, mortgage-backed business loans, and two-wheeler loans—which reached 18% of AUM by March 2026.
Other details
Clean price₹1,00,548.80
Dirty price₹1,01,225.65
Current yield8.80%
Security cover--
Issue size141.01Cr
Original bond tenure24 months
TrusteeCatalyst Trusteeship Limited...
Mode of issueNCD
Listed onNSE
Listing date01 Sep 2026
Coupon rate9.15%
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