Analysts/Institutional Investor Meet/Con. Call Updates

Ref: CAGL/EQ/2026-27/73 July 29, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex, Bandra (East) Mumbai - 400001 Mumbai - 400051 Scrip code: 541770 Symbol: CREDITACC Dear Sir/Madam, Sub.: Transcript of Conference Call for Q1 FY27 Results Pursuant to provision of Regulation 30 and Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of Q1 FY27 Results Conference Call, held on Friday, July 24, 2026. The same is also available on the Company’s website at: www.creditaccessgrameen.in. This is for your information and records. Thanking you Yours’ Truly For CreditAccess Grameen Limited Deepti Ramani Company Secretary & Compliance Officer Encl.: As above “CreditAccess Grameen Limited Q1 FY27 Earnings Conference Call” July 24, 2026 MANAGEMENT: MR. GANESH NARAYANAN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – CREDITACCESS GRAMEEN LIMITED MR. GURURAJ RAO – CHIEF OPERATING OFFICER – CREDITACCESS GRAMEEN LIMITED MR. NILESH DALVI – CHIEF FINANCIAL OFFICER – CREDITACCESS GRAMEEN LIMITED MR. SAHIB SHARMA – DGM, INVESTOR RELATIONS – CREDITACCESS GRAMEEN LIMITED MODERATOR: MR. SHREEPAL DOSHI – EQUIRUS SECURITIES PRIVATE LIMITED Page 1 of 14 CreditAccess Grameen Limited July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Conference Call of CreditAccess Grameen hosted by Equirus Securities. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shreepal Doshi from Equirus Securities. Thank you, and over to you, sir. Shreepal Doshi: Thank you, Shruti. Good evening, everyone. We welcome you to the Earnings Conference Call of CreditAccess Grameen to discuss the Q1 FY27 performance of the company. Today, we have the management of the company represented by Mr. Ganesh Narayanan, MD and CEO; Mr. Gururaj Rao, COO; Mr. Nilesh Dalvi, CFO; and Mr. Sahib Sharma, Head, Investor Relations. Thank you to the management for giving us the opportunity to host this call. I would now like to hand over the call to Mr. Ganesh Narayanan for his opening remarks, post which we can open the forum for question and answer. Over to you, sir. Ganesh Narayanan: Thank you, Shreepal. A very good evening, and welcome to the conference call to discuss our Q1 FY27 business performance. I'm pleased to share that Q1 FY27 has been one of our strongest Q1 in the history of the company, marked by robust portfolio growth, normalized asset quality, and profitability levels that reflect the underlying strength and resilience of our franchise. Let me begin with the operational highlights. Our AUM grew 16.4% YoY and 2.5% QoQ to INR 30,319 Crore, despite 6.3% TTM write-off and typical seasonal softness that Q1 brings. Disbursements for the quarter stood at INR 6,107 Crore, up 11.9% YoY. We added 2.5 Lakh new borrowers during the quarter, of which 35% were new-to-credit, and we expect this run rate to improve further, adding close to an average of 1 Lakh borrowers per month going forward. This should be the primary driver of our MFI growth trajectory through the remainder of the year. At the same time, digital collections, including other modes have risen to 24.2% of total collections in Q1 FY27, up from 16.3% in the last financial year. We continue to see the scale-up of our retail finance book, which now constitutes 20.6% of the AUM, up 250 bps sequentially from 18.1% in Q4 FY26. The growth reflects the deliberate graduation of high-quality vintage customers into the retail finance pool. Our distinct retail customer model built on long vintage, credit tested and strong underwriting foundations is central to this direction, and we will be speaking to this in more detail shortly. On the operational front, we opened 42 new branches during the quarter, taking our total network to 2,276 branches, a growth of 7.7% YoY, spread across 457 districts. Our employee base grew 3% YoY to 21,981. And importantly, employee attrition continued to moderate meaningfully, standing at 20.6% as of Q1 FY27 against 25.8% in Q1 FY26. Page 2 of 14 CreditAccess Grameen Limited July 24, 2026 The quality of our portfolio remains one of the best in the industry with the AUM share of unique group lending borrowers where portfolio quality has historically been relatively better at 45.7% and the AUM share of borrowers with over 3 lenders at 2.6% as of June’26, reflecting the continued success of our deleveraging efforts and adherence to MFIN guardrails. Our customer app, Grameen Mahi, continues to see strong traction. We onboarded 4 Lakh customers on the app during Q1 FY27 alone, taking our overall active base to 15.4 Lakh customers and 34.5% of our total borrower base. Over time, as the customer adoption of Mahi increases, we expect Grameen Mahi to evolve into an anchor for instant loan eligibility checks, small ticket loan availment, lead generation for new customers and retail products and a unified cashless collection ecosystem. We see this as a structural shift in how our customers choose to engage with us. Our net interest margin was robust at 14.4% at the end of Q1 FY27, driven by a combination of improving yields, lower interest reversals and stable cost of borrowings. Our cost-to-income ratio stood at 29.3% and PPOP grew 33.6% YoY to INR 873 Crore. Turning to the asset quality. Our PAR accretion trends remain well within the normalized range, contributing to a continued reduction in delinquency across all buckets. X-Bucket collection efficiency for June 2026 stood at 99.68%. The average PAR 15 accretion rate for Q1 FY27 stood at ~15 bps per month, whereas the credit cost for the quarter stood at INR 212 Crore or 0.72% on a non-annualized basis, comfortably within our guided range. Gross NPA stood at 2.18%, net NPA at 0.76% and PAR 90 at 1.46%, each showing sequential improvement. As a result, our Q1 FY27 PAT grew 720% YoY to INR 493 Crore, resulting in an ROA of 5.9% and ROE of 24.4%. On profitability, I want to spend a moment contextualizing our numbers appropriately. Our ability to demonstrate quick recovery helped us report strong improvement in our return ratios in Q4 FY26 and further in Q1 FY27, thus helping us to improve our trailing 12-month ROA to 4% and ROE to 16%, both aligned with our guided cross-cycle profitability metrics. We view this as an encouraging start where credit cost behavior over the coming months will be the key determinant, we shall continue to monitor this closely and accordingly take a call on passing the pricing benefit to the customers in H2 FY27, in line with the board-approved pricing policy. On the balance sheet side, we continue to maintain ample liquidity with cash and cash equivalents of INR 3,536 Crore, amounting to 10.4% of the total assets. This is particularly important given the ongoing West Asia crisis I want to clarify that to date, we've seen no discernible impact on our business from this development. Our liquidity buffer, along with undrawn funding lines of INR 2,993 Crore and INR 9,440 Crore of funding pipeline positions us well to navigate any external volatility should it arise. Separately, on El Nino and its potential impact on rural cash flows, we've not witnessed any visible impact currently. We will closely watch the underlying trends over the next 2 to 3 months before drawing any conclusions on how the situation may unfold. During the quarter, we also completed a private NCD issuance of INR 425 Crore, which further diversifies our liability base and reduces our reliance on any single funding source. Our overall Page 3 of 14 CreditAcce [Showing first 8,000 characters — download PDF for full document]