# Finance & Investments - Microfinance — company-by-company sector analysis

> Finance & Investments - Microfinance: CreditAccess Grameen Ltd owns the largest revenue base; Satin Creditcare Network Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Finance & Investments - Microfinance has outperformed NIFTY 500 by 31.7% over 52 weeks and 29.1% over 13 weeks. 7 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself. CreditAccess Grameen Ltd leads with income of ₹6,378 crore, based on 7 of 7 comparable companies through Jun 2026.

### Is the Finance & Investments - Microfinance sector outperforming NIFTY 500?

Finance & Investments - Microfinance has outperformed NIFTY 500 by 31.7% over 52 weeks and 29.1% over 13 weeks. 7 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself.

### Which Finance & Investments - Microfinance company is largest by income?

CreditAccess Grameen Ltd leads with income of ₹6,378 crore, based on 7 of 7 comparable companies through Jun 2026.

### Which Finance & Investments - Microfinance company is growing fastest?

Satin Creditcare Network Ltd has the fastest current income growth at 21.9%, across 7 of 7 comparable companies.

### Which Finance & Investments - Microfinance company has the strongest 4-Factor Sector Score?

Satin Creditcare Network Ltd ranks first at 85/100 with 78.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance & Investments - Microfinance company has the lowest comparable P/BV-to-ROE?

Satin Creditcare Network Ltd has the lowest comparable P/BV ÷ ROE at 0.09, among 6 of 7 companies that pass the metric’s comparability rules.

### How much history does this Finance & Investments - Microfinance comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Finance & Investments - Microfinance has outperformed NIFTY 500 by 31.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 29.1%. 7 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Satin Creditcare Network Ltd is the strongest against the sector itself at +26.4%.

13-week sector return versus NIFTY 500: 29%
52-week sector return versus NIFTY 500: 32%
Stocks leading NIFTY: 7/7
Stocks leading sector: 2/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 7
Combined market value: ₹44.0K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Satin Creditcare Network Ltd (SATIN): 85/100 — Sector-leading setup; evidence 78%
   - Growth & earnings 29.9/35 | Capital efficiency 18.3/25 | Valuation 16.8/20 | Relative strength 20.0/20
   - Exact sum: 29.9 + 18.3 + 16.8 + 20 = 85
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. CreditAccess Grameen Ltd (CREDITACC): 58/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 29.6/35 | Capital efficiency 18.1/25 | Valuation 5.1/20 | Relative strength 5.6/20
   - Exact sum: 29.6 + 18.1 + 5.1 + 5.6 = 58.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -9.8% and the one-year return is 19.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Northern Arc Capital Ltd (NORTHARC): 55/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 23.1/35 | Capital efficiency 14.7/25 | Valuation 14.2/20 | Relative strength 3.3/20
   - Exact sum: 23.1 + 14.7 + 14.2 + 3.3 = 55.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -9.9% and the one-year return is 16.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Muthoot Microfin Ltd (MUTHOOTMF): 53/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 20.1/35 | Capital efficiency 10.8/25 | Valuation 5.9/20 | Relative strength 16.2/20
   - Exact sum: 20.1 + 10.8 + 5.9 + 16.2 = 53
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Arman Financial Services Ltd (ARMANFIN): 40/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 10.7/35 | Capital efficiency 14.1/25 | Valuation 3.8/20 | Relative strength 11.3/20
   - Exact sum: 10.7 + 14.1 + 3.8 + 11.3 = 39.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Fusion Finance Ltd (FUSION): 37/100 — Mixed-negative evidence; evidence 78%
   - Growth & earnings 17.4/35 | Capital efficiency 6.6/25 | Valuation 3.2/20 | Relative strength 9.8/20
   - Exact sum: 17.4 + 6.6 + 3.2 + 9.8 = 37
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Spandana Sphoorty Financial Ltd (SPANDANA): 37/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 15.2/35 | Capital efficiency 8.4/25 | Valuation 9.2/20 | Relative strength 4.2/20
   - Exact sum: 15.2 + 8.4 + 9.2 + 4.2 = 37
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: CreditAccess Grameen Ltd is the scale leader at ₹6,378 crore, 102% ahead of Satin Creditcare Network Ltd. Satin Creditcare Network Ltd's growth is 21.9% from a ₹3,157 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: CreditAccess Grameen Ltd is the scale benchmark; Satin Creditcare Network Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: CreditAccess Grameen Ltd's growth falls below Satin Creditcare Network Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: CreditAccess Grameen Ltd · ₹6,378 crore | 102% versus #2 · Satin Creditcare Network Ltd | 6/8 recent comparable periods | 7/7 companies · 113 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. CreditAccess Grameen Ltd (CREDITACC): ₹6.4K Cr
2. Satin Creditcare Network Ltd (SATIN): ₹3.2K Cr
3. Northern Arc Capital Ltd (NORTHARC): ₹2.7K Cr
4. Muthoot Microfin Ltd (MUTHOOTMF): ₹2.4K Cr
5. Fusion Finance Ltd (FUSION): ₹1.7K Cr

### Income growth — fastest growers
1. Satin Creditcare Network Ltd (SATIN): 22%
2. Northern Arc Capital Ltd (NORTHARC): 15%
3. CreditAccess Grameen Ltd (CREDITACC): 12%
4. Muthoot Microfin Ltd (MUTHOOTMF): -7.5%
5. Arman Financial Services Ltd (ARMANFIN): -11%

### 20-quarter Income history
- CREDITACC: Sep 2021 ₹619 Cr | Dec 2021 ₹690 Cr | Mar 2022 ₹824 Cr | Jun 2022 ₹761 Cr | Sep 2022 ₹814 Cr | Dec 2022 ₹908 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.8K Cr
- NORTHARC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹401 Cr | Sep 2023 ₹437 Cr | Dec 2023 ₹492 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹578 Cr | Sep 2024 ₹585 Cr | Dec 2024 ₹576 Cr | Mar 2025 ₹603 Cr | Jun 2025 ₹605 Cr | Sep 2025 ₹627 Cr | Dec 2025 ₹721 Cr | Mar 2026 ₹742 Cr | Jun 2026 —
- MUTHOOTMF: Sep 2021 ₹197 Cr | Dec 2021 ₹215 Cr | Mar 2022 ₹259 Cr | Jun 2022 ₹275 Cr | Sep 2022 ₹334 Cr | Dec 2022 ₹380 Cr | Mar 2023 ₹444 Cr | Jun 2023 ₹479 Cr | Sep 2023 ₹564 Cr | Dec 2023 ₹577 Cr | Mar 2024 ₹643 Cr | Jun 2024 ₹663 Cr | Sep 2024 ₹662 Cr | Dec 2024 ₹681 Cr | Mar 2025 ₹555 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹576 Cr | Dec 2025 ₹603 Cr | Mar 2026 ₹632 Cr | Jun 2026 —
- FUSION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹459 Cr | Mar 2023 ₹501 Cr | Jun 2023 ₹531 Cr | Sep 2023 ₹547 Cr | Dec 2023 ₹593 Cr | Mar 2024 ₹646 Cr | Jun 2024 ₹688 Cr | Sep 2024 ₹692 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹466 Cr | Jun 2025 ₹434 Cr | Sep 2025 ₹401 Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹424 Cr | Jun 2026 —
- SATIN: Sep 2021 ₹326 Cr | Dec 2021 ₹348 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹345 Cr | Sep 2022 ₹361 Cr | Dec 2022 ₹416 Cr | Mar 2023 ₹429 Cr | Jun 2023 ₹462 Cr | Sep 2023 ₹538 Cr | Dec 2023 ₹596 Cr | Mar 2024 ₹642 Cr | Jun 2024 ₹633 Cr | Sep 2024 ₹657 Cr | Dec 2024 ₹684 Cr | Mar 2025 ₹615 Cr | Jun 2025 ₹709 Cr | Sep 2025 ₹788 Cr | Dec 2025 ₹740 Cr | Mar 2026 ₹920 Cr | Jun 2026 —
- SPANDANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹355 Cr | Mar 2023 ₹498 Cr | Jun 2023 ₹512 Cr | Sep 2023 ₹610 Cr | Dec 2023 ₹626 Cr | Mar 2024 ₹676 Cr | Jun 2024 ₹710 Cr | Sep 2024 ₹682 Cr | Dec 2024 ₹552 Cr | Mar 2025 ₹415 Cr | Jun 2025 ₹300 Cr | Sep 2025 ₹230 Cr | Dec 2025 ₹234 Cr | Mar 2026 ₹260 Cr | Jun 2026 ₹284 Cr
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹103 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹169 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹176 Cr | Jun 2026 —

### 20-quarter Income growth history
- CREDITACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 32% | Dec 2022 32% | Mar 2023 29% | Jun 2023 54% | Sep 2023 53% | Dec 2023 42% | Mar 2024 37% | Jun 2024 29% | Sep 2024 17% | Dec 2024 6.8% | Mar 2025 -3.4% | Jun 2025 -3.2% | Sep 2025 3.8% | Dec 2025 8.0% | Mar 2026 14% | Jun 2026 22%
- NORTHARC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 44% | Sep 2024 34% | Dec 2024 17% | Mar 2025 6.9% | Jun 2025 4.7% | Sep 2025 7.2% | Dec 2025 25% | Mar 2026 23% | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 70% | Dec 2022 77% | Mar 2023 71% | Jun 2023 74% | Sep 2023 69% | Dec 2023 52% | Mar 2024 45% | Jun 2024 38% | Sep 2024 17% | Dec 2024 18% | Mar 2025 -14% | Jun 2025 -16% | Sep 2025 -13% | Dec 2025 -11% | Mar 2026 14% | Jun 2026 —
- FUSION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 29% | Mar 2024 29% | Jun 2024 30% | Sep 2024 27% | Dec 2024 -20% | Mar 2025 -28% | Jun 2025 -37% | Sep 2025 -42% | Dec 2025 -12% | Mar 2026 -9.0% | Jun 2026 —
- SATIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.6% | Sep 2022 11% | Dec 2022 20% | Mar 2023 18% | Jun 2023 34% | Sep 2023 49% | Dec 2023 43% | Mar 2024 50% | Jun 2024 37% | Sep 2024 22% | Dec 2024 15% | Mar 2025 -4.2% | Jun 2025 12% | Sep 2025 20% | Dec 2025 8.2% | Mar 2026 50% | Jun 2026 —
- SPANDANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 76% | Mar 2024 36% | Jun 2024 39% | Sep 2024 12% | Dec 2024 -12% | Mar 2025 -39% | Jun 2025 -58% | Sep 2025 -66% | Dec 2025 -58% | Mar 2026 -37% | Jun 2026 -5.3%
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 64% | Mar 2024 23% | Jun 2024 23% | Sep 2024 13% | Dec 2024 -2.4% | Mar 2025 8.7% | Jun 2025 -18% | Sep 2025 -12% | Dec 2025 -3.0% | Mar 2026 -12% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: CreditAccess Grameen Ltd leads with ₹1,211 crore of TTM profit, 199.8% above Northern Arc Capital Ltd. CreditAccess Grameen Ltd shows ≥100% on the scoring scale (527.5% uncapped) growth from a ₹1,211 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: CreditAccess Grameen Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: CreditAccess Grameen Ltd · ₹1,211 crore | 199.8% versus #2 · Northern Arc Capital Ltd | 3/8 recent comparable periods | 7/7 companies · 113 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. CreditAccess Grameen Ltd (CREDITACC): ₹1.2K Cr
2. Northern Arc Capital Ltd (NORTHARC): ₹404 Cr
3. Satin Creditcare Network Ltd (SATIN): ₹332 Cr
4. Muthoot Microfin Ltd (MUTHOOTMF): ₹170 Cr
5. Arman Financial Services Ltd (ARMANFIN): ₹56 Cr

### Profit growth — fastest growers
1. CreditAccess Grameen Ltd (CREDITACC): 100%
2. Satin Creditcare Network Ltd (SATIN): 79%
3. Northern Arc Capital Ltd (NORTHARC): 34%
4. Arman Financial Services Ltd (ARMANFIN): 7.7%

### 20-quarter Net profit history
- CREDITACC: Sep 2021 ₹64 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹147 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹172 Cr | Dec 2022 ₹217 Cr | Mar 2023 ₹297 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹347 Cr | Dec 2023 ₹353 Cr | Mar 2024 ₹397 Cr | Jun 2024 ₹398 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹-100 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹340 Cr | Jun 2026 ₹493 Cr
- NORTHARC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹91 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- MUTHOOTMF: Sep 2021 ₹19 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-401 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- FUSION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹102 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹-36 Cr | Sep 2024 ₹-305 Cr | Dec 2024 ₹-719 Cr | Mar 2025 ₹-165 Cr | Jun 2025 ₹-92 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹114 Cr | Jun 2026 —
- SATIN: Sep 2021 ₹11 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹-210 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- SPANDANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹71 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹-216 Cr | Dec 2024 ₹-440 Cr | Mar 2025 ₹-434 Cr | Jun 2025 ₹-360 Cr | Sep 2025 ₹-249 Cr | Dec 2025 ₹-95 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹12 Cr
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹41 Cr | Jun 2026 —

### 20-quarter Profit growth history
- CREDITACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 527% | Sep 2022 169% | Dec 2022 81% | Mar 2023 102% | Jun 2023 152% | Sep 2023 102% | Dec 2023 63% | Mar 2024 34% | Jun 2024 14% | Sep 2024 -46% | Dec 2024 -128% | Mar 2025 -88% | Jun 2025 -85% | Sep 2025 -32% | Dec 2025 — | Mar 2026 623% | Jun 2026 722%
- NORTHARC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.3% | Sep 2024 22% | Dec 2024 -11% | Mar 2025 -56% | Jun 2025 -17% | Sep 2025 -5.2% | Dec 2025 40% | Mar 2026 250% | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -74% | Dec 2022 2,750% | Mar 2023 150% | Jun 2023 1,100% | Sep 2023 2,100% | Dec 2023 119% | Mar 2024 26% | Jun 2024 18% | Sep 2024 -44% | Dec 2024 -97% | Mar 2025 -434% | Jun 2025 -95% | Sep 2025 -50% | Dec 2025 1,450% | Mar 2026 — | Jun 2026 —
- FUSION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 16% | Jun 2024 -130% | Sep 2024 -342% | Dec 2024 -671% | Mar 2025 -224% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SATIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 418% | Dec 2022 74% | Mar 2023 74% | Jun 2023 — | Sep 2023 88% | Dec 2023 92% | Mar 2024 29% | Jun 2024 19% | Sep 2024 -58% | Dec 2024 -88% | Mar 2025 -83% | Jun 2025 -57% | Sep 2025 18% | Dec 2025 414% | Mar 2026 636% | Jun 2026 —
- SPANDANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 79% | Mar 2024 22% | Jun 2024 -53% | Sep 2024 -273% | Dec 2024 -446% | Mar 2025 -436% | Jun 2025 -743% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 91% | Mar 2024 42% | Jun 2024 -23% | Sep 2024 -63% | Dec 2024 -117% | Mar 2025 -75% | Jun 2025 -148% | Sep 2025 -47% | Dec 2025 — | Mar 2026 215% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/7 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. CreditAccess Grameen Ltd (CREDITACC): ₹23.6K Cr
2. Northern Arc Capital Ltd (NORTHARC): ₹12.3K Cr
3. Satin Creditcare Network Ltd (SATIN): ₹11.0K Cr
4. Muthoot Microfin Ltd (MUTHOOTMF): ₹9.7K Cr
5. Fusion Finance Ltd (FUSION): ₹5.6K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- CREDITACC: Sep 2021 ₹10.1K Cr | Dec 2021 ₹10.1K Cr | Mar 2022 ₹12.9K Cr | Jun 2022 ₹13.0K Cr | Sep 2022 ₹12.4K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹16.3K Cr | Jun 2023 ₹16.4K Cr | Sep 2023 ₹17.8K Cr | Dec 2023 ₹17.8K Cr | Mar 2024 ₹21.8K Cr | Jun 2024 ₹21.9K Cr | Sep 2024 ₹19.3K Cr | Dec 2024 — | Mar 2025 ₹20.4K Cr | Jun 2025 ₹20.6K Cr | Sep 2025 ₹20.1K Cr | Dec 2025 ₹20.1K Cr | Mar 2026 ₹23.6K Cr | Jun 2026 —
- NORTHARC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹6.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9.9K Cr | Jun 2025 — | Sep 2025 ₹10.3K Cr | Dec 2025 — | Mar 2026 ₹12.3K Cr | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹8.0K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹8.6K Cr | Sep 2024 ₹8.6K Cr | Dec 2024 ₹8.6K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹8.7K Cr | Dec 2025 ₹8.7K Cr | Mar 2026 ₹9.7K Cr | Jun 2026 —
- FUSION: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.8K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6.4K Cr | Jun 2025 — | Sep 2025 ₹4.9K Cr | Dec 2025 — | Mar 2026 ₹5.6K Cr | Jun 2026 —
- SATIN: Sep 2021 ₹5.9K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹5.7K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹7.3K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.8K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹9.6K Cr | Mar 2026 ₹11.0K Cr | Jun 2026 —
- SPANDANA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5.7K Cr | Jun 2025 — | Sep 2025 ₹3.3K Cr | Dec 2025 — | Mar 2026 ₹3.9K Cr | Jun 2026 —
- ARMANFIN: Sep 2021 ₹798 Cr | Dec 2021 ₹798 Cr | Mar 2022 ₹990 Cr | Jun 2022 ₹990 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —

## Return On Assets

What the numbers say: CreditAccess Grameen Ltd leads roa at 2.4%; Muthoot Microfin Ltd leads roa change at +3.3 percentage points.

Investor read: CreditAccess Grameen Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: CreditAccess Grameen Ltd · 2.4% | 4.3% versus #2 · Satin Creditcare Network Ltd | 4/7 recent comparable periods | 5/7 companies · 35 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. CreditAccess Grameen Ltd (CREDITACC): 2.4%
2. Satin Creditcare Network Ltd (SATIN): 2.3%
3. Arman Financial Services Ltd (ARMANFIN): 2.0%
4. Muthoot Microfin Ltd (MUTHOOTMF): 1.3%
5. Fusion Finance Ltd (FUSION): 0.2%

### ROA change — fastest improvers
1. Muthoot Microfin Ltd (MUTHOOTMF): +3.3 pp
2. Satin Creditcare Network Ltd (SATIN): +0.7 pp
3. CreditAccess Grameen Ltd (CREDITACC): +0.5 pp
4. Arman Financial Services Ltd (ARMANFIN): −0.3 pp

### 20-quarter ROA history
- CREDITACC: Sep 2021 — | Dec 2021 — | Mar 2022 2.0% | Jun 2022 — | Sep 2022 3.4% | Dec 2022 3.6% | Mar 2023 4.8% | Jun 2023 5.8% | Sep 2023 5.0% | Dec 2023 — | Mar 2024 5.0% | Jun 2024 — | Sep 2024 5.0% | Dec 2024 — | Mar 2025 1.9% | Jun 2025 — | Sep 2025 0.5% | Dec 2025 — | Mar 2026 2.4% | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 0.9% | Jun 2022 — | Sep 2022 0.8% | Dec 2022 — | Mar 2023 1.9% | Jun 2023 — | Sep 2023 3.6% | Dec 2023 — | Mar 2024 3.9% | Jun 2024 — | Sep 2024 3.6% | Dec 2024 — | Mar 2025 -2.0% | Jun 2025 — | Sep 2025 -3.1% | Dec 2025 — | Mar 2026 1.3% | Jun 2026 —
- SATIN: Sep 2021 — | Dec 2021 — | Mar 2022 0.3% | Jun 2022 — | Sep 2022 -0.8% | Dec 2022 — | Mar 2023 0.1% | Jun 2023 — | Sep 2023 3.8% | Dec 2023 — | Mar 2024 4.2% | Jun 2024 — | Sep 2024 3.5% | Dec 2024 — | Mar 2025 1.6% | Jun 2025 — | Sep 2025 1.0% | Dec 2025 — | Mar 2026 2.3% | Jun 2026 —
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.7% | Dec 2023 — | Mar 2024 6.6% | Jun 2024 — | Sep 2024 5.8% | Dec 2024 — | Mar 2025 2.3% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 2.0% | Jun 2026 —

### 20-quarter ROA change history
- CREDITACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +2.8 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +0.2 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 −3.1 pp | Jun 2025 — | Sep 2025 −4.5 pp | Dec 2025 — | Mar 2026 +0.5 pp | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 +2.8 pp | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 −5.9 pp | Jun 2025 — | Sep 2025 −6.7 pp | Dec 2025 — | Mar 2026 +3.3 pp | Jun 2026 —
- SATIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.2 pp | Jun 2023 — | Sep 2023 +4.6 pp | Dec 2023 — | Mar 2024 +4.1 pp | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 — | Mar 2025 −2.6 pp | Jun 2025 — | Sep 2025 −2.5 pp | Dec 2025 — | Mar 2026 +0.7 pp | Jun 2026 —
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 — | Mar 2025 −4.3 pp | Jun 2025 — | Sep 2025 −5.8 pp | Dec 2025 — | Mar 2026 −0.3 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Satin Creditcare Network Ltd leads roe at 12.3%; Fusion Finance Ltd leads roe change at +56 percentage points.

Investor read: Satin Creditcare Network Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Satin Creditcare Network Ltd · 12.3% | 10.8% versus #2 · Northern Arc Capital Ltd | 2/8 recent comparable periods | 7/7 companies · 75 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Satin Creditcare Network Ltd (SATIN): 12%
2. Northern Arc Capital Ltd (NORTHARC): 11%
3. CreditAccess Grameen Ltd (CREDITACC): 11%
4. Arman Financial Services Ltd (ARMANFIN): 6.3%
5. Muthoot Microfin Ltd (MUTHOOTMF): 6.2%

### ROE change — fastest improvers
1. Fusion Finance Ltd (FUSION): +56.0 pp
2. Arman Financial Services Ltd (ARMANFIN): +13.6 pp
3. Satin Creditcare Network Ltd (SATIN): +8.8 pp
4. Muthoot Microfin Ltd (MUTHOOTMF): +8.7 pp
5. CreditAccess Grameen Ltd (CREDITACC): +6.5 pp

### 20-quarter ROE history
- CREDITACC: Sep 2021 2.1% | Dec 2021 6.2% | Mar 2022 12% | Jun 2022 16% | Sep 2022 14% | Dec 2022 16% | Mar 2023 19% | Jun 2023 24% | Sep 2023 27% | Dec 2023 26% | Mar 2024 24% | Jun 2024 26% | Sep 2024 24% | Dec 2024 11% | Mar 2025 7.6% | Jun 2025 2.8% | Sep 2025 3.5% | Dec 2025 7.1% | Mar 2026 14% | Jun 2026 —
- MUTHOOTMF: Sep 2021 -5.0% | Dec 2021 — | Mar 2022 3.6% | Jun 2022 5.0% | Sep 2022 2.4% | Dec 2022 1.3% | Mar 2023 16% | Jun 2023 25% | Sep 2023 24% | Dec 2023 25% | Mar 2024 27% | Jun 2024 21% | Sep 2024 16% | Dec 2024 8.5% | Mar 2025 0.5% | Jun 2025 -57% | Sep 2025 0.9% | Dec 2025 4.6% | Mar 2026 9.2% | Jun 2026 —
- SATIN: Sep 2021 -22% | Dec 2021 3.0% | Mar 2022 9.6% | Jun 2022 15% | Sep 2022 -53% | Dec 2022 15% | Mar 2023 16% | Jun 2023 26% | Sep 2023 22% | Dec 2023 24% | Mar 2024 24% | Jun 2024 24% | Sep 2024 18% | Dec 2024 7.2% | Mar 2025 2.2% | Jun 2025 3.4% | Sep 2025 7.1% | Dec 2025 8.2% | Mar 2026 11% | Jun 2026 —
- ARMANFIN: Sep 2021 7.7% | Dec 2021 10% | Mar 2022 15% | Jun 2022 32% | Sep 2022 30% | Dec 2022 30% | Mar 2023 28% | Jun 2023 43% | Sep 2023 44% | Dec 2023 39% | Mar 2024 36% | Jun 2024 32% | Sep 2024 15% | Dec 2024 7.3% | Mar 2025 -3.4% | Jun 2025 5.9% | Sep 2025 -6.7% | Dec 2025 3.7% | Mar 2026 10% | Jun 2026 —

### 20-quarter ROE change history
- CREDITACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.6 pp | Dec 2022 +10.2 pp | Mar 2023 +6.7 pp | Jun 2023 +8.4 pp | Sep 2023 +13.6 pp | Dec 2023 +9.1 pp | Mar 2024 +5.6 pp | Jun 2024 +1.8 pp | Sep 2024 −3.1 pp | Dec 2024 −14.5 pp | Mar 2025 −16.8 pp | Jun 2025 −22.9 pp | Sep 2025 −20.7 pp | Dec 2025 −3.9 pp | Mar 2026 +6.5 pp | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.4 pp | Dec 2022 — | Mar 2023 +12.1 pp | Jun 2023 +19.6 pp | Sep 2023 +21.1 pp | Dec 2023 +24.0 pp | Mar 2024 +11.3 pp | Jun 2024 −4.0 pp | Sep 2024 −7.3 pp | Dec 2024 −16.8 pp | Mar 2025 −26.5 pp | Jun 2025 −77.6 pp | Sep 2025 −15.3 pp | Dec 2025 −3.9 pp | Mar 2026 +8.7 pp | Jun 2026 —
- SATIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −31.3 pp | Dec 2022 +12.1 pp | Mar 2023 +6.5 pp | Jun 2023 +10.3 pp | Sep 2023 +74.6 pp | Dec 2023 +9.1 pp | Mar 2024 +7.7 pp | Jun 2024 −1.8 pp | Sep 2024 −4.1 pp | Dec 2024 −17.0 pp | Mar 2025 −21.6 pp | Jun 2025 −20.4 pp | Sep 2025 −10.4 pp | Dec 2025 +1.0 pp | Mar 2026 +8.8 pp | Jun 2026 —
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +21.9 pp | Dec 2022 +20.2 pp | Mar 2023 +13.7 pp | Jun 2023 +10.8 pp | Sep 2023 +14.1 pp | Dec 2023 +8.7 pp | Mar 2024 +7.6 pp | Jun 2024 −11.1 pp | Sep 2024 −28.3 pp | Dec 2024 −31.8 pp | Mar 2025 −39.2 pp | Jun 2025 −25.8 pp | Sep 2025 −22.1 pp | Dec 2025 −3.6 pp | Mar 2026 +13.6 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: Fusion Finance Ltd leads both gross npa at 3.2% and gnpa change at -4.7 percentage points.

Investor read: Fusion Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: Fusion Finance Ltd · 3.2% | 6.4% versus #2 · Arman Financial Services Ltd | 4/8 recent comparable periods | 3/7 companies · 62 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. Fusion Finance Ltd (FUSION): 3.2%
2. Arman Financial Services Ltd (ARMANFIN): 3.4%
3. Muthoot Microfin Ltd (MUTHOOTMF): 3.9%

### GNPA change — fastest improvers
1. Fusion Finance Ltd (FUSION): −4.7 pp
2. Spandana Sphoorty Financial Ltd (SPANDANA): −1.8 pp
3. CreditAccess Grameen Ltd (CREDITACC): −1.6 pp
4. Muthoot Microfin Ltd (MUTHOOTMF): −1.0 pp
5. Arman Financial Services Ltd (ARMANFIN): +0.1 pp

### 20-quarter Gross NPA history
- CREDITACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.7% | Mar 2023 1.2% | Jun 2023 0.9% | Sep 2023 0.8% | Dec 2023 1.0% | Mar 2024 1.2% | Jun 2024 1.5% | Sep 2024 2.4% | Dec 2024 4.0% | Mar 2025 4.8% | Jun 2025 4.7% | Sep 2025 3.7% | Dec 2025 4.0% | Mar 2026 3.2% | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.8% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.0% | Mar 2025 4.8% | Jun 2025 4.9% | Sep 2025 4.6% | Dec 2025 4.4% | Mar 2026 3.9% | Jun 2026 —
- FUSION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.7% | Mar 2023 3.5% | Jun 2023 3.2% | Sep 2023 2.7% | Dec 2023 3.0% | Mar 2024 2.9% | Jun 2024 5.5% | Sep 2024 9.4% | Dec 2024 13% | Mar 2025 7.9% | Jun 2025 5.4% | Sep 2025 4.6% | Dec 2025 4.4% | Mar 2026 3.2% | Jun 2026 —
- SPANDANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.3% | Mar 2023 2.1% | Jun 2023 1.6% | Sep 2023 1.4% | Dec 2023 1.6% | Mar 2024 1.5% | Jun 2024 2.6% | Sep 2024 4.9% | Dec 2024 4.9% | Mar 2025 5.6% | Jun 2025 5.5% | Sep 2025 5.6% | Dec 2025 4.2% | Mar 2026 3.8% | Jun 2026 —
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.8% | Jun 2023 2.5% | Sep 2023 2.5% | Dec 2023 2.8% | Mar 2024 2.9% | Jun 2024 2.7% | Sep 2024 3.7% | Dec 2024 4.1% | Mar 2025 3.4% | Jun 2025 3.5% | Sep 2025 3.7% | Dec 2025 3.5% | Mar 2026 3.4% | Jun 2026 —

### 20-quarter GNPA change history
- CREDITACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.7 pp | Mar 2024 −0.0 pp | Jun 2024 +0.6 pp | Sep 2024 +1.7 pp | Dec 2024 +3.0 pp | Mar 2025 +3.6 pp | Jun 2025 +3.2 pp | Sep 2025 +1.2 pp | Dec 2025 +0.1 pp | Mar 2026 −1.6 pp | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +1.4 pp | Mar 2026 −1.0 pp | Jun 2026 —
- FUSION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.7 pp | Mar 2024 −0.6 pp | Jun 2024 +2.3 pp | Sep 2024 +6.7 pp | Dec 2024 +9.5 pp | Mar 2025 +5.0 pp | Jun 2025 −0.0 pp | Sep 2025 −4.8 pp | Dec 2025 −8.2 pp | Mar 2026 −4.7 pp | Jun 2026 —
- SPANDANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −3.7 pp | Mar 2024 −0.6 pp | Jun 2024 +1.0 pp | Sep 2024 +3.5 pp | Dec 2024 +3.2 pp | Mar 2025 +4.1 pp | Jun 2025 +2.9 pp | Sep 2025 +0.7 pp | Dec 2025 −0.7 pp | Mar 2026 −1.8 pp | Jun 2026 —
- ARMANFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +1.3 pp | Dec 2024 +1.3 pp | Mar 2025 +0.5 pp | Jun 2025 +0.8 pp | Sep 2025 −0.0 pp | Dec 2025 −0.7 pp | Mar 2026 +0.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Satin Creditcare Network Ltd has the lowest comparable P/BV ÷ ROE at 0.09×, 18.2% below Northern Arc Capital Ltd. Only 6 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Satin Creditcare Network Ltd · 0.09× | 18.2% versus #2 · Northern Arc Capital Ltd | 0/8 recent comparable periods | 6/7 companies · 62 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Satin Creditcare Network Ltd (SATIN): 0.1
2. Northern Arc Capital Ltd (NORTHARC): 0.1
3. Muthoot Microfin Ltd (MUTHOOTMF): 0.2
4. CreditAccess Grameen Ltd (CREDITACC): 0.3
5. Arman Financial Services Ltd (ARMANFIN): 0.3

### P/BV — lowest P/BV
1. Satin Creditcare Network Ltd (SATIN): 1.0
2. Spandana Sphoorty Financial Ltd (SPANDANA): 1.1
3. Northern Arc Capital Ltd (NORTHARC): 1.2
4. Fusion Finance Ltd (FUSION): 1.4
5. Muthoot Microfin Ltd (MUTHOOTMF): 1.5

### 20-quarter P/BV ÷ ROE history
- CREDITACC: Sep 2021 1.3 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 0.2 | Mar 2025 0.3 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.4 | Mar 2026 0.2 | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 0.0 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 1.4 | Jun 2025 — | Sep 2025 1.1 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- SATIN: Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 — | Dec 2022 0.1 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- ARMANFIN: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 0.2 | Mar 2025 — | Jun 2025 0.4 | Sep 2025 — | Dec 2025 0.5 | Mar 2026 0.2 | Jun 2026 —

### 20-quarter P/BV history
- CREDITACC: Sep 2021 2.8 | Dec 2021 2.5 | Mar 2022 3.5 | Jun 2022 4.0 | Sep 2022 3.5 | Dec 2022 3.3 | Mar 2023 3.4 | Jun 2023 4.7 | Sep 2023 4.0 | Dec 2023 4.4 | Mar 2024 4.0 | Jun 2024 4.0 | Sep 2024 2.9 | Dec 2024 1.9 | Mar 2025 2.2 | Jun 2025 3.0 | Sep 2025 3.2 | Dec 2025 2.8 | Mar 2026 2.6 | Jun 2026 3.0
- NORTHARC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 —
- MUTHOOTMF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.3 | Mar 2024 1.2 | Jun 2024 1.5 | Sep 2024 1.4 | Dec 2024 1.0 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- FUSION: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.0 | Jun 2023 3.7 | Sep 2023 4.0 | Dec 2023 3.5 | Mar 2024 2.8 | Jun 2024 3.0 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 1.2 | Sep 2025 1.9 | Dec 2025 1.4 | Mar 2026 1.2 | Jun 2026 —
- SATIN: Sep 2021 0.4 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 0.9 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- SPANDANA: Sep 2021 — | Dec 2021 — | Mar 2022 1.0 | Jun 2022 — | Sep 2022 — | Dec 2022 1.7 | Mar 2023 1.4 | Jun 2023 1.9 | Sep 2023 2.3 | Dec 2023 2.8 | Mar 2024 2.1 | Jun 2024 1.9 | Sep 2024 1.4 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 1.1 | Mar 2026 0.8 | Jun 2026 1.1
- ARMANFIN: Sep 2021 3.7 | Dec 2021 3.8 | Mar 2022 4.1 | Jun 2022 5.0 | Sep 2022 3.7 | Dec 2022 3.9 | Mar 2023 5.3 | Jun 2023 8.9 | Sep 2023 5.1 | Dec 2023 4.5 | Mar 2024 3.8 | Jun 2024 4.9 | Sep 2024 2.1 | Dec 2024 1.6 | Mar 2025 1.6 | Jun 2025 2.2 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 1.7 | Jun 2026 —

## Market action

Satin Creditcare Network Ltd has the strongest one-year price move in Finance & Investments - Microfinance at +63.9%. It also leads on Mansfield relative strength against NIFTY at +59.2%. 7 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Satin Creditcare Network Ltd (SATIN): 64%
2. Muthoot Microfin Ltd (MUTHOOTMF): 51%
3. CreditAccess Grameen Ltd (CREDITACC): 20%
4. Arman Financial Services Ltd (ARMANFIN): 18%
5. Northern Arc Capital Ltd (NORTHARC): 16%

### Strongest relative strength versus NIFTY 500
1. Satin Creditcare Network Ltd (SATIN): 59%
2. Muthoot Microfin Ltd (MUTHOOTMF): 41%
3. Fusion Finance Ltd (FUSION): 22%
4. Arman Financial Services Ltd (ARMANFIN): 22%
5. CreditAccess Grameen Ltd (CREDITACC): 15%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base have fewer than three usable current readings.

## Every company
- CreditAccess Grameen Ltd (CREDITACC) — market value ₹24.3K Cr; latest fundamentals Jun 2026
- Northern Arc Capital Ltd (NORTHARC) — market value ₹4.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Muthoot Microfin Ltd (MUTHOOTMF) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Fusion Finance Ltd (FUSION) — market value ₹3.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Satin Creditcare Network Ltd (SATIN) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Spandana Sphoorty Financial Ltd (SPANDANA) — market value ₹2.1K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Arman Financial Services Ltd (ARMANFIN) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 3. Unverified: 1. Withheld: 3. Graded companies: 7.

1 of 7 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

3 of 7 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Northern Arc Capital Ltd (NORTHARC) — its two data sources disagree by up to 20% on reported income across 12 comparable periods, so its derived ratios are withheld; Fusion Finance Ltd (FUSION) — its two data sources disagree by up to 4.9% on reported income across 14 comparable periods, so its derived ratios are withheld; Spandana Sphoorty Financial Ltd (SPANDANA) — its two data sources disagree by up to 6.9% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | NORTHARC | Northern Arc Capital Ltd | diff_gt_2pct | disagreement up to 20.22% over 12 comparable periods
- WITHHELD | FUSION | Fusion Finance Ltd | diff_gt_2pct | disagreement up to 4.91% over 14 comparable periods
- WITHHELD | SPANDANA | Spandana Sphoorty Financial Ltd | diff_gt_2pct | disagreement up to 6.9% over 14 comparable periods

- UNVERIFIED | ARMANFIN | Arman Financial Services Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Finance & Investments - Microfinance index?

The Nifty Finance & Investments - Microfinance index tracks India's listed Finance & Investments - Microfinance companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance & Investments - Microfinance sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance & Investments - Microfinance stocks in India?

Ranked by this page's four-factor score, Satin Creditcare Network Ltd places first among 7 listed Finance & Investments - Microfinance companies, followed by CreditAccess Grameen Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Finance & Investments - Microfinance stocks are listed in India?

This comparison covers 7 listed Finance & Investments - Microfinance companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Finance & Investments - Microfinance company is the biggest?

CreditAccess Grameen Ltd is the largest, with trailing-twelve-month income of ₹6,378 crore, ahead of Satin Creditcare Network Ltd at ₹3,157 crore. That covers 7 of 7 companies with comparable reporting through Jun 2026.

### Which Finance & Investments - Microfinance company is growing fastest?

Satin Creditcare Network Ltd has the fastest income growth at 21.9% year on year, across 7 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Finance & Investments - Microfinance company makes the most profit?

CreditAccess Grameen Ltd earns the most, at ₹1,211 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. CreditAccess Grameen Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance & Investments - Microfinance lender has the best asset quality?

Fusion Finance Ltd reports the lowest gross NPA ratio at 3.2% — lower is better — across 3 of 7 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Finance & Investments - Microfinance company earns the highest return on capital?

CreditAccess Grameen Ltd leads on return on assets at 2.4%, across 5 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Finance & Investments - Microfinance stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Satin Creditcare Network Ltd screens cheapest at 0.09×. Only 6 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Finance & Investments - Microfinance sector beating the market?

Finance & Investments - Microfinance has outperformed NIFTY 500 by 31.7% over the last 52 weeks and 29.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Finance & Investments - Microfinance stock has the strongest price momentum?

Satin Creditcare Network Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Finance & Investments - Microfinance company scores highest for research priority?

Satin Creditcare Network Ltd scores 85 out of 100 with 78.3% evidence confidence, from 29.9 points on growth and earnings, 18.3 on capital efficiency, 16.8 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Finance & Investments - Microfinance companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Finance & Investments - Microfinance sector?

The 7 Finance & Investments - Microfinance companies on this page carry ₹44,031 crore of combined market value. CreditAccess Grameen Ltd is the largest at ₹24,329 crore, about 55% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Finance & Investments - Microfinance sector's P/B ratio?

The median price-to-book ratio across the 7 Finance & Investments - Microfinance companies on this page is 1.4×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Finance & Investments - Microfinance sector performing?

7 of the 7 covered Finance & Investments - Microfinance companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 31.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/finance-investments-microfinance