Microfinance Stocks and Companies in India

The largest Microfinance stocks in India by market value are CreditAccess Grameen (₹17,649 crore), Northern Arc Capital (₹4,487 crore) and Satin Creditcare Network (₹2,879 crore), at prices of 4 Nov 2026.

• CreditAccess Grameen: ₹1,023.60 | market value ₹17,649 crore | P/BV 1.98
• Northern Arc Capital: ₹277.25 | market value ₹4,487 crore | P/BV 1.2
• Satin Creditcare Network: ₹238.91 | market value ₹2,879 crore | P/BV 0.91
• Muthoot Microfin: ₹153.07 | market value ₹2,610 crore | P/BV 0.9
• Fusion Finance: ₹153.54 | market value ₹2,487 crore | P/BV 1.0
• Spandana Sphoorty Financial: ₹182.49 | market value ₹1,924 crore | P/BV 0.7
• Arman Financial Services: ₹1,584 | market value ₹1,671 crore | P/BV 1.8

Share price | market value | P/BV or P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 7 listed Indian Finance & Investments - Microfinance companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Finance & Investments - Microfinance index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. CreditAccess Grameen Ltd₹17,600 cr
2. Northern Arc Capital Ltd₹4,090 cr
3. Satin Creditcare Network Ltd₹2,880 cr
4. Muthoot Microfin Ltd₹2,300 cr
5. Fusion Finance Ltd₹2,090 cr
6. Spandana Sphoorty Financial Ltd₹1,990 cr
7. Arman Financial Services Ltd₹1,500 cr

7 Microfinance companies in the Finance & Investments - Microfinance industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 7 are listed below, largest first. The largest is CreditAccess Grameen (₹17,649 crore) and the smallest with a market value is Arman Financial Services.

Download all 7 Microfinance companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 6% behind NIFTY 500. Earnings across its companies grew 22% on average over the last four reported quarters.

0 of 7 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 7 companies in the industry index above their 200-day average (2 fewer than four weeks earlier); 0 of those 7 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 7 of the 7 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 7 of 7 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 7 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Finance & Investments - Microfinance has done worse than the NIFTY 500 by 2.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 21.2%. Satin Creditcare Network Ltd is the strongest against the sector itself at +45.2%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 15.2 as of 30 October 2026 (leaders, rising).

Finance & Investments - Microfinance has done worse than the NIFTY 500 by 2.4% over 52 weeks and by 21.2% over 13 weeks. 0 of 7 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of 7 are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Satin Creditcare Network Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82% evidence confidence.

Satin Creditcare Network Ltd has the strongest one-year price move in Finance & Investments - Microfinance at +52.6%. It also leads on relative strength against the NIFTY, at +30.5%. 1 of 7 companies we track is ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Finance & Investments - Microfinance itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

3 of 7 Finance & Investments - Microfinance companies held a results call for July to September 2026. Spandana Sphoorty Financial guided: FY27 AUM above ₹6,000 crore and disbursements ₹6,000-6,500 crore reaffirmed.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.7 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on plants is not a useful measure for a lender, so it is left out.

Big funds = foreign and Indian institutions, change in their share of ownership across 7 Finance & Investments - Microfinance companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Finance & Investments - Microfinance figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 17 Apr 2026, so the words are older than the numbers. 3 themes are live here, 1 of them rated high severity.

The microfinance constituents analyzed are prioritizing asset quality and profitability over aggressive AUM expansion. With SATIN lowering credit cost guidance and ARMANFIN stabilizing its GNPA at 3.4%, the focus has shifted to disciplined underwriting.

The microfinance sector is demonstrating an IMPROVING demand environment, with both ARMANFIN and SATIN reporting triple-digit profit growth. ARMANFIN delivered a 177% QoQ increase in PAT to ₹22 Cr and a Pre-provisioning operating profit of ₹55 Cr, while SATIN reported a 404% YoY PAT surge to INR 72 crores alongside a consolidated NIM of 14.25%.

How old this read is: OLD: this read comes from our Finance & Investments - Microfinance sector brief dated 17 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Finance & Investments - Microfinance sector brief, 17 Apr 2026 · company earnings-call transcripts.

CreditAccess Grameen Ltd has the highest Income among the 7 Finance & Investments - Microfinance companies compared here, at ₹6,774 crore. Satin Creditcare Network Ltd is next at ₹3,348 crore. Northern Arc Capital Ltd has the highest Income growth at 21.1%, so level and change sit with different companies. Its Income series carries 20 reported observations across the 20-quarter window.

What the numbers say: CreditAccess Grameen Ltd is the largest at ₹6,774 crore, 102.3% ahead of Satin Creditcare Network Ltd. Northern Arc Capital Ltd's growth is 21.1% from a ₹2,870 crore base, with 13 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: CreditAccess Grameen Ltd is the size to compare against; Northern Arc Capital Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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

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

Income · company comparison

Income · largest

Income growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

CreditAccess Grameen Ltd has the highest Net profit among the 7 Finance & Investments - Microfinance companies compared here, at ₹1,587 crore. Satin Creditcare Network Ltd is next at ₹533 crore. The same company also has the highest Profit growth, at the 100% top of the scoring scale. Its Net profit series carries 20 reported observations across the 20-quarter window.

What the numbers say: CreditAccess Grameen Ltd earns the most, ₹1,587 crore of profit over the last 12 months, 197.7% above Satin Creditcare Network Ltd. CreditAccess Grameen Ltd shows at least 100% on the scoring scale (1093.2% in full) growth from a profit base of ₹1,587 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: CreditAccess Grameen Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

No company in this Finance & Investments - Microfinance comparison reports a funding base figure this section can compare, so the Deposits rank is empty. On Borrowings, CreditAccess Grameen Ltd is highest at ₹25,128 crore, across 7 of 7 companies with a usable reading.

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

What this means: The current leader sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Funding base · company comparison

Deposits · largest deposit bases

Not enough comparable data.

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposits is left out: no company here reports it on a comparable basis.

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

CreditAccess Grameen Ltd has the highest ROA among the 7 Finance & Investments - Microfinance companies compared here, at 4.6%. Fusion Finance Ltd is next at 3.5%. The same company also has the highest ROA change, at +4.1 percentage points. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: CreditAccess Grameen Ltd leads both roa at 4.6% and roa change at +4.1 percentage points.

What this means: CreditAccess Grameen Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Return on assets · company comparison

Withheld from this chart: Northern Arc Capital Ltd (NORTHARC): its two data sources disagree by up to 20% on reported income across 13 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 15 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 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Satin Creditcare Network Ltd has the highest ROE among the 7 Finance & Investments - Microfinance companies compared here, at 12.3%. Northern Arc Capital Ltd is next at 11.1%. Muthoot Microfin Ltd has the highest ROE change at +67.2 percentage points, so level and change sit with different companies. Its ROE series carries 19 reported observations across the 20-quarter window.

What the numbers say: Satin Creditcare Network Ltd leads roe at 12.3%; Muthoot Microfin Ltd leads roe change at +67.2 percentage points.

What this means: Satin Creditcare Network Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Return on equity · company comparison

Withheld from this chart: Northern Arc Capital Ltd (NORTHARC): its two data sources disagree by up to 20% on reported income across 13 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 15 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 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

Fusion Finance Ltd has the lowest Gross NPA among the 7 Finance & Investments - Microfinance companies compared here, at 2.5%. Arman Financial Services Ltd is next at 2.8%. The same company also has the lowest GNPA change, at −2.9 percentage points. 2 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Fusion Finance Ltd leads both gross npa at 2.5% and gnpa change at −2.9 percentage points.

What this means: Fusion Finance Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Asset quality · company comparison

Withheld from this chart: Northern Arc Capital Ltd (NORTHARC): its two data sources disagree by up to 20% on reported income across 13 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

Gross NPA · lowest

GNPA change · fastest improvers

All-company data · latest reported quarter

Satin Creditcare Network Ltd has the lowest P/BV ÷ ROE among the 7 Finance & Investments - Microfinance companies compared here, at 0.07×. Northern Arc Capital Ltd is next at 0.1×. Spandana Sphoorty Financial Ltd has the lowest P/BV at 0.72×, so level and change sit with different companies.

What the numbers say: Satin Creditcare Network Ltd has the lowest comparable P/BV ÷ ROE at 0.07×, 30% below Northern Arc Capital Ltd. Only 6 of 7 companies have earnings and growth steady enough for the ratio to mean anything, so this does not make it the lowest-valued company in the whole industry. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

Banks are compared on P/BV and P/BV÷ROE, not PEG. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV

All-company data · latest reported quarter

Finance & Investments - Microfinance companies show up on 4 of our India lists. The most are on the 52 week high & low list (3 companies).

This Finance & Investments - Microfinance comparison names 7 specific ways its own evidence can mislead, all listed below. All 7 companies here report on comparable dates, so no rank carries a stale marker. 3 have second-source figures left out because the two sources disagree. 2 of the 7 ranked sections have fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROE can come from heavy borrowing. It is best read beside ROA and loan quality.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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.
• 3 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

This comparison is built from the reported filings of 7 Finance & Investments - Microfinance companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

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 13 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 15 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 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Finance & Investments - Microfinance comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.