# Satin Creditcare Network share price today (Satin Creditcare Network Ltd, NSE: SATIN)

> Satin Creditcare Network share price today: ₹242.41 at the NSE close on 3 November 2026, up 54.8% in a year. Satin Creditcare Network (NSE: SATIN) is worth ₹2,677 crore, trades at a P/BV of 0.8 and has closed between ₹140.46 and ₹268.87 over the past 52 weeks. > Satin Creditcare Network Ltd's earnings have grown faster than its share price. Earnings per share grew +78.5% in a year while the price moved +54.8%. SATIN · Finance & Investments - Microfinance · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/satin-creditcare-network-ltd

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹242.41 (+54.8% in a year)
- P/BV: 0.8× (higher than 51% of the last 10 years)
- Revenue (Sep 2026): ₹926 Cr (+18.6% on a year ago)
- Profit (Sep 2026): ₹176 Cr (+232.1% on a year ago)
- Net margin: 19.0% (+12.2 points on a year ago)
- ROE: 12%, FY26
- ROA: 3.70%, latest

Biggest thing to watch: the price has already been rising for 27 weeks, so timing is the risk more than the business. ## What is the Satin Creditcare Network share price today? Satin Creditcare Network Ltd's share price was ₹242.41 at the close on 3 November 2026. It has been rising for 27 weeks. That is 16.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹140 and ₹269, and at that close it sat 79% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row. Over the last 11 years the share price moved −3% while the NIFTY 500 moved +257%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Satin Creditcare Network this quarter? Three changes stood out: revenue up on a year earlier for 6 quarters in a row, highest quarterly profit in 16 quarters and profit up on a year earlier for 5 quarters in a row. 1. Revenue up on a year earlier for 6 quarters in a row In the September 2026 quarter revenue was ₹926 crore, +18.6% on a year earlier. Next results: check whether second half lending turns the current pipeline into loan growth. From the earnings call on 29 Oct 2026. 2. Highest quarterly profit in 16 quarters Profit of ₹176 crore in the September 2026 quarter is the highest of the last 16 quarters. Why: Profit hit its highest level because the company needed to set aside much less money for bad loans. Next results: check whether the company keeps adding to its safety buffer. From the earnings call on 29 Oct 2026. 3. Profit up on a year earlier for 5 quarters in a row In the September 2026 quarter profit was ₹176 crore, +232.1% on a year earlier. Why: Profit rose from a year earlier because far fewer loans went bad, so the money set aside for losses fell sharply. Next results: check whether the extra safety buffer keeps building. From the earnings call on 29 Oct 2026. ## What are Satin Creditcare Network's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Satin Creditcare Network reported total income of ₹926 crore, up 18.6% from ₹781 crore a year earlier, and a profit of ₹176 crore, up 232.1% from ₹53.0 crore. ### Satin Creditcare Network results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Total income | ₹926 crore | ₹781 crore | +18.6% |
| Profit | ₹176 crore | ₹53.0 crore | +232.1% |
| Earnings per share | ₹15.92 | ₹4.81 | +231.0% |
| Net margin | 19.0% | 6.8% | +12.2 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Satin Creditcare Network's management discussed these results on a call held on 29 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Income and profit in ₹ crore.)

## What is the Satin Creditcare Network share price history? Satin Creditcare Network closed at ₹242.41 on 3 November 2026, up 54.8% from ₹156.61 a year earlier (31 October 2025) and up 222.1% over five years. Its highest weekly close since February 2016 was ₹600.20 on 5 August 2016. ### Satin Creditcare Network share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹218.31 | +11.0% |
| 1 month ago · 1 Oct 2026 | ₹227.47 | +6.6% |
| 6 months ago · 30 Apr 2026 | ₹176.16 | +37.6% |
| 1 year ago · 31 Oct 2025 | ₹156.61 | +54.8% |
| 3 years ago · 3 Nov 2023 | ₹262.75 | −7.7% |
| 5 years ago · 4 Nov 2021 | ₹75.25 | +222.1% |
| 10 years ago · 4 Nov 2016 | ₹506.81 | −52.2% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹250.81 | −3.3% |
| Highest weekly close since February 2016 · 5 Aug 2016 | ₹600.20 | −59.6% |
| Lowest weekly close since February 2016 · 22 May 2020 | ₹45.48 | +433.0% |
| 52-week high (weekly close) · 24 Jul 2026 | ₹268.87 | −9.8% |
| 52-week low (weekly close) · 19 Dec 2025 | ₹140.46 | +72.6% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 26 February 2016 to 3 November 2026.)

## What is the latest news on Satin Creditcare Network? 3 Nov 2026: Satin Creditcare Network closed at ₹242.41, up 11.0% on the week and up 6.6% on the month. 29 Oct 2026: Satin Creditcare Network held its results call for July to September 2026. Management guided: Standalone credit cost 3-3.5% FY27 reiterated with H1 below after overlay build. ### Earlier

- Results for July to September 2026: Total income up 18.6% and profit up 232.1% on a year earlier. ## What dividend does Satin Creditcare Network pay? Satin Creditcare Network has paid no dividend on the NSE since 1 April 2021, the start of the period we checked. No. Satin Creditcare Network Ltd paid out 0% of its profit as dividends in each of its last 10 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Satin Creditcare Network management say on the latest results call? On the call for July to September 2026, held on 29 October 2026, Satin Creditcare Network's management guided: Standalone credit cost 3-3.5% FY27 reiterated with H1 below after overlay build. > “We have therefore absorbed roughly 100-plus basis points of ROA into the balance sheet, and we had every opportunity to declare more stellar profits.”
> Dr H P Singh, on the call for July to September 2026

### What management guided

- Standalone ROA 3.5-4% FY27 reiterated with H1 reported above top despite buffer. - Consol AUM growth 20-25% FY27 to land within range on stronger H2 and pipeline, aiming upper band. - Consol AUM ₹32,000 crore by 2030 with 30% non-MFI, about half reached. - Overlay buffer toward about ₹100 crore for cycle insulation. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/9082-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is the future of Satin Creditcare Network? What is changing in the business? What is changing at Satin Creditcare Network, from the latest results and calls: credit cost normalization, non-microfinance subsidiary scaling and branch seasoning and operating leverage. - Credit Cost Normalization. Credit costs declining from 4.6 percent in fiscal 2025 to 3.0-3.5 percent in fiscal 2027 directly expands pre-tax earnings by over 100 crore rupees. ⚠ estimate
- Branch Seasoning and Operating Leverage. Operating expense ratio improved to 6.3 percent and cost-to-income dropped to 44.5 percent as 392 branches added in fiscal 2026 reach maturity. ⚠ estimate
- Cost of Borrowing and Funding Diversification. Marginal borrowing cost fell 37 basis points year-on-year to 10.5 percent with 77 active institutional lenders and 26.7 percent capital adequacy. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 22 August 2026.)

## What could change the Satin Creditcare Network story? What are the risks? Gross non-performing assets rising above 3.5 percent or reported credit cost exceeding 4.0 percent over two consecutive quarters, indicating breakdown in underwriting guardrails or rural cash flow deterioration. ### Each change stops working if

- Credit Cost Normalization: Rural delinquency surges due to severe weather or macroeconomic shock, forcing Stage 3 slippages above 90 crore rupees per quarter. - Branch Seasoning and Operating Leverage: Branch expansion into new southern geographies like Kerala encounters elevated customer acquisition costs or field-level attrition. - Cost of Borrowing and Funding Diversification: Macro liquidity conditions tighten or debt rating downgrades increase marginal borrowing spreads above 11.5 percent. - Promoter Equity Infusion: Promoter funds fail to materialize or are diverted away from productive subsidiary capitalization. ### The main risks

- Geographic and Regional Weather Shock: Localized weather disruptions such as Assam floods or Uttar Pradesh stress could impair collections and necessitate credit provisions. ✓ fact
- Management Guidance and Narrative Inconsistency: Repeated shifts in stated growth goals and retroactive claims across conference calls undermine disclosure credibility. ✓ fact
- MFI Sector Regulatory Guardrails and State Interventions: Stricter borrower indebtedness caps and potential state-level recovery legislation could constrain microfinance loan growth. ✓ fact
- Foreign Exchange Accounting Timing Volatility: Mark-to-market accounting adjustments on hedged foreign borrowing produce quarterly non-operating profit and loss noise. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in Satin Creditcare Network's next results? When Satin Creditcare Network reports October to December 2026, these are the 2 checks that show whether the story is still on course. First: H2 disbursement seasonality converting current pipeline to land consol growth within guided range. - What to check (from the call)
- H2 disbursement seasonality converting current pipeline to land consol growth within guided range. - Overlay buffer advance toward internal goal with continued reported versus adjusted disclosure. ## Which stock lists is Satin Creditcare Network on? Satin Creditcare Network is on one of our India lists: Undervalued stocks. [Undervalued stocks Profit growth x: 3.9776119402985075](https://www.sectoralpha.in/markets/in/deep-value-stocks)

## Is Satin Creditcare Network profitable? Satin Creditcare Network Ltd earned ₹176 Cr of net profit in the Sep 2026 quarter, +232.1% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹332 Cr. Over 9 years profit has grown 33.3% a year on average. That is 19.0% of the quarter's revenue. Why this happened. Profit rose 173% on the year to ₹123 crore, and fell 24% against March because March carried unusually heavy loan-sale income. The same quarter a year earlier earned ₹53.0 Cr. For the full year, FY26 profit was ₹332 Cr (+78.5% on the year before). Why profit moved: revenue changed +18.6% on a year earlier and the margin moved +12.2 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +364.0% and revenue +21.2%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. Pandemic repair to clean-cycle peak · FY23-Q2 → FY24-Q4. Pandemic clean-up continued: ₹209 crore of already-provided loans were written off in the quarter, while collection recovery supported a positive profit. The loan book and collections recovered after the pandemic, lifting income while credit losses began normalising. Over-indebtedness and state disruption drive a credit-loss trough · FY25-Q1 → FY25-Q4. Stress began as heat, elections, harvest timing and floods hurt collections; bad loans and early arrears rose despite 23% asset growth. Credit stress spread across five states; bad loans rose to 3.5%, slippages hit ₹121 crore, and provisions plus collection staff costs cut profit 58% year on year. Credit repair becomes early expansion · FY26-Q1 → FY27-Q1. A seasonal setback inside the repair: early arrears rose after heat and rain, while a 4.84% credit cost and high field spending restrained profit. Profit improved modestly as arrears stabilised, but credit cost and branch expenses remained high and market-value accounting made income noisy. Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters. ## How much revenue does Satin Creditcare Network make, and is it growing? Satin Creditcare Network Ltd reported ₹926 Cr of income in the Sep 2026 quarter, +18.6% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 9 years it has grown 16.4% a year on average. The last full year, FY26, came in at ₹3,143 Cr. Why this happened. Lending income rose ₹103 crore on the year as the book grew 27% and pricing held. The top line also carries a presentation gap: management showed ₹827 crore of adjusted total income against ₹762 crore statutory. The last four reported quarters add to ₹3,348 Cr. FY26 revenue was ₹3,143 Cr, +22.2% on the year before. Recent pace: the last four quarters grew +21.2% on average, against 16.4% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +20.3%, against +15.1% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +297.8%, against +16.8% a year (accelerating). FY26-Q4. Strong recovery from lower credit cost and 19% asset growth, helped by an unusually heavy quarter for loan-sale and treasury income. FY27-Q1. Profit rose 173% year on year as net interest income increased and credit losses fell, but dropped 24% from the prior quarter because loan-sale income normalised and a ₹36 crore extra provision was built. Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters. ## How much does Satin Creditcare Network keep from what it earns? Satin Creditcare Network Ltd's net margin was 19.0% in the Sep 2026 quarter, 12.2 percentage points higher than the same quarter a year ago. Across 10 years it has been between −1.0% and 19.5%. The latest quarter is within that range. Why this happened. The interest spread held near 14.4% while the marginal cost of borrowing fell to 10.5%. The spread is not the problem; the cost of running branches is, higher branch and employee costs absorbed the entire ₹37 crore credit-cost benefit this quarter. Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. FY26-Q4. Strong recovery from lower credit cost and 19% asset growth, helped by an unusually heavy quarter for loan-sale and treasury income. FY27-Q1. Profit rose 173% year on year as net interest income increased and credit losses fell, but dropped 24% from the prior quarter because loan-sale income normalised and a ₹36 crore extra provision was built. Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters. ## How many of Satin Creditcare Network's loans have gone bad? Satin Creditcare Network Ltd does not report loan-quality figures this page can read, so this section says so rather than guess. No bad-loan figures are filed in a form this page can read, and none are guessed from the profit line. The income, margin and return sections carry what this business does report. Why this happened. Bad loans fell to 2.2%, net bad loans to 0.3%, provision cover rose to 85% and current-bucket collection was 99.9%, every measure improved together, which is what a genuine repair looks like. But ₹127 crore was written off during the quarter, 58% of the remaining ₹219 crore, so part of the improvement is the book being cleaned rather than the borrower recovering. Why: loan quality drives a lender, but its details (new bad loans, recoveries, money set aside) are not in our data for this company. The sections around this one carry what we can back up. ## How fast is Satin Creditcare Network's loan book growing? Satin Creditcare Network Ltd's revenue was ₹3,143 Cr in FY26, +22.2% on the year before, so the loan book is growing. The latest quarter was +18.6% on a year earlier. The net margin on that income is 19.0%, +12.2 percentage points on a year ago. Why this happened. Non-microfinance businesses are now 19% of the group book. The small-business arm grew 134% on the year with bad loans improving to 3.5%, but ₹294 crore was disbursed across only 50 green loans in the quarter, which is meaningful concentration. Housing finance is flat and its bad loans worsened from 3.0% to 3.3%. Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year. In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses. ## What is Satin Creditcare Network's P/BV ratio, and how does it compare with its own history? Satin Creditcare Network Ltd's P/BV is 0.8×, in the middle of its own history: higher than 51% of past readings. Its usual P/BV (the middle reading) is 0.8×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why this happened. At 0.90 times book the shares are inexpensive against book value but sit near the middle of Satin’s own ten-year range, this is not a deep historical trough. The price appears to assume roughly 14% sustainable return on equity, so value creation from here needs the reported figure above 15%, not one more quarter of high profit growth. Why the multiple is low: this lender earns about 12% a year on its equity. A lender that earns less on its net worth is valued lower for each rupee of it, and that gap usually closes only if returns improve. Why the multiple is where it is: over the past year book value grew while the price moved +54.8%. Price and book value moved together, so the multiple stayed in its range. Where the price move came from: over 5 years the price moved +26.4% a year; about +9.6% a year came from book-value growth and about +16.8 percentage points from the multiple (the market paying more); over 10 years the price moved −7.1% a year; about +11.5% a year came from book-value growth and about −18.6 percentage points from the multiple (the market paying less). The split is approximate (price return minus book-value growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the book value trend underneath matters more than the multiple. ## What growth does the Satin Creditcare Network share price assume? Worked out from its price on 26 August 2026, Satin Creditcare Network Ltd's share price assumed profit growth of about −2.0% a year. Over the past 9 years its profit actually grew 33.3% a year. Today its P/BV is 0.8×, higher than 51% of its own last 10 years. This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Satin Creditcare Network business getting better or worse? Satin Creditcare Network Ltd's business is turning around. Profit growth has swung from −65.7% at its low to +297.8%, improving for 4 quarters in a row, with ROE rising at 16.8%. This is based on 12 quarters of 4 measures. Why this happened. The price sits above its 200-day line at ₹182 and below its 50-day at ₹244, with momentum weak at 34 and volume showing distribution rather than accumulation. That is a pullback inside a longer uptrend, not a confirmed new breakout, and it agrees with the research, which says the repair is real but not yet proven. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## What is the Satin Creditcare Network story, and has it been checked? Satin Creditcare Network Ltd's story is worth watching against the checks our research set on 14 August 2026. Where it sits in its own cycle: Early expansion with defensive provisioning after a deep credit-loss cycle. Checks so far: 2 met, 5 partly met, 5 missed, 3 not due yet, 3 no data, 3 flagged. Updated 1 time, latest 16 August 2026. From the numbers. Bad loans 2.2%, provision cover 85%, group assets +27%, quarterly profit ₹123 crore against ₹45 crore. From the price. ₹232 against a 50-day line of ₹244 and a 200-day line of ₹182, a pullback inside a longer uptrend, momentum weak at 34. From the research. The repair is real, but ₹127 crore of write-offs cleaned 58% of the remaining bad-loan book. Where they disagree. The research will not sign off yet for two reasons the screens cannot see. First, the fall in bad loans is part borrower recovery and part balance-sheet clean-up, ₹127 crore was written off in the quarter, 58% of what remained. Second, management percentages do not reconcile against the absolutes management itself disclosed, on Assam and on debt. Price and profit say turned; the research says turned and not yet proven. What is proven. The core repair is real. Standalone bad loans fell to 2.2% in June 2026 from 3.7% a year earlier; loans overdue from day one fell to 3.0% from a 6.8% peak; slippages nearly halved; provision cover rose to 85%; group assets under management grew 27%; and consolidated profit rose to ₹123 crore from ₹45 crore a year earlier even after a ₹36 crore extra provision. What is not proven yet. The through-cycle quality is not proven. The June quarter still used ₹127 crore of write-offs, reported credit cost was 3.06%, the four largest states were 61% of the parent book, Assam floods are a live insurance test, housing bad loans rose to 3.3%, and management cut formal group growth guidance immediately after a 27% growth quarter without a clear economic reconciliation. What would change our mind. The recovery is broken if reported standalone credit cost exceeds 4.0% or loans overdue from day one rise above 4.5% for two quarters. It becomes much stronger if reported return on equity stays above 15% for two quarters while bad loans remain below 3.0% and subsidiary bad-loan ratios improve. The test written in advance. Credit-loss repair lasts through rapid growth. Measured by: reported standalone credit cost <= 3.5% for FY27 and no quarter above 4.0% by FY27-Q4 results.

The test written in advance. Fresh borrower stress does not return. Measured by: loans overdue from day one and standalone GNPA PAR1 <= 4.0% and GNPA < 3.0% by each of FY27-Q2 and FY27-Q3.

The test written in advance. Returns improve without relying on adjusted profit. Measured by: reported standalone ROE >= 15% for two consecutive quarters by FY27-Q4 results. Where the story stands after the 16 August 2026 check. WATCH. What the company does. The parent lends small, unsecured business loans mainly to rural women organised in joint-liability groups. Field staff assess borrowers, disburse money digitally and collect repayments largely through physical group meetings. Profit depends less on loan growth alone than on the gap between lending yield and funding cost, field operating cost, and the share of loans that turn bad. The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading. The bad-loan number was cleaned as well as repaired. Bad loans fell to 2.2% while ₹127 crore was written off in the same quarter, 58% of the ₹219 crore that remained. Every other asset-quality measure improved too, so the repair is genuine; but a reader comparing 2.2% to last year’s 3.7% is comparing a cleaned book with an uncleaned one. Management percentages do not reconcile against management disclosures. The flood-affected book was described as about 5% of Assam. The disclosed ₹149.83 crore against the disclosed ₹1,475 crore of on-book Assam exposure is 10.2%, and 7.5% against the larger figure mentioned on the call. Separately, ₹9,600 crore of debt was discussed against ₹10,991 crore of consolidated borrowings. Neither gap is explained. The credit-cost saving was spent, not banked. Credit cost fell ₹37 crore on the year and branch and employee costs rose ₹37 crore. The profit increase came from lending income. Until the operating-cost ratio falls, scale is being converted into branches rather than into returns. Lever 16 · Asset quality: working now. Every percentage point of credit cost saved leaves more pre-tax profit. Credit cost fell from 4.6% in FY25 to 3.8% in FY26 and the June 2026 quarter's clean level was about 2.0% before the extra buffer. What proves it keeps working: Reported credit cost, bad loans, new slippages, loans overdue from day one, write-offs and provision cover every quarter. It stops working if Reported credit cost above 4.0% or loans overdue from day one above 4.5% for two quarters. Lever 10 · New geographies: working now. New branches and larger loans expand the book and spread central costs, provided collections stay strong. Group assets grew 27% and disbursement 56% in the June 2026 quarter, but active clients grew only 3%, so most growth came from higher balances per borrower. What proves it keeps working: FY27 group asset growth of 20-25%, balance per borrower by vintage, new-branch customer counts, collection efficiency and state-level overdue loans. It stops working if Growth falls below 20% without an asset-quality benefit, or the 392 branches added in FY26 do not reach roughly 1,000 customers and profitability within nine months. Lever 1 · Operating leverage: building. Branches and collection teams were built before their loan books matured. As those branches season, operating cost as a share of assets should fall and return on equity should rise. What proves it keeps working: Operating expense to assets at or below 6.3%, cost-to-income below 45%, and reported return on equity above 15%. It stops working if Operating expense stays near 7% of assets or cost-to-income returns above 50% despite loan growth. Lever 4 · Paying down debt: working now. A diversified lender base and lower marginal borrowing rates widen the spread between lending yield and funding cost. Marginal borrowing cost fell 37 basis points year on year to 10.52%. What proves it keeps working: Standalone net interest margin near 14.4-14.5%, marginal borrowing cost, lender concentration, liquidity and rating changes. What this research does not know. No common consolidated bad-loan series across the group; No full bad-loan bridge from opening to closing balance; The Assam insurance claim has not yet been accepted or paid; The pending covenant waivers name no lender, covenant, amount or cure date; Subsidiary returns are not separately disclosed; The June 2026 industry comparison was not yet published. Sources: Official Q1 FY27 earnings presentation (30 July 2026); Official Q1 FY27 earnings-call transcript (31 July 2026); Official Q4 FY26 earnings presentation (12 May 2026); Official Q4 FY25 earnings presentation (8 May 2025); Official Q2 FY23 earnings presentation (28 October 2022); Official earnings-call transcripts from September 2023 through June 2026 (14 August 2026); FY26 annual report (14 August 2026); Independent May 2026 credit-rating rationale (7 May 2026); +8 more. The story check is re-scored every results season; the record below never changes. ## Did Satin Creditcare Network management deliver what it promised? What Satin Creditcare Network Ltd's management promised, against what actually happened: 6 promises on the record. Scored in our research file, promise by promise. A promise that slipped stays on this page after it is met. Said 2 February 2024, due five-year operating view: missed. Promised: Five-year credit cost of 1.5-1.75%. What arrived: Credit cost rose to 4.6% in FY25 and remained 3.8% in FY26 on the standalone basis. Said 30 April 2024, due FY25: missed. Promised: At least 25% asset growth was described as having no real challenge. What arrived: FY25 group asset growth was about 8% after the goal was cut twice. Said 8 November 2024, due FY25 close: met. Promised: Revised FY25 group asset growth of 8-10% and credit cost of 4.5-5%. What arrived: Group assets grew about 8% and standalone credit cost was 4.6%. Said 11 August 2025, due FY26: flagged. Promised: No FY26 growth guidance was being provided. What arrived: In January 2026 management said a 10-15% growth guide had already been given and remained intact. Said 29 January 2026, due FY26 close: met. Promised: FY26 credit cost around 4%. What arrived: Standalone credit cost was 3.8% and consolidated credit cost was about 3.55%. Said 12 May 2026, due FY27 close: flagged. Promised: Group asset growth of 25-30% for FY27. What arrived: The formal range was lowered to 20-25% in July 2026, despite 27% growth in the June quarter, without a clear economic reconciliation. Every quote above is taken word for word from the company’s own earnings calls. ## What is Satin Creditcare Network management's track record? Management protected the balance sheet through the MFI downturn, yet the standing record scores April to June 2026 WATCH because the write-off bridge, covenant waivers and subsidiary returns remain incomplete. ### Regulatory and governance record

No SATIN-specific SEBI, CBI or ED enforcement action surfaced; ownership and pledge completeness are handled separately under governance. Sources:

- [m.uk.investing.com](https://m.uk.investing.com/news/transcripts/earnings-call-transcript-satin-creditcare-posts-strong-q1-2026-growth-93CH-4801422?ampMode=1)
- [screener.in](https://www.screener.in/company/SATIN/consolidated)
- [tijorifinance.com](https://www.tijorifinance.com/company/satin-creditcare-network-limited/shareholding/)

(Checked 30 August 2026.)

## How much does Satin Creditcare Network earn on its equity and assets? Satin Creditcare Network Ltd earned a return on equity of 12% in FY26. Its lowest yearly reading on file was −1% in FY21. On its assets, every ₹100 earned about ₹3.70, before the effect of borrowing. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together. Why this happened. Trailing return on equity is 12.3% and the June quarter annualises to 15.1%. The gap between those two numbers is the whole question: the trailing figure carries the trough, the annualised one carries a quarter helped by a deliberate provision choice and by lower credit cost. That return is below the level a bank needs to grow its net worth quickly, which helps explain why its multiple is where it is. Why ROE moved: profit grew 33.3% a year over 9 years while net worth grew more slowly. When earnings recover faster than net worth builds up, ROE climbs off its low. ## Does Satin Creditcare Network have too much debt? For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead. Why this happened. Capital adequacy is 26.7%, undrawn sanctions about ₹2,600 crore, 77 active lenders with the top ten at 52%, and assets maturing in about 18 months against liabilities at about 26 months, a favourable mismatch. The one open item is that the ₹9,600 crore of debt discussed does not reconcile with ₹10,991 crore of consolidated borrowings. For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here. ## What is the Satin Creditcare Network shareholding pattern? Foreign institutions cut their stake in Satin Creditcare Network Ltd by 1.2 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 4.9% of the company. Domestic institutions moved −0.3 points over the same period, to 6.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. Promoter stake is 36.17% with no pledge. Warrants at ₹260 would raise ₹100 crore and dilute existing holders by about 3.5% on full conversion. Over the last two years: Foreign institutions: −1.2 points over 8 quarters, to 4.9%; Domestic institutions: −0.3 points over 8 quarters, to 6.3%; Promoters: +0.0 points over 8 quarters, to 36.2%. Why the owners changed: foreign institutions drove it (−1.2 points). They reduced their stake. ## How far is Satin Creditcare Network from balance-sheet trouble? For Satin Creditcare Network Ltd, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead. Why this happened. A larger balance per borrower raises earnings today and raises loss severity if rural household income weakens. ## How does Satin Creditcare Network rank in its industry? 84.2 out of 100, rank 1 of 7 in Finance & Investments - Microfinance, with 82% of the evidence available. Satin Creditcare Network Ltd scores 84.2 out of 100 against the 7 companies it is compared with in Finance & Investments - Microfinance, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 29.9 + 18 + 16.3 + 20 = 84.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is Satin Creditcare Network compared with? Satin Creditcare Network ranks 1 of 7 Finance & Investments - Microfinance companies on the 4-Factor Sector Score, with 84.2 out of 100. 1. Satin Creditcare Network Ltd this page SATIN · turning · Sector-leading setup · 82% evidence 84.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.9/35 · Income 20.3% · Profit 100% · 86% evidence Capital efficiency 18.0/25 · ROA 3.3% · ROE 12.3% · GNPA n/a · 72% evidence Valuation 16.3/20 · P/BV 0.83× · P/BV÷ROE 0.07 · 70% evidence Relative strength 20.0/20 · Lead over its industry 45.2% · Lead over NIFTY 500 30.5% · 1 year 52.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 29.9 + 18 + 16.3 + 20 = 84.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Northern Arc Capital Ltd](https://www.sectoralpha.in/stocks/northern-arc-capital-ltd) NORTHARC · quiet · Most evidence points up · 70% evidence 71.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.2/35 · Income 21.1% · Profit 54.4% · 55% evidence Capital efficiency 16.2/25 · ROA 2.7% · ROE 11.1% · GNPA n/a · 68% evidence Valuation 14.2/20 · P/BV 1.05× · P/BV÷ROE 0.1 · 70% evidence Relative strength 16.6/20 · Lead over its industry 7.8% · Lead over NIFTY 500 -2% · 1 year -7.1% · 100% evidence · 3 of 12 weeks ahead Exact sum: 24.2 + 16.2 + 14.2 + 16.6 = 71.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [CreditAccess Grameen Ltd](https://www.sectoralpha.in/stocks/creditaccess-grameen-ltd) CREDITACC · quiet · Most evidence points up · 93% evidence 66.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.9/35 · Income 17.6% · Profit 100% · 100% evidence Capital efficiency 18.1/25 · ROA 4.6% · ROE 10.5% · GNPA n/a · 72% evidence Valuation 11.6/20 · P/BV 1.84× · P/BV÷ROE 0.17 · 100% evidence Relative strength 5.3/20 · Lead over its industry -10.9% · Lead over NIFTY 500 -18.9% · 1 year -28.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 31.9 + 18.1 + 11.6 + 5.3 = 66.9 · What this means: Earnings are strong; relative strength in its sector is -10.9% and the one-year return is -28.1%. 4. [Muthoot Microfin Ltd](https://www.sectoralpha.in/stocks/muthoot-microfin-ltd) MUTHOOTMF · quiet · Evidence leans down · 89% evidence 44.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.2/35 · Income 0.9% · Profit 100% · 88% evidence Capital efficiency 9.2/25 · ROA 1.3% · ROE 6.2% · GNPA n/a · 72% evidence Valuation 7.3/20 · P/BV 0.81× · P/BV÷ROE 0.13 · 100% evidence Relative strength 1.5/20 · Lead over its industry -15.9% · Lead over NIFTY 500 -23.8% · 1 year -19.9% · 100% evidence · 5 of 12 weeks ahead Exact sum: 26.2 + 9.2 + 7.3 + 1.5 = 44.2 · What this means: Earnings are strong; relative strength in its sector is -15.9% and the one-year return is -19.9%. 5. [Arman Financial Services Ltd](https://www.sectoralpha.in/stocks/arman-financial-services-ltd) ARMANFIN · quiet · Evidence leans down · 86% evidence 40.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.8/35 · Income 0.1% · Profit 100% · 60% evidence Capital efficiency 13.8/25 · ROA 2% · ROE 6.3% · GNPA 2.8% · 100% evidence Valuation 5.0/20 · P/BV 1.6× · P/BV÷ROE 0.26 · 100% evidence Relative strength 9.9/20 · Lead over its industry -1.8% · Lead over NIFTY 500 -10.9% · 1 year -13.1% · 100% evidence · 8 of 12 weeks ahead Exact sum: 11.8 + 13.8 + 5 + 9.9 = 40.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Spandana Sphoorty Financial Ltd](https://www.sectoralpha.in/stocks/spandana-sphoorty-financial-ltd) SPANDANA · basing · Evidence leans down · 61% evidence 36.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.6/35 · Income -26.3% · Profit 96% · 46% evidence Capital efficiency 4.2/25 · ROA -0.9% · ROE -29.4% · GNPA n/a · 68% evidence Valuation 9.2/20 · P/BV 0.72× · P/BV÷ROE n/a · 40% evidence Relative strength 8.2/20 · Lead over its industry -11.1% · Lead over NIFTY 500 -18.9% · 1 year -25.6% · 100% evidence · 1 of 12 weeks ahead Exact sum: 14.6 + 4.2 + 9.2 + 8.2 = 36.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Fusion Finance Ltd](https://www.sectoralpha.in/stocks/fusion-finance-ltd) FUSION · quiet · Evidence leans down · 78% evidence 35.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Income -18.1% · Profit 100% · 40% evidence Capital efficiency 14.6/25 · ROA 3.5% · ROE 0.7% · GNPA 2.5% · 95% evidence Valuation 3.2/20 · P/BV 0.85× · P/BV÷ROE 1.25 · 100% evidence Relative strength 0.6/20 · Lead over its industry -16.8% · Lead over NIFTY 500 -24.6% · 1 year -29% · 100% evidence · 5 of 12 weeks ahead Exact sum: 17 + 14.6 + 3.2 + 0.6 = 35.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Finance & Investments - Microfinance](https://www.sectoralpha.in/sectors/finance-investments-microfinance), all 7 compared on one page. ## Which companies are close to Satin Creditcare Network in size? Satin Creditcare Network is the 3rd largest of 7 Finance & Investments - Microfinance companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: CreditAccess Grameen and Northern Arc Capital. Just below it: Muthoot Microfin, Fusion Finance, Spandana Sphoorty Financial and Arman Financial Services. ### Finance & Investments - Microfinance companies close in size

1. [CreditAccess Grameen Ltd](https://www.sectoralpha.in/stocks/creditaccess-grameen-ltd) ₹16,434 crore
2. [Northern Arc Capital Ltd](https://www.sectoralpha.in/stocks/northern-arc-capital-ltd) ₹4,091 crore
3. Satin Creditcare Network Ltd ₹2,639 crore
4. [Muthoot Microfin Ltd](https://www.sectoralpha.in/stocks/muthoot-microfin-ltd) ₹2,300 crore
5. [Fusion Finance Ltd](https://www.sectoralpha.in/stocks/fusion-finance-ltd) ₹2,093 crore
6. [Spandana Sphoorty Financial Ltd](https://www.sectoralpha.in/stocks/spandana-sphoorty-financial-ltd) ₹1,993 crore
7. [Arman Financial Services Ltd](https://www.sectoralpha.in/stocks/arman-financial-services-ltd) ₹1,495 crore

[All 7 Finance & Investments - Microfinance companies, largest first](https://www.sectoralpha.in/sectors/finance-investments-microfinance#all-companies)

### Companies close in size in other industries

1. [Bhansali Engineering Polymers Ltd](https://www.sectoralpha.in/stocks/bhansali-engineering-polymers-ltd) ₹2,641 crore · Petrochem - Polymers
2. [Kewal Kiran Clothing Ltd](https://www.sectoralpha.in/stocks/kewal-kiran-clothing-ltd) ₹2,639 crore · Textiles - Readymade Apparel
3. Satin Creditcare Network Ltd ₹2,639 crore
4. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) ₹2,638 crore · Diamond, Gems & Jewellery
5. [Bharat Bijlee Ltd](https://www.sectoralpha.in/stocks/bharat-bijlee-ltd) ₹2,634 crore · Capital Goods - Transformers

## Quarterly scorecard? Our Satin Creditcare Network Ltd research of 14 August 2026 set 21 checks, and every results season scores each one. 1 quarter scored so far; the latest reads worth watching. A row is permanent: a miss stays on the record after it is fixed. Open any quarter above to read its full record: the numbers, each check’s score, and why the numbers moved. A dashed label is a quarter not checked yet. M11: flagged. What it needs: Check PAR1, PAR30, GNPA, NNPA, slippages and write-offs together; falling GNPA with another large write-off is only part cure. Where it stands: Exactly the case this marker was written for. Every asset-quality measure improved, and part of the improvement is the book being cleaned rather than the borrower recovering. M13: partly met. What it needs: Check reported return on assets and return on equity, not only adjusted figures that remove management buffers. Where it stands: Reported figures were given. The buffer means the reported number understates the quarter, which is the honest direction, but the two readings are far apart. M14: flagged. What it needs: Check statutory total income against management-adjusted income and separate loan-sale, treasury and hedge movements. Where it stands: The gap is explained but it is presented as the headline. Profit after tax is ₹123 crore on both presentations, so the difference is in the top line only. M16: partly met. What it needs: Check group AUM growth against 20-25% guidance and whether the 392 FY26 branches are reaching about 1,000 customers within nine months. Where it stands: Half readable. M17: missed. What it needs: Check housing and small-business subsidiary GNPA, profit and return on assets; growth without better returns is not diversification value. Where it stands: Growth was delivered and returns were not shown, which is the exact shape this marker was written to catch. M19: flagged. What it needs: Check for any further change to FY27 guidance and require a clear economic explanation, not only a new range. Where it stands: The change came roughly eighty days after it was set, with no stated reason. The cut itself may be prudent; the silence is the flag. M20: missed. What it needs: Ask for the full bad-loan bridge: opening bad loans plus slippages minus cash cures, upgrades and write-offs equals closing bad loans. Where it stands: Without it, nobody can separate borrower recovery from the ₹127 crore of write-offs. This is the single disclosure that would settle the quarter's central question. M21: missed. What it needs: Ask management to identify the pending covenant waivers, affected lenders and cure dates. Where it stands: Same gap as M9, asked of management directly rather than of the filings. M3: partly met. What it needs: Returns improve without relying on adjusted profit (reported standalone ROE >= 15% for two consecutive quarters). Where it stands: One of the two quarters. The trailing figure carries the trough, so a second quarter above 15% is what would settle this. M4: partly met. What it needs: Growth guidance is delivered with collection discipline (consolidated AUM growth and current-bucket collection 20-25% AUM growth and collection >= 99.5%). Where it stands: Collections clear the bar comfortably. Growth is running ABOVE the guided band, which is not a miss but is the direction that historically precedes a credit cycle. M6: missed. What it needs: Diversification reduces rather than moves credit risk (housing and small-business GNPA both subsidiary GNPA ratios <= 3.0%). Where it stands: Both miss, and housing moved the wrong way while its assets stayed flat. This is the clearest failed marker of the quarter. M8: partly met. What it needs: Rapid growth does not hide higher borrower leverage. Where it stands: Delinquency is improving, so the pairing lasts for now. The balance increase raises loss severity if rural incomes weaken, and vintage-level delinquency was not published. M9: missed. What it needs: Pending covenant waivers are harmless and resolved (covenant waiver status). Where it stands: A waiver mentioned without any of its terms cannot be assessed. This is a disclosure the company can close whenever it chooses. ## Governance? What we checked on how Satin Creditcare Network Ltd is run. 3 items came back clean and 5 are being watched. Read from the company’s own filings and earnings calls; a watch item is a question, not a finding. Clean (3). FY26 audit and the Q1 limited review were both unmodified; No current company-level fraud or enforcement action found; Promoter having 36.17% with no pledge. On watch (5). Chairman pay about 199 times median employee pay, followed by approval for a higher fixed salary; The chairman and chief executive roles are combined; 12 employee misappropriation cases in FY26 totalling ₹38.63 lakh, of which ₹32.63 lakh was written off; Full warrant conversion dilutes existing holders by about 3.5%; Parent capital continues to fund subsidiaries whose returns are not separately disclosed. ## What else do people ask about Satin Creditcare Network? ### What is Satin Creditcare Network's share price today? Satin Creditcare Network Ltd's share price is ₹242.41, +54.8% over the past year. The whole company is worth ₹2,677 Cr on the market. In the last 52 weeks it traded between ₹140 to ₹269; today it is 79% of the way up from the low, 16.2% above its 200-day average (as of 3 November 2026). ### What were Satin Creditcare Network's latest quarterly results? Satin Creditcare Network Ltd reported total income of ₹926 Cr and net profit of ₹176 Cr for the Sep 2026 quarter. Income rose 18.6% and profit rose 232.1% compared with a year earlier. Earnings per share were ₹15.92 (as of 3 November 2026). ### What is Satin Creditcare Network's market cap? Satin Creditcare Network Ltd's market capitalisation is ₹2,677 Cr at a share price of ₹242.41. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Satin Creditcare Network performing? Satin Creditcare Network Ltd's share price has been rising for 27 weeks. In its latest quarter, income rose 18.6% and profit rose 232.1% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running (as of 3 November 2026). ### Will Satin Creditcare Network's share price go up? This page does not forecast Satin Creditcare Network Ltd's share price. What it shows instead: the share price is ₹242.41, and it has been rising for 27 weeks. Its P/BV of 0.8× is higher than 51% of its own last 10 years (as of 3 November 2026). ### Who owns Satin Creditcare Network? Promoters own 36.2% of Satin Creditcare Network Ltd, foreign institutions 4.9%, domestic institutions 6.3% and the public 52.3% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 1.2 percentage points over 8 quarters (as of 3 November 2026). ### Where is Satin Creditcare Network in its business cycle? Satin Creditcare Network Ltd's FY26 net margin was 10.6%, against a 10-year range of −1.0% to 19.5%: the middle of its own range, neither a peak nor a low. The latest quarter was 19.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Satin Creditcare Network story? Biggest thing to watch: the price has already been rising for 27 weeks, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Satin Creditcare Network a stock worth studying right now? What the numbers show: Satin Creditcare Network Ltd's earnings have grown faster than its share price. Earnings per share grew +78.5% in a year while the price moved +54.8%. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Satin Creditcare Network share price forecast for 2026? What management itself guided: Standalone credit cost 3-3.5% FY27 reiterated with H1 below after overlay build. What is changing at Satin Creditcare Network, from the latest results and calls: credit cost normalization, non-microfinance subsidiary scaling and branch seasoning and operating leverage. What would change the story: Gross non-performing assets rising above 3.5 percent or reported credit cost exceeding 4.0 percent over two consecutive quarters, indicating breakdown in underwriting guardrails or rural cash flow deterioration. ### Where does this page get Satin Creditcare Network's management information? From Satin Creditcare Network's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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