CreditAccess Grameen & Havells Q3FY26 Result
Check the numbers from latest quarter
I covered CreditAccess Grameen in 2024 as I was planning to invest in the stock (actually, I did and then exited after a month). I have been tracking it since then and looking for an opportunity.
I have also been tracking Havells since 2023, and the stock price has not moved much since then. I am waiting for a big correction, which I see coming now - finally.
Today, CreditAccess Grameen shares closed 2.6% lower at 1248 per share. On the other hand, Havells ' share price closed 7% lower at Rs 1345 per share.
CreditAccess Grameen Result
Net Interest Income grew 13.4% YoY to ₹976.9 crore, driven by steady portfolio expansion and lower borrowing costs. Sequentially, NII remained stable, indicating improved yield quality despite a cautious lending environment.
PAT turned sharply positive at ₹252.1 crore, compared to a loss last year, aided by lower credit costs and reduced impairments. On a QoQ basis, profits nearly doubled, reflecting the normalization of asset quality and operating leverage coming through.
Business Momentum Is Clearly Improving: The portfolio continues to show healthy traction, driven by strong disbursement activity. Sequential portfolio growth remains robust, with 13.4% YoY growth, supported by the addition of 2.06 lakh new borrowers, of which 39% are new-to-credit.
Deleveraging Cycle Largely Behind: The borrower profile has meaningfully improved over the past few quarters. The proportion of borrowers with exposure to more than three lenders has reduced sharply to 4.9% in Dec-25, from 25.3% in Aug-24.
Similarly, borrowers with unsecured indebtedness above Rs 2 lakh now stand at 7.8%, down from 19.1% earlier. Importantly, the share of unique borrowers has increased to 43.4% in Dec-25, compared to 26.6% in Aug-24, indicating better customer diversification and lower systemic risk.
Credit Costs Continue to Trend Down: The credit cost cycle appears to be firmly on a downward path. Lower fresh PAR accretion and the near-completion of the accelerated write-off phase have supported this trend. Quarterly credit costs have declined steadily from Rs 572 crore in Q1 to Rs 526 crore in Q2 and Rs 343 crore in Q3. Write-offs have also reduced sharply, falling from Rs 693 crore in Q1 to ₹259 crore in Q3, reflecting improving asset quality visibility.
Havells Q3FY26 Result
The company reported a net profit of Rs 300.78 crore for the quarter, below Bloomberg’s estimate of Rs 344.1 crore.
Its revenue came in at Rs 5,587.89, which was above the estimate of Rs 5,385.08 crore. However, the Earnings before interest, tax, depreciation and amortisation (Ebitda) came in at Rs 482.4 crore, below Street’s estimate of Rs 507.87 crore.
In cables & wires, management highlighted volume growth of over 20%, supported by rising copper prices. Capacity utilisation stood at 65–70% in wires and 90–100% in cables as of December 2025.
Havells India Q3FY26 Result
On the back of stronger C&W performance, JM Financial raised its FY26E EPS estimate by 3%, while FY27E and FY28E EPS estimates remain largely unchanged. The brokerage maintained a ‘Buy’ rating on Havells with an unchanged target price of Rs 1,750 per share.
Motilal Oswal Financial Services has reiterated its ‘Neutral’ rating with a target of Rs 1,590. The brokerage said Havells India’s Q3FY26 earnings were below its estimate as margins remained under pressure across the cables and wires (C&W), Lloyd, and cable segments.
Goldman Sachs reiterated ‘Buy’ and raised its target to Rs 1,880 from Rs 1,730.
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