Poonawalla Fincorp, CreditAccess Grameen, and Bandhan Bank—three big names. Same season. Very different stories.
As the curtain lifted on the Q1 FY26 business updates, two players were clearly in form, while one stumbled badly. Investors saw a split screen: rising NBFC stars on one side, and a struggling bank on the other. Here’s how it unfolded.
Poonawalla Fincorp: Hitting New Highs
Let’s start with the showstopper.
Poonawalla Fincorp posted a massive 53% year-on-year jump in its assets under management (AUM), reaching ₹41,250 crore. Even quarter-on-quarter, the company grew its AUM by 16%. Its liquidity? A strong ₹4,450 crore.
But it’s not just the numbers. It’s the momentum. The NBFC launched six new business lines and says they’re already gaining traction. Naturally, the markets cheered.
The stock jumped over 2%, touching a fresh 52-week high of ₹483. In just one month, it has climbed nearly 19%, and a whopping 52% in six months.
That’s not just growth. That’s domination.
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CreditAccess Grameen: Steady, Strong, and Focused
CreditAccess Grameen is India’s biggest microfinance NBFC. And it just proved why.
In Q1 FY26, it hit record disbursements and added almost 2 lakh new borrowers. Despite ₹693 crore in write-offs, its gross loan portfolio touched ₹26,055 crore—up 0.4% year-on-year.
Here’s what really matters: asset quality. The Portfolio at Risk (PAR) for overdue loans dropped to 5.9% from 6.9% last quarter. That’s a clear sign of cleaner, stronger books.
The market rewarded it with a 7% rise, bringing the stock close to its all-time high. In the past six months, the stock has jumped nearly 45%.
This isn’t flash—it’s focus and fundamentals.
Bandhan Bank: Trouble Beneath the Surface
Then there’s Bandhan Bank, where the numbers tell a different tale.
Its loan growth was just 6.4%, while deposits grew 16.1%. Worse, loans fell 2.5% quarter-on-quarter. The bank’s CASA ratio—a sign of healthy retail deposits—dropped sharply to 27.06% from over 31% last quarter.
Even though the bank’s overall deposit base looked strong, the balance between lending and saving has tilted the wrong way. That’s a red flag.
The market didn’t take it well. Bandhan Bank shares fell 3.5% to ₹177. In the last five days, the stock has lost over 6%.
The Bigger Picture: Who’s Building and Who’s Breaking?
Here’s the real question: In a fast-changing financial world, who’s adapting, and who’s falling behind?
Poonawalla Fincorp and CreditAccess Grameen are showing innovation, execution, and discipline. They’re growing fast—but with control. Bandhan, once seen as a disruptor, now faces tough questions about its strategy and risk.
The tension? It’s not just about profits. It’s about relevance.
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