CreditAccess Grameen vs Spandana Sphoorty Financial: Which Stock Should You Track

CreditAccess Grameen vs Spandana Sphoorty Financial is a comparison microfinance investors look up when evaluating two listed Indian MFI-NBFCs. CreditAccess Grameen, promoted by CreditAccess Asia (Netherlands), is one of India's largest listed pure-play microfinance companies, while Spandana Sphoorty Financial is a Hyderabad-based MFI-NBFC that has faced severe credit stress in 2024 to 2025 due to overleveraging in key states and is currently loss-making.

This CreditAccess Grameen vs Spandana Sphoorty Financial article covers reach and market position, key products, latest declared results and stock valuation. The CreditAccess Grameen vs Spandana Sphoorty Financial data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.

CreditAccess Grameen vs Spandana Sphoorty Financial: Reach and Market Position

On the CreditAccess Grameen side of the CreditAccess Grameen vs Spandana Sphoorty Financial comparison, CreditAccess Grameen operates in South India (Karnataka, Maharashtra, Tamil Nadu, Odisha) with a focus on joint liability group lending to women borrowers. Market capitalisation is Rs 24,507 Cr.

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On the Spandana Sphoorty Financial side of the CreditAccess Grameen vs Spandana Sphoorty Financial comparison, Spandana Sphoorty Financial operates in Andhra Pradesh, Odisha, Karnataka and other MFI markets. The company has faced severe asset quality stress from borrower overleveraging in 2024. Market capitalisation is Rs 2,089 Cr.

CreditAccess Grameen vs Spandana Sphoorty Financial: Key Products and Business Mix

In the CreditAccess Grameen vs Spandana Sphoorty Financial product comparison, CreditAccess Grameen offers: CreditAccess Grameen provides micro credit to rural and semi-urban women through JLG (Joint Liability Group) models. EPS is Rs 75.53. P/E is 20.24x, ROE 9.92 percent, D/E 3.01.

For Spandana Sphoorty Financial in this CreditAccess Grameen vs Spandana Sphoorty Financial breakdown: Spandana provides micro loans to similar borrower profiles. EPS is -Rs 45.86 (loss-making). ROE is -32.83 percent. The company is not profitable and carries significant credit risk. Market capitalisation has fallen to Rs 2,089 Cr.

CreditAccess Grameen vs Spandana Sphoorty Financial: Latest Results

The CreditAccess Grameen vs Spandana Sphoorty Financial results for CreditAccess Grameen: CreditAccess Grameen has a market cap of Rs 24,507 Cr and P/E of 20.24x. ROE is 9.92 percent — under pressure from MFI sector stress but still positive. D/E of 3.01 is normal for MFI-NBFCs.

The CreditAccess Grameen vs Spandana Sphoorty Financial results for Spandana Sphoorty Financial: Spandana Sphoorty has a market cap of Rs 2,089 Cr and is loss-making with EPS of -Rs 45.86. ROE of -32.83 percent reflects severe credit cost. This is a high-risk, distressed situation. CreditAccess is 11.7 times larger than Spandana by market cap.

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CreditAccess Grameen vs Spandana Sphoorty Financial: Stock and Valuation

The CreditAccess Grameen vs Spandana Sphoorty Financial stock comparison uses the latest available market data from Groww. Investors tracking CreditAccess Grameen vs Spandana Sphoorty Financial should verify current prices on NSE or BSE before trading.

CreditAccess Grameen vs Spandana Sphoorty at current valuations: CreditAccess trades at Rs 24,507 Cr market cap, P/E 20.24x, ROE 9.92 percent. Spandana trades at Rs 2,089 Cr market cap, loss-making, ROE -32.83 percent. The comparison highlights the stark difference in credit discipline and geographic concentration risk within the MFI sector.

CreditAccess Grameen vs Spandana Sphoorty Financial: Quick Comparison Table

The CreditAccess Grameen vs Spandana Sphoorty Financial comparison table below summarises the key metrics covered in this article side by side.

Parameter	CreditAccess Grameen	Spandana Sphoorty Financial
Sector	MFI-NBFC: South India JLG lending	MFI-NBFC: Andhra, Odisha, Karnataka (stressed)
Market Cap	Rs 24,507 Cr	Rs 2,089 Cr
P/E Ratio	20.24x	N/A (loss-making)
ROE	9.92%	-32.83% (loss-making)
Debt to Equity	3.01	1.85
Profitability	Profitable (under pressure)	Loss-making
Promoter	CreditAccess Asia, Netherlands (strategic)	Indian management + institutional investors

Conclusion

The CreditAccess Grameen vs Spandana Sphoorty Financial comparison above covers the key data points on reach, products, results and valuation. CreditAccess Grameen vs Spandana Sphoorty is a comparison between a well-managed MFI-NBFC and a severely stressed one. CreditAccess has managed through the MFI sector downturn with a positive ROE. Spandana is loss-making with very high credit costs. Both are exposed to the systemic MFI overleveraging issue but at very different severity levels. Investors should review collection efficiency, GLP growth, credit cost guidance and capital adequacy before taking a view. Consult a SEBI-registered advisor for personalised guidance.

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Frequently Asked Questions

What is a JLG in microfinance?

Ans. JLG stands for Joint Liability Group — a group of 5 to 10 women borrowers who collectively guarantee each other's loans. JLG models underpin most Indian MFI lending.

Why is Spandana Sphoorty loss-making?

Ans. Spandana Sphoorty has faced severe credit stress from borrower overleveraging in key states like Andhra Pradesh and Odisha, where multiple MFIs lent to the same borrowers. High NPAs and credit costs have driven the company into losses.

What is the MFI overleveraging crisis?

Ans. In 2024 to 2025, India's microfinance sector faced widespread credit stress as borrowers in some states took loans from multiple MFIs simultaneously, leading to over-indebtedness, defaults and high NPAs across the sector.

Is CreditAccess Grameen profitable?

Ans. Yes. CreditAccess Grameen is profitable with ROE of 9.92 percent, though earnings have been under pressure from the sector-wide MFI stress.

Is Spandana Sphoorty a good investment?

Ans. Spandana is currently loss-making with negative ROE. Investors should review its NPA levels, provisioning coverage, capital adequacy and recovery timeline. Consult a SEBI-registered advisor before investing in distressed financial companies.

Are CreditAccess and Spandana in Nifty 50?

Ans. Neither is in Nifty 50. Both are tracked in Nifty Financial Services and smaller indices.

What is collection efficiency in MFI?

Ans. Collection efficiency is the ratio of actual repayments received to the total repayments due in a period. A collection efficiency of 95 percent or above is generally considered healthy for MFIs.