CreditAccess Grameen ’s July-September quarter (Q2FY26) numbers were better than expected, but the near-term outlook remains mixed, according to CLSA. The brokerage maintained its hold rating on the stock and raised its target price to ₹1,600 per share.

The company reported a profit after tax (PAT) of ₹130 crore in the second quarter, which was 52% higher than CLSA’s estimates. The earnings surprise was largely driven by lower provisioning expenses and higher other income.

Operating metrics showed some improvement. Margins widened by about 50 basis points quarter-on-quarter, supported by higher lending yields and a lower cost of funds. CLSA expects margin gains to continue in the coming quarters.

However, the company increased its credit cost guidance for both the current year and th

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