Subsidiary's Financials:

CreditAccess India Foundation ("CAIF") is a wholly owned
subsidiary of the Company. CAIF is registered as a 'Not-
For-Profit' Company under Section 8 of the Act, to carry
out Corporate Social Responsibility (CSR) activities on
behalf of the Company. As required under Section 129
of the Act read with Rule 5 of Companies (Accounts)
Rules, 2014, a statement containing salient features of
financial statements of CAIF is enclosed as Annexure I to
this Report. Further, the Company does not have any
Associate or Joint Venture Company.

2. KEY MILESTONES:

• During the year, the Company raised more than USD
300 million through foreign borrowing channels
from reputed development finance institutions
(DFIs), global banks and impact investors at
competitive pricing.

• With 24% of borrowings sourced internationally,
the Company is among among the leading NBFCs in
India in terms of diversified global funding helping
lower geographical concentration risk.

• Completed two syndicated social loan deals totalling
USD 175 million during FY26, including a first-of-
its-kind USD 100 million dual-currency (JPY-USD)
structure in the microfinance sector, with participation
from South Asian and Far East institutions.

• Reduced the average cost of funds by 60 bps to 9.2%
by end of FY26, while retaining our position as one
of the most cost-efficient NBFC-MFIs in the country

• The Company has entered into listing agreement
with NSE IFSC Limited, GIFT SEZ, Gandhinagar,
Gujarat, for listing its debt securities, for issuance of
up to 4000 (Four Thousand) secured, rated, listed,

United States Dollar Denominated Non-Convertible
Bonds of face value of USD 10,000/- (United States
Dollars Ten Thousand only) each, aggregating USD
40,000,000 (United States Dollar Forty Million only),
on Private Placement basis.

3. DIVIDEND:

The Board of Directors remains committed to
strengthening the Company's business segments and
maximizing shareholder value. In view of the substantial
funding required for the Company's long-term growth
initiatives, the Board decided not to recommend dividend
for the year under review.

In line with Regulation 43A of the Listing Regulations,
the Company has formulated a Dividend Distribution
Policy which sets out the parameters in determining
the payment / distribution of dividend. The said Policy
is available on the Company's website, the link for the
same is available under Annexure A.

4. TRANSFER TO RESERVES:

The Company has transferred H1555.28 million to
statutory reserve out of the net profit for FY26 and
H38,954.98 million is the accumulated balance in
Retained Earnings Account (Profit and Loss account and
comprehensive income) as at March 31, 2026.

5. SHARE CAPITAL:

During the year under review, the Company had allotted
4,76,409 shares to the employees who exercised their
stock options granted under CAGL Employees Stock
Option Plan- 2011.

The paid-up Equity Share Capital of the Company as
at March 31, 2026 stood at H1,601.96 million. As on
March 31, 2026, 27,875 stock Options were held by
Mr. Ganesh Narayanan, Managing Director & CEO, which
are convertible into equity shares upon exercise of the
same. Except as mentioned above, none of the Directors
of the Company held any instruments convertible into
equity shares of the Company.

6. DIRECTORS:

As on the date of this report, the Board of Directors
comprised of 8 (eight) Directors, out of which 3 (three)
are Independent Directors, including 2 (two) Women
Directors. The composition of the Board is in line with
the requirements of the Act, the Listing Regulations and
the applicable RBI Regulations.

The Directors possess extensive knowledge, necessary
experience, skills and ability in various functional areas
relevant to the Company's business, which have aided /
continues to aid in strengthening the policy decisions of
the Company. The details of the Board, its Committees,
areas of expertise of Directors and other details are

available in the Report on Corporate Governance, which
forms part of this Integrated Annual Report. The terms
and conditions of appointment of Independent directors
are available on the website, the link for the same is
available under Annexure A.

i. Changes in Directors and Key Managerial
Personnel (KMP) during FY26:

During the period under review, there were
following changes in the Board of Directors and Key
Managerial Personnel:

Changes in Board of Directors:

Changes in Key Managerial Personnel:

As on the date of this report, Mr. Ganesh Narayanan,
Managing Director & CEO, Mr. Gururaj Rao, Chief
Operating Officer, Mr. Nilesh Dalvi, Chief Financial
Officer and Ms. Deepti Ramani, Company Secretary
& Compliance Officer, are KMPs of the Company.

ii. Directors retiring by Rotation:

Mr. Massimo Vita, Non-executive Director shall
retire by rotation and being eligible, offers
his candidature for reappointment as per the
provisions of the Act, at the ensuing Annual General
Meeting of the Company.

iii. Declaration from Independent Directors:

The Board has received declarations from the
Independent Directors as required under Section

149(7) of the Act and Regulation 16(1)(b) of
Listing Regulations and the Board is satisfied that
the Independent Directors meet the criteria of
independence as mentioned therein.

iv. Policy on Board Diversity:

The Company recognizes and embraces the
importance of diverse Board in its success and
has put in place a Policy on Board diversity. The
said Policy as approved by the Board is available
on the Company's website, the link for the same is
available under Annexure A.

The highlights of the said Policy are given below:

a) Diversity is ensured considering various factors,
including but not limited to skills, industry
experience, background and other qualities.

b) The Company considers factors based on
its own business model and specific needs
from time to time.

c) The Nomination & Remuneration Committee
leads the process of identifying and nominating
candidates for appointment as Directors on
the Board. The benefits of diversity continue
to aid in succession planning and serves as
the key in identification and nomination of
Directors on the Board.

d) The NRC shall assess the appropriate mix
of diversity, skills, experience and expertise
required on the Board.

e) The selection of candidates for appointment on
the Board will be based on professional merit
which shall include review of the candidate's
educational background, industry experience,
expertise in the fields of business.

f) In the process of selection of Board members,
no person is discriminated on the grounds
of religion, race, caste, gender, or any other
personal or physical attributes which do not
affect his / her ability to perform as Director.

Additional details on Board diversity are available in
the Report on Corporate Governance, which forms
part of this Integrated Annual Report.

v. Compensation Policy for Directors, KMPs and
Senior Management:

Pursuant to the provisions of Section 178 of the
Act, Regulation 19 of the Listing Regulations and
the Reserve Bank of India (Non-Banking Financial
Companies - Governance) Directions, 2025 dated
November 28, 2025, as amended from time to time.
a Compensation Policy for Directors, KMPs and
Senior Management has been formulated inter-alia,
remuneration to Executive Directors, Non-executive
Directors including Independent Directors and other
matters as provided under the said Section.

The said Policy lays down principles for fixing the
remuneration/compensation to attract and retain
the best suitable talent on the Board and Senior
Management of the Company as per the criteria
formulated by the Nomination & Remuneration
Committee of the Board. This Policy also enumerates
the practices and procedures to be followed by the
Company in adopting the remuneration payable to
its Directors, Key Managerial Personnel (KMPs) and
Senior Management.

Further, the sitting fees payable to Non-Executive
Directors and commission payable to Independent
Directors are in accordance with the policy on
Payment to Non-Executive Directors, which is
available on the Company's website, the link for the
same is available under Annexure A.

vi. Evaluation of Board, its Committees and
Individual directors:

The Nomination & Remuneration Committee had
engaged an external agency to conduct Board
Evaluation for FY26. The evaluation of all individual
Directors, Chairman of the Board, the Board as a
whole and Committees of the Board, was conducted
based on the criteria and framework adopted
by the Nomination & Remuneration Committee
in this regard.

A brief on the annual Board evaluation process
undertaken in compliance with the provisions
of the Act and Listing Regulations, is given in the
Report on Corporate Governance, forming part of
this Integrated Annual Report.

vii. Meetings of the Board:

During FY26, the Board of Directors of the Company
met 8 (Eight) times. The details of the meetings
are given in the Report on Corporate Governance.
Necessary quorum was present for all the meetings.
Further, the maximum interval between any two
meetings did not exceed 120 days, as prescribed by
the Act and Listing Regulations.

viii. Committees of the Board:

The details of the Committees of the Board viz., Audit
Committee, Corporate Social Responsibility and
Environmental, Social & Governance Committee,
Risk Management Committee, Nomination
& Remuneration Committee, Stakeholders'
Relationship & Customer Service Committee,
Asset Liability Management Committee, IT Strategy
Committee, Expected Credit Loss Committee and
Executive, Borrowings & Investment Committee
along with attendance details, composition, terms
of reference and such other relevant details for the
year under review are elaborated in the Report on
Corporate Governance.

7. AUDITORS AND AUDITORS' REPORT:

i. Joint Statutory Auditors

M/s Varma and Varma, Chartered Accountants one
of the Joint Statutory Auditors of the Company,
would be completing their tenure of 3 years
on the conclusion of ensuing Annual General
Meeting ("AGM"). In view of the same, the Board
of Directors at its meeting held on October 28,
2025, in accordance with the RBI Guidelines for
Appointment of Statutory Auditors dated April 27,
2021, ('RBI Guidelines') and provisions of Section
139 read with Section 141 of the Act and such other
applicable provisions, if any, had appointed M/s
Sundaram & Srinivasan, (Firm Reg. No. 004207S) as
one of the Joint Statutory Auditors of the Company
to hold office for a period of 3 years from the
conclusion of ensuing AGM, subject to the approval
of shareholders.

Accordingly, M/s Walker Chandiok, who were
appointed effective FY25 and M/s Sundaram &
Srinivasan, Chartered Accountants will be the Joint
Statutory Auditors of the Company for FY27.

Further, there are no qualifications, reservations,
adverse remarks or disclaimers made by the
Joint Statutory Auditors in their report on the
Annual Financial Statements (Standalone &
Consolidated) for FY26.

ii. Secretarial Auditors:

The Board of Directors had appointed M/s. S.
Sandeep & Associates, Practising Company
Secretaries as the Secretarial Auditors for FY26.
The Secretarial Audit Report issued by the
Secretarial Auditors in the prescribed Form MR-3
is enclosed as Annexure II to this Report.

There are no qualifications, reservations, adverse
remarks or disclaimers made by the Secretarial
Auditors in their Report except for the penalty levied
by the Stock exchanges for delayed compliance
with Regulation 17(1) of the Listing Regulations,
with respect to appointment of Non-Executive
Chairperson of the Board the details of which is
covered in the Report on Corporate Governance,
which forms part of this Integrated Annual Report.

Board's Comment:

With respect to the observation made by the
Secretarial Auditors in their report, the Company
has already taken necessary action and is fully
compliant in this regard since October 28, 2025.

iii. Cost Auditors:

The provisions of Section 148 of the Act read with
the Companies (Cost Records and Audit) Rules,
2014 relating to Cost Audit and maintaining cost
audit records is not applicable to the Company.

8. DETAILS IN RESPECT OF FRAUDS, IF ANY,
REPORTED BY AUDITORS:

Pursuant to Section 143(12) of the Act, the Joint Statutory
Auditors and the Secretarial Auditors of the Company have
not reported any instances of material frauds committed
in the Company by its officers or employees. However, a
few instances of cash embezzlement are reported under
Note No. 43 of the Annual Financial Statements.

9. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the year under review, there was no change in
the nature of business of the Company.

12. INTERNAL AUDIT:

The internal audit function provides an independent and
objective assurance to the Board of Directors, the Audit
Committee and Senior Management on the quality and
effectiveness of internal controls, risk management, and
governance processes.

In line with applicable guidelines of the Reserve Bank
of India on Risk Based Internal Audit, the Company has
adopted a Risk Based Internal Audit (RBIA) framework,
aligned with the Global Internal Audit Standards (2024)
issued by the Institute of Internal Auditors.

At the beginning of each financial year, a risk-based audit
plan is formulated and approved by the Audit Committee.
The audit plan is designed to evaluate the adequacy and
effectiveness of internal control systems, governance
processes, risk management practices, compliance with
applicable laws and regulations, and the robustness of
internal processes, policies and accounting procedures.
The audit coverage spans branch operations across
States and key Head Office functions, ensuring broad
and risk-proportionate assurance.

The internal audit function adopts a structured and
risk-aligned approach to provide assurance across
key business and support functions. Based on audit
findings, process owners are required to implement
corrective actions within agreed timelines. Significant
audit observations and the status of corrective actions
are periodically presented to the Audit Committee for
oversight and closure tracking.

13. INTERNAL FINANCIAL CONTROLS:

The Company has put in place an effective internal
financial control in compliance with the extant
regulatory guidelines and compliance parameters.
The Audit Committee periodically reviews to ensure
that the internal financial controls of the Company
are adequate and is commensurate with its size, scale
and complexity of operations. The Company has put
in place robust policies and procedures which, inter-
alia, helps in ensuring integrity in conduct of business,
timely preparation of financial information, accuracy and
completeness in maintaining accounting records and
prevention and detection of frauds & errors.

14. RISK MANAGEMENT POLICY:

Pursuant to the Listing Regulations, and the applicable
RBI Guidelines, the Board of Directors have adopted a
Risk Management Policy which provides for identification,
assessment and control of risks which in the opinion of
the Board may threaten the existence of the Company
or hinder the regular operations of the Company. The
Management identifies and controls risks through a
properly defined framework in terms of the aforesaid
policy. The details of risk management framework put in
place by the Company along with a brief on risk function,
processes followed, monitoring & reporting framework

is covered in Management Discussion and Analysis,
which forms part of this Integrated Annual Report.

15. CORPORATE SOCIAL RESPONSIBILITY:

Pursuant to the provisions of Section 135 read with
Schedule VII to the Act, the Company has constituted a
CSR Committee which apart from ESG matters, reviews
and recommends inter-alia (a) the policy on Corporate
Social Responsibility (CSR) including changes thereto,

(b) Annual CSR Activity Plan including CSR Budget and

(c) CSR Projects or Programs for implementation by the
Company as per its CSR Policy. In accordance with the
applicable provisions of Section 135 of the Act and the
CSR policy of the Company, the Company contributes at
least 2% of average net profits made during the preceding
three financial years to CreditAccess India Foundation
("CAIF"), Implementing Agency for undertaking CSR
activities on behalf of the Company. The CSR policy of
the Company is available on the website, the link for the
same is available under Annexure A.

A report on CSR activities of the Company pursuant to
Section 134(3)(o) is enclosed as Annexure III to this Report.

16. WHISTLE BLOWER POLICY OR VIGIL MECHANISM
FOR DIRECTORS AND EMPLOYEES:

The Company has established a whistle blower
mechanism under which the Directors and employees
may report any unethical behaviour, actual or suspected
fraud, violation of the Code of Conduct including that of
Insider Trading or other policies, any other illegal activity
occurring in the organization. In exceptional cases,
directors or employees can raise their concerns directly
to the Chairman of the Audit Committee. During the year
under review, the Company had received 16 (sixteen)
complaints through this mechanism. However, based on
verification it was found that the complaints were in the
nature of staff grievances and resolved accordingly. The
Whistle-Blower Policy (Vigil Mechanism) of the Company
is available on the website, the link for the same is
available under Annexure A.

17. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS:

The Company, being a non-banking financial company
registered with the RBI and engaged in the business
of providing loans, is exempt from complying with the
provisions of section 186 of the Act, in respect of loans
and guarantees.

18. RELATED PARTY TRANSACTIONS:

All the Related Party Transactions that were entered
into during the financial year were on an arm's length
basis and were in the ordinary course of business.
Details of Related Party Transactions as required under
Indian Accounting Standard (Ind AS-24) are reported in

Note forming part of Standalone Financial Statements.
As required under the applicable provisions of the Act,
details of related party transactions in the Form AOC-2
is enclosed as Annexure IV to this Report. There were
no materially significant related party transactions
having potential conflicts with the interests of Company
during FY26. The Policy for determining Material
Subsidiaries and Related Party Transaction Policy are
available on the website, the link for the same is available
under Annexure A.

19. PEOPLE STRATEGY & HUMAN CAPITAL
MANAGEMENT

Human capital continues to be a strategic lever for
the Company, given the scale and frontline-intensive
nature of operations. The Company continues to adopt
a culture-first approach by hiring for values and training
for skills. This ensures that scale is supported by a strong
and consistent institutional ethos across geographies.

HR policies and processes are designed to be employee¬
centric, transparent and governance-led. During the year,
these were further strengthened and aligned to evolving
business and regulatory requirements, supported by
enhanced oversight and standardisation across the
organisation. The Company has also progressed on
technology-enabled and data-driven HR management,
improving efficiency across the employee lifecycle and
enabling better visibility for decision-making. A strong
emphasis continues on performance-linked incentives and
rewards, reinforcing a clear linkage between outcomes,
process adherence and portfolio quality, thereby promoting
a culture of accountability and sustainable growth.

The Company remains committed to capability building,
and inclusive practices, while maintaining robust
compliance and governance standards across all aspects
of human capital management.

20. PARTICULARS OF EMPLOYEES:

As on March 31, 2026, the Company had 21,941
employees. The details required under the provisions
of Section 197(12) of the Act read with Rule 5(1) of
the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, as amended
from time to time, containing inter-alia, the ratio of
remuneration of each Director and Key Managerial
Personnel to the median employee's remuneration is
enclosed as Annexure V to this Report.

The statement prescribed under Rule 5(2) and 5(3)
of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is available for
inspection of the members. If any member is interested
in obtaining a copy, such member may send an e-mail to
the Company Secretary seeking this information.

21. MATERIAL CHANGES AND COMMITMENTS
AFTER THE DATE OF BALANCE SHEET:

There are no material changes and commitments
between the end of FY26 and the date of this report,
affecting the financial position of the Company.

22. REPORT ON CORPORATE GOVERNANCE:

Pursuant to the Listing Regulations, a separate section
titled 'Report on Corporate Governance' forms part to
this Integrated Annual Report. All Board members and
Senior Management personnel have affirmed compliance
with the Code of Conduct as applicable to them for FY26. A
declaration to this effect signed by the Managing Director
and & CEO of the Company forms part of the Report on
Corporate Governance.

The Chief Executive Officer and the Chief Financial
Officer have certified to the Board on the accuracy of
financial statements and other matters as specified in
the Listing Regulations, which forms part of Report on
Corporate Governance.

A certificate issued by the Secretarial Auditors of
the Company on compliance with conditions of
corporate governance forms a part of the Report on
Corporate Governance.

23. MANAGEMENT DISCUSSION AND ANALYSIS:

In accordance with the Listing Regulations, the
Management Discussion and Analysis highlighting the
details of each business vertical, forms a part of this
Integrated Annual Report.

24. BUSINESS RESPONSIBILITY & SUSTAINABILITY
REPORT (BRSR):

In accordance with the Listing Regulations, a Business
Responsibility and Sustainability Report ("BRSR") has
been prepared, which provides an overview of the
Company's material ESG risks and opportunities, goals
and targets related to sustainability and performance
against them. BRSR for the year under review is enclosed
as Annexure VI to this Report.

25. DISCLOSURES UNDER THE POLICY ON SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013 ("POSH Act"):

The Company has in place a Policy on Prevention,
Prohibition and Redressal of Sexual Harassment of
Women at Workplace ("POSH policy") and an Internal
Committee, in line with the requirements of the POSH
Act and the Rules made thereunder for reporting and
conducting inquiry into the complaints made by the

victim of the sexual harassments at the workplace. The
functioning of the said Committee is in line with the
provisions of the POSH Act. The details of complaints
received under POSH Act forms part of BRSR and Report
on Corporate Governance. The POSH policy is available
on the website of the Company, the link for the same is
available under Annexure A.

The Company has complied with the provisions of the
Maternity Benefit Act, 1961.

26. FAIR PRACTICES CODE:

The Company has in place a Fair Practices Code ("FPC")
as approved by the Board, in compliance with the
guidelines issued by RBI, to ensure better service and
provide necessary information to customers enabling
them to take informed decisions. The FPC is available
on the website of the Company, the link for the same is
available under Annexure A.

The Company's Internal Audit team periodically provides
feedback to the Audit Committee on adherence to FPC

and functioning of grievance redressal mechanism.
Further, the Board also reviews the implementation and
efficacy of FPC on an annual basis.

27. CUSTOMER GRIEVANCE:

The Company has a dedicated Customer Grievance
Redressal Cell for receiving and handling customer
complaints/ grievances and to ensure that the customers
are always treated in a fair and unbiased way. All grievances
raised by the customers are dealt with courtesy and
redressed expeditiously.

28. ANNUAL RETURN:

Pursuant to sub-section (3)(a) of Section 134 and
sub-section (3) of Section 92 of the Act, read with Rule
12 of the Companies (Management and Administration)
Rules, 2014, the latest Annual Return is available on the
Company's website, the link for the same is available
under Annexure A.

Employee-wise details of Options granted to:

1. Senior Managerial Personnel - 2,98,900

2. Any other employee who receives a grant of options
in any one year amounting to five percent or more
of options granted during that year: - Nil

3. Identified employees who were granted options
during any one year, equal to or exceeding one
percent of the issued capital (excluding outstanding
warrants and conversions) of the Company at the
time of grant - Nil

4. Diluted Earnings per Share- J 48.44

5. Total consideration received against issuance of
ESOP shares under the Plan- J 318.47 million

Disclosures pertaining to employee stock options as
required under SBEB Regulations are placed on the
Company's website, the link for the same is available
under Annexure A. Grant wise-details of the Options
vested, exercised and cancelled are provided in the
notes to the standalone financial statements.

Further, the Company confirms except for changes
approved by the shareholders vide Resolution passed
on August 12, 2024, there has been no change to the
Company's ESOP Plan during FY26.

32. SCALE BASED REGULATIONS:

Pursuant to 'Reserve Bank of India (Non-Banking
Financial Companies - Registration, Exemptions and
Framework for Scale Based Regulation) Directions, 2025'
dated November 28, 2025, as amended from time to

time, the Company was categorised as NBFC Middle

Layer ("NBFC-ML") and it continues to be under the same

category till the date of this report.

33. OTHER DISCLOSURES/CONFIRMATION:

During the year under review:

a. The Company has not allotted any equity shares
with differential voting rights.

b. The Company has complied with applicable
Secretarial Standards for Board and General
Meetings held.

c. The Company has not revised Financial Statements
as mentioned under Section 131 of the Act.

d. Pursuant to the Act and Listing Regulations, a
separate Meeting of the Independent Directors was
held on March 30, 2026, without the attendance
of Non-Independent Directors and Members of
the Management.

34. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Act, the Directors

hereby confirm that:

a. in the preparation of the annual accounts, the
applicable accounting standards have been
followed along with proper explanation relating to
material departures, if any;

b. the directors have selected such accounting policies
and applied them consistently and made judgments
and estimates that are reasonable and prudent to

give a true and fair view of the state of affairs of the
Company at the end of the financial year, and of the
profit and loss of the Company for that year;

c. the directors have taken proper and sufficient
care for the maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;

d. the directors have prepared the annual accounts on
a going concern basis;

e. the directors have laid down internal financial
controls to be followed by the Company and that
such internal financial controls are adequate and
were operating effectively; and

f. the directors had devised proper systems to ensure
compliance with the provisions of all applicable
laws and that such systems were adequate and
operating effectively.

35. ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation
and sincerely acknowledge the contribution and support
from shareholders, customers, debenture holders,
debenture trustees, Central and State Governments,
Bankers, Reserve Bank of India, Registrar of Companies,
Securities and Exchange Board of India, Insurance
Regulatory and Development Authority of India, BSE
Limited, National Stock Exchange of India Limited,
Registrar & Share Transfer Agents, Credit Rating
Agencies and other Statutory and Regulatory Authorities
for the kind cooperation and assistance provided to the
Company. The Directors also extend their appreciation
to all the employees for their continued support and
unstinting efforts in ensuring an outstanding operational
performance and for their continued commitment,
dedication and cooperation.

For and on behalf of the Board of Directors of
CreditAccess Grameen Limited

Pl_ace: B_eng_al_uru Ganesh Narayanan Manoj Kumar

D_at_e: M_ay 08 2026 Managing Director & CEO Chairman & Independent Director

DIN:09120748 DIN:02924675