FEDBANK FINANCIAL SER L

Lends against gold jewellery and against property to retail customers, operating a twin-engine model. Gold Loans are the larger engine — AUM of ₹11,191 cr in Q1 FY27, up 77% YoY, including a doorstep-gold offering of ₹1,787 cr (up 96.5% YoY) and a loan-book LTV of 67.9%. Loan-Against-Property and mortgages form the second engine at ₹9,777 cr AUM, up 14% YoY. The combined AUM is ₹21,136 cr, supported by 757 branches with AUM per branch of ₹17.7 cr; Q1 FY27 disbursements totalled ₹6,760 cr. Wholesale finance is being wound down — segment revenue was effectively nil on the half-year basis, and distribution fees (1.9% of segment revenue) are a small supplementary stream. Employee costs are the largest operating expense at 20.0% of FY26 revenue, with other operating expenses at 12.3%; cost of borrowings runs at 7.80% (Q1 FY27) against yields of 15.7% on the loan book, giving spreads of 8.5%. Asset quality is tight — GNPA 1.6%, NNPA under 1.0%, credit cost 0.8% — reflecting the secured nature of the book, with CRAR at 20.71%.