NSE: FEDFINA · BSE: 544027
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail Finance (93%), Distribution (2%), Wholesale Finance (0%). Secured retail NBFC; gold-loan and LAP-led, fully secured book with tight asset quality
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,577 | 2,036 | 2,224 |
| EBITDA (ex other income) | 999 | 1,162 | 1,392 |
| margin % | 63.4 | 57.1 | 62.6 |
| Owners' profit | 245 | 225 | 344 |
| EPS, as reported (₹) | 7.22 | 6.06 | 9.20 |
| ROE % · ROCE % | 10.8 · — | 8.8 · — | 11.7 · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | (776) | (978) | (1,664) |
| Capex | (11) | (18) | (28) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 513 | 533 | 523 | 520 | 535 | 555 | 616 | 670 |
| Profit before tax | 86 | 25 | 99 | 100 | 107 | 118 | 135 | 153 |
| Net profit | 65 | 19 | 72 | 75 | 80 | 88 | 101 | 114 |
| EPS (₹) | 1.74 | 0.50 | 1.92 | 2.01 | 2.15 | 2.35 | 2.69 | 3.05 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.7 | 18.5 | 94 of 200 | 53% |
| P/B | 1.9 | 1.1 | 181 of 253 | 29% |
| ROE | 11.7 | 3.1 | 38 of 257 | 86% |
| EBITDA margin | 65.7 | 48.6 | 96 of 249 | 62% |
| Revenue growth | 28.9 | 12.6 | 87 of 231 | 63% |
| Profit growth | 52.5 | 7.8 | 86 of 251 | 66% |
| Market cap | 5642 | 33 | 20 of 268 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Fedbank Financial Services grants 165,000 employee stock options | capital market events | low | — | — |
| 22 Oct 2026 · Fedbank Q2 profit rises 63 percent; 20 to 25 percent asset growth target retained | investor communications | medium | — | — |
| 20 Oct 2026 · Corrigendum to Q2 FY27 results newspaper ad; typos only | compliance | minimal | — | — |
| 16 Oct 2026 · Q2 FY27 profit jumps 63 percent YoY to Rs 130.75 crore | compliance | minimal | — | — |
| 15 Oct 2026 · Audio recording of earnings call uploaded on company website | investor communications | low | — | — |
| 15 Oct 2026 · Allotment of 84,890 equity shares under ESOS 2018 | capital market events | low | — | — |
| 15 Oct 2026 · Fedfina Q2 FY27: AUM up 36% YoY, PAT up 63% | investor communications | medium | — | — |
| 15 Oct 2026 · Q2 FY27 PAT up 63% YoY at Rs 130.8 Cr; AUM grows 37% | investor communications | medium | — | — |
| 15 Oct 2026 · FEDFINA Q2 FY27 PAT up 63% YoY to Rs 13,075 lakhs, revenue rises 34% | results | high | — | — |
| 10 Oct 2026 · Fedbank Financial schedules Q2 FY27 earnings call on October 15 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.