Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Oct - Intimation of Allotment of 84,890 Equity Shares due to exercise of vested Stock Options by the Grantees
Source: Bse
Fedbank Financial Services Limited (FEDFINA)
Micro CapFinancial Services stocks · Micro cap · NSE
Fedbank Financial Services (Fedfina) is an MSME-focused NBFC, majority-owned by Federal Bank. It offers tailored loan solutions, primarily Gold Loans and Mortgage Loans (LAP & HL), across 17 states and UTs in India, targeting emerging India with easy access to credit.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 12:39 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 -3.3% / mo · MACD +
Stock trend: 55
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
FEDFINAD candles · FIT view-1.0%Latest close ₹155.58 on 2026-10-21
Bar
-2.8%
RSI
52
MACD hist
1.22
52W pos
61%
2026-10-21O ₹160.10H ₹160.74L ₹155.00C ₹155.58Vol 8.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FEDFINANifty Financial ServicesNifty 500
- FEDFINA
- -1.5%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- +5.0 pp
Chart stats
21 Oct 2026- From 52W high
- -12.8%
- 52W range position
- 61%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.68x
- Avg traded value
- ₹20 Cr
- 20D price channel
- ₹141.6 - ₹165.1
₹178.5
₹119.1 - ₹178.5
₹5.7
Latest completed session
20-session average
31.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +34.5% · PAT +63.4% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+47.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 85/100Rev +34% YoY · PAT +63% YoY · +7% QoQ · operating leverage
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹719.4 Cr | +34.5% | +7.4% |
| EBITDA | ₹481.4 Cr | NDF | +9.4% |
| Operating margin | 66.9% | NDF | +122 bps |
| PAT | ₹130.8 Cr | +63.4% | +14.3% |
| PAT margin | 18.2% | +322 bps | +110 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.00
- P/B
- 1.93
- EV/EBITDA
- 345.36
- Market Cap
- 6072.02Cr
Profitability
- ROE
- 12.60%
- ROCE
- 9.06%
- ROA
- 2.27%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 41.00%
- Revenue 3Y
- 24.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 4.67
- Interest Coverage
- —
- Altman Z
- 0.52
- Book Value
- 78.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -1664.00 Cr
- EPS TTM
- 11.56
Shareholding
- Promoter Hold
- 60.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 719+7.4% vs prev
Net Profit
₹ CrLatest: 131+14.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 52. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.4% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 13% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
71
RS percentile
Stage 2 UptrendNew S2
1M return
+2.5%
3M return
-1.5%
6M return
+1.7%
1Y return
+8.9%
RS 1D
-1
RS 20D
+15
Sector rank
#10
Industry rank
#20
Stage evidence
- Price is 2.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.0%.
50-DMA
price above
200-DMA
price above
S2 entered
14 Oct 2026
S2 age
5 trading sessions
Sector
weakening
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 106.1-2.31%
RS vs Nifty 500106
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · WATCHLISTValuation13/30
Growth22/25
Quality2/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 47.2%.
- Growth contributes 22/25 to the score.
- Valuation contributes 13/30 to the score.
Main drags
- Altman Z is 0.5, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
14.0
PB
1.9
EV/EBITDA
345.4
ROE
12.6%
ROCE
9.1%
FCF Yield
—
Debt/Equity
4.7
MoS
+47.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+47.2%
Previous: +45.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
36
36
36
36
33
33
33
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹142.62
-9.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹294.78
+47.2% MoS
PEG
0.42
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CSLFINANCE
Small
CSL Finance Limited
NBFC
match 101
60
5.5
14.9%
+78%
UNDERVALUED
MUTHOOTCAP
Small
Muthoot Capital Services Limited
NBFC / Capital Markets / Insurance
match 101
15
14.4
1.9%
-635%
OVERVALUED
MOTOGENFIN
Small
The Motor & General Finance Limited
NBFC
match 100
62
54.3
-17.8%
+97%
UNDERVALUED
M&MFIN
Mid
Mahindra & Mahindra Financial Services Limited
NBFC / Capital Markets / Insurance
match 94
34
13.2
12.3%
+49%
WATCHLIST
CHOLAFIN
Large
Cholamandalam Investment and Finance Company Limited
NBFC / Capital Markets / Insurance
match 94
33
23.2
19.4%
+10%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-16T00:40:46.661Z
Management commentary snapshot
Q1 FY27 saw robust AUM growth of 34.7% YoY to ₹21,136 Cr, driven by Gold Loan AUM up 76.7% YoY. PAT surged 52.5% YoY to ₹114.4 Cr, with RoA at 2.6% and RoE at 15.4%. Asset quality improved, with GNPA at 1.6% and NNPA at 1.0%.
Fedfina delivered strong Q1 FY27 results, marked by significant YoY AUM and PAT growth, driven by its Gold Loan segment. Asset quality improved, and profitability ratios expanded. However, the notable QoQ decline in disbursements and CRAR warrants monitoring, despite the overall positive annual trends.
Current business mix
AUM by Product (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Gold Loan52.9%
Medium Ticket LAP27.7%
Small Ticket LAP & HL18.5%
Growth engines
Gold Loan Segment
Gold Loan AUM grew 76.7% YoY to ₹11,191 Cr, with a net growth of ₹838 Cr in Q1 FY27. Gold Tonnage increased by 13.5% YoY.
MSME Focus
Company targets MSMEs with tailored loan solutions, exemplified by case studies for LAP and Gold Loan customers.
Branch Network Expansion
Extensive and expanding presence with 757 branches across 17 states and UTs, with 632 Gold Loan co-located MSME Hubs.
Capacity and execution
Branch Network
The company maintains 757 branches in Q1 FY27, a 13.3% YoY increase from 668 branches in Q1 FY26.
RBI Branch Expansion Liberalisation
Prior RBI approval is no longer required for expansion beyond 1,000 branches, enabling deeper reach into Tier-2/3 markets.
Tailwinds
RBI Gold Loan Framework
New RBI guidelines strengthen underwriting, enhance customer protection, and liberalize branch expansion, promoting sustainable industry growth.
Large Addressable Market
India's MSME sector presents a significant credit gap of INR 92 Tn, and household credit to GDP ratio is projected to grow.
Strong Parentage
Majority-owned by Federal Bank, providing strong access to debt and equity, and AA+/Stable credit ratings from top agencies.
Headwinds
Disbursement Moderation
Disbursements decreased by 42.1% QoQ in Q1 FY27, despite a YoY increase.
Co-lending Off-take
System and process alignment with new RBI guidelines for co-lending may temporarily moderate co-lending off-take.
Risk radar
Capital Adequacy
CRAR declined to 20.7% in Q1 FY27 from 22.4% in Q4 FY26, indicating reduced capital buffer.
Asset Quality Management
While improving, maintaining low GNPA/NNPA levels is crucial, especially with rapid AUM growth and potential co-lending shifts.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are crucial for NBFCs. YoY highlights underlying growth and seasonal trends, while QoQ reveals sequential momentum, utilization, and immediate shifts in asset quality or borrowing costs.
Sector KPIs management disclosed
AUM Growth
AUM grew 34.7% YoY and 4.9% QoQ to ₹21,136 Cr.
Disbursements Growth
Disbursals increased by 13.9% YoY but decreased by 42.1% QoQ to ₹6,760 Cr.
Net Interest Income (NII) Growth
Net Interest Income grew by 38.7% YoY and 6.6% QoQ to ₹371.9 Cr.
Spreads
Spreads were 8.6% in Q1 FY27, compared to 9.0% in Q4 FY26 and 7.7% in Q1 FY26.
Management forward view
Vision for Emerging India
Management's vision is 'Empowering Emerging India with Easy Access to Loans,' focusing on MSMEs with tailored solutions.
Digital Ecosystem
Building a modern, innovative, and future-ready digital ecosystem to provide 360-degree services, with strong digital adoption.
ESG Commitment
Committed to advancing women's financial inclusion through Gold Loan business, with 'Stree Sakthi Gold Loan Schemes' crossing ₹100 Cr portfolio.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | ₹21,136 Cr (+34.7% YoY, +4.9% QoQ) | Sustained growth momentum, particularly in Gold Loan and Mortgage segments, and any impact from co-lending moderation. |
| Asset Quality (GNPA/NNPA) | GNPA 1.6%, NNPA 1.0% (improved QoQ and YoY) | Continued improvement or stability in asset quality metrics, especially given the rapid portfolio expansion. |
| Disbursements | ₹6,760 Cr (+13.9% YoY, -42.1% QoQ) | Rebound in sequential disbursement growth and sustained YoY momentum, indicating healthy business generation. |
| Capital Adequacy (CRAR) | 20.7% (-169bps QoQ) | Stabilization or improvement in CRAR to support future growth and absorb potential risks. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 28th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
72 docs text-extracted · 23 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Financial Services: 28th pctile, median 62 · Micro: 10th pctile, median 73
Evidence depth
Financial-only
72 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 60.7%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1664 Cr.
- ▸Debt/equity is 4.67.
- ▸Altman Z is 0.54.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Fedbank Financial Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Oct - Newspaper Publication for the Unaudited Financial Results for the quarter and half year ended September 30, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Oct - Fedfina reported Q2 FY27 PAT of ₹130.8 crore, AUM ₹22,035 crore, and 831 branches.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 16 Sep - Intimation of Allotment of 42,250 Equity Shares due to exercise of vested stock options by the grantees
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Sep - Newspaper Publication confirming dispatch of the Notice of the 31st Annual General Meeting and information on e voting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Aug - Intimation of Allotment of 55,824 Equity Shares due to exercise of vested stock options by the grantees
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Jul - Disclosure of Analyst/Investor Meet/Call Pursuant to SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Jul - Intimation of Allotment of 54,650 Equity Shares due to exercise of vested stock options by the grantees
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Jun - Intimation of Allotment of 3,94,636 Equity Shares due to Exercise of vested Stock Option by the Grantees
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 4 Jun - Intimation of allotment of 1,88,719 equity shares due to exercise of vested stock options by the grantees
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 May
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.