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 Limited (Fedfina) is a retail-focused NBFC majority-owned by Federal Bank. It caters to MSMEs and emerging borrowers through a twin-engine portfolio of mortgage loans and gold loans, operating across 831 branches in 18 states and union territories.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 12:39 pm IST
Score22 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
53NeutralSMA20 -2.9% / mo · MACD +
Stock trend: 55
Sector RS: 49
Sector 3M: -5.1% 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+3.1%Latest close ₹156.30 on 2026-10-22
Bar
+1.6%
RSI
53
MACD hist
1.00
52W pos
63%
2026-10-22O ₹153.90H ₹157.80L ₹153.10C ₹156.30Vol 8.0L 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
- +1.1%
- Nifty 500
- -6.2%
- Nifty Financial Services
- -5.8%
- Vs Nifty 500
- +7.3 pp
Chart stats
22 Oct 2026- From 52W high
- -12.4%
- 52W range position
- 63%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.62x
- Avg traded value
- ₹19.9 Cr
- 20D price channel
- ₹141.6 - ₹165.1
₹178.5
₹119.1 - ₹178.5
₹5.6
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
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model+47.0%
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 22/10/2026
Revenue
₹ CrLatest: 5.0-50.0% vs prev
Net Profit
₹ CrLatest: 344+52.9% vs prev
Return on Equity
%Latest: 11.8+33.2% vs prev
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
Bearish setupTrend is weak — long-term uptrend intact. RSI 53.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.0% over last month) — short-term momentum negative.
- RSI(14) at 53 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 12% 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
72
RS percentile
Stage 2 UptrendRecent S2
1M return
+2.7%
3M return
+1.1%
6M return
+4.7%
1Y return
+8.4%
RS 1D
+1
RS 20D
+15
Sector rank
#10
Industry rank
#17
Stage evidence
- Price is 3.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.1%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
14 Oct 2026
S2 age
6 trading sessions
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 107.29+1.12%
RS vs Nifty 500107
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 47.0%.
- 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
+47.0%
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: 22 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+47.0%
Previous: +47.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
36
36
36
33
33
33
38
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
-9.6% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹294.78
+47.0% 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%
-629%
OVERVALUED
MOTOGENFIN
Small
The Motor & General Finance Limited
NBFC
match 100
62
54.3
-17.8%
+98%
UNDERVALUED
M&MFIN
Mid
Mahindra & Mahindra Financial Services Limited
NBFC / Capital Markets / Insurance
match 94
40
11.5
12.3%
+55%
WATCHLIST
CHOLAFIN
Large
Cholamandalam Investment and Finance Company Limited
NBFC / Capital Markets / Insurance
match 94
33
23.2
19.4%
+12%
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 2026-10-22T00:41:01.812Z
Management commentary snapshot
Q2 FY27 PAT jumps 63.1% YoY to ₹130.8 Cr driven by 36.6% AUM growth, steady gold loan expansion, and improved operational efficiency.
The investment thesis remains intact. Fedfina delivered robust AUM growth of 36.6% YoY to reach ₹22,035 Cr, led by 77.0% YoY growth in gold loans. Profitability continues to scale with RoA reaching 2.8% and RoE expanding to 17.0%, while maintaining controlled asset quality with Gross Stage III at 1.8%.
Current business mix
AUM by Product
Latest issuer-disclosed distribution across 3 reported categories.
Gold Loan54.1%
Medium Ticket LAP27.5%
Small Ticket LAP & HL17.8%
Growth engines
Gold Loan Expansion
PositiveGold Loan AUM grew 77.0% YoY to ₹11,917 Cr, driven by strong branch additions and an increase in gold branches to 706.
Branch Footprint Expansion
PositiveCommissioned 74 new branches in Q2 FY27, taking total branch count to 831 across 18 states and UTs.
Mortgage Portfolio Growth
PositiveMortgage AUM grew 13.5% YoY to ₹9,982 Cr, supported by granular retail lending.
Capacity and execution
Branch Network Expansion
PositiveAdded 74 new branches during Q2 FY27, reaching a total footprint of 831 branches.
Tailwinds
Retail Credit and MSME Demand
PositiveLong runway for growth supported by expanding systemic retail credit and a large addressable MSME credit gap.
Headwinds
Industry-wide Gold Loan Dynamics
MonitoringAsset quality metrics and stage movements reflect recent industry-wide changes in the gold loan segment.
Risk radar
Business Loan Asset Quality
Under StressBusiness Loan segment showed higher Gross Stage III at 31.7% though portfolio size is small at ₹38 Cr AUF.
Borrowing Cost Fluctuations
NeutralAny tightening in debt capital markets could exert pressure on the cost of borrowings and net interest margins.
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 relevant. YoY measures structural expansion in AUM and profitability, while QoQ tracks sequential momentum in branch additions, disbursements, and credit cost trends.
Sector KPIs management disclosed
AUM Growth
PositiveAUM grew 36.6% YoY and 4.2% QoQ to ₹22,035 Cr as of Q2 FY27.
Disbursements
StableDisbursals increased by 28.3% YoY to ₹6,676 Cr in Q2 FY27 (down 1.2% QoQ).
Spreads & Borrowing Cost
StableDaily average cost of borrowing stood at 7.79% in Q2 FY27, with quarterly spreads around 8.8%.
Asset Quality (GNPA / NNPA)
StableGross Stage III stood at 1.8% and Net Stage III stood at 1.2% for Q2 FY27.
Management forward view
Sustainable Compounding
PositiveManagement emphasizes driving sustainable scale and compounding book value, reflected in an RoA of 2.8% and RoE of 17.0% for Q2 FY27.
Financial Inclusion Initiatives
PositiveStree Sakthi Gold Loan Scheme crossed ₹100 Cr portfolio, underlining focus on women's financial independence.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Stage III / GNPA | 1.8% | Any sustained slippages in mortgage or gold loan portfolios. |
| Cost of Borrowing | 7.79% | Transmission of systemic rate changes to incremental borrowing costs. |
| Return on Equity (RoE) | 17.0% | Sustenance of expansion above the 15% threshold. |
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.