FEDFINA Q3 FY26 earnings call.
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Fedbank Financial Services delivered a strong Q3 FY26, with gold loan AUM surging 52% YoY to ₹7,795 crore and total business AUM reaching ₹17,500 crore (+17% YoY). Net profit stood at ₹87.9 crore, while credit costs remained controlled at 0.9%, within the guided 1% band. The twin-engine strategy of gold and LAP is gaining traction, with gold loan disbursals hitting a record ₹7,853 crore in the quarter. Management reiterated its focus on secured lending, with unsecured loans now just 6% of the book. However, gross Stage 3 assets rose to 2.1% from 1.9% QoQ, driven by legacy ST LAP slippages, which management expects to stabilize by Q4. The key risk remains elevated opex from branch expansion and collection infrastructure investments, which may delay operating leverage benefits to FY27.
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Guidance to track
- Management reiterated guidance of credit cost at 1% ±10 bps for the full year, with Q3 at 0.9%.
- Company opened 54 new gold branches in Q3, targeting continued branch additions in coming quarters.
- Management indicated FY26 is an investment year; operating leverage benefits will reflect from FY27 onwards.
- Company plans to reduce direct assignments and migrate to co-lending model for MTLAP, impacting income recognition.
Risks flagged
- Gross Stage 3 rose to 2.1% due to continued slippages from old ST LAP book; management expects stabilization by Q4.
- Opex rose 21% YoY due to new branch staffing, higher incentives, and a one-time labor code impact of ₹3.9 crore.
- Gold loan yields declined from 19.1% to 18.3% due to competitive pressure and mix shift from high disbursals.
- ST LAP disbursals in Tamil Nadu have only recovered 20-30%; full normalization expected by Q4 FY26 or Q1 FY27.
Key quotes
- Our gold loan growth will be unconstrained. The character of the product mix does not determine how much we grow our gold loan or otherwise.
- We have delivered over the last four quarters a consistent predictable and increasing ROE. I think that perhaps is the guidance you want to take.
- FY26 is a investment year because we are taking a challenging task of rebuilding the ST LAP business.
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