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Legacy ST LAP slippages persist
View Risks →Fedbank Financial Services Limited — Q3 FY26
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).
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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.
फेडबैंक फाइनेंशियल सर्विसेज ने तीसरी तिमाही में अच्छा प्रदर्शन किया। सोने के कर्ज का आकार 52% बढ़कर ₹7,795 करोड़ हो गया। कुल कर्ज ₹17,500 करोड़ रहा, जो 17% ज्यादा है। कंपनी का मुनाफा ₹87.9 करोड़ रहा। खराब कर्ज पर नियंत्रण रहा, जो सिर्फ 0.9% था। सोने के कर्ज और संपत्ति पर कर्ज (LAP) की रणनीति काम कर रही है। सोने के कर्ज का वितरण रिकॉर्ड ₹7,853 करोड़ रहा। कंपनी सुरक्षित कर्ज पर ध्यान दे रही है, असुरक्षित कर्ज सिर्फ 6% है। हालांकि, खराब कर्ज का स्तर 2.1% हो गया, जो पिछली तिमाही में 1.9% था। यह पुराने LAP कर्ज के कारण हुआ, जो अगली तिमाही तक स्थिर होने की उम्मीद है। खर्च बढ़ने से मुनाफा बढ़ने में देरी हो सकती है।
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Read Transcript →Quarter Snapshot
Gold Loan AUM Growth
₹7,795 Cr
+52% YoY
Gold loan AUM grew 52% year-on-year, driven by record quarterly disbursals of ₹7,853 crore.
Gold Loan Tonnage Growth
11.2 tons
+5.1% YoY
Tonnage grew 5.1% YoY, reflecting volume-driven growth despite high gold prices.
Gross Stage 3 Ratio
2.1%
+20bps QoQ
Gross Stage 3 rose to 2.1% from 1.9% last quarter, due to legacy ST LAP slippages.
Cost of Borrowings
7.87%
-32bps QoQ
Weighted average cost of borrowings declined 32 bps QoQ to 7.87%, aided by rate resets.
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Guidance and risk preview
Management reiterated guidance of credit cost at 1% ±10 bps for the full year, with Q3 at 0.9%.
Gross Stage 3 rose to 2.1% due to continued slippages from old ST LAP book; management expects stabilization by Q4.
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