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India Ratings & Research stated that the ratings factor in FedFina’s increased scale of franchise with a granular loan book, adequate capital and liquidity buffers, and diversified funding profile as of 9MFY26.
The ability to improve profitability with stable asset quality particularly in the small-ticket loan against property (LAP) segment remains a rating monitorable.
It further said that the strengthening of FBL’s credit profile, along with significant scaling of Fedfina’s franchise while maintaining adequate capital and profitability buffers and stable asset quality will lead to a positive rating action.
However, any deterioration in the credit profile of the parent or a dilution of the majority ownership (below 51% stake by FBL); reduced operational oversight or the reduced importance of FedFina to the parent; lack of timely financial support from FBL; and any material deterioration in FedFina’s standalone credit profile, with a rise in delinquencies, or a significant fall in the capital buffers could lead to a negative rating action.
Fedbank Financial Services (FedFina) is a non-banking finance company. At end-December 2025, its portfolio comprised gold loans (45.2%%), medium-ticket LAP (30.6%%), small-ticket LAP (21.3%), others (1.3%), and business loans including personal loans (1.6%). FedFina is backed by FBL (60.8% stake) and True North (7.3%), a private equity investor.
The scrip had lost 1.78% to end at Rs 127.10 on the BSE on Friday.
Net interest income for the period under review was Rs 318.9 crore, up 16.8% YoY. Net total income in the December 2025 period rose by 11.8% to Rs 347.8 crore from Rs 311.0 crore in the December 2024 period.
Operating expenses rose by 12% to Rs 198.4 crore in the December 2025 quarter from Rs 177.2 crore in the December 2024 quarter.
Accordingly, the NBFC registered an operating profit of Rs 149.4 crore in Q3 FY26, up 11.7% YoY.
Credit cost dropped by 71.4% to Rs 31.1 crore in Q3 FY26 from Rs 108.8 crore in Q3 FY25.
Profit before tax in Q3 FY26 stood at Rs 118.3 crore, which is sharply higher than the PBT of Rs 25 crore in Q3 FY25.
Asset under management (AuM) as on 31 December 2025 was Rs 17,500 crore, up 17.4% YoY.
Disbursements increased by 95.8% to Rs 8,606 crore in Q3 FY26 from Rs 4,395 crore recorded in Q3 FY25.
Gross Stage III ratio rose to 2.1% as of 31 December 2025, from 1.8% as of 31 December 2024. Net Stage III ratio increased to 1.4% as of 31 December 2025 from 1.1% as of 31 December 2024.
CRAR as on 31 December 2025 was 20.5%, down 117 basis points YoY.
The company co-located 14 MSE LAP branches with Gold Loan branches during the quarter. It has launched 54 new Gold Loan branches this quarter. Branch count as on 31 December 2025 stood at 730, spread across 17 states and union territories.
Fedbank Financial Services, also known as Fedfina, is a Mumbai-based, retail-focused non-banking finance company (NBFC). The company is a leading retail focused NBFC specializing in loan against property and gold loans. As of March 2025, it operates 694 branches, predominantly located in Southern and Western regions of India.
The scrip tumbled 7.54% to currently trade at Rs 163.10 on the BSE.