Transcript of Earnings Conference Call held on Thursday, October 15, 2026

October 22, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra-Kurla Complex Phiroze Jeejeebhoy Towers Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001 SYMBOL: FEDFINA SCRIP CODE: 544027 Dear Sir/Madam, Sub.: Transcript of Earnings Conference Call held on Thursday, October 15, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed the transcript of the Earnings Conference Call which was held on Thursday, October 15, 2026. The transcript of the Earnings Conference Call is also being uploaded on the website of the Company at https://www.fedfina.com/ under the section ‘Investor Relations’. The above is submitted for your kind information and appropriate dissemination. Thanking you, Yours faithfully, For Fedbank Financial Services Limited Parthasarathy Iyengar Company Secretary & Compliance Officer Mem. No.: A21472 Encl.: a/a Registered & Corporate Office: Unit no. 1101, 11th Floor, Cignus, Plot No 71 A, Powai, Paspoli, Mumbai – 400087, Maharashtra. Tel: 022 68520601 ● E-mail: customercare@fedfina.com ● web: www.fedfina.com ● CIN: L65910MH1995PLC364635 PUBLIC “Fedbank Financial Services Limited Q2 FY27 Earnings Conference Call” October 15, 2026 MANAGEMENT: MR. PARVEZ MULLA – MD & CEO MR. C.V. GANESH – CFO MR. JAGADEESH RAO – CBO - GL & ST LAP MR. SHARDUL KADAM – CHIEF TRANSFORMATION OFFICER MR. K. SURESHKUMAR – CBO-MT LAP MR. VIKRAM RATHI – CRO MR. LOKESH PAREEK – HEAD OF INVESTOR RELATIONS MODERATOR: MR. SHREEPAL DOSHI – EQUIRUS SECURITIES Page 1 of 18 Fedbank Financial Services Limited October 15, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Earnings Conference Call of Fedbank Financial Services hosted by Equirus Securities. As a reminder, all participant line will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shreepal Doshi from Equirus Securities. Thank you, and over to you, sir. Shreepal Doshi: Thank you, Aleric. Good evening, everyone. We welcome you all to the earnings conference call of Fedbank Financial Services to discuss the Q2 FY27 performance of the company. Today, we have the management of the company represented by Mr. Parvez Mulla, MD and CEO; Mr. C.V. Ganesh, CFO; along with other senior members of the management. I would now like to hand over the call to Mr. Lokesh Pareek, Investor Relations Head at Fedbank Financial Services. Over to you, Lokesh. Thank you. Lokesh Pareek: Thank you, Shreepal. Good evening, everyone. I would like to welcome all of you for joining our Q2 FY27 Results Earnings Call. Before we start, I would like to highlight that some of the statements made on this call may be forward-looking in nature, including those related to our financial performance, business strategy and growth plans. These statements reflect our views as of today and may evolve with changing business and market dynamics. With this note, I now hand the call to our MD, Mr. Parvez Mulla, for his opening remarks. Thank you, and over to you, sir. Parvez Mulla: Thank you, Shreepal. Thank you, Lokesh. Good afternoon, everyone. I would like to extend a warm welcome to all of you for joining the Q2 FY27 Post Results Earnings Call. I'm accompanied by Mr. C.V. Ganesh, Mr. Jagadeesh Rao, Mr. Shardul Kadam, Mr. Sureshkumar, Mr. Vikram Rathi and Mr. Lokesh Pareek. For the last 6 quarters, we have articulated the same set of priorities and they remain unchanged. We continue to allocate capital to businesses that earn a strong and consistent return to continue to grow a fully secured book, to scale our twin engines of gold loans and LAP, to grow our core income even as we consciously reduce our reliance on direct assignment, to transition to an efficient cost structure and to hold credit cost below 1%. This consistency is the foundation on which we have built this business over the past 2 years. Against these priorities, the quarter has progressed well. Our total disbursements grew 28% Y- o-Y to INR6,676 crores, and our AUM grew 37% Y-o-Y to INR22,035 crores. On the business front, our gold loan business continued its growth trajectory. Disbursements stood at INR5,822 crores, a growth of 31% Y-o-Y. And the gold AUM grew 77% Y-o-Y to Page 2 of 18 Fedbank Financial Services Limited October 15, 2026 INR11,917 crores. Our doorstep gold loan offering maintained its momentum with AUM growing to INR1,851 crores. Our AUM per branch after the branch opening stood at INR16.9 crores and the gold tonnage grew 16% Y-o-Y. We continue to maintain a prudent risk profile with 68% LTV, well within the regulatory limits. We have opened 74 branches this quarter, taking our total gold branch count to 831. We expect to continue expand our branch network in H2. This quarter also marks our entry into Eastern India, expanding our geographical footprint into newer and promising markets. The revised gold lending LTV framework continues to work its way through the system. Our gold GNPA at 0.5% reflects this transition, not a structural credit concern. Our mortgage business delivered steady progress this quarter with disbursements growing 12% Y-o-Y to INR855 crores and the AUM grew 13.5% Y-o-Y to INR9,982 crores. Our focus remains on disciplined underwriting and portfolio quality. Within mortgage, our medium ticket LAP disbursed INR645 crores, reflecting 16% Y-o-Y increase while maintaining the yields at stable levels. Our small ticket LAP and housing business disbursed INR210 crores as our investment in credit policy leadership and BRE-driven underwriting engine begins to translate into lower credit cost. Our on-book portfolio remains fully secured with the unsecured loans constituting less than 1% of our on-book assets. Turning to profitability and asset quality. Credit costs for the quarter came in at INR27 crores, approximately 0.6% of the average total assets as on an annualized basis, continuing to track well within our guided range of - below 1%. The quarter concluded with a profit after tax of INR130.8 crores, a Y-o-Y growth of 63% and ROA of 2.8% and an ROE of 17%. On the asset quality, our GNPA stood at 1.8%, moving from 1.6% in Q1. The movement is primarily attributable to the ongoing transition in gold loan lending practices and the flattish as we did our direct assignment and co-lending business normalized in the quarter. NNPA stands at 1.2%, with a provision coverage ratio at 35.4%. On a Y-o-Y basis, both the GNPA and NNPA have improved, the capital adequacy stands at 21%, and book value per share stands at 84.4. Taken together, the quarter reflects a business that is growing well with improving asset quality, resilient core earnings, our highest ever ROE at 17%, the foundation we have built over the past 2 years, a fully secured book, a scaled gold loan franchise, a stabilized mortgage business and a strengthened collection organization is now in place, and we believe it positions us well for the quarters ahead. I will now hand over to our CFO, Mr. C.V. Ganesh, to take you through the numbers in more detail C.V. Ganesh: Thank you, Parvez. Thanks, everyone, for your participation on the call. Before we begin with the financial highlights, I would like to extend my warmest Navaratri greetings to all of our equity and debt stakeholders as well as all the participants on this call. Wishing all of you a joyful and successful festive season ahead. Page 3 of 18 Fedbank Financial Services Limited October 15, 2026 In spite of the turbulent headwinds over this quarter and lack of momentum in gold prices, we continue on our theme of building resilience across business cycles. Quarter 2 '27 has been our strongest quarter to date in te [Showing first 8,000 characters — download PDF for full document]