FEDFINA Q2 FY27 Guidance vs Delivery (FEDFINA Management Mirror)

Q2 FY27 Total AUM Reaches INR 22,035 Crore; FY27 Growth Guidance Reaffirmed at 20%-25% Through Sep'26 Qtr

In Sep'26 Qtr, Fedbank Financial Services reported a 37% YoY increase in total AUM to INR 22,035 crores, with gold AUM rising 77% YoY to INR 11,917 crores and mortgage AUM up 13.5% YoY to INR 9,982 crores. This robust performance tracks favorably against the FY27 overall AUM growth guidance of 20% to 25% initially set in the Mar'26 Qtr concall and maintained through the Jun'26 Qtr, which management has now reaffirmed in the Sep'26 Qtr concall assuming flat gold prices, highlighting potential upside if gold prices increase. Looking ahead, management expects H2 FY27 to be seasonally stronger for gold loan disbursements, targeting typical annual tonnage growth of 10% to 12%, while Small Ticket LAP disbursements and yields are guided to accelerate in Q3 and Q4 FY27 to deliver the strongest quarterly performance in 8 to 9 quarters following normalized credit costs.