{"id":181701,"date":"2026-04-21T13:43:33","date_gmt":"2026-04-21T17:43:33","guid":{"rendered":"https:\/\/alphastreet.com\/india\/fedbank-financial-services-ltd-fedfina-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-21T13:53:47","modified_gmt":"2026-04-21T17:53:47","slug":"fedbank-financial-services-ltd-fedfina-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/fedbank-financial-services-ltd-fedfina-q3-2026-earnings-call-transcript\/","title":{"rendered":"Fedbank Financial Services Ltd (FEDFINA) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Fedbank Financial Services Ltd (NSE: FEDFINA) Q3 2026 Earnings Call dated Jan. 16, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Parvez Mulla<\/strong> \u2014 MD & CEO<\/em><\/p>\n

Jagadeesh Rao<\/strong> \u2014 CBO, Gold Loan & Chief Marketing Officer<\/em><\/p>\n

C.V. Ganesh<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Shreepal Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Digant Haria<\/strong> \u2014 Analyst<\/em><\/p>\n

Pawan<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Fed Bank Financial Services Q3FY26 conference call hosted by Equator Securities. As a reminder, all participant lines 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 touchstone phone. This conference call may contain forwarding statements about the company which are based on the beliefs, opinions and expectations the company has on date of this call.<\/p>\n

These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Sripal Doshi from Equity Security. Thank you. And over to you sir.<\/p>\n

Shreepal Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you, Steve. Good morning everyone. We welcome you all to the earnings. Conference call of Fed Bank Financial Services to discuss the Q3 FY26 performance of the company. Today we have the management of the. Company represented by Mr. Parvez Mullah MDM. CEO Mr. CB Ganesh, CFO Mr. Chardul Thakur, CBO for small ticket lab business. Mr. Keshe Suresh, CBO for medium ticket. Lab business and Mr. Jagdeej, CBO for gold loan business. We also have Mr. Lokesh who has recently joined here as the Investor Relations head.<\/p>\n

I would now like to hand over the call to Mr. Parvez for his opening remarks post which we can open the forum for question and answer. Over to you sir.<\/p>\n

Parvez Mulla<\/strong> \u2014 MD & CEO<\/em><\/p>\n

Thank you Sripal. Good evening everyone. I would like to extend a warm welcome to all of you for joining the Q3FY26 post results earning call. I am joined by our CFO Mr. CV Ganesh, our three CBO’s Mr. Shardul Kadam, Mr. Jagdish Rao, Mr. Suresh Kumar, our Chief Risk Officer Mr. Vikram Rathi and Mr. Lokesh Parikh, our new Head of Investor Relations. The priorities for your company remain the same which we had articulated at the start of the year. Namely 1. Conserve and allocate capital to businesses with high ROA and ROE.<\/p>\n

Focus on our twin engine strategy of Gold and lab business to move towards a fully secured lending portfolio. Expand gold business through branch expansion and increase doorstep coverage. Continue to foster synergies between our gold and lab operations. 6. Within LAP we will concentrate on a combination of high yield STLAP and low risk MT lab. 7. Expand MT lab with minimum capital allocation. 8. We had faced challenges in our STLAB business. We were rebuilding it over the year. Rebuild STLAB and Establish leadership and build team for growth and quality.<\/p>\n

9. Continue strengthening our collection infrastructure to effectively manage delinquencies. 10. Aim for increased core income while reducing reliance on DA income. Use DA as a capital allocation strategy. 11. Move towards a frugal cost structure 12. Ensure that credit costs remain 1% plus or minus 10bps. With respect to these priorities and more, we have taken the following actions in Q3 FY26 on the gold business we have recorded a remarkable quarter with the AUM growing 52% YoY and tonnage growing 5.1%.<\/p>\n

Our LTVs on AUM stand at 59.3%. Last quarter we got a lot of questions and we had spoken about our seasonality in this particular business. This quarter we have disbursed rupees 7853 crores in gold loans marking the highest amount ever achieved by the company in a single quarter. Consequently, this has led to a net aum growth of rupees 1,174 crores. We have opened 54 new gold branches this quarter bringing our total new branches to 113 for the year. In accordance with our guidance, we will keep opening new branches in the upcoming quarters.<\/p>\n

Despite opening 54 new branches, our AUM per branch has reached Rupees 13.3 crores reflecting an increase of 0.91 crore per branch during this quarter. In our collaborative initiative involving Gold and STLAB, we have successfully merged an additional 14 branches. This means we have co located 63 branches this year, that is 63 branches of STLAB have moved into 63 Gold branch premises and released the STLAB premises. We will persist in our efforts to merge and co locate more branches. Despite facing yield pressure, the MT Lab business continues to perform consistently disbursing 545 crores this quarter while maintaining its yields.<\/p>\n

In light of the pressures within the STLAB market and the increased trade cost faced by the company previously, the company has fortified its credit policies and successfully transitioned to the system driven BRE. This quarter stlab division has disbursed rupees 208 crores as promised. Our unsecured lending portfolio continues to diminish now constituting merely 0.6% of our on book assets. The senior leadership has been successfully onboarded in collections during Q1 and Q2. We have further strengthened the field team.<\/p>\n

Now we have verticalized the collection framework incorporating additional resources for both call center as well as the legal and recovery teams. Our credit cost as promised stays below 1%. This quarter we have clocked about 0.9% in line with our priority of increasing core income and decreasing DA income. Our Net income from DA has decreased to 1 crore for the 9 months FY26 compared to 62 crores for the same period last year. While we continue to implement corrective measures in our STLAB business, we anticipate certain flows which will persist as advised earlier and as guided earlier.<\/p>\n

Once these stabilize in the near term it will contribute to a more stable and predictable performance. Some of the key numbers are as follows. Our business AUM reached rupees 17,500 crores translating to a growth of 17% yoy. If you exclude the BL business it will be about 32% yoyo. Gold reached rupees 7,905 crores and AUM growth of about 52% yoy. Tonnage growth for the year came in at 5% yoy reflecting a touching 11.2 tonnes in totality. Our mortgage AUM reached rupees 9,084 crore and AUM growth of 20% yoy.<\/p>\n

Our disbursals of rupees 8,606 crores in Q3FY26 up 96% yoy. On the profitability and asset quality. Our net interest income grew 16.8% yoy to rupees 318.9 crores. Our operating profit grew 11.7% yoy to rupees 149.4 crores. Our credit cost for Q3 stands at 0.9%. Our net profit stood at rupees 87.9 crores in Q3 FY26 gross phase 3 stands at 2.1% versus 1.9% last quarter. I will now hand over to Mr. C.V. Ganesh to take you through the numbers in detail.<\/p>\n

Shreepal Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah, thank you Parvez and thank you everyone for your participation on the call. Sharing a few points to aid in better interpretation of the results. Firstly, from an asset growth perspective, our Aum X Business loans which we divested has grown 32.5% year on year and 9% quarter on quarter. The gold loan originations have been the standout performer in this quarter. Our gold loan AUM had grown 850 crores in the first six months of this fiscal. In the last three months alone which is Q3, the gold AUM grew 1,174 crores.<\/p>\n

Our 113 new branches for Gold loans are hitting the ground running and giving us the confidence to continue this journey of branch addition of the loan book of 12,945 crores as of December 30, unsecured business loans have gone down to under 0.6% down from 10% at the beginning of the fiscal, resulting in 99.4% of the loan book now being fully secured either against property or gold. In this quarter we have originated 545 crores of medium ticket LAP and done a direct assignment co lending of 313 crores of the same.<\/p>\n

However, as guided earlier in the earlier call, with the NIM expansion aiding core income growth, we are consciously reducing our DA income. I’m reiterating again, it is the choice we are exercising. Consequently, we have done lesser direct assignments in Q3 at 313 crore compared to 578 crore in the previous quarter. We may continue to do lesser direct assignments in Q4 and the medium term and migrate to co lending. On the OPEX side, our OPEX for The quarter is up 21bps primarily due to an increase in employee costs due to new brand staffing in the 130 new branches, higher incentives on the gold loan originations and a one time impact of the Labor Code regulations of 3.9 crores.<\/p>\n

This impact is reflected both on the OPEX and the operating profit. Consequently, our cost to income has come off a little worse by about 10 bids. Other expenses have also gone up due to new branch related rent and operational expenses, higher advertising and travel spend during the quarter and higher depreciation as we increase the branch infrastructure. On the asset quality, our Delinquencies in the OnePlus have gone down from 7.5% to 7.1% and the 30+ has also gone down from 4.6% to 4.5%. However, we had higher forward flows from stage 2 to stage 3 resulting in our gross stage 3 going up by 2.1, going up to 2.1% from 1.9% last quarter.<\/p>\n

These are adequately provided for in the quarter. In spite of this we have been able to keep credit costs flat at 0.9% on the PCR front. Our PCR last quarter had dropped due to an ARP sale of deeper bucket NPAs which had a higher provision coverage. In this quarter our PCR has marginally gone up to 32.3% from a little under 32% on the treasury side. On the quarter. On quarter basis our weighted average interest cost of total borrowings has gone down 32 bids from 8.19% to 7.87%. This consistent decline in the weighted average cost has been facilitated by resets on the external benchmark link borrowings and lower rates on new borrowings.<\/p>\n

This since our new gold loan originations carry shorter tenor than our lap product, it has allowed us to borrow more at the shorter end with lower rates. To lock in spreads. In a declining interest rate scenario, we have increased our fixed rate borrowings from 11% of total borrowings to 29% of total borrowings. This gives more visibility on the spread going forward. On the floating rate borrowings of 71%, 41% is external benchmark based and 30% is linked to MCLR. Our incremental cost of borrowings in Quarter 3 FY26 was a little under 7.6%.<\/p>\n

Our debt equity ratio has increased from 3.78 in September 25 to 3.99 as of December 25. In summary, over the last four quarters we have sequentially continued on the journey of steady, consistent and a gradually growing ROA and ROE trajectory. The ROA over the last four quarters has grown from 2.2% to 2.5% and Roe has expanded 130 dips from 11.4% to 12.7% aiding in confidence on our new strategy and appetite to invest more in capacity addition. With that I hand it over to the operator for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the Question Answer Question. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press STAR and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Vikant Harya with Clean Edge Wealth. Please go ahead.<\/p>\n

Digant Haria<\/strong><\/p>\n

Opportunity Last quarter I had asked that you know, when will Lakshmi Ji shine on our gold loan portfolio? So good to see see that the AUM growth was good but I think the shine has still not fallen on our income and operating leverage. If I see our old branches would have probably reached an aum of say 1516 crores per branch the older ones but the income line item and the operating leverage is still not visible. Do we see it coming in the next one or two quarters?<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Now you will see it happening. See normally what happens is the when we do such kind of large originations there is a upfront cost of incentives and other spend which is incurred at the beginning. It is recognized upfront in the month of origination but the earnings of these loans are backended so it will play out gradually.<\/p>\n

Pawan<\/strong><\/p>\n

Okay, thank you so<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Much. I mean I remember that question when you were, you had asked us that why we grew only 6% and when others were growing 10% quarterly on quarter in the gold side. And I told you about the seasonality and you can see that seasonality playing out differently for different companies, although they are in the same gold business because geographically we are in different sectors which expand differently and behave differently. So that seasonality typically plays out for us in Q3, Q4.<\/p>\n

Digant Haria<\/strong><\/p>\n

Right, right, right, right. And you know Parvaji, one more question I had was, let’s see the yield on the gold loan portfolio. The reported ones in our presentation show that from since 19.1 to 18.3. So is this like competition effect? Or maybe we did some schemes because this was a peak, you know, a good season for us or you know, generally how should we expect this yield thing to move? Like is it already that there’s yield pressure in the market or we still have enough room to do our business at our terms and conditions?<\/p>\n

Parvez Mulla<\/strong><\/p>\n

No, see at a portfolio level, when you do a substantial amount of disbursal in a particular quarter and that has been an exceptional dispersal quarter, there will be a differential yield which we will play with and we will play with a little bit. I mean it’s a line call when you look at certain states where we want to play that yield. So I am not so worried about it as the mix of the new business is slightly higher in this particular quarter. It shows in that fashion. But overall level, at an entity level, I am not so worried because that compression will, will.<\/p>\n

It’s not going to affect us in that in substantial basis points there. So it is a mixed issue. If the disbursals would have been about 300, 400 crores, you wouldn’t have seen that kind of a depression.<\/p>\n

Digant Haria<\/strong><\/p>\n

Okay, okay, okay, get it. And you know, one last question will be like, you know, we have grown very well, say 16, 17% QoQ. I think a lot of competition would also be doing that. So you know, in our assessment, you know, it just feels that next three, four quarters will be the time when, you know, we have to really utilize our asset. Like we have such a brilliant golden asset, you know, good processes, good number of branches, good employees. So I just wanted to, you know, understand if this momentum for us, you know, continues in that particular fashion.<\/p>\n

And you know, maybe we reach 15, 16 crores of AUM per branch, you know, in the coming 2, 3 quarters because competition is really catching up and maybe we have a year’s time where competition will really not be very high and we can just Fortify our markets. So just wanted to hear your thoughts on the next 12 months for this gold loan.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yeah, so you will have to, I mean, in the start of the year. Also I had mentioned to you that the growth will be in line with the FedFINA strategy. We will be conscious of the price momentum. And I had mentioned to you that we will be focused on tonnage growth. FedFINA as a strategy, year on year over the last five years has shown tonnage growth. If you look at last five years, we have shown a 10 to 12% CAGR on tonnage growth every year. This year also in the first two quarters, the tonnage growth you wouldn’t have seen.<\/p>\n

But year on year again you will see a 10% tonnage growth. So the focus is on tonnage growth. The focus is to take the price momentum but not to ride on it. As much as we are conscious of the fact that the price momentum is very high. So that is why you see the combination of LTV and price playing out. We have not capitalized on the ltv. The LTV has allowed to go down. So we are conscious of that. While the growth has to happen, we need to be conscious that that growth has to be in line with what we are, our operational processes as well as the risk that we want to look at, the price fluctuations that we want to look at.<\/p>\n

So all in all, it has to fall in line with what we are expecting with the gold business to do. And you will see that momentum continuing. We will capitalize on the momentum. But what I am trying to essentially say is a single company which is doing only gold loans is very different from a company which is doing a twin product. And we will get the advantages of. Doing a twin product. That is how you will have to see our company.<\/p>\n

Digant Haria<\/strong><\/p>\n

We will not stop our gold loans to maintain that because if we continue this normal run rate, also we will cross 50% in terms of gold loan. So we won’t stop it just because we want to cap gold at below 50 or anything. Nothing like that, right?<\/p>\n

Parvez Mulla<\/strong><\/p>\n

No, there is no thought in that side. It’s only going to be the cautiousness on the price side, price and LTV side. Otherwise our actions over the past quarters have shown you that we’ve not been worried on that front.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

I just want to add our gold loan growth will be unconstrained. Okay. The character of the product mix does not determine how much we grow our gold loan or otherwise. It will continue to grow on a faster momentum than the rest of the business.<\/p>\n

Digant Haria<\/strong><\/p>\n

Perfect. Perfect. Thank you. Thank you both so much for the answers. Thank<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, if you wish to ask a question, you will press star and 1. The next question comes from the line of Nishin Chavate with Kotak. Please go ahead.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Thanks for taking my questions. Actually two questions from my side. One was if you could give some outlook or project trajectory of stressed loans in mortgages. I think essentially the small ticket business, how do we see it trending up from year onwards in the fourth quarter and the next financial year. And the second is in terms of how do we the sequential movement in yields over the last three quarters. It’s kind of. You are going a bit.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yeah. Nishin, thank you for the question on the small ticket lab business. Just to give a context. A year ago we had mentioned about the stress in the small ticket lab business specifically for our company and we had guided the team here about what we are doing in terms of action and why our portfolio saw that particular stress. And we had said that there will be certain actions and the kind of GNPA that you could see over the next three, four quarters, that is still FY26. We had said that the GNPAs would move up or down, but we will try and maintain the credit cost below 1% at an entity level while the flows on the STLAB continue.<\/p>\n

From the old book. We have transitioned quite a bit of this old book which was handled by see we had a manpower shortage on the collection side and whenever you have a manpower shortage on the collection side, agencies handle these collections and we’ve transitioned from that piece to in housing, that collection. Whenever you do these transitions there is that movement happens and which is what we have faced over the past 2, 3\/4. That trajectory you will see in Q2 and you’ve seen in Q3 and Q4. It is the same vintage portfolio which is giving us those flows.<\/p>\n

We are in complete control of those flows because there is a predictability which we had seen. We had seen the kind of the GNPA that is coming out now. We had predicted that that is the GNPA which will flow in Q3 and Q4. So we had guided you accordingly. And that is where we think that once we get this complete in house which will happen by Q4, the predictability should be much, much better. On the stress loan side, this fresh sourcing which is happening on STLAB is giving us much better numbers on the 12 mob and the 15 mob as well as the 18 mob.<\/p>\n

That portfolio is looking much better. Obviously it is coming off a new BRE Obviously it is with lesser seasonality, but we are confident of that number flowing completely differently. That is on the stress loan yields. You want to give color?<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Yes. So thank you Rishwan, for asking that question. See, one thing I wanted to caution everybody is that our yield as appeared in the investor deck are vitiated by the DA income number. And that is precisely why we are focusing on core income and core yield optically. While it may appear that yields have dropped by 20% quarter on quarter between Q2 and Q3, that is merely because of the fact that in Q2 we had 20bps of DA income, which is not there consciously in Q3. So eliminating for DA income, the core yield is the same.<\/p>\n

There has been no yield reduction and our focus continues to be on core yield. We will continue to drive that. And I would request that everybody to look at the yield excluding the impact of DEA income.<\/p>\n

Operator<\/strong><\/p>\n

I think<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

This is very helpful. Thank you very much and all the best.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Thank you. Thank you, Nisha.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, you are requested to limit your questions to two per participant. The next question comes from the line of Pawan with Adel Weiss. Please go ahead. Mr. Pawan, your line has been unmuted. Please go ahead with your question. Hi. Thank you sir. Thank you for the opportunity. Two questions on the small ticket lab. One, you mentioned earlier that you were facing some issues in Tamil Nadu in terms of the personnel. Have those been resolved? That’s one. So will that lead to growth in the coming quarters?<\/p>\n

Second question is on the yield compression bit that you have said. Maybe on the calculated yields, I definitely take your point. But on the origination yields, also the ones that are disclosed in the presentation, there seems to be 80 basis points reduction over the last three quarters in the small ticket lab vis a vis only 20 basis points reduction in the medium ticket lap. Could you please explain that? And going forward, how are you seeing the on the ground economy in terms of the people’s willingness to borrow or ability to borrow?<\/p>\n

Yeah, those are my questions. Thank you.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yeah, Pawan, thank you so much for your question. On the yield front, apart from the one I explained on the gold side as well as the explanation with which CVG gave on yield two additional colors. One on the small ticket lab business, definitely there is an environment which is behaving in a particular manner for lower ticket below 5 lakhs. There have been companies which operate in this particular segment who have reported. There is that MFI piece which was happening over the past few quarters that has affected that particular segment which is below 5 lakhs and some people who have looked at this business on the stlab side also have seen a little bit of stress on these 7 lakh to 5 lakh segment.<\/p>\n

The spillover of the MFI on that particular segment. So when we’ve been conscious of that over the last two quarters you’ve seen a slight movement of the ticket size for stlab. For us we’ve reduced the exposure for that 5 lakh to 7 lakh. And that’s why you see the ticket size moving up. As the ticket size has moved up, a yield has dropped for the stlab display. There is definitely a pressure on yield even on the MT lap segment across the board in the industry there is a pressure on empty lap. We have not dropped the yield as much as other players in the market have dropped.<\/p>\n

We continue to hold the yield on the medium ticket lap. The STLAP yield as I said is only being conscious of the environment. I think as the environment eases out you will see the trajectory coming back there. Your second question was on Tamil Nadu. We will still wait for Q4 for the business to pick up in Tamil Nadu. The Tamil Nadu business has picked up but not to the expectation that we wanted. As I have mentioned to you last quarter when specifically asked on one particular state, yes our business had dropped in particular state of Tamil Nadu.<\/p>\n

We are picking it up. It has moved about 20, 30% but still some way to go. We expect Q4 and Q1 for it to come back to the dispersion normalcy. The delinquencies there are in control. But the disbursal normalcy for it to come back. We still are little bit cautious there in Tamil.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

So I’ll just add one more thing on the yield on the ST lab. See what you see on the deck is the origination yield in the last three months. Now that is only 200 crores. So if you see on the book the yield has not even gone down by. In fact it’s gone down by less than 10bps on the overall small ticket lab book. Got it sir. Thank you for that.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Shubranshu Mishra with Philip Capital. Please go ahead.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Hi Parve. Hi Ganesh. Good morning. Thanks for the opportunity. So two quick questions. The first one is we’ve seen shaft spike in the golden aem. If you can just have it split between what’s been the contribution from our new branches here and what’s been the contribution from the increase in the ticket sizes. Second is that with rising gold prices do we still expect 10 to 12% CAGR in the vantage growth? Because that seems unlikely because I will get lower bound of gold collateral for the same amount of gold loans.<\/p>\n

And the third is because we’re slightly heavier on the disbursements in gold loans which will also reflect on the AUM in subsequent quarters. We are going to change the borrowing metric which is slightly heavier on the longer turnouts. I understand during the rate cut cycle we tend to borrow slightly longer but are you going to make it commensurate to the gold loan? Thanks.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yeah, thank you Subranshu. I will just request Jagdish to give you a flavor on the new branches and the old branches growth. Bish, are you there?<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Yeah, I hope I am audible right.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yes. Yeah.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Yeah you are.<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

We have opened 58 branches in the last quarter and that has resulted in a that has contributed to the growth. So if you see the overall contribution of 18,100 odd crores that we recorded in this quarter, 30% of the growth is contributed by the new branches and balance 70% is still coming from the existing branches. That’s on one trend on the contribution. Second, your question was on the pure weight crores and its consistency. We see that happening because of where we stand today. Because our average per brand website is hovering around 12.5 to 13 crores and we still see a big room to reach around 20 crores over the years to come.<\/p>\n

So that’s what our aspiration is. And we see tennis growth playing key role precisely because there is opportunity in the market. That is one second our incentive structures or KRAs, we have a targeting incentive which is linked to the pure weight growth of the branch. So every branch, every employee is driven and incentivized based on the tonnage growth that they do in the branch. So that’s what our crux is from the day one and that is resulting in such a growth. While I agree with you, while the price are increasing there will be chances that customers will pledge lesser gold.<\/p>\n

But there is a new acquisition which is happening which is an engine for us to substantiate and balance that trend. But we see VC consistency and we are confident that we will be seeing 10 to 12% of pennies growth year on year.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

You want to give a flavor on the borrowings. Yeah. No Shukranchu, fully with you. We are going to do exactly what you have said. There is an opportunity there to have a skew towards the shorter end. And that is exactly what we will do which will aid in the NIM expansion. Going forward.<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Just one question on the whole loan part for the summit growth<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

With rising prices or even the prices at similar levels that we see today, if we have a tonnage growth which keeps going on, then we are infringing on the bank ticket sizes which means that it will be yielding pressure. Right? Is that a fair understanding?<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Sorry I missed your last point. Can you please speak?<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

So if we keep going, if we are bent on doing tonnage growth for gold loans at similar prices or rising gold prices, we would infringe on the bank’s turf, right. Which generally do higher ticket size in gold loan which means that it will be yield dilutive for our gold loan business. Is that a fair understanding?<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

No. Basically the retail ticket size is actually growing. Probably a guy who is, who was eligible for 1.5 lakh is today eligible for 2.2.2 lakh with the same gold. But doesn’t seem to be tending towards a bank’s tuf. If there is a tend, then the. Yield pressure will be managed through the. CLM partnership, CLM models that persist and we will try to encash on that. But otherwise as an nbfc, as an AEF strategy, we still rely on the retail and retail is seeing traction. We see pure weight coming from the retail book.<\/p>\n

Pawan<\/strong><\/p>\n

Those<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Are the questions. I’ll come back for the rest of the team.<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Chintan Shah with ICICI Securities. Please go ahead.<\/p>\n

Digant Haria<\/strong><\/p>\n

Yeah, thank you for the opportunity and congratulations on strong set of numbers. So I had one thing on this labor code impact, so I think we already mentioned the impact is around 3.9 crores for this quarter. But so is that a one time impact or do we see any recurring impact as well going ahead due to that? So that’s the first thing. And secondly on this gold loan, so now Almost we are 45% on the overall portfolio. So even if that exceeds say around 50% or so, so that is not a challenge. Right.<\/p>\n

And thirdly on this borrowing cost we have seen a steep decline of almost 60 with Skoq. So do we see any more, anything more to come on that or not? Yeah, thanks.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Yeah. So maybe I’ll take the borrowing cost first. Okay. No, I think you know the 60bp fall QoQ is not repeatable. It’s a two point average. So there may be a skew there. I would urge you to go by the, the quarterly borrowing cost sheets where we reported a 33bps reduction from 8.17 to I think 7.87. I think that’s what you should look at. There are opportunities there because as I said 41% of our borrowings are still external benchmark linked. The balance are MCLR linked. So as of now 71% of our borrowings continue to be floating link as and when the transmission continues to keep happening.<\/p>\n

There is an opportunity there. Though we would be sanguine about it now in terms of the labor code. See the biggest impact has been baked in. The biggest impact has been the one time catch up in terms of all the retireal benefits like gratuity leave and catchment etc. Due to the basic being needing to get hiked to 50% of the CTC. So that exercise has been done now going forward. How the salaries get revisited, does it get passed on, does it get adjusted is something which we will watch how the rest of the industry adjusts to it.<\/p>\n

We believe we have the wait cycle in April to look at that and have a little more information on how peers are handling it. What we do will be relative to what peers to now on the gold. As of now there is no board limit or internal limits. We have that it should not cross the Lakshman Rekha of 50%. So we don’t have any Lakshman reka. Ultimately we are a lab first company but gold is a very strong secondary product right now it is doing very well. It would be perfectly acceptable and encouraged if it were to in the short term or medium term take the lead and then but overall as texture we would remain a lab company.<\/p>\n

Digant Haria<\/strong><\/p>\n

Sure, sure. Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Sonal Minas with Decision Cap Investment Advisors. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Miss Sonal, your line has been unmuted. Please go ahead with your question.<\/p>\n

Operator<\/strong><\/p>\n

Sunil Minas, your line has been unmuted.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Please<\/p>\n

Operator<\/strong><\/p>\n

Go ahead.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Hi, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir. Please go ahead.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Okay. All right. My question is with regard to board loans. Sir, I have two questions. First of all just wanted to understand since your yields are around 18 19% I’m presuming and please correct me if I’m wrong. Are you competing with the likes of Muthu Manaburam and couple of others scaled up gold loan companies, how are you seeing competition visa in the non banking scaled up gold loan players and we’ve seen commentary by these players where basically there is a directional indication that the yields are expected to come down given the competition.<\/p>\n

So that’s one second question was with regard to your lte, the LTV seems to be a bit higher compared to the non banking players. So Just wanted a subjective feedback from you on that sensitive observation for myself.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yeah. See as far as competition is concerned, These set of eight, nine players have been operating in this market for past 10 years. There have been certain geographies where each predominates. Obviously there are one or two players who are very large and they operate at a different scale. But the other players tend to predominate in particular geographies. We have seen growth in the western and northern geographies much more than what we have seen in southern geographies. You see that in our investor presentation.<\/p>\n

Also our growth essentially, essentially comes from those geographies. Our new branches also come from those geographies. As far as yield pressure is concerned, whenever. See whenever the price goes to the levels that it has gone earlier, also whenever the price has shot up, there will be new players coming in and those competition and the yield pressures will happen for a short term period. But typically a goal being a vernacular business, it is dealt by each large player very, very locally. That means in the state of Gujarat you will deal with the Gujarat market and you will play the yield there.<\/p>\n

And the Maharashtra market, you will deal very, very separately depending on what the competition is there and who’s the predominant player. You don’t match your yields with every player. You match it with the predominant player and how you are operating. Again, what tends to happen is gold being a very local business geographically where you are located in that particular city and that particular town also matters. So the competition also is very, very localized in terms of yield. Banks operate a very different yield but their location is also very, very different in that particular city itself.<\/p>\n

As far as Jagdish, you want to add anything on the gold side or the LTV side?<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Yeah, yeah. I wanted to address the second point on the LTV concern that is raised. This raised by us right on. On the ltv our LTV seems to be on a higher end. But. But I would like to correct you, it is not higher. It is much, much conservative compared to any other NBFC player. If you take our onboarding LTV it is at the tune of around 70 to 71% today. Regulator has allowed us to go up to 85% for certain ticket size, 80% for another ticket size. But we are little cautious because of, we don’t want to take the advantage of the price or the ltv.<\/p>\n

We are more conscious and more conservative. Our onboarding LTV has reduced. We are, we are even, even onboarding customers at a much lesser 1 or 2% lesser than the max cap on the portfolio LTV we are standing very comfortably at 59% which is declined. So I don’t think we are on higher end. We are conservative or max at par with the largest pair. So that’s how. No, I understand. I picked up<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

A number. I didn’t. I think there were numbers on the deck. So thanks for clarifying. That’s. I’ll fall back in the group. Thanks for answering the question.<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Meghna Lutra with incred equities. Please go ahead.<\/p>\n

C.V. Ganesh<\/strong><\/p>\n

Thank you for your opportunity. I just had two questions. One is what percentage of the lab book is old vintage? And the second question I had is that you mentioned we wanted to move from DA to co lending. Can you throw some more color on that? What proportion of the AUM would that be? Or anything else? Hello,<\/p>\n

Parvez Mulla<\/strong><\/p>\n

The old. The percentage of book on the old vintage will be anything sourced before FY24 is old vintage. So the sourcing which has happened after FY24 we. We track it separately and we put it as a new book and that is what is showing us good color. And this old vintage book will have its own play. But amongst the old vintage also there will. There will be one or two years which we are tracking very closely and we’ve over the past two three quarters we have addressed those flows in the buckets that you have seen.<\/p>\n

So you’ve seen our Q1, Q2, Q3 movements and most of the flows are coming from those 23 years that we are tracking very closely. Plus there are certain geography mixes which we are tracking and as we go forward the new mix will increase and the old mix will come down. As far as the DA to co lending is concerned. Cvg, this was something which you mentioned.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Yeah, Sorry Meghta, what was the question again on DA to co?<\/p>\n

C.V. Ganesh<\/strong><\/p>\n

You mentioned that you want to cut down on DA and move to co lending.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Yeah. Yeah. So from the first of Jan, there are the new co lending one guidelines which are applicable.<\/p>\n

C.V. Ganesh<\/strong><\/p>\n

Yeah. Now<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

There is an accounting change in which the co lending one happens compared to the kind of accounting which used to happen for da. That is all I was trying to signal. So the moving of the lower yield assets off book would continue to happen. It is just that the accounting might differ going forward. So I think that. And what was. Which is why I was pointing more for everybody to bear attention to the core yields and core interest income rather and maybe eliminate the impact of the DEA income therefrom.<\/p>\n

Okay, that’s the first question. Sorry. Yeah,<\/p>\n

C.V. Ganesh<\/strong><\/p>\n

Go Ahead, go ahead. Sorry.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

On the first question also see, there are very specific geographical cohorts of the back book where the pain is lingering. It is. I think it would be unfair to color the entire bag book with that. The back book with that. Sorry. Yes.<\/p>\n

C.V. Ganesh<\/strong><\/p>\n

So this would be a normalized level for the income or the say the co lending income that we will see. Right.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

We will watch it. Begna. I think I wouldn’t want to say that statement.<\/p>\n

C.V. Ganesh<\/strong><\/p>\n

Okay. And the last thing you highlight, which geographies are growing up pain right now?<\/p>\n

Parvez Mulla<\/strong><\/p>\n

No, see these cohorts that we had talked about, we had initially also mentioned in our first Q discussion that there are geographies of Maharashtra and Tamil Nadu where we had seen that elevated stress which was in Q3, FY25 and those were the geographies we had focused. And within these geographies also we had certain pockets. Again, Meghna, not to color it. These are not something which the other players had faced. So it was our specific problem for these two states. So it was not a state specific issue.<\/p>\n

It was a fedfina state specific issue.<\/p>\n

C.V. Ganesh<\/strong><\/p>\n

Thank you so much. That’s.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Prolin Nandu with Tyrellwise. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi team. Hi and hi Ganesh. Couple of questions from my end. One is, you know, you talked about the drag on cost to income because of higher intensity of disbursement. Right. And that is specifically coming from gold side of things where you mentioned the AUM growth in last three months. My question is that see on cost to income obviously there is this drag because of this. But then we are, you know, co locating the branches and at some point of time operating leverage should also come into the picture.<\/p>\n

So where are we in that cycle. Of cost to income? Because we will continue to have a very high growth in gold loan going forward as well. Right. So do we still continue to see that drag because of higher disbursement coming in gold loan? Or maybe this quarter might be something different and going forward there could be, you know, lesser of an impact on cost of income because of higher disbursement.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

So Prolin, thank you for that question. See, what I would urge is we want to retain flexibility in all the levers in the roe tree. I think the guidance we would give is what I had outlined at the end of my narrative that 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 that subshum OPEX that subsumes Credit cost within those parameters where that subsumes the DA income or otherwise that subsumes core yield within all of that.<\/p>\n

I think that would be the objective. We would continue on.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

And Rahul, just to add to what CVJ is saying again at the start of the year when the guidance was asked I had mentioned that this year we will be focusing on the credit card cost. FY25 we had returned a credit cost of 1.8% and we were very conscious that this year FY26 we wanted to keep it below 1%. And that is the 80bps which is which you will see reflecting in our ROA tree. And this is the guidance which I had given a year ago. And that having said that, I had said that on the OPEX side we will do a lot of work in this particular year, but it will only reflect in FY27.<\/p>\n

FY26 is a investment year because we are taking a challenging task of rebuilding the ST lab business. There is going to be investment on the collection side. We went ahead and invested into the gold branches. We went ahead and did investment in areas of the small ticket lab business. So these three areas have moved the cost to income up and the other elements on the cost to income whatever we have reduced. So it is a. There is some reduction and some upside and that is why it has remained flat. And in fact I had guided it in such a manner a year ago that cost to income for FY26 will remain flat because we are going to do these, these additional costs and we will do the saving as we go.<\/p>\n

In FY27 these will start reflecting when we are merging the small ticket lab business branches as well as when we are definitely there is a shaving off which is happening but it is getting neutralized by the new branches that we are putting in. And also the fact that the leases take time for it to fructify. So you only get a three month effect or a six month effect in a particular year. Next year you will see the full effect playing in. So that is why further I had mentioned that you will see an effect next year on the cost to income side.<\/p>\n

So basically trying to say that FY26 we wanted to address the credit cost, the cost to income and the OPEX to average assets we will address in FY27 which is where you will see the upside on the ROA trajectory further than what we have delivered in FY26.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No. Thank you so much parve for that. I get your point. The second question would be on this GNPA right in the mortgage division. Now while you have alluded to this, but just to summarize, is it fair that large part of the increase in GNPA that we are seeing, is it because of the older book? And could you just help us understand how is the performance on the asset quality side between newer and older book or some of the, you know, I mean not the entire older book as you highlighted in the previous answer as well is where we were seeing an issue.<\/p>\n

But if you can just, you know, help us understand how has been the performance on GNPI side on the newer book.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yeah, so there is a substantial difference on the newer book and the older book. When we look at the 12 mob and the 18 mobs numbers, there is almost 100bps difference, 250bps difference between what we are seeing on these two books. Even in the older book there are certain pockets and certain vintages which we have faced challenging situation. Again, those challenging situations, Rahul, I will repeat, was not necessarily an environment issue. It was our issue. Our collection team’s inadequacy. We had not invested as much in the collection infrastructure which we should have been doing a year ago or two years ago, but that caused that flow to happen.<\/p>\n

Stlab business is a heavily invested collections business which we corrected over the past one year. So last one year has gone in this particular collection. Now we are also seeing a lot of whichever NPAs which we had moved the buckets in Q1 and Q2. We are seeing NPA recoveries happening here because you have to also understand that many times when the customer is in early buckets recovery, when he moves into bucket two and bucket three, recovery becomes difficult. It is advantageous for the company to move it into NPA because then the legal process is much easier on the NPA side and the recovery is much better after you drop the case into npa.<\/p>\n

That is why we believe that we are getting certain good recoveries also which are happening now. So that is the color on the GNPA side on the old book and the new book.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Yeah, maybe I’ll just add on to that. Roughly the way to dissect the problem a little better is that of the mortgage book. Roughly on the AUM side, it’s a 60, 40 split between medium ticket lap and small ticket lap. So medium ticket lap, it’s pristine. There is no problem. So out of that 40% of the mortgage book there is a further split between old book and new book. Okay, now that is not public information. Now within that Old book. Further, there is a geographical split. So actually you are talking about a not so large part of the back book.<\/p>\n

That’s the comfort we leave you. Yeah.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

And further, to give you that comfort is when we had looked at one year ago and when we we had seen the problem and when we had guided on the problem. That is why we said that we were able to give you a guidance on the credit cost. That is what is going to be the P and L charge of this. And in spite of the GNPs being volatile, we will be able to hold the credit cost below 1%. Because that time also one year ago I got questions that if the GNPs move up the thread, cost will also also be unpredictable.<\/p>\n

We had said that we know the cohorts which we are working on. We can understand what kind of recoveries will happen. We are also dealing with movement of the portfolio from the agency side to in house. It also has to be done in a structured manner. Because you understand that when you get an allocation which has done to an outsourced agency, when you are moving it in house, there are drops things which happen and every quarter you need to handle those. So as you select the cohorts in particular states, when they move from the agency to inside, you can predict what is the expected numbers which are going to flow.<\/p>\n

So that is why we had guided accordingly and we are on. What I can say is whatever is happening on the GNPA side is exactly the way we had predicted it and we had guided on on the same.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much and Ganesh for this. All the very best. Thank<\/p>\n

Parvez Mulla<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Vedant Maheshwari with Intellavish family office. Please go ahead.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Hi sir, just a couple of questions I have with regards to the way we calculate businesses for regards to the gold at what part? But is there a lag in the price at which we take for computation of our gold loan AUM growth?<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Did I lose a connection in between? I couldn’t hear your question properly in continuous flow. Did you catch it? Okay.<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

No, no, I didn’t.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Okay. So what I mean is as a whole, with our tonnage growth and everything, wanna understand at what particular for our AUM computation what price of gold we take? Is there a lag of the gold price which we take and due to which we see the growth or as a whole we take it at the live prices at the moment?<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Yeah. So to answer it, it is based on the regulatory lines. We take the 30 days average of the gold prices say we have declared Q3 LTV. LTV is based on 30 days average gold price as from 31st December.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Okay, got it sir. And just one couple of things you said the AUM is back ended and we see that in because the gold. Gold ticket sizes as the whole like the gold loan we see the revenue recognition a little bit back ended right around six to eight months is the average tenor. So given that we have been experiencing a large tonnage and AUM growth over the last one year and the gold price has also been quite high as a whole, how does it translate into our revenue recognition policies? I just want to understand that flavor as we are seeing over the last 18 months that the AUM growth and all has been quite strong.<\/p>\n

But as all the translation doesn’t seem that high compared to just the top line. Just wanted to understand that these policies a little bit more. No. So basically. Yes, go ahead.<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

I think the back ended point was not on the revenue recognition back ended point was on the book that we are building they for the throne around. Majority of the books has happened in the month of November and December. So the results, the earnings of that will happen in the subsequent quarters. Yeah, got<\/p>\n

Operator<\/strong><\/p>\n

It.<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Yeah. Apart from that the gold loan is structured in such a way that you onboard a customer at a rate and there are. There are options to the customers to pay interest at a say after six months, seven months at a higher rate. So that’s where we play and we see that happening as a character of gold with any player. This is a industry fact. I<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Think the. Maybe you know he was listening to my point. The point I was I made earlier in the call is that see the origination costs. Yeah the incentives, some of the other origination costs are incurred recognized in the month of origination. Effectively we cannot amortize the origination cost over the life of the gold loan getting recognized upfront revenue over the next many months. That is all I was trying to say.<\/p>\n

Jagadeesh Rao<\/strong><\/p>\n

Okay, fine. I think I understood this, ma’. Am. Thank you so much, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Sangeet Joshi with Unify Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity. I had a question on the credit cost for this financial year. We have given a credit cost guidance of about 1% plus minus 10, which is 20. But I just want to understand from you what are you thinking for the next. For the credit card for FY27 in the light that now the proportion of gold loan have actually increased. The unsecured<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Book has almost Run down and most of the collection infrastructure will be ready by Q4. So on this context, do you wish to give any guidance on credit cards for FY27?<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yes, indeed. Hi. We have at the start of the year guided on a particular credit cost because that was the most important item on the agenda when we had seen an elevated GNP and elevated credit cost on the STLAB business. That is why we felt it was necessary to guide on the credit cost. I think next year we want to keep it in a predictable zone as we had mentioned in our strategy that we moved out of the BL unsecured business because we wanted to bring predictability to the credit cost and that is the objective and we want to get into that zone.<\/p>\n

So by Q4, once we see the numbers on Q4 we should be able to give you a guidance on the credit cost and it should be very predictable for you. But I think what will be important for you next year for FY27 will be our guidance on the OPEX to average assets because that will be a crucial number where we will show some numbers. So these two. Alternatively we will definitely give you a guidance on Q4 but I think this year was an important year where we gave you a particular guidance and we wanted to live up to that number.<\/p>\n

Next year I think it will be more predictable. At your end itself the OPEX number will be more crucial I think. But anyways, in Q4 I will give it to you.<\/p>\n

Pawan<\/strong><\/p>\n

Thank you. That’s it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Rahul Kumar with Viaria. Please go ahead.<\/p>\n

Shreepal Doshi<\/strong><\/p>\n

Yeah, hi, just one question on the slippages front. So going forward, do we expect the. Slippages to, you know, remain status quo. Or improve from here, especially in the market?<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Yeah. See as far as the slippages are concerned, FY26 quarter one to quarter four we are handling the issue of small ticket lab business which affected us as a company. Environment might have been included inside it, but it was our issue and we had said that it was will take us a year, we will take that year and that is where you will see these slippages. We have as much as possible try to keep it non volatile. We have given a prediction on the credit cost and we have sustained it and maintained it.<\/p>\n

On the slippages side, I think FY27 should give you a more predictable, predictable line on the slippages based on whatever flows we have seen this year. Because as I said, the characteristics of the old book and the certain vintages should play out and we should have a better predictability to those slippages. Plus as I said, we will have a recovery team which will neutralize some of those slippages for us. So there will be a predictability. So FY26 end is where you will. FY26 will get utilized in these slippages.<\/p>\n

27 should be a predictable nature.<\/p>\n

Pawan<\/strong><\/p>\n

Okay. Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. This was the last question for today. I now hand the conference over to the management for closing comments.<\/p>\n

Parvez Mulla<\/strong><\/p>\n

Thank you so much for the call. Really appreciate the closing comments. Which we want to give is. Last year we had given certain guidances and certain priorities. Over the last four quarters we have stuck to those guidances. We have stuck to, to those numbers which we had promised and Q1, Q2, Q3, we have moved the needle in terms of the parameters which we had promised especially on the ROA side on the credit cost side. We had promised that we will work on a complete secured construct. We have, we have stuck to that.<\/p>\n

We had said we would double down on these two gold and mortgage business. We have stuck to that. Certainly we have been helped by the price momentum on the gold side. But we have been very conservative in terms of focusing on tonnage growth as well as on the LTV side. So keeping in mind the risk parameters, keeping in mind the processes we are conscious of grown these two businesses and on the stlab side also, we had said that we will rebuild this business. We’ve been doing it brick by brick. We are not in a hurry but we are conscious of the growth that we want in this particular business.<\/p>\n

We are focused on this business. We are investing into this business. We believe this is a business which we can do very well. Focusing on these two businesses and, and creating an expertise in these two businesses is the core DNA with which we want to move forward. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Equator Securities Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Fedbank Financial Services Ltd (NSE: FEDFINA) Q3 2026 Earnings Call dated Jan. 16, 2026 Corporate Participants: Parvez Mulla \u2014 MD & CEO Jagadeesh Rao \u2014 CBO, Gold Loan & Chief Marketing Officer C.V. Ganesh \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":181701,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":181701,"position":1},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. Corporate Participants: P L Murugappan\u00a0--\u00a0Chief Financial Officer Analysts: Abhishek Nigam\u00a0--\u00a0B&K SECURITIES -- Analyst Kapil Jagasia\u00a0--\u00a0Nuvama -- Analyst Muthu Kumar\u00a0--\u00a0Fidelity Ventures -- Analyst Unidentified Participant\u00a0--\u00a0-- Analyst Presentation: Operator Ladies and gentlemen, good day and welcome to the KPR Mill\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179860,"url":"https:\/\/alphastreet.com\/india\/godrej-agrovet-ltd-godrejagro-q3-2026-earnings-call-transcript\/","url_meta":{"origin":181701,"position":2},"title":"GODREJ AGROVET LTD (GODREJAGRO) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 6, 2026","format":false,"excerpt":"GODREJ AGROVET LTD (NSE: GODREJAGRO) Q3 2026 Earnings Call dated Feb. 04, 2026 Corporate Participants: Nadir Godrej \u2014 Chairman and Non-executive Director Analysts: Shivansh Singh \u2014 Analyst Presentation: operator Ladies and gentlemen, good day and welcome to Godrej Aggravate Limited Q3FY26 earnings conference call hosted by. Equerious securities Private Limited.\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":181549,"url":"https:\/\/alphastreet.com\/india\/jeena-sikho-lifecare-ltd-jsll-q3-2026-earnings-call-transcript\/","url_meta":{"origin":181701,"position":3},"title":"Jeena Sikho Lifecare Ltd (JSLL) Q3 2026 Earnings Call Transcript","author":"News desk","date":"April 8, 2026","format":false,"excerpt":"Jeena Sikho Lifecare Ltd (NSE: JSLL) Q3 2026 Earnings Call dated Feb. 09, 2026 Corporate Participants: Manish Groverji \u2014 Managing Director Nanak Chand \u2014 Chief Financial Officer Analysts: Ranvir Singh \u2014 Analyst Priyanshu Jain \u2014 Analyst Akshay Kaila \u2014 Analyst Abhishek Sengupta \u2014 Analyst Akhilesh Rawat \u2014 Analyst Unidentified Participant\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":173656,"url":"https:\/\/alphastreet.com\/india\/fedbank-financial-services-ltd-fedfina-q2-2025-earnings-call-transcript\/","url_meta":{"origin":181701,"position":4},"title":"Fedbank Financial Services Ltd (FEDFINA) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Fedbank Financial Services Ltd (NSE: FEDFINA) Q2 2025 Earnings Call dated Oct. 23, 2024 Corporate Participants: Shreepal Doshi \u2014 Vice President Anil Kothuri \u2014 Managing Director And Chief Executive Officer C.V. Ganesh \u2014 Chief Financial Officer Analysts: Unidentified Participant Pranav Gupta \u2014 Analyst Ganesh Nagarsekar \u2014 Analyst Manav \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179469,"url":"https:\/\/alphastreet.com\/india\/esaf-small-finance-bank-limited-esafsfb-q3-2026-earnings-call-transcript\/","url_meta":{"origin":181701,"position":5},"title":"ESAF Small Finance Bank Limited (ESAFSFB) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 3, 2026","format":false,"excerpt":"ESAF Small Finance Bank Limited (NSE: ESAFSFB) Q3 2026 Earnings Call dated Feb. 02, 2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=181701"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181701\/revisions"}],"predecessor-version":[{"id":181715,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181701\/revisions\/181715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=181701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=181701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=181701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}