Federal Bank
Federal Bank
Banks F&OKey Fundamentals
MidcapPrivate BankBanksPrice-based figures as of 9 Oct 2026, 3:59 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
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Key Insights
Weaknesses
5- Company has low interest coverage ratio.
- Company has a low return on equity of 12.9% over last 3 years.
- Contingent liabilities of Rs.2,99,451 Cr.
- Company might be capitalizing the interest cost
- Dividend payout has been low at 7.14% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, Federal Bank Ltd traded at Rs 318.2, giving a market capitalisation of Rs 78,709.25 Cr, a trailing P/E of 16.75 on TTM EPS of Rs 19 and a price-to-book of 2.04. Over the long run, profit has compounded at 24% a year over 10 years and 21% over 5 years, and ROE has held around 12-13%. Recent figures are mixed: TTM revenue growth slowed to 7%, ROE is 10.91%, and the dividend yield is low at 0.38%. The stock has risen 65% in one year and sits 14.4% below its 52-week high of Rs 371.7.
- Profit has grown steadily over the long term, compounding at 24% a year over 10 years and 21% over 5 years. That is well ahead of 10-year sales growth of 14%, which suggests operating efficiency and asset quality have improved over time.
- TTM profit grew 16% while TTM sales grew only 7%. That gap points to better cost control, lower credit costs, or operating leverage in the latest period.
- The loan book and revenue have expanded strongly over the medium term, with sales compounding at 19% over 3 years and 16% over 5 years, ahead of the 10-year rate of 14%.
- ROE has been consistent: 12% over 10 years, 13% over 5 and 3 years, and 12% last year. This points to a stable earnings profile across credit cycles rather than volatile returns.
- The stock has compounded at 30% a year over both 3 and 5 years and at 16% over 10 years. This reflects a sustained re-rating alongside earnings growth.
- A trailing P/E of 16.75 (an earnings yield of about 6.0%) is moderate for a bank with a 21% five-year profit CAGR. The valuation is not at an extreme multiple to earnings.
- Debt-to-equity is not reported (null). For a bank, deposits and borrowings are the raw material of the business, so the standard leverage concerns that apply to industrial companies do not translate directly.
- Current ROE of 10.91% is below the 3-year and 5-year average of 13% and last year's 12%. This points to declining returns on shareholder capital in the latest period.
- Revenue growth has slowed sharply, with TTM sales growth of 7% against a 3-year CAGR of 19%. That could reflect slower loan growth, margin pressure, or both.
- A price-to-book of 2.04 against an ROE of 10.91% means the market is paying a premium to book for returns in the low teens or below. That premium leaves less room if ROE does not recover toward 13%.
- After a 65% one-year gain, the stock trades 65.9% above its 52-week low of Rs 191.8. The wide range up to Rs 371.7 shows high recent price volatility, and part of the earnings growth may already be priced in.
- Over 3 years, profit grew at only 11% a year against 19% sales growth. That suggests compression in margins or profitability during that period, despite the better TTM figure.
- Shareholder payouts are thin, with a dividend yield of 0.38% and an average payout ratio of 7.14% of profits over 3 years. Income-focused investors get little cash return.
- Contingent liabilities of Rs 2,99,451 Cr are about 3.8x the market cap of Rs 78,709.25 Cr. These off-balance-sheet items, such as guarantees and forex or derivative contracts, are common for banks but add risk if they crystallise.
- ROCE of 5.88% and the flagged low interest coverage reflect the thin spread structure of banking, where interest expense is the core cost. Any narrowing of net interest margins would weigh directly on earnings.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Jana SFB premium, integration risk Sep 25
The reported deal price is a 15-20% premium to Jana SFB's market price, which raises valuation and integration-execution risk. Reports also conflict: they describe a 'controlling' or 'majority' stake, but the promoter's holding is only 16.9%, so the final structure and the capital needed are still unclear.
- Jana SFB stake buy nears Sep 25
Per CNBC TV18, Federal Bank is close to buying the Jana SFB promoter's full 16.9% stake at a 15-20% premium. The deal would expand its small finance banking reach, and 62.86% of 35 analysts rate the stock Buy.
- Ex-Kotak head Diwanji joins ED Sep 28
Virat Sunil Diwanji, who previously led Kotak Mahindra's consumer bank, becomes Executive Director effective October 12, 2026, for an RBI-approved three-year term. He adds deep retail banking experience to senior management.
- Q2FY27 earnings call Oct 16 Oct 8
Federal Bank will hold an analyst call on October 16, 2026, to discuss Q2FY27 results and business updates, with dial-in options for domestic and international participants.
- $500m MTN programme approved Sep 17
On September 17, 2026, the board approved a USD 500 million medium-term note programme. It allows secured or unsecured foreign currency bonds listed on international exchanges, giving the bank more funding options.
- Investor meetings Sep 21-30 Sep 16
Federal Bank scheduled analyst and institutional investor meetings from September 21 to 30, 2026, held virtually or in person, with no unpublished price-sensitive information to be shared.
- Trading window closed for Q2 Sep 29
The insider trading window closed from October 1, 2026, and stays shut until 48 hours after the Q2FY27 results are declared. This is a routine compliance step.
TL;DR: Federal Bank's momentum is strategic: the likely Jana SFB stake purchase, a senior retail banker from Kotak joining as ED, and a USD 500 million overseas funding programme. The main risks are the 15-20% acquisition premium, unclear deal structure (16.9% is not a majority stake), and integration execution. Overall the trend looks steady to improving, and the October 16 Q2FY27 call should clarify deal terms, capital impact, and growth outlook.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,350 | 5,791 | 6,085 | 6,339 | 6,728 | 7,006 | 7,265 | 7,108 | 7,151 | 7,216 | 7,360 | 7,947 | 7,862 |
| Expenses | 1,634 | 1,661 | 1,814 | 1,917 | 2,048 | 2,149 | 2,349 | 2,265 | 2,506 | 2,519 | 2,595 | 3,017 | 2,665 |
| Financing Profit | 461 | 586 | 511 | 486 | 468 | 463 | 346 | 386 | 105 | 267 | 365 | 528 | 659 |
| Fin. Margin % | 9% | 10% | 8% | 8% | 7% | 7% | 5% | 5% | 1% | 4% | 5% | 7% | 8% |
| Other Income | 741 | 757 | 908 | 810 | 936 | 1,010 | 931 | 1,047 | 1,164 | 1,105 | 1,143 | 1,186 | 1,082 |
| Interest | 3,255 | 3,544 | 3,760 | 3,936 | 4,212 | 4,393 | 4,570 | 4,456 | 4,540 | 4,429 | 4,401 | 4,402 | 4,538 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 1,202 | 1,343 | 1,420 | 1,296 | 1,404 | 1,473 | 1,277 | 1,434 | 1,270 | 1,373 | 1,507 | 1,714 | 1,741 |
| Tax % | 26% | 26% | 25% | 25% | 26% | 25% | 26% | 23% | 25% | 26% | 25% | 19% | 25% |
| Net Profit | 894 | 1,007 | 1,067 | 996 | 1,047 | 1,115 | 951 | 1,120 | 951 | 1,023 | 1,125 | 1,392 | 1,302 |
| EPS in Rs | 4.16 | 4.23 | 4.26 | 3.99 | 4.2 | 4.47 | 3.85 | 4.44 | 3.74 | 4.03 | 4.44 | 5.44 | 5.09 |
| Gross NPA % | 2.37% | 2.27% | 2.28% | 2.11% | — | — | — | — | — | — | — | — | — |
| Net NPA % | 0.74% | 0.68% | 0.68% | 0.63% | — | — | — | — | — | — | — | — | — |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,488 | 7,826 | 8,783 | 9,915 | 11,635 | 13,590 | 14,314 | 14,382 | 17,812 | 23,565 | 28,106 | 29,674 | 30,385 |
| Expenses | 1,701 | 2,529 | 2,749 | 3,331 | 3,572 | 4,608 | 5,527 | 5,758 | 5,828 | 6,792 | 8,523 | 10,332 | 10,796 |
| Financing Profit | 731 | 38 | 382 | 358 | 747 | 304 | 352 | 664 | 2,009 | 2,278 | 1,952 | 1,571 | 1,819 |
| Fin. Margin % | 10% | 0% | 4% | 4% | 6% | 2% | 2% | 5% | 11% | 10% | 7% | 5% | 6% |
| Other Income | 879 | 808 | 1,084 | 1,160 | 1,335 | 1,882 | 1,972 | 2,121 | 2,436 | 3,216 | 3,924 | 4,598 | 4,515 |
| Interest | 5,056 | 5,259 | 5,653 | 6,226 | 7,316 | 8,678 | 8,435 | 7,959 | 9,975 | 14,495 | 17,631 | 17,772 | 17,770 |
| Depreciation | 79 | 108 | 124 | 125 | 122 | 126 | 115 | 139 | 182 | 234 | 288 | 306 | 0 |
| PBT | 1,530 | 739 | 1,342 | 1,393 | 1,960 | 2,060 | 2,209 | 2,646 | 4,263 | 5,261 | 5,588 | 5,863 | 6,335 |
| Tax % | 34% | 34% | 36% | 35% | 35% | 25% | 25% | 26% | 26% | 25% | 25% | 24% | — |
| Net Profit | 1,058 | 486 | 867 | 935 | 1,318 | 1,590 | 1,680 | 1,996 | 3,210 | 3,964 | 4,234 | 4,491 | 4,843 |
| EPS in Rs | 6.17 | 2.83 | 5.03 | 4.74 | 6.63 | 7.93 | 8.34 | 9.37 | 14.95 | 15.93 | 16.93 | 17.63 | 19 |
| Div. Payout % | 18% | 25% | 18% | 21% | 21% | 0% | 8% | 19% | 7% | 8% | 7% | 7% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 171 | 344 | 345 | 394 | 397 | 399 | 399 | 421 | 423 | 487 | 491 | 493 |
| Reserves | 7,529 | 7,720 | 8,607 | 11,880 | 13,101 | 14,424 | 16,105 | 18,835 | 21,699 | 29,618 | 34,047 | 39,550 |
| Borrowing | 2,393 | 5,236 | 6,345 | 12,329 | 8,706 | 12,528 | 12,271 | 19,587 | 25,862 | 25,160 | 32,596 | 33,193 |
| Deposits | 70,823 | 79,171 | 97,662 | 1,11,970 | 1,34,879 | 1,52,252 | 1,72,186 | 1,81,678 | 2,12,988 | 2,52,455 | 2,83,484 | 3,13,491 |
| Other Liabilities | 1,993 | 2,234 | 2,527 | 2,640 | 3,469 | 3,751 | 4,006 | 5,721 | 7,031 | 10,119 | 9,534 | 15,354 |
| Total Liabilities | 82,909 | 94,706 | 1,15,486 | 1,39,214 | 1,60,552 | 1,83,353 | 2,04,967 | 2,26,241 | 2,68,004 | 3,17,839 | 3,60,152 | 4,02,081 |
| Fixed Assets | 446 | 508 | 477 | 452 | 462 | 477 | 504 | 643 | 890 | 996 | 1,456 | 1,420 |
| CWIP | 27 | 16 | 15 | 10 | 18 | 28 | 13 | 29 | 81 | 67 | 72 | 108 |
| Investments | 20,349 | 24,920 | 27,912 | 30,595 | 31,676 | 35,715 | 36,732 | 39,065 | 48,702 | 61,043 | 66,058 | 76,471 |
| Other Assets | 62,087 | 69,262 | 87,081 | 1,08,158 | 1,28,397 | 1,47,133 | 1,67,717 | 1,86,504 | 2,18,330 | 2,55,733 | 2,92,567 | 3,24,081 |
| Total Assets | 82,909 | 94,706 | 1,15,486 | 1,39,214 | 1,60,552 | 1,83,353 | 2,04,967 | 2,26,241 | 2,68,004 | 3,17,839 | 3,60,152 | 4,02,081 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 5,158 | -1,557 | 3,431 | -5,051 | 7,873 | 3,731 | 11,179 | -7,774 | 489 | 6,431 | 8,801 | 4,349 |
| Investing | -1,364 | 1,990 | -2,384 | -1,579 | -3,378 | -4,688 | -3,913 | 901 | -9,860 | -8,912 | -3,799 | -11,118 |
| Financing | -3,544 | 205 | 985 | 8,371 | -3,637 | 3,661 | -208 | 8,193 | 6,038 | 3,871 | 7,401 | 2,069 |
| Net Cash Flow | 250 | 639 | 2,032 | 1,741 | 858 | 2,704 | 7,058 | 1,320 | -3,332 | 1,390 | 12,403 | -4,700 |
| Free Cash Flow | 5,039 | -1,717 | 3,338 | -5,145 | 7,750 | 3,585 | 11,053 | -8,062 | 8 | 6,114 | 8,050 | 4,063 |
| CFO/OP | 100 | -29 | 64 | -66 | 107 | 49 | 134 | -80 | 14 | 46 | 52 | 29 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 15% | 6% | 10% | 9% | 10% | 11% | 11% | 11% | 15% | 15% | 13% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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96 extracted metrics + investor summaries across FY10–FY27.
Documents
Frequently Asked Questions about Federal Bank
What does Federal Bank Ltd do?
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What is the market capitalisation of Federal Bank Ltd?
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What is the 52-week high and low of Federal Bank Ltd?
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What is the Return on Equity (ROE) of Federal Bank Ltd?
Company Information
The Federal Bank Limited (‘the Bank’) was incorporated in 1931 as Travancore Federal Bank Limited. It provides retail and corporate banking, para banking activities such as debit card, third party product distribution etc., treasury and foreign exchange business.[1].It is the second-largest bank and the largest private sector bank in Kerala[2]
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