24 June 2025

Company Update | Sector: Financials

Federal Bank
BSE SENSEX
82,055
S&P CNX
25,044
CMP: INR209 TP: INR250 (+19%) Buy
Laying groundwork for steady improvement in RoA
Estimate 20% earnings CAGR over FY25-28 and FY28-exit RoA of 1.5%
 Federal Bank (FB) has demonstrated strong business growth and is rebalancing
its portfolio toward medium- and high-yielding segments like LAP, used CVs,
gold loans, and credit cards to drive profitability. We estimate loan growth to
Bloomberg FB IN
sustain at ~17% CAGR over FY25-28E while bank maintains strong asset quality.
Equity Shares (m) 2455
M.Cap.(INRb)/(USDb) 513.8 / 6  Deposit growth is expected to accelerate to a 15.1% CAGR over FY25-28,
52-Week Range (INR) 217 / 172 supported by a CA-led CASA push, a stronger NR franchise, and the realignment
1, 6, 12 Rel. Per (%) 2/1/13 of its branch network. We estimate CASA share to improve to 34-35% by FY28E.
12M Avg Val (INR M) 2089  NIMs may face near-term pressure due to high funding costs, muted CASA
Free float (%) 100.0
growth, and T+1 repricing of a 51% repo-linked book; however, FB targets
medium-term NIMs of 3.5% by FY28.
Financials & Valuation (INR b)
Y/E Mar FY25 FY26E FY27E  C/I ratio is estimated to stay high at 53-55% in the near term due to investments
NII 94.7 103.2 125.4 in Neo, Project Udaan, and tech upgrades, though it is expected to improve with
OP 61.0 67.3 85.9 scale and productivity gains.
NP 40.5 42.4 53.7  Asset quality remains robust, with GNPA/NNPA at 1.84%/0.44% in FY25 and a
NIM (%) 3.2 3.1 3.2
healthy PCR of >75%. Credit costs are likely to remain contained at ~35-45bp.
EPS (INR) 16.6 17.4 22.0
EPS Gr. (%) 1.8 4.7 26.5
 Under new CEO Mr. KVS Manian, FB is addressing its gaps and pivoting toward
BV/Sh. (INR) 137 150 171 sustainable, return-driven growth across businesses and geographies. We
ABV/Sh. (INR) 131 143 163 estimate RoA/RoE at 1.4%/15.6% by FY28E, driven by better margins, asset mix
Ratios shift, and improved cost efficiency. The C/I ratio is likely to fall to ~48.8%.
ROA (%) 1.2 1.1 1.2  FB remains one of our preferred BUY-rated ideas among mid-size private banks
ROE (%) 13.0 12.1 13.7
with a TP of INR250 (1.5x FY27E ABV).
Valuations
P/E(X) 12.6 12.0 9.5 Targeting balanced growth with improving asset mix
P/BV (X) 1.5 1.4 1.2
FB is strategically shifting toward profitable growth by reshaping its asset mix
to favor medium- and high-yield segments while preserving asset quality. In
Shareholding pattern (%)
As On Mar-25 Dec-24 Mar-24 FY25, it reported modest credit growth of 12% as the bank deliberately slowed
Promoter 0.0 0.0 0.0 non-friendly corporate loan growth, while other segments like LAP, CV/CE, and
DII 48.6 48.4 44.9 gold loans continued to grow at a healthy pace. Although gold loan growth
FII 27.0 27.1 29.3 slowed in 4Q due to regulatory factors, recent LTV relaxations by the RBI
Others 24.4 24.5 25.8
should support recovery. FB remains cautious on unsecured credit but expects
FII Includes depository receipts
a gradual re-entry as conditions improve. We estimate FB to deliver ~17% loan
Stock performance (one-year) CAGR over FY25-28E.
Federal Bank Focusing on CA to boost deposit growth and ease funding costs
Nifty - Rebased FB is strengthening its deposit franchise by accelerating CA deposit growth.
220
Overall deposit growth was moderate at 12% YoY in FY25, led by 15.6% CASA
205 growth, though the CASA ratio remained modest at ~30.2%. While the bank
190 has underperformed peers in CA deposits, it is garnering deposits through
175
innovative offerings and increased focus on SME/mid-corporate customers.
We note that FB’s CA mix at 7% is relatively smaller than the 12-16% range for
160 other top 5 private banks despite FB having ~31% mix of non-retail loans. FB is
Jun-24

Jun-25
Sep-24

Dec-24

Mar-25

also reorienting its branch strategy toward liability-led growth, transforming

its outlets into active deposit hubs. With a strong NR franchise (~29% of
deposits), the bank plans to expand beyond Kerala and the GCC, leveraging
wealth and investment offerings. These initiatives will help to improve the

Nitin Aggarwal - Research Analyst ([email protected])

Research Analyst: Dixit Sankharva ([email protected]) | Disha Singhal ([email protected])
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Federal Bank

CASA ratio in the medium term. Additionally, the bank has consciously pruned non-
LCR-friendly wholesale deposits, resulting in a healthy LCR of 142% as of FY25 (128%
in FY24). With this improved liquidity profile, deposits are expected to grow steadily
at a 15% CAGR over FY25-28, with CASA growth being faster at 20% over the same
period.

NIMs to be under pressure in near term; aspires to reach 3.5% by FY28E

FB’s NIMs are likely to remain under pressure for the near term due to rising funding
costs, muted CASA growth, and yield compression from the transmission of repo
rate cuts. Its high repo-linked book (51%) and faster T+1 repricing model (vs. peers)
add to the pressure. However, FB is repositioning for medium-term margin
expansion, targeting NIM of 3.5% by FY28. It is focusing on high-yield segments,
such as used CVs, affordable housing, LAP, tractor financing, SME & mid-corporate
lending and credit cards, while reducing exposure to low-margin mortgages,
corporates & NBFCs. The bank has exited select non-remunerative corporate loans,
replacing them with better-yielding assets. With aligned repricing, a shift in asset
mix, and improving liabilities mix, FB aims to structurally enhance margins and
improve its margin profile. We estimate margin to improve to 3.45% by FY28E.

Expect gradual reduction in cost ratios; fee intensity to improve further

The bank is strategically investing in long-term franchise growth while focusing on
cost efficiency and fee income expansion. In FY25, opex rose due to branch
additions, marketing spends, and tech-led initiatives, pushing the 4QFY25 C/I ratio
to ~56.7% vs. a full-year average of ~54%. Investments in platforms like Neo (sales
and marketing) and Project Udaan (branch productivity) are expected to drive future
growth but will keep costs high in the near term, with the C/I ratio likely to stay in
the 53-55% range. However, scale benefits, process centralization, and operating
leverage are expected to aid gradual improvement in C/I ratio, with most of the
benefits to be visible from FY28E when C/I ratio is estimated to improve to 48.8%.
Simultaneously, FB is scaling up its fee income on the back of strong traction in
cards, wealth, and fintech cross-sell. It is aiming to improve the fee-to-assets ratio,
thus enhancing RoA while balancing growth and operating efficiency.

RoA recovery to begin in FY27E; estimate sharp uptick to 1.5% by exit FY28E
FB, as a franchisee, has operated with a conservative risk profile and that partly is
the reason why the bank has operated in a lower return ratio profile. Over the past
five years, the bank’s RoA has been in the range of 0.9-1.2%, which is lower than
that of its industry peers. FB has set an aspiration to grow and realign its product
portfolio toward mid- and high-yielding assets while being conscious of its asset
quality metrics, which should help to keep the credit cost contained. As operating
leverage kicks in and the C/I ratio sees a calibrated decline, fee income will remain
strong amid cross-selling and better growth in high-yielding assets. These measures
collectively set the stage for a gradual RoA improvement for FB, pointing to a
credible pathway toward ~1.4% RoA by FY28E (exit RoA of 1.5%).

24 June 2025 2
 Federal Bank

Asset quality stable; factoring in slight rise in credit cost as mix of high-
yielding assets increase
FB has consistently maintained strong asset quality, with GNPA/NNPA improving to
1.84%/0.44% in FY25, driven by controlled slippages, strong recoveries, and prudent
provisioning. Robust underwriting, especially in mid-corporate and SME segments,
underpins this performance. Even in higher-yielding areas like microfinance and
credit cards, the bank has remained cautious and has made accelerated provisions,
prioritizing quality over growth. The restructured book has declined to 0.6%, and
PCR has improved to >75%, strengthening the balance sheet. With a disciplined
credit culture, selective unsecured exposure and proactive risk framework, FB is well
positioned to manage asset quality across cycles. We estimate credit cost to stay
contained or increase slightly to ~50bp by FY28E as the bank consciously increases
the mix of high-yielding loans. We thus estimate GNPA/NNPA to improve further to
1.7%/0.4% by FY28E.

Valuation and view

 FB recorded slower growth in FY25 due to its ongoing portfolio rejig and
conscious shift toward higher-yielding products. Its strategic focus—driven by
asset mix improvement, liability optimization, and digital initiatives—positions it
well to improve upon its profitability profile.
 Under new CEO Mr. Manian, the bank is addressing key gaps and is on track to
deliver stable growth with improved margins and stronger return ratios.
 Though the stock trades at a discount to peers, improving fundamentals and a
better RoA/RoE profile should support valuation re-rating over time, particularly
as the steps that management is taking begin to yield results.
 We estimate RoA to expand to 1.4% and RoE to 15.6% by FY28E, with potential
upside from rising margins and continued asset mix shift. As operating leverage
improves, the C/I ratio is likely to decline to ~48.8% by FY28. FB remains one of
our preferred BUY-rated ideas among mid-size private banks with a TP of
INR250 (1.5x FY27E ABV).

24 June 2025 3
 Federal Bank

Targeting balanced growth with improving asset mix

Improving growth in mid/high-yielding assets to enable profitable growth

 FB is strategically shifting toward profitable growth by reshaping its asset mix to

favor medium- and high-yielding segments while preserving asset quality.
 In FY25, it reported a modest credit growth of 12% as the bank deliberately
slowed non-friendly corporate loan growth, while other segments like LAP,
CV/CE, and gold loans continued to grow at a healthy pace.
 Although gold loan growth slowed in 4Q due to regulatory factors, recent LTV
relaxations by the RBI should support a recovery.
 FB remains cautious on unsecured credit but expects a gradual re-entry as
conditions improve. We estimate FB to deliver ~17% loan CAGR over FY25-28E.

Loan mix Exhibit 1: Estimate healthy ~17% loan CAGR over FY25-28E

Loans (INRb) Growth - YoY (%)

Retail
2% 20 20
33% SME 18
17
16
28% Agriculture 12
10
Gold 8
CV/CE
1,449

1,744

2,094

2,348

2,717

3,184

3,758
FY21 1,319

2% Corporate
19%
13% 3% MFI
FY22

FY23

FY24

FY25

FY26E

FY27E

FY28E
Source: MOFSL, Company

Exhibit 2: Share of better-margin products (excl. MSME) increased to 7% in FY25

FB has been expanding its MSME Credit card Personal loans CV/CE MFI
better-yielding product
portfolio with a focus on 1.7
0.8 1.6 1.9
existing and new product 0.3 1.6
1.2 1.6
lines 0.8 1.8 1.3
1.3 1.4
0.2 1.1 0.8

17.8 17.7 18.0 19.1

FY22

FY23

FY24

FY25

Source: MOFSL, Company

Exhibit 3: Asset business mix (%) for various banks

FB has a well-diversified Retail Wholesale SME &BB Others
book, and likely similar to 0% 0% 3% 0%
11% 6%
11% 13%
the other banks 19% 20% 8%
33% 9% 13% 35%
29% 21% 14%
33% 21% 21% 27%
18% 22%
24%

59% 60% 68% 58%

48% 50% 50% 54%
41%
RBK
ICICIBC

AXSB

IIB

IDFCFB
KMB

YES
HDFCB
FB

Source: MOFSL, Company

24 June 2025 4
 Federal Bank

CA deposits to boost deposit growth

Estimate CASA ratio to improve to 34% by FY28E

 FB is strengthening its deposit franchise by driving CA deposit growth. Overall

deposit growth was moderate at 12% YoY in FY25, led by 15.6% CASA growth,
though the CASA ratio remained modest at ~30.2%.
 While the bank has underperformed peers in CA deposits, it is accelerating
deposit acquisition through innovative offerings and increased focus on
SME/mid-corporate customers. We note that FB’s CA mix at 7% is relatively
smaller than the 12-16% range for other top 5 private banks, despite FB having
~31% mix of non-retail loans.
 FB is also reorienting its branch strategy toward liability-led growth,
transforming outlets into active deposit hubs. With a strong NR franchise (~29%
of deposits), the bank plans to expand beyond Kerala and the GCC, leveraging
wealth and investment offerings.
 These initiatives will help to improve CASA ratio in the medium term.
Additionally, the bank has consciously pruned non-LCR-friendly wholesale
deposits, resulting in a healthy LCR of 142% as of FY25 (128% in FY24). With this
improved liquidity profile, deposits are expected to grow steadily at a 15% CAGR
over FY25-28, with faster CASA growth of 20%.

Exhibit 4: Estimate deposit CAGR at ~15.1% over FY25-28E Exhibit 5: CD ratio stable at 83%; LCR increased to 142%
Deposits (INRb) Growth - YoY (%) CD Ratio (%) LCR Ratio (%)
145.2

142.0
18
17

16
15

128.1
13

127.8
14

125.0
12

124.8

119.9

118.5
115.2
112.6
5

2,134 83.5 81.8 82.5 82.8 83.1 82.9 83.0 85.6 86.5 82.8
1,726 1,817 2,525 2,836 3,225 3,712 4,321
3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25

3QFY25

4QFY25
FY21

FY22

FY23

FY24

FY25

FY26E

FY27E

FY28E

Source: MOFSL, Company Source: MOFSL, Company

Exhibit 6: Non-retail deposits stand lower for FB vs. its peers

Non-Retail Deposits Mix (%)

FB has lower non-retail 59.7%
58.2% 58.7%
deposits mix (%) vs. all its 54.9%
peer banks 45.3% 47.9%
43.3%
39.9%
30.8%

FB IDFCFB HDFCB KMB AXSB IIB ICICIBC YES RBK

Source: MOFSL, Company

24 June 2025 5
 Federal Bank

Exhibit 7: CA mix (%)is relatively lower for FB

CA mix (%)
CA mix (%) is lower for FB at
19.0%
7.2% vs. 10% and above for 16.6% 16.2%
most of the peers 14.5% 14.2%
11.6%
9.9%
7.2%

YES KMB RBK ICICIBC AXSB HDFCB IIB FB

Source: MOFSL, Company

Exhibit 8: CASA mix (%) for various private banks

CASA mix (%)

Lower share of CA deposits
46.9%
resulted into lower CASA 43.0% 41.8% 40.8%
mix for FB 34.8% 34.3% 34.1% 32.8%
30.2%

IDFCFB KMB ICICIBC AXSB HDFCB YES RBK IIB FB

Source: MOFSL, Company

24 June 2025 6
 Federal Bank

NIMs to be under pressure in near term; aspires to reach

3.5% by FY28E
NIMs to emerge as a key RoA driver in medium term

 FB’s NIMs are likely to remain under pressure for the near term due to rising
funding costs, muted CASA growth, and yield compression from the
transmission of repo rate cuts. Its high repo-linked book (51%) and faster T+1
repricing model (vs peers) add to the pressure.
 However, FB is repositioning for medium-term margin expansion, targeting NIM
of 3.5% by FY28. It is focusing on high-yield segments like used CVs, affordable
housing, LAP, tractor financing, SME & mid-corporate lending and credit cards,
while reducing exposure to low-margin mortgages, corporates & NBFCs.
 The bank has exited select non-remunerative corporate loans, replacing them
with better-yielding assets. With aligned repricing, a shift in asset mix, and
improving liabilities mix, FB aims to structurally enhance margins and improve
its margin profile. We estimate margin to improve to 3.45% by FY28E.

Exhibit 9: Estimate NIMs to bottom out in FY26E; recover thereafter to 3.45% by FY28E

NIM (%)
NIMs to see near-term
pressure in FY26E and
improve toward 3.45% in
FY28E

3.45
3.37
3.16 3.2 3.20 3.22 3.21
3.07

FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E

FY26,27 are on calculated basis Source: MOFSL, Company

24 June 2025 7
 Federal Bank

Cost ratios sticky in near term; fee intensity to improve further

Estimate lagged decline in C/I ratio to ~48.8% by FY28E

 FB is strategically investing in long-term franchise growth while focusing on cost

efficiency and fee income expansion. In FY25, opex rose due to branch
additions, marketing spends, and tech-led initiatives, pushing the 4QFY25 C/I
ratio to ~56.7% vs. a full-year average of ~54%.
 Investments in platforms like Neo (sales and marketing) and Project Udaan
(branch productivity) are expected to drive future growth but will keep costs
elevated in the near term, with the C/I ratio likely to stay in the 53–55% range.
 However, scale benefits, process centralization, and operating leverage are
expected to aid gradual improvement in C/I ratio, with most of the benefits to
be visible from FY28E when C/I ratio is expected to improve to 48.8%.
 Simultaneously, FB is scaling up its fee income on the back of strong traction in
cards, wealth, and fintech cross-sell. It is aiming to improve its fee-to-assets
ratio, thus enhancing RoA while balancing growth and operating efficiency.

Exhibit 10: Estimate C/I ratio to moderate to 48.8% by FY28E

With continued investment C/I ratio (%) Cost to assets (%)
in business, technology and 2.1
2.0 2.0
employees, we expect the 2.0 2.0
C/I ratio to decline to 48.8% 1.9
by FY28E
1.8 1.8

49.3 53.3 49.9 54.5 54.0 54.5 51.7 48.8

FY21

FY22

FY23

FY24

FY25

FY26E

FY27E

FY28E
Source: MOFSL, Company

24 June 2025 8
 Federal Bank

RoA recovery to begin in FY27E

Estimate sharp uptick to 1.5% by the end of FY28E, led by multiple levers

 FB, as a franchisee, has operated with a conservative risk profile and that is
partly the reason why the bank has operated in a lower return ratio profile. Over
the past five years, the bank’s RoA has been around 0.9-1.2%, which is lower
than that of its industry peers.
 The bank has set an aspiration to grow and realign its product portfolio toward
mid- and high-yielding assets while being conscious about the asset quality
metrics, which should help to keep the credit cost contained.
 As operating leverage kicks in and the C/I ratio sees a calibrated decline, fee
income shall remain strong amid cross-selling and better growth in high-yielding
assets.
 These measures collectively set the stage for a gradual RoA improvement for FB,
pointing to a credible pathway toward ~1.4% RoA by FY28E (exit RoA of 1.5%).

Exhibit 11: Return ratios to improve from FY27E; estimate 1.5% exit RoA in FY28E
RoA (%) RoE (%)

15.6
14.9

14.7

13.7
13.0

12.1
11.1

10.8
10.4
0.91

0.83

0.89

1.25

1.31

1.23

1.13

1.24

1.40
FY20

FY21

FY22

FY23

FY24

FY25

FY26E

FY27E

FY28E
Source: MOFSL, Company

Exhibit 12: RoA to recover on the back of NIMs, healthy fee and controlled cost and provisions
Y/E March FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E
Net Interest Income 2.90 2.82 3.01 2.92 2.88 2.75 2.89 3.15
Non-Interest income 1.03 0.99 0.97 1.08 1.16 1.18 1.21 1.23
Total Income 3.92 3.81 3.97 4.00 4.04 3.93 4.10 4.38
Operating Expenses 1.93 2.03 1.98 2.18 2.18 2.14 2.12 2.14
Operating Profits 1.99 1.78 1.99 1.82 1.86 1.79 1.98 2.24
Core Operating Profits 1.66 1.64 1.98 1.72 1.76 1.68 1.87 2.13
Provisions 0.87 0.58 0.31 0.07 0.22 0.28 0.32 0.37
PBT 1.12 1.20 1.68 1.75 1.63 1.51 1.66 1.87
Tax 0.29 0.31 0.43 0.44 0.40 0.38 0.42 0.47
RoA 0.83 0.89 1.25 1.31 1.23 1.13 1.24 1.40
Leverage (x) 12.5 12.1 11.9 11.2 10.5 10.7 11.1 11.2
RoE 10.4 10.8 14.9 14.7 13.0 12.1 13.7 15.6
Source: MOFSL, Company

24 June 2025 9
 Federal Bank

Strong underwriting enables robust asset quality

Estimate credit cost to remain contained at ~35-45bp over FY25-28E

 The bank has consistently maintained strong asset quality, with GNPA/NNPA
improving to 1.84%/0.44% in FY25, driven by controlled slippages, strong
recoveries, and prudent provisioning. Robust underwriting, especially in mid-
corporate and SME segments, underpins this performance.
 Even in higher-yielding areas like microfinance and credit cards, the bank has
remained cautious and made accelerated provisions, prioritizing quality over
growth. The restructured book has declined to 0.6%, and PCR has improved to
>75%, strengthening its balance sheet.
 With a disciplined credit culture, selective unsecured exposure and proactive
risk framework, FB is well positioned to manage asset quality across cycles.
 We estimate credit costs to stay contained or increase slightly to ~50bp by
FY28E as the bank consciously increases the mix of high-yielding loans. We thus
estimate GNPA/NNPA to improve further to 1.7%/0.4% by FY28E.

Exhibit 13: Estimate GNPA/NNPA ratios at 1.7%/0.4% by FY28E

FB saw an improvement in GNPA (%) NNPA (%) PCR (%)
GNPA/NNPA ratios, aided 76.2 75.7 76.0 77.3
by healthy recoveries and 65.9 66.3 68.4 69.6
lower slippages 54.5

1.3 1.2
1.0 0.8 0.7
0.4 0.4 0.4 0.4
2.8 3.4 2.8 2.4 2.1 1.8 1.8 1.8 1.7
FY20

FY21

FY22

FY23

FY24

FY25

FY26E

FY27E

FY28E
Source: MOFSL, Company

Exhibit 14: Estimate credit cost to remain stable at 35-45bp over FY25-28E
We estimate credit cost to Slippage ratio (calc,%) Credit cost (calc,%)
remain stable at 35-45bp 1.31
over FY25-28E 1.01
0.88

0.47 0.43 0.49

0.10 0.33 0.37

0.91
1.65 1.51 1.36 1.08 0.82 1.00 1.00 0.94
FY20

FY21

FY22

FY23

FY24

FY25

FY26E

FY27E

FY28E

Source: MOFSL, Company

24 June 2025 10
 Federal Bank

Valuation and view

 FB recorded slower growth in FY25 due to its ongoing portfolio rejig and a
conscious shift toward higher-yielding products. Its strategic focus—driven by
asset mix improvement, liability optimization, and digital initiatives—positions it
well to improve its profitability profile.
 Under new CEO Mr. Manian, the bank is addressing key gaps and is on track to
deliver stable growth with improved margins, and stronger return ratios.
 Though the stock trades at a discount to peers, improving fundamentals and a
better RoA/RoE profile should support valuation re-rating over time, particularly
as the steps that the management is taking begin to yield results.
 We estimate RoA to expand to 1.4% and RoE to 15.6% by FY28E, with potential
upside from rising margins and continued asset mix shift. As operating leverage
improves, the C/I ratio is likely to decline to ~48.8% by FY28. FB remains one of
our preferred BUY-rated ideas among mid-size private banks with a TP of
INR250 (1.5x FY27E ABV).

Exhibit 15: One-year forward P/B ratio Exhibit 16: One-year forward P/E ratio
P/B (x) Avg (x) Max (x) P/E (x) Avg (x) Max (x)
Min (x) +1SD -1SD Min (x) +1SD -1SD
2.3
28.0
1.9
1.8 22.5
21.0
1.4 1.3 15.5
1.3 1.2 14.0 11.3 10.7
7.0
0.8 0.9 7.0
5.1
0.3 0.5 0.0
Jun-15

Jun-20

Jun-25

Jun-15

Jun-20

Jun-25
Sep-16

Dec-17

Mar-19

Sep-21

Dec-22

Mar-24

Sep-16

Dec-17

Mar-19

Sep-21

Dec-22

Mar-24
Source: MOFSL, Company Source: MOFSL, Company

Exhibit 17: DuPont Analysis: Estimate RoE to improve to 15.6% by FY28E as leverage improves
Y/E March FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E
Interest Income 7.20 6.47 6.98 7.80 8.02 7.52 7.53 7.70
Interest Expense 4.31 3.65 3.98 4.89 5.14 4.78 4.63 4.55
Net Interest Income 2.90 2.82 3.01 2.92 2.88 2.75 2.89 3.15
Core Fee Income 0.70 0.85 0.96 0.99 1.06 1.08 1.10 1.12
Trading and others 0.33 0.14 0.01 0.10 0.10 0.11 0.11 0.11
Non-Interest income 1.03 0.99 0.97 1.08 1.16 1.18 1.21 1.23
Total Income 3.92 3.81 3.97 4.00 4.04 3.93 4.10 4.38
Operating Expenses 1.93 2.03 1.98 2.18 2.18 2.14 2.12 2.14
-Employee cost 1.07 1.10 0.90 0.99 0.99 0.99 0.98 0.98
-Others 0.87 0.93 1.08 1.19 1.19 1.15 1.14 1.15
Operating Profits 1.99 1.78 1.99 1.82 1.86 1.79 1.98 2.24
Core Operating Profits 1.66 1.64 1.98 1.72 1.76 1.68 1.87 2.13
Provisions 0.87 0.58 0.31 0.07 0.22 0.28 0.32 0.37
PBT 1.12 1.20 1.68 1.75 1.63 1.51 1.66 1.87
Tax 0.29 0.31 0.43 0.44 0.40 0.38 0.42 0.47
RoA 0.83 0.89 1.25 1.31 1.23 1.13 1.24 1.40
Leverage (x) 12.5 12.1 11.9 11.2 10.5 10.7 11.1 11.2
RoE 10.4 10.8 14.9 14.7 13.0 12.1 13.7 15.6
Source: MOFSL, Company

24 June 2025 11
 Federal Bank

Financials and valuations

Income Statement (INRb)
Y/E March FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E
Interest Income 137.6 136.6 168.0 221.9 263.7 282.8 326.2 386.6
Interest Expense 82.2 77.0 95.7 138.9 169.0 179.6 200.8 228.5
Net Interest Income 55.3 59.6 72.3 82.9 94.7 103.2 125.4 158.1
-growth (%) 19.0 7.7 21.3 14.7 14.2 9.0 21.5 26.1
Non-Interest Income 19.6 20.9 23.3 30.8 38.0 44.5 52.5 61.9
Total Income 74.9 80.5 95.6 113.7 132.7 147.7 177.9 220.0
-growth (%) 13.9 7.5 18.8 18.9 16.7 11.3 20.4 23.7
Operating Expenses 36.9 42.9 47.7 62.0 71.7 80.4 91.9 107.4
Pre Provision Profits 38.0 37.6 47.9 51.7 61.0 67.3 85.9 112.6
-growth (%) 18.6 -1.1 27.6 7.9 17.9 10.2 27.8 31.1
Provisions (excl tax) 16.6 12.2 7.5 2.0 7.3 10.5 14.1 18.7
PBT 21.4 25.4 40.4 49.8 53.7 56.8 71.8 93.9
Tax 5.5 6.5 10.3 12.6 13.2 14.4 18.2 23.8
Tax Rate (%) 25.6 25.5 25.6 25.3 24.5 25.3 25.3 25.3
PAT 15.9 18.9 30.1 37.2 40.5 42.4 53.7 70.2
-growth (%) 3.1 18.8 59.3 23.6 8.9 4.7 26.5 30.7

Balance Sheet
Y/E March FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E
Share Capital 4.0 4.2 4.2 4.9 4.9 4.9 4.9 4.9
Equity Share Capital 4.0 4.2 4.2 4.9 4.9 4.9 4.9 4.9
Reserves & Surplus 157.3 183.7 210.8 286.1 329.3 361.5 411.2 477.3
Net Worth 161.2 187.9 215.1 290.9 334.2 366.3 416.1 482.1
Deposits 1,726.4 1,817.0 2,133.9 2,525.3 2,836.5 3,225.1 3,712.1 4,320.8
-growth (%) 13.4 5.2 17.4 18.3 12.3 13.7 15.1 16.4
- CASA Dep 587.1 674.7 701.2 746.5 856.6 1,009.4 1,217.6 1,482.0
-growth (%) 25.5 14.9 3.9 6.5 14.7 17.8 20.6 21.7
Borrowings 90.7 153.9 193.2 180.3 237.3 346.2 408.5 482.1
Other Liabilities & Prov. 35.3 50.6 61.3 86.6 82.1 90.3 103.9 119.4
Total Liabilities 2,013.7 2,209.5 2,603.4 3,083.1 3,490.0 4,028.0 4,640.6 5,404.5
Current Assets 195.9 210.1 176.9 189.6 308.6 325.0 329.6 369.8
Investments 371.9 391.8 489.8 608.6 662.5 788.3 914.5 1,056.2
-growth (%) 3.6 5.4 25.0 24.2 8.9 19.0 16.0 15.5
Loans 1,318.8 1,449.3 1,744.5 2,094.0 2,348.4 2,717.1 3,184.4 3,757.6
-growth (%) 7.9 9.9 20.4 20.0 12.1 15.7 17.2 18.0
Fixed Assets 4.9 6.3 9.3 10.2 14.8 17.3 19.9 22.3
Other Assets 122.2 151.9 182.9 180.7 155.9 180.3 192.2 198.6
Total Assets 2,013.7 2,209.5 2,603.4 3,083.1 3,490.0 4,028.0 4,640.6 5,404.5

Asset Quality
GNPA 46.0 41.4 41.8 45.3 43.8 49.8 57.4 65.9
NNPA 15.7 13.9 13.2 13.8 10.4 12.1 13.8 15.0
Slippages 19.2 18.8 17.2 17.4 18.2 25.3 29.5 32.6
GNPA Ratio (%) 3.4 2.8 2.4 2.1 1.8 1.8 1.8 1.7
NNPA Ratio (%) 1.2 1.0 0.8 0.7 0.4 0.4 0.4 0.4
Slippage Ratio (%) 1.5 1.4 1.1 0.9 0.8 1.0 1.0 0.9
Credit Cost (%) 1.3 0.9 0.5 0.1 0.3 0.4 0.4 0.5
PCR (Excl Tech. write off) (%) 65.9 66.3 68.4 69.6 76.2 75.7 76.0 77.3
E: MOFSL Estimates

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Financials and valuations

Ratios
Y/E March FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E
Yield and Cost Ratios (%)
Avg. Yield-Earning Assets 8.0 7.4 8.0 8.8 8.9 8.4 8.3 8.4
Avg. Yield on loans 8.5 7.8 8.4 9.2 9.5 8.8 8.8 8.9
Avg. Yield on Investments 6.6 6.3 6.5 6.9 7.3 6.9 6.9 6.8
Avg. Cost-Int. Bear. Liab. 4.8 4.1 4.5 5.5 5.8 5.4 5.2 5.1
Avg. Cost of Deposits 4.8 4.1 4.4 5.5 5.6 5.4 5.2 5.1
Avg. Cost of Borrowings 4.3 3.0 5.5 6.4 5.2 5.2 5.1 5.0
Interest Spread 3.2 3.3 3.6 3.2 3.1 3.0 3.1 3.3
Net Interest Margin 3.2 3.2 3.5 3.3 3.2 3.1 3.2 3.5
Capitalization Ratios (%)
CAR 14.6 15.8 14.8 16.5 16.6 15.7 14.9 14.3
Tier I 13.9 14.4 13.0 14.8 15.1 14.4 13.8 13.4
-CET-1 13.9 14.4 13.0 14.8 14.4 13.8 13.3 13.3
Tier II 0.8 1.3 1.8 1.6 1.5 1.3 1.1 0.9
Business Ratios (%)
Loans/Deposit Ratio 76.4 79.8 81.8 82.9 82.8 84.2 85.8 87.0
CASA Ratio 34.0 37.1 32.9 29.6 30.2 31.3 32.8 34.3
Cost/Assets 1.8 1.9 1.8 2.0 2.1 2.0 2.0 2.0
Cost/Total Income 49.3 53.3 49.9 54.5 54.0 54.5 51.7 48.8
Cost/Core Income 53.7 55.4 50.0 55.9 55.4 56.0 53.1 50.1
Int. Expense/Int.Income 59.8 56.4 57.0 62.6 64.1 63.5 61.6 59.1
Fee Income/Net Income 17.8 22.2 24.1 24.7 26.2 27.4 26.8 25.6
Non Int. Inc./Net Income 26.1 25.9 24.4 27.1 28.6 30.1 29.5 28.1
Empl. Cost/Op. Exps. 55.1 54.1 45.6 45.5 45.3 46.4 46.3 46.0
Efficiency Ratios (INRm)
Employee/branch (in nos) 9.8 9.8 9.8 10.1 10.0 9.9 9.8 9.7
Staff cost/employee 1.6 1.8 1.6 1.9 2.0 2.2 2.4 2.7
CASA per branch 455.5 519.0 511.1 496.3 537.3 597.3 679.7 780.5
Deposits per branch 1,339.4 1,397.7 1,555.3 1,679.1 1,779.2 1,908.4 2,072.3 2,275.6
Business per Employee 241.8 255.4 288.2 303.7 324.6 354.3 391.6 436.9
PAT per Employee 1.3 1.5 2.2 2.4 2.5 2.5 3.0 3.8

Valuation FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E

RoE 10.4 10.8 14.9 14.7 13.0 12.1 13.7 15.6
RoA 0.8 0.9 1.3 1.3 1.2 1.1 1.2 1.4
RoRWA 1.4 1.5 1.9 1.9 1.8 1.6 1.7 1.9
Book Value (INR) 81 89 102 119 137 150 171 198
-growth (%) 10.9 10.7 13.7 17.6 14.9 9.6 13.6 15.9
Price-BV (x) 2.6 2.3 2.1 1.7 1.5 1.4 1.2 1.1
Adjusted BV (INR) 72.7 81.6 94.1 112.8 131.3 143.5 162.9 189.0
Price-ABV (x) 2.9 2.6 2.2 1.9 1.6 1.5 1.3 1.1
EPS (INR) 8.0 9.2 14.3 16.3 16.6 17.4 22.0 28.8
-growth (%) 2.8 15.6 54.8 14.5 1.8 4.7 26.5 30.7
Price-Earnings (x) 26.2 22.7 14.6 12.8 12.6 12.0 9.5 7.3
Dividend Per Share (INR) 0.0 0.7 1.8 1.0 1.5 1.6 1.6 1.7
Dividend Yield (%) 0.0 0.3 0.9 0.5 0.7 0.8 0.8 0.8
E: MOFSL Estimates

Investment in securities market are subject to market risks. Read all the related documents carefully before investing

24 June 2025 13
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NOTES

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Explanation of Investment Rating

Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL < - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National
Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for
its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of
Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of
associate entities of Motilal Oswal Financial Services Limited are available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or
derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL
may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage
service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can
have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary
to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.
No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to
“Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with
professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian
Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the
United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and
under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and
services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act
and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any
investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption
from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission
("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA. Accordingly, if a recipient is neither an “institutional
investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to [email protected].
Nainesh Rajani
Email: [email protected]
Contact: (+65) 8328 0276
.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public
appearance.
- received compensation/other benefits from the subject company in the past 12 months
- any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an
inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months

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- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or
act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
- Served subject company as its clients during twelve months preceding the date of distribution of the research report.
- The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is,
or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All
such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or
subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not
treat recipients as customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to
any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an
offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation
that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make
their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment
by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in
this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not
be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not
suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures
of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject
to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its
associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document.
They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as
a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed
therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or
in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction,
where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities
described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to
observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees
from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any
of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal,
Email Id: [email protected], Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person Contact No. Email ID
Ms. Hemangi Date 022 40548000 / 022 67490600 [email protected]
Ms. Kumud Upadhyay 022 40548082 [email protected]
Mr. Ajay Menon 022 40548083 [email protected]
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to [email protected]. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
[email protected], for DP to [email protected].

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