Fedders Holding Ltd.

•

imcapitals.comBSE: 511628NSE: FEDDERSHOL

Market Cap₹ 928 Cr.

Current Price

High / Low₹ 53 / 32

Stock P/E10.8

Book Value₹ 36

Price to Book0.16

Dividend Yield0.00 %

ROCE7.6 %

ROE7.3 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 103.8% CAGR over last 5 years
Asset quality is healthy - gross NPA of just 0.0%
Company has delivered good sales growth of 134.3% CAGR over last 5 years
Company has consistently been profitable over the last 5 years

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
A large part of profit comes from other income (79.2% of PBT)
Equity base is being diluted - shares outstanding up 474.6%
Free cash flow has been persistently negative
Operating margins have contracted to 3.7% from 81.2%
Effective tax rate is unusually low at 3.3% - earnings may be flattered

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJFINSV	1990.00	31.43	318810.21	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	510.20	20.65	43327.49	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1487.10	10.46	27924.39	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13055.20	13.41	26413.42	0.66	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	256.20	21.86	24650.38	0.08	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13572.20	55.69	15511.08	1.62	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11458.70	92.58	12718.73	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	129.45	11.91	12387.85	2.51	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	403.15	18.39	8954.12	2.77	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	247.65	155.41	8537.33	0.00	-46.98	-674.86	2353.40	1051.76	-1.28	-2.08
11.	KAMAHOLD	2341.45	8.07	7513.85	1.77	584.02	10.80	4657.56	7.07	20.86	22.01
12.	FEDDERSHOL	46.06	10.83	927.72	0.00	10.82	-34.29	68.88	-11.01	7.56	2.05

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	74	124	188	140	142	85	89	109	77	54	80	134	69
	73	113	149	136	124	88	89	108	70	53	78	150	70
Operating Profit	1	11	39	6	15	-3	1	4	15	19	2	-15	1
OPM %	1.13%	8.88%	20.65%	4.45%	10.90%	-3.51%	0.94%	3.32%	19.01%	35.13%	2.84%	-11.41%	2.05%
Other Income	7	25	5	10	5	13	5	8	7	8	37	41	11
Interest	1	1	1	2	1	2	1	2	1	1	2	1	1
Depreciation	0	1	1	1	1	1	1	1	1	1	1	1	1
	6	35	42	12	20	8	4	8	16	16	37	23	11
Tax %	11.47%	1.22%	0.71%	0.89%	0.05%	9.09%	-11.63%	13.33%	0.06%	7.45%	0.05%	-5.14%	-1.59%
Net Profit	0	0	0	0	20	7	4	7	16	14	37	24	11
	8	40	5	1	2	0	0	0	1	1	2	1	0
Equity Capital	7	8	9	9	12	21	15	17	20	20	20	20	20
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	9	10	8	7	6	4	49	115	526	425	336
	4	6	4	3	4	2	78	112	472	409	350
Operating Profit	6	4	4	4	2	4	40	23	100	47	—
OPM %	63	44	54	63	38	92	81	20	19	11	—
Other Income	0	0	0	0	0	1	69	19	47	31	96
Interest	3	4	4	2	1	0	2	0	4	6	5
Depreciation	0	0	0	0	0	0	10	2	2	3	4
	3	-0	1	2	2	3	748	20	95	39	86
Tax %	21	-2,047	92	29	29	30	-0	-4	2	3	-0
Net Profit	2	-0	0	2	1	2	750	21	94	38	86
EPS	0	0	0	0	3	5	164	59	94	19	—
Dividend Payout %	0	0	0	0	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	-692	0	-0	0	0
Share of Associates	0	1	1	0	0	-1	0	0	0	0	0
Adjusted EPS	1	0	0	0	0	0	16	6	9	19	—

COMPOUNDED SALES GROWTH

10 Years:: 58%
5 Years:: 134%
3 Years:: 106%

COMPOUNDED PROFIT GROWTH

10 Years:: 48%
5 Years:: 104%
3 Years:: -13%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 77%
5 Years:: 153%
3 Years:: 16%
Last Year:: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	4	4	4	4	4	4	4	4	10	20
	51	54	54	56	57	59	144	229	401	608
	3	41	23	13	4	4	5	34	58	80
Trade Payables	1	1	0	0	1	0	5	9	3	6
	42	5	5	5	12	4	17	21	27	36
Total Liabilities	100	104	86	78	77	71	174	297	499	751
ASSETS	-	-	-	-	-	-	-	-	-	-
	0	0	0	0	1	0	67	65	94	109
Capital Work in Progress	0	0	0	0	0	0	0	2	3	30
	0	2	2	2	1	1	2	4	11	10
	0	0	0	0	0	0	8	7	20	25
	0	0	0	0	0	0	0	0	143	202
Cash & Bank	15	1	1	1	3	13	13	4	2	72
	85	101	83	75	73	57	85	213	225	303
Total Assets	100	104	86	78	77	71	174	297	499	751
Total Debt	40	41	23	13	4	4	5	34	58	80
Net Working Capital	15	16	25	36	22	55	82	81	243	483
Contingent Liabilities	0	1	1	1	1	0	5	4	2	23
Book Value per Share	156.91	163.12	165.37	169.95	174.01	178.89	421.44	665.37	414.51	312.29
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-29	-2	-3	-4	6	-11	-64	-18	-109	-237
Cash from Investing	7	-5	13	16	-10	44	34	-82	9	44
Cash from Financing	32	-3	-10	-12	6	-22	9	98	101	193
	10	-11	0	0	2	10	-21	-3	-0	-0
Free Cash Flow	-29	-2	-3	-4	5	-11	-132	-21	-141	-281
OCF / Net Profit	-14.74	5.44	-56.87	-2.58	5.46	-4.72	-0.08	-0.88	-1.17	-6.28
Cumulative 5-Year FCF	0	0	0	0	-34	-16	-145	-163	-300	-586

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	5.65	2.46	2.05	4.47	3.09	4.85	163.67	59.16	94.33	18.74
Book Value (₹)	156.91	163.12	165.37	169.95	174.01	178.89	421.44	665.37	414.51	312.29
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.57	-0.10	0.04	0.46	0.33	0.72	216.93	6.51	9.70	20.39
PROFITABILITY
Operating Margin %	62.54%	43.75%	54.15%	63.49%	38.28%	92.12%	81.17%	19.50%	10.20%	3.70%
Net Margin %	22.18%	-4.56%	0.66%	23.11%	17.83%	57.54%	1531.68%	17.96%	17.81%	8.87%
ROE %	3.67%	-0.81%	0.09%	2.67%	1.78%	3.93%	713.24%	10.89%	29.12%	7.26%
ROCE %	7.14%	4.41%	4.86%	5.55%	3.25%	5.76%	684.46%	9.66%	26.82%	7.56%
	2.46%	-0.45%	0.06%	1.91%	1.39%	3.28%	610.91%	8.79%	23.56%	6.04%
EFFICIENCY
Debtor Days	0	0	30	30	35	91	151	164	72	148
Inventory Days	0	0	0	0	0	0	59	24	10	19
Payable Days	0	0	0	0	0	0	19	27	6	5
	0	0	30	30	35	91	191	161	76	163
FINANCIAL HEALTH
Debt to Equity (x)	0.73x	0.72x	0.39x	0.22x	0.06x	0.07x	0.03x	0.14x	0.14x	0.13x
Interest Coverage (x)	1.82x	1.00x	1.17x	2.08x	3.09x	12.52x	333.04x	47.36x	23.58x	8.00x
	2.94x	1.33x	1.91x	3.03x	2.40x	7.62x	6.68x	2.71x	4.64x	6.07x
GROWTH
Revenue Growth %	97.28%	11.77%	-18.35%	-16.67%	-11.25%	-29.81%	1058.95%	135.74%	355.82%	-19.16%
Operating Profit Growth %	403.65%	-21.81%	1.06%	-2.29%	-46.49%	68.92%	921.17%	-43.36%	346.00%	-53.55%
Net Profit Growth %	159.49%	-123.00%	111.81%	2817.08%	-31.52%	126.51%	0.00%	-97.24%	352.26%	-59.75%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	59.44%	-80.13%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.70x	2.59x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.60x	0.16x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.11x	2.28x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.13	65.91	65.91	65.91	65.91	65.91	65.84	65.84	65.84
	0.10	0.06	0.06	0.06	0.06	0.09	0.09	0.09	0.20
	0.00	0.00	0.00	0.00	0.06	0.06	0.17	0.17	0.17
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	35.77	34.03	34.03	34.03	33.97	33.93	33.90	33.90	33.79

Documents

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