Pursuant to Regulation 30, 33 & 52 read with Schedule III and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended from ....
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The board of SPA Capital Services approved unaudited standalone results for the quarter and half year ended September 30, 2025 on November 14, 2025. Total income for Q2 FY26 stood at ₹8.76 Cr, marginally down from ₹8.82 Cr in Q2 FY25, while H1 FY26 income rose sharply to ₹19.45 Cr from ₹12.88 Cr, driven mainly by 'Other revenue from operations' jumping from ₹3.76 Cr to ₹11.26 Cr. Profit after tax collapsed in Q2 to just ₹0.001 Cr (from ₹0.144 Cr in Q2 FY25), with H1 FY26 PAT at ₹0.187 Cr versus ₹0.245 Cr in the previous year, a roughly 24% decline. EPS for Q2 was ₹0.003 against ₹0.469 a year ago. The statutory auditor (DHANA & Associates) issued an unmodified review report but flagged two Emphasis of Matter paragraphs: (1) the company did not accrue about ₹38.65 lakh of interest expense on its own borrowings in H1, which would have reduced profit and increased liabilities, and (2) the company disbursed loans of around ₹3.14 Cr without charging interest, classifying them as 'loss assets' under RBI NBFC norms without making any provision, thereby overstating profit and loan assets by ₹3.14 Cr. Operating cash flow remained positive at ₹4.70 Cr for H1 FY26.
The auditor's emphasis of matter flags serious concerns — true profit may be overstated by roughly ₹3.5 Cr once interest provisioning and loss-asset provisions are made. Shareholders should treat headline Q2 earnings as low quality and watch for any corrective provisioning in coming quarters, which could materially hit reported profits and book value.