Pursuant to Regulation 30, 33 & 52 read with Schedule III and other applicable provisions of SEBI ( Listing obligations and Disclosure Requirements), Regulations, 2015, as amended from ....
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SPA Capital Services Ltd's Board, at its meeting on 12 February 2026, approved the unaudited standalone financial results for Q3 FY26 (quarter ended 31 Dec 2025) along with the nine-month period ending 31 Dec 2025, reviewed by statutory auditors M/s DHANA & Associates. Total revenue from operations stood at Rs 8.22 crore in Q3 FY26 versus Rs 6.05 crore in Q3 FY25 (a ~36% YoY jump), while nine-month revenue rose to Rs 27.66 crore from Rs 18.93 crore (~46% growth). Net profit for Q3 came in at Rs 0.21 crore (vs Rs 0.14 crore) and for nine months at Rs 0.40 crore (vs Rs 0.38 crore), making the 9-month PAT growth modest at around 4%. The auditor issued an unqualified limited review report but flagged two Emphasis of Matter issues: (1) the company has not accrued interest of Rs 19.41 lakh (Q3) and Rs 58.07 lakh (9M) on certain outstanding loans, which would reduce profits and increase loan liability accordingly, and (2) loans of Rs 3.14 crore given to parties carry no interest, classifying them as loss assets under RBI NBFC norms, yet no provision has been made — overstating profit and understating provision by Rs 3.14 crore.
While reported revenue growth is strong, the auditor's two emphasis-of-matter points reveal significant accounting and provisioning gaps that materially overstate actual profitability and understate risk on the loan book — investors should treat headline PAT with caution until these issues are resolved.