Un- Audited Financial Results along with Limited Review Report for the Quarter & Half Year ended 30th September, 2025.
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SPA Capital Services Ltd reported its Q2 FY26 results with total income of Rs 8.755 Cr (vs Rs 8.824 Cr in Q2 FY25), essentially flat quarter-on-quarter. For the half year, total income grew sharply by about 51% to Rs 19.443 Cr (vs Rs 12.882 Cr in H1 FY25), driven mainly by higher other revenue and sale of services. However, net profit collapsed to just Rs 0.001 Cr in Q2 FY26 (vs Rs 0.144 Cr in Q2 FY25), and H1 FY26 PAT declined to Rs 0.187 Cr (vs Rs 0.245 Cr). The auditor (DHANA & Associates) issued an unmodified limited review report but flagged two Emphasis of Matter issues: (1) interest not provided on certain loans of Rs 38.65 lakh for the half year, and (2) loans of Rs 3.14 Cr given without interest, classified as 'loss assets' under NBFC norms with no provision made, overstating profit and loan assets by that amount. EPS for the half year was Rs 0.605 (vs Rs 0.607).
Despite headline revenue growth, profitability has been severely squeezed with margins near zero, and the auditor's emphasis of matter on unrecovered loans and missing provisions raises concerns about asset quality and earnings quality — likely negative for the stock.