Unaudited Financial Results for the Quarter ended 31st December, 2025 along with the Limited Review Report.
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SPA Capital Services Ltd reported total revenue from operations of Rs 8.22 crore for Q3 FY26, up from Rs 6.05 crore in Q3 FY25. For the nine months ended December 2025, revenue grew to Rs 27.66 crore from Rs 18.93 crore in the prior-year period, a rise of about 46%. Net profit for Q3 was Rs 0.21 crore versus Rs 0.14 crore last year, while nine-month profit stood at Rs 0.40 crore versus Rs 0.38 crore. The statutory auditor (M/s DHANA & Associates) issued a clean limited review report but flagged two emphasis-of-matter issues: Rs 58.07 lakh of interest expense on certain loans was not provided for, and Rs 3.14 crore of loans given without interest were not classified as loss assets or provided for, which overstates profit.
The top-line growth is healthy, but the auditor's emphasis of matter points to under-reported interest expenses and a Rs 3.14 crore provisioning gap on interest-free loans given out — meaning the reported profit is overstated and asset quality concerns exist. Shareholders should view the earnings with caution until these issues are addressed.