Spandana Sphoorty Financial Limited has informed the Exchange about Credit Rating
SPANDANA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.9 pts less than Nifty Microcap 250 and 1.4 pts less than its Finance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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ICRA has downgraded Spandana Sphoorty Financial's long-term rating to A- (Negative) from A (Negative) on Rs. 2,105 crore of term loans and Rs. 423 crore of non-convertible debentures (total Rs. 2,528 crore). The downgrade reflects continued weakness in asset quality and profitability in Q4 FY2025. Gross stage 3 (NPAs) rose sharply to 5.6% in March 2025 from 1.7% a year earlier, and 30+ days past due delinquencies climbed to 14.8% from 3.0%. The company wrote off Rs. 1,618 crore of bad loans in FY2025 and reported a consolidated net loss of Rs. 1,035.2 crore, against a profit of Rs. 500.7 crore in FY2024. The company also breached financial covenants on Rs. 1,058 crore of NCDs and Rs. 178 crore of term loans, with partial waivers secured. The MD & CEO exited in April 2025, and the company plans to raise up to Rs. 750 crore in equity.
Negative for shareholders — the rating cut signals worsening asset quality in Spandana's microfinance book and could raise future borrowing costs. Near-term stock sentiment is likely to be weak given the sizable losses, covenant breaches, and leadership transition, though adequate liquidity (Rs. 1,356 crore) provides some cushion and a planned equity raise may support the balance sheet.