BSE: 542376
SPA Capital Services Limited
Functions as a small non-banking financial company (NBFC) registered in New Delhi, engaged in lending. Total income for FY26 stood at Rs. 38.62 crore, up from Rs. 32.94 crore in FY25. Employee costs account for 8.3% of revenue and other operating expenses 10.3%, with capex negligible at 0.2%, consistent with a financial services model with minimal physical asset base. The statutory auditor has flagged Rs. 3.14 crore of loans extended to parties as loss assets under RBI NBFC rules where no provisioning has been made, along with non-provisioning of interest expense on certain loans taken. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest and other income from lending. Small, lending-focused NBFC with negligible capex
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 33 | 31 | 16 | 17 | 21 |
| EBITDA (ex other income) | 2 | (0) | 1 | 1 | 1 |
| margin % | 6.4 | (0.2) | 5.8 | 4.5 | 3.4 |
| Owners' profit | 0 | (1) | 0 | 0 | 0 |
| EPS, as reported (₹) | (1.94) | 2.97 | 0.75 | 1.43 | 2.11 |
| ROE % · ROCE % | 2.0 · — | (3.5) · — | 1.5 · — | 2.7 · — | 3.8 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | 5 | 0 | 2 | 4 |
| Capex | — | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 3 | 6 | 6 | 3 | 5 | 7 | 6 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.26 | 0.01 | 0.33 | 0.82 | 0.37 | 0.83 | 0.62 | 1.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 72.2 | 19.0 | 64 of 76 | 16% |
| P/B | 3.7 | 1.0 | 90 of 105 | 14% |
| ROE | 3.8 | 1.3 | 38 of 111 | 66% |
| EBITDA margin | (0.2) | 25.6 | 69 of 91 | 24% |
| Revenue growth | 9.2 | (4.1) | 36 of 85 | 58% |
| Profit growth | (19.5) | (0.2) | 61 of 109 | 44% |
| Market cap | 63 | 26 | 36 of 113 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set to approve September 2026 quarterly results | results | low | — | — |
| 15 Oct 2026 · Routine dematerialisation compliance certificate for Q2 FY26-27 | compliance | minimal | — | — |
| 1 Oct 2026 · SPA Capital Services 42nd AGM: All 5 resolutions passed with 99.99 percent majority | board shareholder meetings | medium | — | — |
| 1 Oct 2026 · 42nd AGM results: all 5 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · AGM voting results: all 5 resolutions passed with 99.99 percent approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · SPA Capital Services appoints Sonia Batra as Independent Director | management changes | medium | — | — |
| 30 Sept 2026 · 42nd AGM held; 5 resolutions passed including related party transactions | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 and H1 FY26 Results Period | compliance | minimal | — | — |
| 25 Sept 2026 · SPA Capital Services appoints internal auditor for FY 2026-27 | management changes | medium | — | — |
| 25 Sept 2026 · SPA Capital Services appoints Seema Sharma as Company Secretary and Compliance Officer | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.