NSE: SPANDANA · BSE: 542759
SPANDANA SPHOORTY FIN LTD
Operates as a non-banking microfinance institution lending primarily to women through joint liability groups across 20 states in India. As of Q1 FY27, assets under management stood at ₹4,887 cr, up 11% QoQ, with Q1 disbursements of ₹1,371 cr. Portfolio yield is 24.6% and marginal cost of borrowing is 11.3%, giving a net interest margin of 12.5%. Borrowings are raised from banks (47% share), non-convertible debentures, and the Credit Guarantee Scheme (₹545 cr sanctioned, ₹200 cr drawn in Q1). The branch network spans 1,321 branches and the company employed 9,405 people as of FY26, with employee cost at 52% of revenue. Asset quality has improved, with X-bucket collection efficiency at 99.5%, gross stage-3 assets at 3.6%, and annualized credit cost at 2.1%. A pilot for individual loans has been launched in 8 Madhya Pradesh branches, and geographic expansion is being pushed into Tamil Nadu (currently ₹15 cr) and Maharashtra (₹288 cr). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Microfinance lending (100%). Asset-light microfinance lender, turnaround phase after multi-year losses (₹699 cr loss in FY26)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,463 | 1,401 | 2,424 | 2,355 | 1,024 |
| EBITDA (ex other income) | 629 | 410 | 1,508 | (493) | (443) |
| margin % | 43.0 | 29.3 | 62.2 | (20.9) | (43.3) |
| Owners' profit | 70 | 0 | 501 | (1,035) | 0 |
| EPS, as reported (₹) | 10.75 | 1.74 | 70.42 | (145.17) | (91.01) |
| ROE % · ROCE % | 2.3 · — | 0.4 · — | 13.7 · — | (39.3) · — | (32.8) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 863 | (2,171) | (2,707) | 3,669 | 882 |
| Capex | (7) | (13) | (25) | (22) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 686 | 555 | 415 | 300 | 230 | 234 | 260 | 284 |
| Profit before tax | (289) | (588) | (578) | (481) | (327) | (125) | 8 | 18 |
| Net profit | (216) | (440) | (434) | (360) | (249) | (95) | 5 | 12 |
| EPS (₹) | (30.34) | (61.73) | (60.91) | (50.52) | (32.76) | (11.88) | 0.66 | 1.49 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CREDITACCESS GRAMEEN LTD | 16,488 | 13.6 | 2.10 | — | 9.9 | — | 19.7 | 68.8 |
| SATIN CREDIT NET LTD | 2,530 | 6.2 | 0.88 | — | 11.6 | — | 18.0 | 55.1 |
| MUTHOOT MICROFIN LIMITED | 2,349 | 9.6 | 0.82 | — | 6.0 | — | — | 54.5 |
| FUSION FINANCE LIMITED | 2,175 | 13.1 | 0.89 | — | 0.6 | — | — | 46.7 |
| SPANDANA SPHOORTY FIN LTD ◆ | 1,563 | — | 0.73 | — | (32.8) | — | (7.1) | 53.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.7 | 1.0 | 186 of 464 | 60% |
| ROE | (32.8) | 2.8 | 458 of 476 | 4% |
| EBITDA margin | 53.6 | 46.7 | 211 of 447 | 53% |
| Revenue growth | (5.5) | 10.5 | 266 of 418 | 37% |
| Profit growth | 103.3 | 10.2 | 114 of 474 | 76% |
| Market cap | 1563 | 49 | 76 of 499 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Q2 and H1 FY27 earnings call scheduled for October 30 | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board meeting set for September 2026 financial results | results | low | — | — |
| 14 Oct 2026 · Postal Ballot: Shareholders approve Neeraj Swaroop as Independent Director | board shareholder meetings | medium | — | — |
| 9 Oct 2026 · Trading approval for 1.67 crore partly paid shares converted to fully paid | capital market events | low | — | — |
| 7 Oct 2026 · India Ratings revises Spandana outlook to Stable, affirms BBB+ | credit debt | medium | — | — |
| 7 Oct 2026 · Routine filing of demat and remat certificate for Jul-Sep 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Partly paid rights shares converted to fully paid after call money received | corporate actions | medium | — | — |
| 28 Sept 2026 · Trading window closure ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · Spandana Sphoorty to attend Arihant Capital investor conference on Sep 28 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Newspaper ad on closing of First and Final Call on partly paid-up rights shares | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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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.