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)
| ₹ 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) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 863 | (2,171) | (2,707) | 3,669 | 882 |
| Capex | (7) | (13) | (25) | (22) | (4) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CREDITACCESS GRAMEEN LTD | 22,781 | 18.8 | 2.90 | 7.2 | 9.9 | — | 19.7 | 68.8 |
| MUTHOOT MICROFIN LIMITED | 3,275 | 13.3 | 1.15 | — | 6.0 | — | — | 54.5 |
| FUSION FINANCE LIMITED | 3,090 | 18.6 | 1.26 | — | 0.6 | — | — | 46.7 |
| SATIN CREDIT NET LTD | 2,386 | 5.8 | 0.83 | 0.5 | 11.6 | — | 18.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Postal ballot for appointing Mr. Neeraj Swaroop as Independent Director | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Postal ballot for appointment of Neeraj Swaroop as Independent Director | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Spandana Sphoorty First and Final Call Money - Pay by Sept 21 | compliance | minimal | — | — |
| 21 Aug 2026 · First and Final Call notice on rights issue partly paid shares at Rs 115 per share | corporate actions | medium | — | — |
| 20 Aug 2026 · Spandana Sphoorty AGM approves Rs 4,000 crore NCD borrowing limit | board shareholder meetings | medium | — | — |
| 20 Aug 2026 · 23rd AGM results: 5 resolutions passed, NCD private placement approved | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Spandana Sphoorty - Proceedings of 23rd AGM held on August 18, 2026 | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · 23rd AGM held via video conferencing; NCD private placement and director reappointments transacted | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Trading suspension of partly paid shares Series E1 for first and final call | corporate actions | medium | — | — |
| 14 Aug 2026 · Board approves merger of wholly owned Criss Financial with Spandana Sphoorty | strategic transactions | medium | — | — |
| Where a broker report shows |
|---|
| 55.1 |
| SPANDANA SPHOORTY FIN LTD ◆ | 1,886 | — | 0.89 | — | (32.8) | — | (7.1) | 53.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.9 | 1.1 | 189 of 448 | 58% |
| ROE | (32.8) | 2.7 | 476 of 495 | 4% |
| Debt / Equity | 0.0 | 0.0 | 11 of 495 | 18% |
| 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 | 1886 | 58 | 75 of 483 | 85% |
| This document shows |
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| Why |
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| 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 |
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