SPA Capital Services Q2 FY27 results: net profit ₹0.41 crore, revenue up 78.6%

How did SPA Capital Services perform in Q2 FY27?

SPA Capital Services reported standalone revenue of ₹15.63 crore for Q2 FY27, compared with ₹8.75 crore in Q2 FY26 and ₹10.30 crore in Q1 FY27. Total income was ₹15.71 crore, up ₹6.96 crore or 79.5% year on year and ₹4.50 crore or 40.1% sequentially.

EBITDA was ₹0.50 crore, with a 3.2% margin, compared with ₹0.13 crore and a 1.5% margin in Q2 FY26. Profit before tax was ₹0.49 crore, compared with ₹0.01 crore a year earlier and ₹1.29 crore in Q1 FY27. Net profit was ₹0.41 crore, against ₹0.0 crore in Q2 FY26, while basic EPS was ₹1.32.

The quarter was the company’s second consecutive period on a standalone basis in the filing. No consolidated figures were given for Q2 FY27, and the board approved the unaudited standalone results for the quarter and half year ended 30 September 2026.

What changed in SPA Capital Services' costs and profit?

Total expenses rose ₹6.48 crore or 74.1% to ₹15.22 crore from Q2 FY26, compared with a ₹6.88 crore rise in revenue. Employee cost fell ₹0.08 crore or 9.4% to ₹0.77 crore, finance costs fell ₹0.03 crore or 75.0% to ₹0.01 crore, and depreciation was unchanged at ₹0.08 crore. Other expenses increased ₹0.12 crore or 16.9% to ₹0.83 crore.

Other income increased ₹0.08 crore from ₹0 crore in Q2 FY26, while tax expense rose ₹0.07 crore or 700.0% to ₹0.08 crore. There was no exceptional item. The filing does not state a reason for the movement in profit.

Against Q1 FY27, total expenses rose ₹5.30 crore or 53.4%, employee cost increased ₹0.17 crore or 28.3% and other expenses fell ₹0.18 crore or 17.8%. Other income declined ₹0.83 crore or 91.2% and tax expense fell ₹0.25 crore or 75.8%. No exceptional item was reported in either quarter.

How did the first half of FY27 go?

For H1 FY27, SPA Capital Services reported revenue of ₹25.93 crore, up ₹6.49 crore or 33.4% from ₹19.44 crore in H1 FY26. Total income rose ₹7.47 crore or 38.4% to ₹26.91 crore, while total expenses were ₹25.13 crore against ₹19.18 crore in the earlier half.

Profit before tax increased ₹1.52 crore or 584.6% to ₹1.78 crore, and net profit rose ₹1.18 crore or 621.1% to ₹1.37 crore. Basic EPS increased ₹3.84 or 629.5% to ₹4.45. The company reported no exceptional item in the half-year results.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹41.41 crore, compared with ₹36.62 crore at 31 March 2026. Total equity was ₹19.2 crore against ₹17.83 crore, and inventories were ₹18.34 crore against ₹13.68 crore. Cash was ₹0.02 crore, compared with ₹0.1 crore; borrowings were not provided for either balance sheet date.

For H1 FY27, operating cash flow was negative ₹0.03 crore, compared with ₹4.7 crore in H1 FY26. Investing cash flow was ₹0.05 crore against negative ₹2.23 crore, financing cash flow was negative ₹0.09 crore against negative ₹2.29 crore, and capital expenditure was ₹0.06 crore against ₹0.03 crore. Closing cash was not given for either period.

How has SPA Capital Services done over the last 8 quarters?

Revenue reached ₹15.63 crore in Q2 FY27, the highest level in the eight-quarter series, after ₹14.01 crore in Q4 FY25. The lowest was ₹6.05 crore in Q3 FY25. Revenue fell to ₹8.75 crore in Q2 FY26, then moved to ₹8.22 crore, ₹10.96 crore, ₹10.3 crore and ₹15.63 crore over the following quarters.

Net profit bottomed at ₹0.0 crore in Q2 FY26 and reached its highest level at ₹0.96 crore in Q1 FY27 before falling to ₹0.41 crore in Q2 FY27. EBITDA margin was 6.7% in Q4 FY26, its highest point in the series, and 1.5% in Q2 FY26, its lowest. It eased to 3.2% in Q2 FY27.

What did the auditors point out?

DHANA & Associates conducted a limited review under Standard on Review Engagements 2410 and stated that nothing had come to its attention causing it to believe that the financial results did not disclose the required information, contained a material misstatement or were not prepared under the relevant prudential norms. The auditors said the review provided less assurance than an audit and that they did not express an audit opinion.

The report included an Emphasis of Matters. The auditors said management had not provided interest on some loans, which constituted a departure from accrual accounting; the records indicated Rs 19,35,100/- for the quarter and Rs 38,49,166 for the half year had not been provided as interest expense. They also said loans of Rs 3,14,20,700 were loss assets under RBI NBFC guidelines because no interest had been charged, and that non-provision overstated profit and loan assets and understated the provision by Rs 3,14,20,700. The auditors said their conclusion was not modified in respect of these matters.

How did other Other Financial Services companies do?

Nineteen Other Financial Services companies were compared. Their median revenue growth was negative 7.7%, while SPA Capital Services reported revenue growth of 78.6% in Q2 FY27. Sixteen peers grew more slowly than the company and three grew faster than the company.

Of the 34 peers whose profit was compared, 17 reported higher profit. The peer comparison was as of 5 November 2026.