Spandana Sphoorty Financial Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Comfortable capital adequacy - CAR of 29.8%
- Latest quarter profit grew 104.9% YoY, showing strong momentum
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -14.6% over last 3 years
- Company has a low return on capital employed of 1.8%
- Promoter holding has decreased over last 2 years: -8.7pp
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1045.10 | 32.05 | 650674.48 | 0.57 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1049.00 | 21.81 | 246827.97 | 1.03 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| CHOLAFIN | 1858.00 | 27.59 | 158685.46 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 371.70 | 29.20 | 157781.78 | 0.15 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| JIOFIN | 237.70 | 75.95 | 156956.68 | 0.25 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11150.00 | 14.01 | 124092.26 | 1.75 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2935.00 | 10.36 | 117831.00 | 1.02 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 399.10 | 26.62 | 109254.11 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 315.00 | 24.81 | 78950.11 | 0.87 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 657.00 | 27.48 | 62522.95 | 0.38 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 692.90 | 26.45 | 57563.70 | 0.58 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| SPANDANA | 237.10 | 0.00 | 2101.64 | 0.00 | 11.88 | 103.30 | 283.91 | -5.51 | -5.77 | 46.81 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 482 | 579 | 588 | 631 | 661 | 636 | 509 | 374 | 262 | 199 | 207 | 238 | 262 | |
| 155 | 231 | 217 | 255 | 368 | 678 | 834 | 745 | 561 | 379 | 219 | 120 | 257 | |
| Operating Profit | 332 | 353 | 374 | 377 | 293 | -42 | -325 | -370 | -299 | -180 | -12 | 118 | 135 |
| OPM % | 68.92% | 61.08% | 63.61% | 59.66% | 44.36% | -6.59% | -63.74% | -98.89% | -114.08% | -90.21% | -5.58% | 49.56% | 51.78% |
| Other Income | 15 | 30 | 30 | 32 | 26 | 19 | 16 | 3 | 2 | 9 | 9 | 15 | 18 |
| Interest | 195 | 223 | 241 | 239 | 246 | 245 | 213 | 172 | 139 | 111 | 104 | 122 | 129 |
| Depreciation | 3 | 5 | 6 | 7 | 4 | 5 | 5 | 6 | 3 | 3 | 3 | 3 | 2 |
| 149 | 156 | 158 | 164 | 69 | -272 | -526 | -545 | -439 | -286 | -109 | 8 | 23 | |
| Tax % | 25.28% | 25.26% | 25.21% | 25.28% | 25.83% | 25.08% | 25.11% | 24.71% | 25.10% | 23.66% | 24.19% | 34.09% | 30.23% |
| Net Profit | 111 | 116 | 118 | 122 | 51 | -204 | -394 | -410 | -329 | -218 | -83 | 5 | 16 |
| 16 | 16 | 17 | 17 | 7 | -29 | -55 | -58 | -46 | -29 | -10 | 1 | 0 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 371 | 587 | 1,036 | 1,409 | 1,443 | 1,376 | 1,329 | 2,280 | 2,181 | 907 | 906 | |
| 135 | 102 | 684 | 687 | 863 | 803 | 1,305 | 861 | 2,658 | 1,423 | 975 | |
| Operating Profit | 237 | 485 | 352 | 723 | 580 | 573 | 23 | 1,418 | -477 | -516 | -68 |
| OPM % | 63.69% | 82.62% | 33.97% | 51.26% | 40.18% | 41.64% | 1.76% | 62.22% | -21.88% | -56.93% | -7.54% |
| 56 | 36 | 482 | 242 | 25 | 15 | 452 | 127 | 101 | 182 | 52 | |
| Interest | 210 | 232 | 358 | 357 | 419 | 515 | 447 | 900 | 879 | 479 | 466 |
| Depreciation | 8 | 6 | 7 | 9 | 7 | 9 | 11 | 20 | 19 | 13 | 11 |
| Profit before Tax | 75 | 283 | 469 | 598 | 178 | 65 | 18 | 626 | -1,274 | -825 | -363 |
| Tax % | 29.19% | 33.51% | 34.22% | 43.71% | 27.39% | 27.79% | 32.38% | 25.26% | 24.89% | 24.39% | 23.16% |
| Net Profit | 53 | 188 | 309 | 337 | 129 | 47 | 12 | 468 | -957 | -624 | -279 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 19.98 | 7.20 | 1.74 | 65.62 | -134.17 | -78.04 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- -9%
- 3 Years:
- -12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -17%
- 3 Years:
- -32%
- 1 Year:
- -9%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- -8%
- 3 Years:
- -15%
- Last Year:
- -27%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 28 | 30 | 60 | 64 | 64 | 69 | 71 | 71 | 71 | 80 | |
| -392 | 1,361 | 1,823 | 2,537 | 2,636 | 2,867 | 2,927 | 3,423 | 2,474 | 2,058 | |
| 957 | 2,331 | 2,945 | 3,016 | 5,197 | 3,631 | 5,934 | 9,062 | 5,232 | 3,830 | |
| Trade Payables | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 8 | 7 | 9 |
| 1,820 | -342 | -129 | 317 | 343 | 115 | 64 | 184 | -215 | -441 | |
| Total Liabilities | 2,413 | 3,380 | 4,698 | 5,935 | 8,242 | 6,682 | 8,997 | 12,747 | 7,570 | 5,536 |
| 9 | 8 | 9 | 16 | 20 | 14 | 29 | 32 | 26 | 16 | |
| 0 | 2 | 65 | 550 | 115 | 115 | 306 | 329 | 425 | 429 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 290 | 206 | 348 | 251 | 1,376 | 1,199 | 1,002 | 1,614 | 1,747 | 1,141 |
| 2,114 | 3,164 | 4,276 | 5,118 | 6,730 | 5,355 | 7,660 | 10,772 | 5,372 | 3,951 | |
| Total Assets | 2,413 | 3,380 | 4,698 | 5,935 | 8,242 | 6,682 | 8,997 | 12,747 | 7,570 | 5,536 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -82 | -1,782 | -636 | -42 | -1,540 | 1,026 | -2,016 | -2,327 | 3,783 | 506 | |
| Cash from Investing | -1 | -6 | -59 | -485 | 514 | 45 | -178 | -257 | -200 | 178 |
| Cash from Financing | 338 | 1,673 | 752 | 447 | 2,181 | -1,272 | 2,317 | 3,159 | -3,761 | -1,171 |
| 255 | -188 | 43 | -92 | 1,077 | -407 | 86 | 575 | -179 | -487 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 18.60 | 63.17 | 51.77 | 52.35 | 20.05 | 6.75 | 1.74 | 65.62 | -134.17 | -78.04 |
| Book Value (₹) | -127.87 | 467.30 | 315.63 | 404.53 | 419.93 | 424.99 | 422.44 | 490.02 | 356.97 | 267.29 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 20.49 | 61.91 | 50.34 | 51.08 | 20.18 | 7.60 | 3.08 | 65.04 | -125.07 | -76.46 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 78.81% | 88.69% | 80.52% | 68.42% | 41.89% | 42.75% | 35.78% | 62.22% | -21.88% | -56.93% |
| Net Margin % | 14.25% | 32.01% | 29.79% | 23.89% | 8.94% | 3.39% | 0.93% | 20.53% | -43.87% | -68.83% |
| ROE % | 0.00% | 36.62% | 18.87% | 15.02% | 4.86% | 1.65% | 0.42% | 14.41% | -31.68% | -26.65% |
| ROCE % | 21.90% | 19.75% | 19.35% | 18.28% | 8.82% | 7.96% | 5.94% | 14.17% | -3.87% | -5.01% |
| 2.35% | 6.49% | 7.64% | 6.33% | 1.82% | 0.63% | 0.16% | 4.30% | -9.42% | -9.52% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 1 | 1 | 1 | 3 | 4 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 1 | 1 | 3 | 4 | 0 | 0 | 0 | 0 | 0 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 1.78x | 1.68x | 1.56x | 1.16x | 1.92x | 1.24x | 1.98x | 2.58x | 2.04x | 1.79x |
| Interest Coverage (x) | 1.36x | 2.22x | 2.31x | 2.67x | 1.42x | 1.13x | 1.04x | 1.70x | -0.45x | -0.72x |
| 2.60x | 6.54x | 6.77x | 1.39x | 3.41x | 6.46x | 5.60x | 0.28x | 0.48x | 0.45x | |
| GROWTH | ||||||||||
| Revenue Growth % | 8.03% | 58.10% | 76.46% | 36.01% | 2.37% | -4.61% | -3.46% | 71.57% | -4.33% | -58.43% |
| Operating Profit Growth % | -22.22% | 77.91% | 60.21% | 15.57% | -37.33% | -2.64% | -19.20% | 225.10% | -124.31% | 11.11% |
| Net Profit Growth % | -78.23% | 255.01% | 64.25% | 9.05% | -61.69% | -63.84% | -73.54% | 3691.57% | -304.48% | 34.77% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3674.59% | -304.46% | 41.84% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.21x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.72x | 0.66x | 0.69x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 8.67x | -13.63x | -12.46x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-22 - Spandana Sphoorty Financial Limited has informed the Exchange about Newspaper advertisement for dispatch of First and Final Call Notice to the shareholders of Spandana Sphoorty Financial Limited (the Company )
2026-08-21 - Spandana Sphoorty Financial Limited has informed the Exchange about Notice for payment of first and final call on partly paid-up equity shares issued and allotted on rights basis,pursuant to Letter of Offer dated July 18, 2025 ( First and Final Call Notice )
2026-08-20 - Spandana Sphoorty Financial Limited has informed the Exchange about Outcome of 23rd Annual General Meeting held on August 18, 2026.
2026-08-20 - Spandana Sphoorty Financial Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 18, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-18 - Spandana Sphoorty Financial Limited has informed the Exchange regarding Proceedings of 23rd Annual General Meeting held on Tuesday, August 18, 2026.
2026-08-17 - Members of the Exchange are hereby informed that the trading in the partly paid-up equity shares (Series: E1, ISIN: IN9572J01019) of Spandana Sphoorty Financial Limited shall be suspended w.e.f. August 19, 2026 (i.e., closing hours of trading on August 18, 2026) on account of first & final call.
2026-08-14 - Spandana Sphoorty Financial Limited has informed the Exchange the Board ofDirectors ( Board ) of the Company at its meeting held today, i.e. Friday, August 14, 2026, approved the amalgamation of Criss Financial Limited( CFL ), (a wholly owned subsidiary of the Company) with the Company, by way of a scheme of arrangement under the provisions of Sections 230 to 232 and other relevant provisions of the Companies Act, 2013 and other applicable regulatory requirements (the Scheme ).
2026-08-14 - Spandana Sphoorty Financial Limited has informed the Exchange regarding appointment of Mr. Neeraj Swaroop (DIN: 00061170) as an Additional Director in the capacity of Independent Director, with effect from August 14, 2026, to August 13, 2029, for a term of three consecutive years, subject to shareholders approval.
2026-08-14 - Spandana Sphoorty Financial Limited has informed the Exchange regarding resignation of Mr. Neeraj Swaroop (DIN: 00061170) as a Non-Executive Nominee Director (nominee of Kedaara Capital I Limited), with effect from August 13, 2026, pursuant to his cessation as a nominee of Kedaara Capital I Limited on the Board of the Company;
News
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