Spandana Sphoorty Financial Limited – Investor Presentation Summary

Key Operational Highlights

  • AUM grew 10% QoQ to ₹5,364 Cr as of September 30, 2026
  • Disbursement of ₹1,481 Cr in Q2 FY27, up 8% QoQ and 59% YoY
  • H1 FY27 disbursement up 135% YoY to ₹2,853 Cr
  • Active customer base over 11 lakh (11L)
  • X-bucket collection efficiency stable at >99.6% including large states
  • PAR 30+ improved to 3.1%
  • Loans originated under new credit rules constitute 96% of MFI AUM

Key drivers of operational performance: Focused 4P efforts over two years including manual & bot calling, deploying data analytics, strengthening collections team (field), and expanding into affordable housing loans with ticket sizes of ₹5L to ₹15L.

Financial Highlights

Revenue: ₹340 Cr (Q2 FY27)

Net Interest Income: ₹169 Cr (Q2 FY27)

PAT: ₹18 Cr (Q2 FY27)

PPOP: ₹79 Cr (Q2 FY27)

PBT: ₹37 Cr (Q2 FY27)

Margins: NIM improved to 13.6%

YoY/QoQ comparison: Q2 FY27 vs Q1 FY27 - PPOP up 98% QoQ to ₹79 Cr, PBT up 110% to ₹37 Cr, PAT up 53% to ₹18 Cr. Q2 FY27 vs Q2 FY26 - Significant improvement from loss of ₹249 Cr PAT in Q2 FY26.

Drivers of financial performance: Higher yields and lower funding costs improved NIM to 13.6%. Marginal cost of borrowing improved ~260 bps since Q3FY26. Banks' share of total borrowing at 57%.

Key Risks: Not explicitly disclosed in the presentation.

Geographical Revenue Split

AUM concentration of top 5 states at 57%:

  • Madhya Pradesh: 15%
  • Bihar: 13%
  • Odisha: 12%
  • Andhra Pradesh: 10%
  • West Bengal: 9%

Other significant states: Jharkhand (7%), Uttar Pradesh (7%), Maharashtra (7%), Karnataka (6%), Chhattisgarh (5%), Rajasthan (5%)

No district exceeds 2.4% of AUM. Branch level concentration: Largest branch 0.3%, Top 5 branches 1.2%, Top 10 branches 2.3%, Top 20 branches 4.4%.

Balance Sheet Snapshot

Net Debt/Equity: Not explicitly specified

Reserves: Other Equity of ₹2,255 Cr (part of total equity of ₹2,343 Cr)

Current Assets/Liabilities: Cash and bank balances ₹1,114 Cr; Other financial assets ₹68 Cr; Current tax assets (net) ₹57 Cr

Financial Health Insights: Comfortable Liquidity of ₹1,379 Cr. Healthy CRAR at 33.5%. Net-worth includes proceeds from final tranche of Rights Issue.

Capex & Cash Flow Health

Capital Expenditure: Not explicitly specified

Free Cash Flow: Not explicitly specified

Operating Cash Flow: Not explicitly specified

Net Debt Movement: Not explicitly specified

Investment Rationale: ₹995 Cr CGS drawn down at favourable pricing of 10.3% and non-CGS borrowing at 10.8%. ₹200 Cr balance from partly paid shares raised.

Strategic & R&D Initiatives

Investments in Innovation: CFL merger progressing as planned. Expanding into affordable housing loans with ticket sizes of ₹5L to ₹15L.

Expected impact on growth: Not explicitly quantified

Strategic Rationale: Focused 4P efforts over two years driving current turnaround

Industry Trends & Business Environment

Macro/Industry Trends: Not explicitly discussed in detail

Impact on Company: Not explicitly discussed

Management Commentary & Growth Outlook

Strategic Outlook: Presentation highlights "Focused 4P efforts over two years are driving the current turnaround"

FY Guidance: Not explicitly provided

Market Share Targets: Not explicitly provided

Risks and Opportunities: Not explicitly highlighted

Credit Rating Update

  • CRISIL: Bank Facilities - BBB+ / Stable
  • CARE: Bank Facilities / NCD's CP's - BBB+ / Stable / A2
  • ICRA: Bank Facilities / NCD's - BBB+ / Stable
  • India Ratings: Bank Facilities / NCD's - BBB+ / Stable
  • Criss Financial Ltd: ICRA Bank Facilities - BBB / Watch Positive

Asset Quality Details

Consolidated GNPA: 2.54% (Improved 110 bps QoQ)

Consolidated NNPA: 0.50% (Improved 18 bps QoQ)

Standalone GNPA: 2.58%

Standalone NNPA: 0.51%

Stage 3 (GNPA) coverage: 80.2%

Total ECL provision: ₹146 Cr (2.8% coverage)

Additional Financial Metrics

Cost to Income: Not explicitly calculated but operating expenses were ₹148 Cr against net income of ₹200 Cr in Q2 FY27

Employee Count: Shown in charts but specific numbers not provided in text

Branch Count: Shown in charts but specific numbers not provided in text