Spandana Sphoorty Financial Ltd(SPANDANA)

NSE: SPANDANABSE: 542759

₹ 178.3-6.23%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,580 crWebsite: www.spandanasphoorty.comUpdated: 24 Oct 2026

About

Spandana Sphoorty Financial Ltd is a microfinance institution that lends to women borrowers under the Joint Liability Group model, with one-to-two-year tenures, and offers Loan Against Property and individual loans through its subsidiary Criss Financial Limited. MFI AUM reached ₹4,887 Cr in Q1 FY27, the second straight quarter of sequential growth after eight quarters of decline. 85% of its branches are in rural areas, and FY26 revenue was 1023.96 (Rs Cr).^[1][2][3]

Loan book and product mix

MFI AUM reached ₹4,887 Cr in Q1 FY27, up 11% QoQ, the second consecutive quarter of sequential growth after eight quarters of decline.^[2]
Standalone AUM was ₹3,840.22 crore on March 31, 2026, vs ₹6,029.08 crore a year earlier.^[1]
Loan Against Property was 7% and Individual Loans 6% of consolidated FY26 AUM, both offered through subsidiary Criss Financial Limited.^[1]
LAP loans range from ₹2 lakh to ₹20 lakh with 2 to 15 year tenures, for self-employed people in rural and semi-urban areas.^[1]
Criss Financial's Micro-LAP portfolio was ₹322 Cr as of Q4 FY26, with GNPA of ~1.2%.^[4]
An unsecured individual loan (₹1 lakh - ₹4 lakh, eNACH-based) was piloted in 8 Madhya Pradesh branches in Q1 FY27.^[2]

Disbursements and ticket size

Disbursements in Q1 FY27 were ₹1,371 Cr, up 389% YoY; new-member share rose to 61% from 46% in Q4 FY26, with 1.38 lakh new members added.^[2]
Standalone disbursements were ₹3,584 crore in FY26, down from ₹5,017 crore in FY25.^[1]
Average loan ticket size was ₹60,207 in FY26.^[1]

Branch network and people

85% of branches are in rural areas (FY26).^[1]
Branch count was rationalised from ~1,500+ toward ~1,250 through 347 branch mergers/closures in FY26; infrastructure seen as adequate for AUM up to ~₹12,500 Cr.^[4]
Consolidated workforce of 10,776 employees, including 7,162 loan officers (FY26).^[1]
Recovery associates rose to 1,129 in March 2026 from 672 in September 2025; target ~1,200 through FY27.^[1][4]
Tamil Nadu (AUM ₹16 Cr) and Maharashtra (AUM ₹288 Cr, 1.1% share) are priority states for FY27 branch expansion.^[2]

Asset quality and collections

Consolidated GNPA was 3.64% in Q1 FY27 (-185 bps YoY); NNPA 0.68% (-47 bps YoY); Stage 3 coverage ~81%.^[2]
X-bucket collection efficiency was 99.5% in Q1 FY27, vs 98.7% in Q2 FY26 and 99.3% in Q3 FY26.^[2]
X-bucket collection efficiency rose to 99.7% in March 2026 from 96.9% in April 2025.^[1]
Loans under post-April 2025 credit rules were 91% of MFI AUM in Q1 FY27, up from nearly 80% at end-FY26; that cohort's net collection efficiency was 99.4%.^[2][1]
Collections from 90+ dpd loans rose to ₹133 crore in H2FY26 from ₹90 crore in H1FY26; ₹51 Cr recovered in Q1 FY27.^[1][2]
FY27 recovery target is ₹150 - 200 Cr from a legacy 90+ DPD pool of ~₹2,500 Cr.^[2]

Key operating metrics

Marginal cost of borrowings fell 120 bps QoQ to 11.3% in Q1 FY27; overall cost of borrowings was 12.8% (+48 bps YoY).^[2]
Annualised credit cost was 2.1% in Q1 FY27; FY27 gross credit cost guided at 2.5% - 3%.^[2]
CRAR was 33.8% in Q1 FY27, vs 35.9% in Q4 FY26 and 40.3% in Q3 FY26.^[2]
Opex fell 26% YoY to ₹155 Cr in Q1 FY27; opex-to-AUM declined to 13.3% from 14.0%.^[2]
JLG interest rates revised to 23% - 26% (from 19.75% - 24.75%) from October 2025; processing fee raised to 1.5% from 1% in September 2025.^[5]

Funding

The company had relationships with 47 lenders at end-FY26.^[1]
Bank share of borrowings rose from 44% to 47% in Q1 FY27; ₹545 Cr sanctioned under the credit guarantee scheme, ₹200 Cr utilised at ~10%.^[2]
Balance ₹200 Cr of the rights issue (₹100 Cr promoter + ₹100 Cr public) to be called up before end of Q2 FY27.^[2]

Plans and targets

FY27 exit AUM guided at slightly above ₹6,000 Cr (from ₹6,500 Cr); FY27 disbursements targeted at ₹6,000 - 6,500 Cr.^[2]
AUM target of ~₹10,000 Cr by March 2028; ROA target of 3.5% by FY28.^[2]
FY27 opex guided at ~₹675 Cr vs ₹760 Cr in FY26; medium-term opex-to-AUM target 7% - 8%.^[2]
Merger of subsidiary Criss Financial Limited is on track, expected to use the 40% non-MFI headroom (FY26 report).^[1]
Perfios LOS platform to reach UAT by September 2026; full JLG migration targeted for October - December 2026.^[2]

Recent developments

Credit ratings are BBB+ from CRISIL, CARE, ICRA and India Ratings; ICRA revised its outlook to Stable from Negative on June 11, 2026.^[1]

Market Cap

₹1,580 Cr

High / Low

₹320 / 176

Stock P/E

-4.8

Price / Book

0.7

Book Value

₹240

EPS

₹-78.9

No. of Shares

8.86 Cr

ROE

-29.4%

Debt / Equity

1.85

Sales

₹1,024 Cr

Net Profit

₹-699 Cr

Promoter holding

48.2%

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