High Rejection Rates May Limit Growth
Current application rejection rate stands at 60%, which could constrain disbursement growth targets even as the company aims for 25-30% annual expansion.
SPANDANA / Q3-FY26 / risks
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Spandana Sphoorty Financial · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
CFL Subsidiary Stress
CFL (Chaitanya Financial Services) has GNPA at 10% on its individual loan and LAP books; management is deploying a special collections team and plans merger with parent within 6-9 months.
DTA Recoverability Questioned
Analyst raised concern about Rs 700 crore DTA (on ~Rs 2,600 crore accumulated losses, nearly 1.5x market cap) requiring ~Rs 1,800 crore gross profits to recover over 8 years, questioning conservatism in DTA booking.
Attrition and Management Stability
CARE rating agency flagged frequent changes in senior and mid-level management and significant ground-level additions as hurdles to operations normalization, a concern management partially addressed.