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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Where this quarter sits.
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What the record says.
Spandana Sphoorty reported a PAT of ₹5 crore in Q4 FY26, its first profit after six quarters of losses, driven by disciplined disbursements averaging ₹500 crore per month and strong collection efficiency of 99.7% on the X-bucket. AUM grew 12% QoQ to ₹4,420 crore, with 80% of the book under new guardrails. Management guided for AUM of ₹6,500 crore by FY27-end, targeting 550-600 crore monthly disbursements. Key risks include potential portfolio stress from seasonal factors like El Niño and fertilizer issues, though management expressed confidence in maintaining 99.5%+ collection efficiency.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects AUM to reach ₹6,500 crore by March 2027, implying ~47% growth from current ₹4,420 crore.
- After maintaining ₹500 crore per month for next 3-4 months, disbursements are expected to rise to ₹550-600 crore.
- Target to add 7 lakh new borrowers during FY27, taking total customer base to ~1.6 million.
- Blended cost of borrowings expected to stay below 12.5% for FY27, despite liquidity tightness.
Risks flagged
- Management acknowledged seasonal risks from El Niño and fertilizer supply, which could stress rural borrower repayment capacity.
- Rejection rates remain at 60-65%, indicating tight credit filters that could constrain disbursement growth.
- New individual loan product (₹1-4 lakh, unsecured) lacks SRO guardrails; pilot success and underwriting discipline are unproven at scale.
Key quotes
- We managed to disperse around 500 crores a month during the last quarter which was up against the 400 quarters per month that we used to disperse in Q3.
- Our Xbucket collection efficiency at 99.7% showed a similar trend across the five major states.
- We had for the first time after six quarters had a PAT of 5 crores against the loss of 95 crores in the previous quarter.
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