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El Niño and fertilizer issues impacting portfolio
View Risks →Spandana Sphoorty Financial Ltd — Q4 FY26
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.
bullish
high
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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.
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Monthly Disbursements
₹500 Cr
+25% QoQ
Disbursements increased from ₹400 Cr in Q3 to ₹500 Cr in Q4.
New Borrowers Added
1.2 Lakh
+90% QoQ
Added 1.2 lakh new borrowers in Q4 vs 63,000 in Q3.
Customer Base
1.15 Million
+1.2 Lakh QoQ
Total customer base increased to 1.15 million from ~1.03 million in Q3.
GNPA
3.8%
-40bps QoQ
GNPA improved from 4.2% in Q3 to 3.8% in Q4.
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Guidance and risk preview
Management expects AUM to reach ₹6,500 crore by March 2027, implying ~47% growth from current ₹4,420 crore.
Management acknowledged seasonal risks from El Niño and fertilizer supply, which could stress rural borrower repayment capacity.
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