Monthly Disbursements
₹500 Cr
+25% QoQ
Disbursements increased from ₹400 Cr in Q3 to ₹500 Cr in Q4.
SPANDANASPHOORTYFINANCIA
Other
05 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
AUM target of ₹6,500 crore by FY27-end
Management expects AUM to reach ₹6,500 crore by March 2027, implying ~47% growth from current ₹4,420 crore.
Management guidance growthMonthly disbursements to increase to ₹550-600 crore
After maintaining ₹500 crore per month for next 3-4 months, disbursements are expected to rise to ₹550-600 crore.
Management guidance growthAdd 7 lakh new borrowers in FY27
Target to add 7 lakh new borrowers during FY27, taking total customer base to ~1.6 million.
Management guidance growthCost of borrowings to remain below 12.5%
Blended cost of borrowings expected to stay below 12.5% for FY27, despite liquidity tightness.
Management guidance marginsKey Risks
El Niño and fertilizer issues impacting portfolio
Management acknowledged seasonal risks from El Niño and fertilizer supply, which could stress rural borrower repayment capacity.
medium · management_commentaryHigh rejection rates limiting growth
Rejection rates remain at 60-65%, indicating tight credit filters that could constrain disbursement growth.
medium · analyst_questionIndividual loan product scalability and credit risk
New individual loan product (₹1-4 lakh, unsecured) lacks SRO guardrails; pilot success and underwriting discipline are unproven at scale.
high · analyst_questionNotable 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.
Frequently Asked Questions
What was Spandana Sphoorty Financial's revenue in Q4 FY26?
Spandana Sphoorty Financial reported revenue of — in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Spandana Sphoorty Financial management give for FY27?
AUM target of ₹6,500 crore by FY27-end: Management expects AUM to reach ₹6,500 crore by March 2027, implying ~47% growth from current ₹4,420 crore. Monthly disbursements to increase to ₹550-600 crore: After maintaining ₹500 crore per month for next 3-4 months, disbursements are expected to rise to ₹550-600 crore. Add 7 lakh new borrowers in FY27: Target to add 7 lakh new borrowers during FY27, taking total customer base to ~1.6 million. Cost of borrowings to remain below 12.5%: Blended cost of borrowings expected to stay below 12.5% for FY27, despite liquidity tightness.
What are the key risks for Spandana Sphoorty Financial in FY27?
Key risks include El Niño and fertilizer issues impacting portfolio — Management acknowledged seasonal risks from El Niño and fertilizer supply, which could stress rural borrower repayment capacity.; High rejection rates limiting growth — Rejection rates remain at 60-65%, indicating tight credit filters that could constrain disbursement growth.; Individual loan product scalability and credit risk — New individual loan product (₹1-4 lakh, unsecured) lacks SRO guardrails; pilot success and underwriting discipline are unproven at scale..
Did Spandana Sphoorty Financial meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Spandana Sphoorty Financial Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.