| Metric | Value (₹ Cr) | vs Q2 FY26 |
|---|---|---|
| Revenue | 234.27 | 2.1% |
| Total Income | 245.55 | 2.5% |
| Expenditure | 371.00 | 34.5% |
| PBT | -125.45 | 61.6% |
| Net Profit | -95.00 | 61.9% |
| OPM | -10.27% | 82.62pp |
| NPM | -38.69% | |
| EPS | 11.88 | 63.7% |
Spandana Sphoorty Financial Ltd Reports 27% QoQ Growth in Disbursement to ¥1,188 Crore in Q3FY26 ended December 31, 2025
27 Jan 2026 · 27 Jan, 4:53 pm
Summary
Spandana Sphoorty Financial Ltd, a rural-focused non-banking financial company and a microfinance lender, reported a 27% QoQ growth in disbursement to ¥1,188 crore in Q3FY26 ended December 31, 2025. The company's AUM stood at ¥3,948 crore with a 3% QoQ decline. The net interest income grew by 18% QoQ to ¥107 crore. However, the company reported a net loss of ¥95 crore due to technical write-offs and one-off impacts related to the implementation of a new labour code.
Key Highlights
- 1
AUM - ₹3,948 Cr; 3% QoQ decline (₹34,088 Cr)
- 2
Disbursement - ₹1,188 Cr; 27% QoQ growth (₹934 Cr)
- 3
GNPA (standalone) - 2.60%
- 4
NNPA (standalone) - 0.50%
- 5
Income - ₹246 Cr; 3% QoQ growth (₹239 Cr)
- 6
Net Interest Income - ₹107 Cr; 18% QoQ growth (₹391 Cr)
- 7
PPOP - ₹8 Cr; vs. (₹40) Cr reported in Q2FY26
- 8
34,088 Cr AUM with a 3% QoQ decline
- 9
27% QoQ growth in disbursement
- 10
2.60% GNPA (standalone)
- 11
0.50% NNPA (standalone)
- 12
₹246 Cr income with a 3% QoQ growth
- 13
₹107 Cr net interest income with an 18% QoQ growth
- 14
₹8 Cr PPOP for Q3FY26 vs. (₹40) Cr reported in Q2FY26
- 15
Comfortable liquidity of ₹1,626 Cr
- 16
CRAR of 40.3% and gearing of 1.8x
- 17
Improvement in X-bucket Collection Efficiency to 99.3% in December 2025 from 98.7% in September 2025
- 18
1-90 book stood at 2.5% at the end of December 2025 vs. 5.5% at the end of September 2025
- 19
Standalone GNPA stood at 2.60% vs. 4.97% at the end of September 2025
- 20
Exploring avenues to optimize operations
- 21
Streamlined reporting layers across field operations to enhance agility and efficiencies
- 22
Evaluating the merger of subsidiary Criss Financials Ltd with Spandana to optimize capital utilization, diversify the asset base and further improve operational efficiency
- 23
Favourable macro-economic trends coupled with new portfolio behaviour gives confidence in a sustainably profitable future
Management Comments
Mr. Venkatesh Krishnan
MD & CEO
The microfinance sector inched closer to normalcy in Q3FY26 after 6 very challenging quarters. As one of the major players in the sector, Spandana saw improvement across key indicators. Our Q3FY26 disbursement was up 27% QoQ at 1,188 Cr. The impact of our cautious customer selection criteria is reflected in 58% of our microfinance AUM (FY26 sourcing) reporting 99.8% Net Collection Efficiency. The company’s AUM at the end of Q3FY26 stood at 3,948 Cr. X-bucket Collection Efficiency improved to 99.3% in December 2025 from 98.7% in September 2025. This improvement is reflected in 1 — 90 book, which stood at 2.5% at the end of December 2025 vs. 5.5% at the end of September 2025. Standalone GNPA stood at 2.60% vs. 4.97% at the end of September 2025. Our comfortable liquidity of 1,626 Cr, CRAR of 40.3% and gearing of 1.8x positions us comfortably to drive future growth. We continue to explore avenues to optimize our operations. Reporting layers across our field operations has been streamlined to enhance agility and efficiencies. In addition, we are evaluating the merger of our subsidiary Criss Financials Ltd with Spandana to optimize capital utilization, diversify the asset base and further improve operational efficiency. The favourable macro-economic trends coupled with new portfolio behaviour gives us sufficient confidence in a sustainably profitable future.
Informational and educational content only. Not investment advice.