Spandana Sphoorty Financial Limited · NSE:SPANDANA
Spandana Sphoorty Financial — Q3 FY26 Earnings Presentation
26 slides from Spandana Sphoorty Financial's earnings presentation, Jan 27, 2026
Slide 1: Stock exchange cover letter
Ref: SSFL/Stock Exchange/2025-26/124 January 27, 2026 To To BSE Limited, National Stock Exchange of India Limited, Department of Corporate Services Listing Department P. J. Towers, 25th Floor, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 40005
Slide 2: Q3 FY26 Investor Presentation
Invested in Bharat! Spandana Sphoorty Financial Limited Sohrai Art Q3 FY26 Investor Presentation
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Spandana Sphoorty Financial Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe f
Slide 4: Executive Summary: Improvements across key parameters continue
Improvements across key parameters continue Consistent X-bucket Consistent improvement in X-bucket collection efficiency between Apr-25 to Dec-25 across major states. collection efficiency X-bucket collection efficiency for Dec-25 at 99.3% vs. 96.9% in Apr-25 improvement 87% branches have more than
Slide 5: Lead parameters continue upward trajectory
Lead parameters continue upward trajectory Pick up in pace of disbursement (₹ Cr) Upward trend in 90+ dpd Recovery (₹ Cr) + 27% 1188 + 35% 65 + 233% 934 + 16% 48 849 41 752 280 227 338 182 54 Q1FY26 Q2FY26 Q3FY26 New Customers Existing Customers Q1FY26 Q2FY26 Q3FY26 Consistent improvement in X-bucke
Slide 6: X-bucket collection efficiency show improving trend
1. X-bucket collection efficiency show improving trend X-bucket collection efficiency (%) & forward flows X-bucket Collection Efficiency (%) of key States 99.2% 99.3% 2025 Jul Aug Sep Oct Nov Dec 100.0% 98.5% 98.5% 98.7% 98.7% 5.0% Andhra Pradesh 97.9% 97.7% 98.1% 97.7% 99.1% 98.8% 99.0% 98.0% 4.0%
Slide 7: Loans originated in FY26 is 58% of MFI AUM
2. Loans originated in FY26 is 58% of MFI AUM New portfolio contributes 58% of AUM* 99.8% of New portfolio* is current 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 42% 99.9% 99.9% 99.9% 99.8% 99.8% 99.8% 58% Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 New portfolio Old portfolio Current Delinquent 97.8% customers* w
Slide 8: Recovery focused strategy delivering measurable outcomes
3. Recovery focused strategy delivering measurable outcomes ~₹207 Cr recovered in 12 months. Momentum expected to continue Initiatives to improve collections Tapping legal avenues Continuing to engage borrowers Digital Collection – 16% of all Q3 collection Demand Notices Legal Notices Lok Adalat Ded
Slide 9: Comfortable liquidity & healthy balance sheet to fuel future growth
4. Comfortable liquidity & healthy balance sheet to fuel future growth CRAR* (%) 4,000 Net-worth (₹ Cr) Net-worth (₹ Cr) & & Gearing Gearing(x) (x) 3.3 3,500 47.0% 3,000 2,633 2.8 40.8% 40.3% 2,289 2,227 2,121 2,623 2,500 37.1% 36.3% 36.9% 36.5% 2.3 2,309 2,279 2,185 30.4% 2,000 1,500 2.1 1.8 1,000
Slide 10: Diversified borrowing mix with 42% outstanding loans from banks
4. Diversified borrowing mix with 42% outstanding loans from banks Incremental borrowing (₹ Cr) Cost of borrowing (%) QoQ YoY 954% 93% 13.2% 12.2% 11.7% 12.1% 11.9% 12.3% 12.2% 12.1% 12.6% 1,684 Q3 Q4 Q1 Q2 Q3 FY25 FY25 FY26 FY26 FY26 Cost of Borrowing Marginal Cost of Borrowing Diversified borrowin
Slide 11: Key initiatives to drive operational efficiency, recovery and growth
5. Key initiatives to drive operational efficiency, recovery and growth 137 branches merged or closed during 9MFY26 Branch and Employee Count ~100 more branches to be merged / closed in Q4FY26 1,850 25,000 Branch Reduction in overhead cost expected 19,808 18,382 Rationalisation 1,800 17,371 20
Slide 12: Q3FY26 & 9MFY26 Results
Q3FY26 & 9MFY26 Results 11
Slide 13: Visible signs of business turnaround
Visible signs of business turnaround Disbursement up by 27% QoQ; PPOP positive after recovery from write-offs Q3FY26 Q2FY26 QoQ (%) Q3FY25 YoY (%) 9MFY26 9MFY25 YoY (%) Disbursement (₹ Cr) 1,188 934 27% 1,443 (18)% 2,401 5,240 (54)% AUM (₹ Cr) 3,948 4,088 (3)% 8,936 (56)% 3,948 8,936 (56)% Income (₹
Slide 14: Active customer base at ~13L
Active customer base at ~13L Branch and manpower rationalization to drive efficiencies No. of Customers (in L) Branch count 1,774 1,804 1,720 1,703 29.6 1,667 182 183 179 176 166 24.9 459 449 433 428 421 20.4 15.5 12.9 1,143 1,162 1,108 1,099 1,080 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Dec-24 Mar-25 Ju
Slide 15: ₹1,188 Cr disbursed in Q3FY26 - up 27% QoQ
₹1,188 Cr disbursed in Q3FY26 - up 27% QoQ AUM (₹ Cr) Disbursement (₹ Cr) QoQ YoY 27% (18)% 8,936 +1.8% growth 1,443 pre-write-off 1,188 6,819 934 4,958 4,088 4,162 3,948 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Dec-25 (Pre-write off) Q2FY26 Q3FY26 Q3FY25 AUM concentration of top 4 states at 52% Collectio
Slide 16: PCR maintained at ~80%
PCR maintained at ~80% Consolidated Standalone Asset Classification Loans ECL Loans ECL % of Loans % of Loans Outstanding Provision Coverage Outstanding Provision Coverage Outstanding Outstanding (₹ Cr) (₹ Cr) (₹ Cr) (₹ Cr) Stage 1 (Current) 3,500 93.2% 46 1.3% 2,954 95.2% 28 0.9% Stage 1 (1 – 30) 2
Slide 17: Enhanced portfolio quality, recoveries drive growth in Income & PPOP
Enhanced portfolio quality, recoveries drive growth in Income & PPOP Income (₹ Cr) Net Interest Income (₹ Cr) QoQ YoY YoY QoQ YoY YoY 3% (57)% (61)% 18% (60)% (70)% 2,005 1,031 569 265 789 239 246 311 91 107 Q2 Q3 Q3 9M 9M Q2 Q3 Q3 9M 9M FY26 FY26 FY25 FY26 FY25 FY26 FY26 FY25 FY26 FY25 PPOP (₹ Cr)
Slide 18: Yield & NIM on upward trajectory as portfolio quality strengthens
Yield & NIM on upward trajectory as portfolio quality strengthens Key Ratios Q3 FY26 Q2 FY26 QoQ (%) Q3 FY25 YoY (%) 9MFY26 9MFY25 YoY (%) Yield (%) 22.4 19.6 2.8% 21.1 1.2% 20.0 22.8 (2.8)% Cost of borrowing (%) 12.6 12.2 0.4% 12.2 0.4% 12.3 12.0 0.3% NIM (%) 11.1 8.4 2.7% 11.3 (0.2)% 9.0 13.2 (4.3
Slide 19: Consolidated Income Statement
Consolidated Income Statement Particulars (₹ Cr) Q3 FY26 Q2 FY26 Q3 FY25 QoQ YoY 9MFY26 9MFY25 YoY Revenue from Operations Interest income on loans 216 211 494 3% (56)% 693 1,777 (61)% Net gain on fair value changes 9 5 49 84% (81)% 31 137 (77)% Other Income 9 14 9 (34)% 1% 40 26 53% Total income fr
Slide 20: Consolidated Balance Sheet
Consolidated Balance Sheet ASSETS (₹ Cr) Dec 31, 2025 Mar 31, 2025 LIABILITIES & EQUITY (₹ Cr) Dec 31, 2025 Mar 31, 2025 Financial Liabilities Financial Assets Debt Securities 2,002 2,264 Cash and bank balances 1,553 1,844 Borrowings (Other than Debt Securities) 1,785 3,391 Loan Portfolio 3,526 5,70
Slide 21: Credit Rating
Credit Rating Spandana Sphoorty Financial Ltd Rating / Outlook Rating Agency Rating Instrument (Current) CRISIL Bank Facilities BBB+ / Stable Bank Facilities / NCD’s BBB+ / Stable CARE CP’s A2 ICRA Bank Facilities / NCD’s BBB+ / Negative India Ratings Bank Facilities / NCD’s BBB+ / Negative Criss Fi
Slide 22: Annexure
Annexure 21
Slide 23: Positive ALM across maturity buckets
Positive ALM across maturity buckets Positive ALM (₹ Cr)* Maturity profile* (in months) 9.1 9.2 2,185 8.1 7.6 1,659 1,471 1,312 1,090 1,023 856 627 329 380 281 247 276 273 17 21 upto 1m 1m to 2m 2m to 3m 3m to 6m 6m to 12m 1Y to 3Y 3Y to 5Y Over 5Y Dec-25 Sep-25 Assets Liabilites Avg. residual matur
Slide 24: Well diversified presence
Well diversified presence AUM concentration* - ~50% from top 4 States District level concentration* % of AUM State Largest 2.3% Dec-25 Mar-25 Mar-24 Madhya Pradesh 15% 13% 13% Top 5 9.4% Odisha 13% 13% 14% Top 10 15.5% Bihar 13% 12% 12% Top 20 24.7% Andra Pradesh 11% 11% 10% 3% 6% 13% West Bengal 8%
Slide 25: Glossary
Glossary Key Ratio Abbreviation Definition 1 Portfolio Yield Yield Interest income divided by average monthly loan outstanding 2 Cost of borrowing COB Interest expenses divided by average monthly borrowing outstanding Multiplication of borrowing availed during the period and cost of borrowing (inclu
Slide 26: Thank you!
Thank you! Investor Relations Spandana Sphoorty Financial Ltd Investor.relations@spandanasphoorty.com Spandana Sphoorty Financial Limited Strategic Growth Advisors Pvt. Ltd Abhishek Shah +91 99306 51660
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