Spandana Sphoorty Financial Limited · NSE:SPANDANA
Spandana Sphoorty Financial — Q1 FY26 Earnings Presentation
28 slides from Spandana Sphoorty Financial's earnings presentation, Aug 14, 2025
Slide 1: Stock exchange filing cover letter
Ref: SSFL/Stock Exchange/2025-26/056 August 14, 2025 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 – 400051
Slide 2: Q1 FY26 Investor Presentation
Invested in Bharat! Spandana Sphoorty Financial Limited Q1 FY26 Investor Presentation Phad Art
Slide 3: Executive Summary
₹400 Cr Rights Issue (partly paid) closed successfully: • Participation in full seen from promoters and institutional investors in the rights issue • Institutional investors’ shareholding increased • CRAR post issue at 46%. Fresh capital to support future business growth Comfortable liquidity: • Liq
Slide 4: ₹400 Cr rights issue successfully closed
₹400 Cr rights issue successfully closed • Rights issue participation in full by promoter group as well as key institutional investors • Good participation also received from retail investors • Shareholding pattern to remain consistent post rights issue with slightly higher concentration of institut
Slide 5: Equity infusion to further strengthen balance sheet
Equity infusion to further strengthen balance sheet CRAR (%) Liquidity (₹ Cr) 46.0% 2,030 2,018 2,063 40.8% 1,731 37.1% 1,502 1,590 Mar-25 Jun-25 Jun-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug'25 Post Rights Post Issue Issues Diversified borrowing mix Asset distribution (30-Jun-25) Borrowing 9,386 8,
Slide 6: Positive ALM across maturity buckets
Positive ALM across maturity buckets Positive ALM (₹ Cr)* Maturity profile* (in months) 9.4 2,309 7.8 7.4 6.7 1,424 1,2791,384 1,153 965 882 557 565 612 369 431 383 366 41 14 upto 1m 1m to 2m 2m to 3m 3m to 6m 6m to 12m 1Y to 3Y 3Y to 5Y Over 5Y Jun-25 Mar-25 Assets Liabilites Avg. residual maturity
Slide 7: Lead indicators stable under volatile operating environment
Lead indicators stable under volatile operating environment X-Bucket Net Collection Efficiency (%) Recovery from 90+ (₹ Cr) 98.9% 52 98.6% 98.0% 97.9% 97.9% 97.2% 97.9% 98.0% 41 98.5% 96.7% 97.8% 98.6% 97.7% 97.9% 97.7% 97.1% 21 96.9% 96.4% 11 12 Nov Dec Jan Feb Mar Apr May Jun Jul 24 24 25 25 25 25
Slide 8: X-bucket collection efficiency show improving trend
X-bucket collection efficiency show improving trend Focused efforts to drive improvement in collection efficiency X-bucket Collection Efficiency (%) of key States Initiatives to improve collections Apr-25 May-25 Jun-25 Jul-25 Andhra Pradesh 95.7% 95.7% 96.3% 97.9% Bihar 97.4% 98.6% 98.4% 98.7% Dedic
Slide 9: Maintaining agility in our operations
Maintaining agility in our operations New interventions across customer journey Other key interventions introduced - Customer liveliness - LO house visit for Enrolment at 1. every loan existing center Strengthened KYC checks - Enrolment in group members’ presence System validation of • Bank account
Slide 10: Sufficient Right to play identified for building quality portfolio
Sufficient Right to play identified for building quality portfolio Customer Base* Split – July 2025 Distribution of 50% eligible customer base by indebtedness Household Lender Overlap 13% Total Indebtedness Unique Spandana+1 Spandana+2 >30 dpd with SSFL <50k 42% 14% 3% 59% 50k – 1 L 3% 12% 10% 25% 3
Slide 11: Q1FY26
Qi1FY26 10
Slide 12: Cautious disbursement approach leads to decline in AUM
Cautious disbursement approach leads to decline in AUM Q1 FY26 Q1 FY25 YoY (%) Q4 FY25 QoQ (%) Disbursement (₹ Cr) 280 2,283 (88)% 365 (23)% AUM (₹ Cr) 4,958 11,723 (58)% 6,819 (27)% Income (₹ Cr) 304 734 (59)% 419 (27)% Net Interest Income (₹ Cr) 113 425 (73)% 197 (43)% PPOP (₹ Cr) (59) 284 (343) C
Slide 13: Customer base at ~20L
Customer base at ~20L Branch and manpower rationalization to drive efficiencies No. of customers (in L) Branch count 34.1 33.0 1,665 1,723 1,774 1,804 1,720 29.6 24.9 449 459 434 442 433 20.4 1,231 1,281 1,325 1,345 1,287 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Monthly
Slide 14: Pick-up in disbursement to address FY26 AUM growth
Pick-up in disbursement to address FY26 AUM growth ₹4,958 Cr AUM at the end of Q1FY26 AUM (₹ Cr) Disbursement (₹ Cr) 11,723 10,537 365 8,936 280 268 6,819 4,958 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Q4FY25 Q1FY26 July'25 AUM Concentration of top 4 states down to 51% Collection Efficiency (%) 120.0% 97.
Slide 15: 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) 3,813 83.5% 50 1.3% 3,231 83.8% 29 0.9% Stage 1 (1 – 30) 1
Slide 16: PPOP impacted by lower AUM & Interest reversals
PPOP impacted by lower AUM & Interest reversals In ₹ Cr Income Net Interest Income QoQ YoY QoQ YoY (27) % (59) % (43) % (73) % 734 425 419 304 197 113 Q4 Q1 Q1 Q4 Q1 Q1 FY25 FY26 FY25 FY25 FY26 FY25 PPOP PAT QoQ YoY QoQ YoY ₹(84) Cr ₹(343) Cr +₹74 Cr ₹(416) Cr 284 56 25 -59 -360 -434 Q4 Q1 Q1 Q4 Q1
Slide 17: Decline in AUM and higher delinquencies impact ratios
Decline in AUM and higher delinquencies impact ratios Cost of borrowing at 12.3% for Q1FY26 Yield (%) Cost of Borrowing (%) QoQ YoY QoQ YoY (1.4)% (5.0)% +0.2% +0.7% 24.4% 12.1% 12.3% 20.7% 11.6% 19.4% Q4 Q1 Q1 Q4 Q1 Q1 FY25 FY26 FY25 FY25 FY26 FY25 NIM (%) Opex to AUM (%) QoQ YoY QoQ YoY (2.5)% (6.
Slide 18: Elevated cost-to-income due to higher opex & lower income
Elevated cost-to-income due to higher opex & lower income RoA impacted due to high impairment cost & deliberate slowdown in disbursement Cost to income (%) ROA (on book POS) (%) QoQ YoY QoQ YoY +54.0% +98.9% (2.6)% (28.1)% 139.1% 2.0% 85.1% 40.2% -23.5% -26.1% Q4 Q1 Q1 FY25 FY26 FY25 Q4 Q1 Q1 FY25 F
Slide 19: Consolidated Net-worth of ₹2,289 Cr, CRAR at 40.8%
Consolidated Net-worth of ₹2,289 Cr, CRAR at 40.8% Gearing at 1.9x (consolidated) SSFL Standalone Net-worth & CRAR 36.9% 4 36.3% 6000 35.7% 36.0% 5000 32.7% 35.00% 5000 3.5 30.00% 3,707 3,614 4000 3,426 4000 3,507 3 25.00% 3,082 3,047 2,623 3000 2,633 3000 20.00% 2,289 2,309 2.5 15.00% 2000 2000 2.4
Slide 20: Consolidated Income Statement
Consolidated Income Statement Particulars (₹ Cr) Q1 FY26 Q4 FY25 Q1 FY25 QoQ YoY Revenue from Operations Interest income on loans 267 383 685 (30)% (61)% Net gain on fair value changes 17 24 13 (29)% 27% Interest on deposits with banks 16 8 9 102% 82% Total income from operations 300 415 707 (28)% (
Slide 21: Consolidated Balance Sheet
Consolidated Balance Sheet ASSETS (₹ Cr) Jun 30, 2025 Mar 31, 2025 LIABILITIES & EQUITY (₹ Cr) Jun 30, 2025 Mar 31, 2025 Financial Liabilities Financial Assets Debt Securities 1,694 2,264 Cash and bank balances 1,553 1,844 Borrowings (Other than Debt Securities) 2,611 3,391 Loan Portfolio 4,176 5,70
Slide 22: Annexure
Annexure 21
Slide 23: Credit Rating
Credit Rating Spandana Sphoorty Financial Ltd Rating / Outlook Rating / Outlook Rating Agency Rating Instrument (Current) (31-Mar-25) Bank Facilities / NCD’s A- / Stable A / Negative CARE CP’s A2+ A1 ICRA Bank Facilities / NCD’s A- / Negative A / Negative India Ratings Bank Facilities / NCD’s A- / N
Slide 24: Well diversified presence
Well diversified presence AUM concentration* - ~49% from top 4 States District level concentration* % of AUM Largest 2.0% State Jun-25 Mar-25 Mar-24 Top 5 9.1% Madhya Pradesh 14% 13% 13% Odisha 13% 13% 14% Top 10 14.8% 0% Andhra Pradesh 12% 11% 10% Bihar 11% 12% 12% Top 20 23.0% 3% 5% Karnataka 9% 1
Slide 25: Metrics over the years
Metrics over the years AUM (₹ Cr) Disbursement (₹ Cr) GNPA (%) & NNPA (%) 10,688 18.7% 11,973 8,125 8,157 8,511 6,819 6,426 6,581 5,605 10.5% 3,373 5.6% 3.1% 2.1% 1.4% 1.5% 1.2% 0.6% 0.3% FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 GNPA (%) NNPA (%) Net Interest Income
Slide 26: Metrics over the years
Metrics over the years Customers (in L) Employees Customers / Branch & LO 33.2 18,382 2,324 2,097 2500 850 1,914 2,021 750 24.5 23.5 24.9 14,243 2000 22.6 650 1,383 550 10,016 1500 450 8,644 8,763 432 350 382 1000 343 344 250 150 208 500 50 0 -50 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY2
Slide 27: 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 3 Marginal COB (XIRR) Multiplication of borrowing availed during the period and co
Slide 28: Thank you!
Thank you! Investor Relations Strategic Growth Advisors Pvt. Ltd Abhishek Shah Spandana Sphoorty Financial Limited +91 99306 51660
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