Spandana Sphoorty Financial Limited · NSE:SPANDANA
Spandana Sphoorty Financial — Q2 FY26 Earnings Presentation
31 slides from Spandana Sphoorty Financial's earnings presentation, Oct 31, 2025
Slide 1: Stock exchange cover letter
Ref: SSFL/Stock Exchange/2025-26/091 October 31, 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 – 40005
Slide 2: Q2 FY26 & H1FY26 Investor Presentation
Invested in Bharat! Spandana Sphoorty Financial Limited Q2 FY26 & H1FY26 Investor Presentation Saura Art
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: Key highlights: Improvement in lead parameters
Key highlights: Improvement in lead parameters Pick up in pace of Disbursement (₹ Cr) Upward trend in 90+ dpd Recovery (₹ Cr) 427 20 15 15 268 14 13 13 238 218 33 29 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Consistent improvement in X-bucket Collection Effi
Slide 5: Business pivoting towards growth supported by robust Balance Sheet
Business pivoting towards growth supported by robust Balance Sheet Consistent X-bucket Consistent improvement in X-bucket collection efficiency between Apr-25 to Sep-25 across collection efficiency major states. X-bucket collection efficiency for Sep-25 at 98.7% & ~98.5% for Oct-25 improvement Disbu
Slide 6: X-bucket collection efficiency show improving trend
1. X-bucket collection efficiency show improving trend X-bucket net collection X-Bucket efficiency Net Collection (%) & forward Efficiency (%) flows X-bucket Collection Efficiency (%) of key States 100.0% 98.5% 98.5% 98.7% 98.5% 5.0% 2025 Apr May Jun Jul Aug Sep 99.0% 97.7% 97.9% 98.0% 3.6% 4.0% And
Slide 7: Disbursement pace up with improvement in quality parameters
2. Disbursement pace up with improvement in quality parameters Disbursement (₹ Cr) Multiple levers driving disbursement growth 500 427 450 350 400 Upfront CB validation 350 268 238 300 Reduces loan application processing time 218 335 3 less working & frees up field team bandwidth 250 258 days due to
Slide 8: Current customer franchise offers sufficient growth opportunity
2. Current customer franchise offers sufficient growth opportunity Customer Base* distribution – Sep 2025 Opportunity to disburse ₹5,500 Cr - ₹6,000 Cr to eligible customers 76% of 10 L eligible borrowers have < ₹1 L household indebtedness 8% and loans outstanding with 2 lenders >30 dpd with SSFL Le
Slide 9: New credit rules propel strong FY26 portfolio performance
3. New credit rules propel strong FY26 portfolio performance New New portfolio contributes portfolio now 28% contributes 28%of ofAUM* AUM 99.9% of New portfolio* is current 0.1% 0.1% 0.1% 28% 100.0% 100.0% 99.9% 99.9% 99.9% 72% May-25 Jun-25 Jul-25 Aug-25 Sep-25 New portfolio Old portfolio Current D
Slide 10: Recovery focused strategy delivering measurable outcomes
4. Recovery focused strategy delivering measurable outcomes ₹141 Cr recovered in 3 quarters. Momentum expected to continue in H2FY26 Initiatives to improve collections Tapping legal avenues Continuing to engage borrowers Digital Collection – 14% of all Q2 collection Phase 1 Phase 2 Demand Notices Le
Slide 11: Efforts on to improve operational efficiency and optimize costs
Efforts on to improve operational efficiency and optimize costs ▪ 101 branches merged or closed during H1FY26 ▪ Reduction in overhead cost expected Branch Rationalisation ▪ Manpower aligned with branch consolidation ▪ LO productivity expected to increase to 275 ▪ BQM redeployment based on defined pa
Slide 12: Comfortable liquidity & healthy balance sheet to fuel future growth
5. Comfortable liquidity & healthy balance sheet to fuel future growth CRAR (%) CRAR* (%) 4,000 Net-worth(₹ Net-worth (₹ Cr) Cr) & & Gearing Gearing(x) (x) 3.3 3,500 3,000 2,633 2.8 47.0% 2,500 2,289 2,227 2.3 2,000 40.8% 2.1 1.8 37.1% 1,500 1,000 1.9 1.3 500 1.5 0 0.8 Mar-25 Jun-25 Sep-25 Mar-25 Ju
Slide 13: Diversified borrowing mix with 48% outstanding loans from banks
5. Diversified borrowing mix with 48% outstanding loans from banks Cost of borrowing (%) Incremental borrowing (₹ Cr) 12.2% 12.3% 12.2%12.1% 12.1% 11.9% 11.8% 11.7% 438 11.4% Q2 Q3 Q4 Q1 Q2 FY25 FY25 FY25 FY26 FY26 Cost of Borrowing Marginal Cost of Borrowing 160 Diversified borrowing mix Borrowing
Slide 14: Q2FY26 & H1FY26 Results
Q2FY26 & H1FY26 Results 13
Slide 15: ~3.3x QoQ increase in disbursement. Standalone NNPA stable
~3.3x QoQ increase in disbursement. Standalone NNPA stable Key Metrics Q2 FY26 Q1 FY26 QoQ (%) Q2 FY25 YoY (%) H1FY26 H1FY25 YoY (%) Disbursement (₹ Cr) 934 280 233% 1,514 (38)% 1,214 3,798 (68)% AUM (₹ Cr) 4,088 4,958 (18)% 10,537 (61)% 4,088 10,537 (61)% Income (₹ Cr) 239 304 (21)% 702 (66)% 544 1
Slide 16: Customer base at ~15L
Customer base at ~15L Branch and manpower rationalization along with disbursement to drive efficiencies No. of Customers (in L) Branch count 33.0 29.6 1,723 1,774 1,804 1,720 1,703 24.9 20.4 449 459 442 433 428 15.5 1,281 1,325 1,345 1,287 1,275 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Sep-24 Dec-24 Mar-2
Slide 17: ₹934 Cr disbursed in Q2FY26. Gross CE improves to 92.9%
₹934 Cr disbursed in Q2FY26. Gross CE improves to 92.9% AUM (₹ Cr) Disbursement (₹ Cr) 10,537 8,936 1,514 6,819 4,958 934 4,088 280 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Q1FY26 Q2FY26 Q2FY25 AUM concentration of top 4 states at 52% Collection Efficiency (%) 120.0% 120.0% 100.0% 93.7% 92.4% 91.5% 91.1%
Slide 18: 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) 3,433 88.9% 46 1.4% 2,861 89.63% 26 0.9% Stage 1 (1 – 30)
Slide 19: Income, PPOP impacted by shrinking loan book over past few quarters
Income, PPOP impacted by shrinking loan book over past few quarters Income (₹ Cr) Net Interest Income (₹ Cr) QoQ YoY YoY QoQ YoY YoY (21)% (66)% (62)% (20)% (73)% (73)% 1,436 766 702 341 304 544 239 113 204 91 Q1 Q2 Q2 H1 H1 Q1 Q2 Q2 H1 H1 FY26 FY26 FY25 FY26 FY25 FY26 FY26 FY25 FY26 FY25 PPOP (₹ Cr
Slide 20: QoQ improvement in Yield & NIM as overall portfolio quality improves
QoQ improvement in Yield & NIM as overall portfolio quality improves Key Ratios Q2 FY26 Q1 FY26 QoQ (%) Q2 FY25 YoY (%) H1FY26 H1FY25 YoY (%) Yield (%) 19.6 19.4 +0.2% 22.4 (2.9)% 19.2 23.5 (4.3)% Cost of borrowing (%) 12.2 12.3 (0.1)% 11.8 +0.4% 12.2 11.7 +0.5% NIM (%) 8.4 8.2 +0.2% 12.8 (4.3)% 8.2
Slide 21: Consolidated Net-worth of ₹2,227 Cr, CRAR at 47.0%
Consolidated Net-worth of ₹2,227 Cr, CRAR at 47.0% Gearing at 1.5x (Consolidated) SSFL Standalone Net-worth & CRAR 4 36.9% 4000 35.7% 36.0% 36.3% 36.5% 3,507 4,000 3500 3.5 35.00% 3,082 3,500 3,426 3 30.00% 3,047 3000 2,633 3,000 2,289 2.5 2,623 2,227 2500 25.00% 2,500 2,309 2,279 2.2 2.2 2 20.00% 2
Slide 22: Consolidated Income Statement
Consolidated Income Statement Particulars (₹ Cr) Q2 FY26 Q1 FY26 Q2 FY25 QoQ YoY H1FY26 H1FY25 YoY Revenue from Operations Interest income on loans 211 267 599 (21)% (65)% 478 1,284 (63)% Net gain on fair value changes 5 17 75 (71)% (93)% 22 88 (75)% Other Income 14 16 8 (14)% 78% 30 17 81% Total in
Slide 23: Consolidated Balance Sheet
Consolidated Balance Sheet ASSETS (₹ Cr) Sep 30, 2025 Mar 31, 2025 LIABILITIES & EQUITY (₹ Cr) Sep 30, 2025 Mar 31, 2025 Financial Liabilities Financial Assets Debt Securities 1,296 2,264 Cash and bank balances 1,058 1,844 Borrowings (Other than Debt Securities) 1,993 3,391 Loan Portfolio 3,572 5,70
Slide 24: Credit Rating
Credit Rating Spandana Sphoorty Financial Ltd Rating / Outlook Rating Agency Rating Instrument (Current) 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 CRISIL Bank Facilities BBB+ / Stable Criss Fi
Slide 25: Annexure
Annexure 24
Slide 26: Positive ALM across maturity buckets
Positive ALM across maturity buckets Positive ALM (₹ Cr)* Maturity profile* (in months) 2,279 8.1^ 7.6 7.8 6.7 1,222 1,229 1,335 1,025 773 679 299 359 366 458 382 281 261 34 15 upto 1m 1m to 2m 2m to 3m 3m to 6m 6m to 12m 1Y to 3Y 3Y to 5Y Over 5Y Sep-25 Jun-25 Assets Liabilites Avg. residual maturi
Slide 27: Well diversified presence
Well diversified presence AUM concentration* - ~50% from top 4 States District level concentration* % of AUM Largest 2.2% State Sep-25 Mar-25 Mar-24 Top 5 9.4% Madhya Pradesh 14% 13% 13% Odisha 12% 13% 14% Top 10 15.3% Andhra Pradesh 12% 11% 10% Top 20 24.6% Bihar 12% 12% 12% 3% 5% 12% Karnataka 8%
Slide 28: 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 29: 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 650 22.6 1,383 550 10,016 1500 450 8,644 8,763 350 1000 432 382 343 344 250 150 500 208 50 0 -50 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY
Slide 30: 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 31: 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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