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Spandana Q3 FY26: Disbursements Up 27% QoQ, GNPA Drops to 2.6% Amid Turnaround Efforts
Spandana Sphoorty reported a sequential recovery in Q3 FY26 with disbursements growing 27% QoQ to ₹1,188 crore and standalone GNPA improving significantly to 2.60% from 4.97%. Despite a net loss of ₹95 crore due to technical write-offs, the company achieved a positive Pre-Provision Operating Profit (PPOP) of ₹8 crore. The new portfolio originated in FY26 now constitutes 58% of the AUM and maintains a high net collection efficiency of 99.8%. Strategic initiatives include branch rationalization and a potential merger with Criss Financial to diversify the asset book.
Key Highlights
Disbursements grew 27% QoQ to ₹1,188 Cr; Standalone AUM stood at ₹3,948 Cr (pre-write-off).
Standalone GNPA and NNPA improved to 2.60% and 0.50% respectively, down from 4.97% and 0.97% in Q2.
X-bucket collection efficiency reached 99.3% in Dec-25, with 87% of branches exceeding 99% efficiency.
Incremental borrowing surged to ₹1,684 Cr in Q3 compared to just ₹160 Cr in the previous quarter.
Company is evaluating a merger with Criss Financial Ltd to unlock synergies and increase non-MFI exposure to 10%.
💼 Action for Investors
Investors should monitor the sustainability of the high collection efficiency in the new FY26 portfolio and the progress of the Criss Financial merger. While operational metrics are improving, the company needs to demonstrate a return to bottom-line profitability after recent write-offs.
Spandana Q3FY26: Disbursement Up 27% QoQ, GNPA Improves to 2.6%, Net Loss of ₹95 Cr
Spandana Sphoorty reported a net loss of ₹95 crore for Q3FY26, primarily driven by technical write-offs and one-off impacts from the new labor code implementation. Despite the bottom-line loss, operational metrics showed recovery with disbursements rising 27% QoQ to ₹1,188 crore and Net Interest Income growing 18% to ₹107 crore. Asset quality improved significantly as standalone GNPA dropped to 2.60% from 4.97% in the previous quarter. The company maintains a robust capital adequacy ratio (CRAR) of 40.3% and is evaluating a merger with its subsidiary, Criss Financials, to enhance capital utilization.
Key Highlights
Disbursements grew 27% QoQ to ₹1,188 Cr, indicating a return to operational normalcy.
Standalone GNPA and NNPA improved to 2.60% and 0.50% respectively, down from 4.97% and 0.97% in Q2.
Net Interest Income (NII) increased by 18% QoQ to ₹107 Cr with yields improving by 283 bps to 22.4%.
Reported a net loss of ₹95 Cr for the quarter, impacted by slippage-related write-offs and labor code costs.
Maintains strong liquidity of ₹1,626 Cr and a high CRAR of 40.3% with a low gearing of 1.8x.
💼 Action for Investors
Investors should focus on the sustainability of the asset quality recovery and the timeline for returning to net profitability. The proposed merger with Criss Financials and the improving collection efficiency are positive long-term indicators to watch.
Spandana Sphoorty Appoints Ganesh KV as CTO; Q3 Net Loss Narrows to ₹82.54 Cr
Spandana Sphoorty Financial Limited reported a narrowing net loss of ₹82.54 crore for Q3 FY26, a significant improvement from the ₹218.07 crore loss in Q2 FY26. Total income grew marginally to ₹216.47 crore, while impairment costs on financial instruments were reduced by over 60% to ₹111.37 crore. The company also appointed Mr. Ganesh KV as Chief Transformation Officer to lead its stabilization and recovery efforts. Management highlighted that loans originated in FY26 under stricter credit guardrails are showing improved performance compared to previous cycles.
Key Highlights
Net loss narrowed to ₹82.54 crore in Q3 FY26 from a loss of ₹218.07 crore in the previous quarter.
Impairment on financial instruments decreased significantly to ₹111.37 crore from ₹285.65 crore in Q2 FY26.
Total income for the quarter stood at ₹216.47 crore compared to ₹207.94 crore in Q2 FY26.
The company transferred stressed loan assets with a principal outstanding of ₹493.55 crore to an ARC.
Mr. Ganesh KV appointed as Chief Transformation Officer effective January 27, 2026, to oversee strategic changes.
💼 Action for Investors
Investors should monitor if the narrowing loss trend continues and if the new CTO can successfully steer the company back to profitability. While the reduction in impairment is a positive sign, the company remains in a recovery phase and requires a cautious approach until sustainable profits are achieved.
Spandana Sphoorty Q3 FY26 Net Loss Narrows to ₹82.54 Cr; Appoints Chief Transformation Officer
Spandana Sphoorty reported a net loss of ₹82.54 crore for the quarter ended December 31, 2025, showing a sequential improvement from the ₹218.07 crore loss in Q2 FY26. Total income for the quarter stood at ₹216.47 crore, a slight increase from ₹207.94 crore in the previous quarter. The company continues to struggle with high impairment costs, which amounted to ₹112.45 crore this quarter, although this is a significant reduction from the ₹285.65 crore seen in Q2. To drive recovery, the board has appointed Mr. Ganesh KV as the Chief Transformation Officer.
Key Highlights
Net loss narrowed to ₹82.54 Cr in Q3 FY26 compared to a loss of ₹218.07 Cr in Q2 FY26.
Total income for Q3 FY26 grew 4.1% sequentially to ₹216.47 Cr from ₹207.94 Cr.
Impairment on financial instruments decreased by 60.6% quarter-on-quarter to ₹112.45 Cr.
Cumulative 9-month loss for FY26 stands at ₹629.52 Cr versus a loss of ₹546.54 Cr in 9M FY25.
Appointed Ganesh KV as Chief Transformation Officer effective January 27, 2026, to lead structural recovery.
💼 Action for Investors
Investors should remain cautious as the company is still reporting significant losses, though the sequential narrowing of the loss and reduced impairment charges are positive signs of stabilization. Monitor the impact of the new Chief Transformation Officer on collection efficiencies and credit guardrails in upcoming quarters.