Spandana reports Rs 18.24 cr profit as AUM rises 10% QoQ
Management cited 10% QoQ AUM growth, while the 50.6% operating margin trailed the 57.3% median across 64 reported Financial Services peers.
Filed 30 Oct 2026, 20:07 IST · after market close · Spandana Sphoorty Financial Ltd (SPANDANA)
Key takeaways
- Spandana reported consolidated net profit of Rs 18.24 cr in Q2FY27, with a 50.64% tax rate limiting profit conversion.
- Management said AUM grew 10% QoQ to Rs 5,364 cr and disbursements rose 8% QoQ to Rs 1,481 cr.
- Operating margin was 50.6%, 6.7 percentage points below the 57.3% median for 64 Financial Services peers that had reported.
Price around the results
Operating profit was cut down by interest and tax
Spandana's consolidated revenue was Rs 324.9 cr and operating profit was Rs 164.4 cr, producing a 50.6% operating margin. Interest expense of Rs 140.59 cr was the main charge below operating profit, leaving profit before tax at Rs 36.95 cr. Tax of Rs 18.71 cr then reduced net profit to Rs 18.24 cr.
Other income was material to pre-tax profit
Other income of Rs 15.52 cr contributed to profit before tax of Rs 36.95 cr, so earnings were not solely operating-driven. The 50.64% tax rate was also a substantial drag on the conversion of pre-tax profit into net profit.
Management pointed to higher scale and ongoing clean-up
Management said AUM grew 10% QoQ to Rs 5,364 cr, while disbursements increased 8% QoQ to Rs 1,481 cr. It also said the restructuring of the micro-LAP business was underway and that the CFL merger was progressing as planned. The company told analysts it was focusing on improving recoveries for loans overdue by more than 90 days.
Margin trailed peers; filing came after market close
Spandana's 50.6% operating margin was 6.7 percentage points below the 57.3% median among 64 Financial Services peers that had reported the same quarter. It ranked 30th from the bottom on this measure. The results were filed after market close, so no market reaction is covered here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹325 cr |
| Other income | ₹16 cr |
| Expenses | ₹161 cr |
| Operating profit | ₹164 cr |
| Operating margin (%) | 50.60% |
| Interest | ₹141 cr |
| Depreciation | ₹2 cr |
| Profit before tax | ₹37 cr |
| Tax | ₹19 cr |
| Net profit | ₹18 cr |
| EPS (₹) | ₹2.26 |
Operating margin of 50.60% compares with a Financial Services sector median of 57.30% across 64 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- AUM grew 10% quarter on quarter to ₹5,364 crore in Q2FY27.
- Disbursements increased 8% quarter on quarter to ₹1,481 crore.
New initiatives
- The restructuring of the micro-LAP business is underway.
- The CFL merger is progressing as planned.
Problems & risks
- The company is focusing on improving recoveries for loans overdue by more than 90 days.
What to watch
- Whether operating margin holds around 50.6%.
- AUM and disbursements relative to Rs 5,364 cr and Rs 1,481 cr, respectively.
- Progress in recoveries for loans overdue by more than 90 days.