Spandana Sphoorty Financial Limited Q2 FY26 Concall Decoded – “The comeback script still needs a few rewrites.”

1. Opening Hook

After the rights issue fireworks, Spandana’s Q2 FY26 concall felt like a Diwali sequel no one greenlit — lots of lights, little sparkle. The interim CEO-cum-CFO Ashish Damani came armed with optimism, data, and festive greetings… in that order. Yet, beneath the cheer lay a ₹249 crore loss and a long road back to profitability. But hey, every phoenix first looks like a burnt feather.

As the Bhagavad Gita reminds us, “Action is thy duty, not its fruit.” Spandana’s management seems to have taken that a bit too literally.
Stick around — the juicier bits come later.

2. At a Glance

• AUM – ₹4,088 crore: Slowly rising, like an old scooter climbing a flyover.
• Disbursements – ₹934 crore: From ₹280 crore in Q1 — caffeine finally kicked in.
• GNPA – 5.62%: Still too spicy for comfort.
• Net Loss – ₹249 crore: Rebuilding, they say; accounting gods, they pray.
• Collection Efficiency – 98.7%: Impressive, unless you recall it was 99% once upon a time.
• CRAR – 47%: Capital buffer strong enough to survive another bad quarter.
• Branches – 101 closed: “Right-sizing,” aka diet plan for cost control.

3. Management’s Key Commentary

“X-bucket collection efficiency at 98.7%… improvement across geographies.”
(Translation: We finally stopped bleeding in Karnataka, hallelujah 😏.)

“Disbursement for Q2 was ₹934 crore vs ₹280 crore in Q1.”
(Translation: We found our Excel ‘copy-paste’ button again.)

“Our new book delinquency is just 0.1%.”
(Translation: The new loans are saints; old ones still sinners.)

“We issued 90,000 demand notices and 3.3 lakh legal notices.”
(Translation: Our lawyers have never been busier.)

“CRAR at 47%, gearing 1.5x provides headroom for growth.”
(Translation: We’re rich in capital, poor in profits.)

“Expect to turn PPOP positive in coming quarters.”
(Translation: Hope is not a strategy, but it’s what we’ve got.)

“FY26 is a rebuilding year.”
(Translation: Investors, please keep your patience pills handy.)

4. Numbers Decoded

Short story: The P&L is bleeding, but the vitals (collections, liquidity, capital) are finally