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%,
