Buy Spandana Sphoorty Financials; target of Rs 850: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Spandana Sphoorty Financials

Spandana Sphoorty Financials Limited (SSFL) posted weak results for Q3FY2021 with operational numbers coming below expectations; however, pickup in disbursement was encouraging. Asset-quality performance mixed, with Q3 seeing large write-off of Rs. 212 crore, which made PAT miss estimates. However, collection efficiency (CE) at 96% and is nearing pre-Covid levels. A diversified book with no district having more than 1.5% of AUM and no branch more than 1% of AUM augurs well; SSFL trades at 1.6x / 1.3x its FY2022E/FY2023E BVPS, which we believe are reasonable.

Outlook

We maintain Buy with an unchanged PT of Rs. 850.

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