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The rating agency for this Bond is CARE Ratings.
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Spandana Sphoorty Financial Dec '27
₹74,868.31YTM
12.80%Tenure left
16 monthsInterest payout
MonthlyPrincipal payout
QuarterlyBond details
Minimum investment₹74,868.31
Date of maturity17 Dec 2027
ISININE572J07778
Bond typeSenior Secured
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About
Spandana Sphoorty Financial Limited (Spandana) is a listed Non-Banking Financial Company - Microfinance Institution (NBFC-MFI) that initially took over the microfinance operations of a non-governmental organisation in 1998. It was formally incorporated as an NBFC on March 10, 2003, and officially classified as an NBFC-MFI on April 13, 2015. The company operates a fully consolidated group structure alongside its major subsidiaries, Criss Financial Limited and Caspian Financial Services Limited. Spandana caters to marginal borrowers with low average loan ticket sizes across rural and urban locations through its microfinance lending business. As of June 2025, the company manages an extensive retail network of 1,720 branches across 20 states in India.;
Pros and Cons
Pros
Cons
The company benefits from a highly geographically diversified loan portfolio that spans 20 states and 1,720 branches, successfully keeping single-state concentration under 15% for any given territory.
Spandana maintains a healthy capitalization profile, driven by a standalone capital adequacy ratio (CAR) of 36.9% and a consolidated capital to risk-weighted assets ratio (CRAR) of 40.8% in 1QFY26.
Financial metrics and capital buffers are supported by regular equity infusions, including a fresh capital raise of INR 2,000 million from promoters and institutional investors through a rights issue in August 2025.
The company has successfully established extensive corporate funding relationships with 23 banks, 25 financial institutions and NBFCs, two development financial institutions, and a foreign private investor.
Spandana holds an adequate short-term liquidity position, with unencumbered cash and liquid investments of INR 16,528.4 million that comfortably cover upcoming three-month operational and debt obligations.
Other details
Clean price₹74,544.67
Dirty price₹74,868.30
Current yield11.32%
Security cover1.10X of POS
Issue sizeNA
Original bond tenure24 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date17 Dec 2025
Coupon rate11.25%
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