SPANDANA SPHOORTY : ICRA REAFFIRMS BBB+ RATING, OUTLOOK UPGRADED TO STABLE 🏦

• 📈 ICRA has reaffirmed [ICRA] BBB+ rating on ₹1,523 crore of debt instruments and revised the outlook to Stable from Negative. • ✅ Improvement driven by better asset quality, with consolidated Gross Stage-3 declining to 3.8% in March 2026 from 5.6% a year ago. • 📉 30+ DPD delinquency moderated to 4.7% from 14.8% in March 2025, supported by tighter underwriting and improved collections. • 💰 Collection efficiency improved to 95.5% as of March 2026, while borrowers with more than three MFI lenders fell sharply to 4.8% from 18%. • 🏦 Capitalisation remains comfortable with consolidated managed gearing of 2.0x and liquidity supported by ₹844 crore of unencumbered cash. • 🔄 ICRA expects gradual improvement in profitability and operating performance as disbursements and AUM growth recover. 🟢 Impact: Positive (Outlook revision to Stable reflects improving asset quality, collection trends and business recovery, enhancing lender and investor confidence.)

SPANDANA SPHOORTY FIN LTD

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