Spandana Sphoorty Financial Limited (SPANDANA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-847.4%

-₹1,448.65

vs ₹193.83 price

Levered DCF

-₹4,408.19

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-2.02×	-1.68×	13.18×	306.24×	32.48×	28.26×	10.99×	16.68×
P/B	0.66×	0.66×	1.72×	1.22×	0.69×	1.42×	1.4×	2.62×
P/S	1.33×	0.81×	2.83×	2.97×	1.55×	2.88×	2.91×	4.85×
EV / EBITDA	-4.49×	-4.55×	20.66×	304.31×	10.56×	35.98×	10.56×	16.15×
Gross margin	98.5%	31.7%	39.9%	43.5%	44.6%	59.1%	59.4%	52.7%
Operating margin	-19.2%	18.9%	29.6%	32.2%	34.8%	56.0%	67.2%	49.7%
Net margin	-65.6%	-47.9%	22.6%	1.0%	5.0%	10.7%	27.8%	30.6%
Current ratio	0.48×	1.56×	1.44×	1.33×	2.04×	1.49×	1.4×	1.71×
Debt / equity	1.85×	2.15×	2.59×	1.96×	1.22×	1.95×	1.15×	1.57×
Interest coverage	0×	305.29×	501.25×	417.28×	53.77×	41.97×	556.75×	1,608.5×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-32.8%	-39.3%	13.7%	0.4%	2.2%	5.3%	13.4%	16.5%
Return on invested capital	-2.5%	3.7%	3.7%	3.1%	5.1%	6.8%	8.5%	6.9%
Return on assets	-11.2%	-12.2%	3.7%	0.1%	1.0%	1.7%	5.9%	6.3%
Free cash flow yield	-91.6%	-74.4%	-43.5%	-58.0%	39.6%	-45.4%	-1.1%	-11.7%
Earnings yield	-49.4%	-59.4%	8.0%	0.3%	3.2%	3.7%	9.6%	6.3%
Enterprise value	₹40.8B	₹61.6B	₹143B	₹90.3B	₹51.9B	₹81.4B	₹66.4B	₹77.7B
Net debt / EBITDA	-2.93×	-3.26×	11.59×	177.31×	6.2×	18.74×	4.72×	5.86×
Cash conversion cycle (days)	-251	787	1,259	1,366	1,000	1,111	791	1,220