SPA Capital Services Ltd

Certificate issuance

• Certificate under Regulation 74(5) issued for the dematerialisation period.

Financial Performance Q3 & 9M FY26

• Total revenue from operations was Rs 8.219 crore in Q3 FY26, up from Rs 6.046 crore YoY.
• Nine months revenue from operations rose to Rs 27.662 crore vs Rs 18.928 crore YoY.
• Interest income increased to Rs 0.107 crore in Q3 FY26 from Rs 0.035 crore YoY.
• Profit before tax was Rs 0.277 crore in Q3 FY26 vs Rs 0.181 crore YoY.
• Profit after tax stood at Rs 0.209 crore in Q3 FY26 vs Rs 0.136 crore YoY.
• Basic and diluted EPS were Rs 0.68 for Q3 FY26 vs Rs 0.44 YoY.
• Employee benefit expense was Rs 0.783 crore in Q3 FY26, up from Rs 0.596 crore YoY.
• Finance costs declined to Rs 0.036 crore in Q3 FY26 from Rs 0.089 crore YoY.
• Brokerage expenses decreased to Rs 2.074 crore in Q3 FY26 from Rs 3.232 crore YoY.
• Total expenses were Rs 7.943 crore in Q3 FY26 vs Rs 5.866 crore YoY.
• No exceptional or prior period items impacted Q3 FY26 results.

Asset Quality and Accounting Notes

• Company did not provide interest on some loans, understating interest expense by Rs 0.194 crore in Q3 FY26.
• Loans given without interest amount to Rs 3.142 crore, classified as loss assets per RBI NBFC guidelines.
• No provision made for loss assets, overstating profit and loan assets by Rs 3.142 crore.
• Auditor's review report is unmodified despite these departures from accrual accounting and NBFC norms.

Business Segment

• Company operates in a single segment: Financial Services.

Financial Performance

• Approved unaudited standalone results for quarter and nine months ended December 31, 2025.
• Total revenue: Rs 8.219 crore (quarter), Rs 27.662 crore (nine months).
• Profit before tax: Rs 0.277 crore (quarter), Rs 0.535 crore (nine months).
• Net profit: Rs 0.209 crore (quarter), Rs 0.396 crore (nine months).
• Earnings per share (basic and diluted): Rs 0.68 (quarter), Rs 1.287 (nine months).

Auditor Remarks ️

• Limited review report issued with no material misstatements noted.
• Auditor emphasized non-provision of interest on loans understating interest expenses by Rs 0.194 million (quarter) and Rs 0.580 million (nine months).
• Auditor highlighted non-provision for loss assets on loans amounting to Rs 3.142 crore, overstating profits and assets.

Business and Governance

• Company operates in a single segment: Financial Services.
• Financial results prepared under Indian Accounting Standards (Ind AS) and comply with NBFC reporting requirements.