Spandana Sphoorty Financial Limited — Credit Ratings, 29-08-2025: Credit Rating

CARE Ratings has downgraded Spandana Sphoorty's Long Term Bank Facilities and NCDs to CARE BBB+ (Stable) from CARE A- (Stable), and Commercial Paper to CARE A2 from CARE A2+. This assessment reflects weaker-than-expected profitability and asset quality metrics in Q1 FY2026, including a net loss of ₹360 Cr, elevated stressed assets, and a decline in operations.