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SPANDHANA SPHOORTY FIN LTD (SPANDANA)

Finance · Finance/Rental/Leasing · figures to Nov '26

Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.21 / 100
Price 6FII/DII 35
Compare withBAJAJ FINANCESHRIRAM FINANCECHOLAMANDALAM INVESTMENT AND F

Share price

Closing priceAdjusted for splits and bonus issues.

₹188.65 latest close · −37.5% over the last 90 sessions

₹200₹250₹300Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹200₹250₹300Jul 3Sep 4Nov 9

₹188.65 month-end · −28.8% over 12 months

₹200₹250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹250Nov '25May '26Nov '26

₹188.65 month-end · −80.8% over 3 years

₹500₹1,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹500₹1,000Nov '23May '25Nov '26

₹188.65 month-end · −77.7% since Aug '19

₹500₹1,000Aug '19Jan '21Jul '22Dec '23Jun '25Nov '26 ₹500₹1,000Aug '19Apr '23Nov '26

52-week range ₹174.65 to ₹319.40 · 1-year volatility 43.9%

How rough has the ride been?

Maximum drawdown-86.2%not yet recovered
1-year volatility43.9%annualised
Beta vs sector index1.143-year daily, correlation 0.44
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−86.2% 0%−25%−50%−75%2020202220242026−86.2%
Largest drawdowns

-86.2% (2019-11 peak to 2026-10 low, not yet recovered)

Most recent volume spikes

2026-11-05: 6x the 50-day median, price +1.9% that day

2026-10-28: 6.4x the 50-day median, price +5.6% that day

2026-10-23: 5.2x the 50-day median, price -6.3% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

0.9xP/B todayNear its historic low
Against its own history11th percentile
CheapestMedian 1.8xDearest

Usual range 0.9x to 3.2x since 2019-08.

Against Finance0.9x vs 1.5x
This company
0.9x
Sector median
1.5x

39% below the Finance median.

0.6x2.2x3.8x5.5xAug '19Feb '21Aug '22Feb '24Aug '25Nov '260.6x2.2x3.8x5.5xAug '19Jan '22Jun '24Nov '26
P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/S (this company)10th to 90th percentile of its own historyIts medianFinance median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/B history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (banks and financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROE (approx.)2ndflat vs a year ago
  • EPS growth2nd▼ 96 pts vs a year ago
  • P/B ↓73rd▲ 4 pts vs a year ago
  • 12M momentum13thflat vs a year ago
  • FII + DII55thflat vs a year ago

Rank history

ROE (approx.)
EPS growth
P/B ↓
12M momentum
FII + DII
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹188.65
Market Cap
₹1989 cr
Revenue (TTM)
₹1008 cr
P/S
2.0x
P/B
0.9x
ROE
-29.0%
Debt / Equity
1.9x
Promoter Holding
48.2%
12M Momentum
-28.8%

52-week range

₹174.65₹319.40
10% of the way from its 52-week low to its high

Price risk

1Y volatility
43.9%
Beta vs sector
1-year daily
1.20

Balance sheet & cash

Share count, 1Y
+12.7%

Who has been buying and selling?

  • Over 3 years, promoters trimmed 12.2 pts; DIIs trimmed 7.3 pts; FIIs added 0.6 pts.
  • The number of shareholders rose from 20,706 to 1.1 lakh (+424%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters60.4%48.2%-12.3 pts
FIIs18.7%19.3%+0.6 pts
DIIs13.0%5.7%-7.3 pts
Public and others7.8%26.9%+19.1 pts

Number of shareholders

1.1 lakhshareholders+424% since Sep '23
21k55k89k1.2L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 20,706
Dec '23: 25,870
Mar '24: 35,704
Jun '24: 48,596
Sep '24: 73,889
Dec '24: 90,984
Mar '25: 1.2 lakh
Jun '25: 1.2 lakh
Sep '25: 1.2 lakh
Dec '25: 1.2 lakh
Mar '26: 1.1 lakh
Jun '26: 1.1 lakh
 21k55k89k1.2L Sep '23Sep '24Sep '25Jun '26
Sep '23: 20,706
Dec '23: 25,870
Mar '24: 35,704
Jun '24: 48,596
Sep '24: 73,889
Dec '24: 90,984
Mar '25: 1.2 lakh
Jun '25: 1.2 lakh
Sep '25: 1.2 lakh
Dec '25: 1.2 lakh
Mar '26: 1.1 lakh
Jun '26: 1.1 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

Not enough comparable history to show analogs for this company yet.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

UTKARSH SMALL FINUTKARSHBNK
Finance
86%similar
volatilitymarket cap
FUSION FINANCEFUSION
Finance
81%similar
market capROE
MUTHOOT MICROFINMUTHOOTMF
Finance
72%similar
volatilityP/B

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jul '22

  1. OctPriceFell 86% from the Nov 2019 peak to the Oct 2026 low.
  2. OctValuationP/B fell below the 10th percentile of its own history to date (0.9x).
  3. OctPriceVolume reached 6.4x its 50-day median on 2026-10-28; price +5.6% that day.
  4. JulPriceVolume reached 7.4x its 50-day median on 2026-07-24; price -10.5% that day.
  5. JunSharesShare count is up 12.7% over 12 months.
  6. MayPriceVolume reached 41.4x its 50-day median on 2026-05-05; price +11.1% that day.
  7. JanValuationP/B fell below the 10th percentile of its own history to date (1.0x).
  8. JanPriceVolume reached 15.4x its 50-day median on 2026-01-28; price +5.1% that day.
Show 22 earlier events
  1. NovPriceVolume reached 19.7x its 50-day median on 2025-11-14; price +9.1% that day.
  2. JulPriceVolume reached 13.3x its 50-day median on 2025-07-15; price +8.1% that day.
  3. JunPeer rankSlipped to the bottom quartile of Finance on ROE (from the 2nd quartile).
  4. AprPriceVolume reached 6.5x its 50-day median on 2025-04-22; price -0.8% that day.
  5. MarPromoterPromoter holding fell 7.7 pts to 48.1% (largest drop in the history since 2019-01).
  6. MarResultsEPS (TTM) turned negative.
  7. MarInstitutionsFII + DII holding fell 3.8 pts over 2 quarters to 28.0%.
  8. MarPeer rankSlipped to the bottom quartile of Finance on EPS growth (from the top quartile).
  9. JanPriceVolume reached 50.7x its 50-day median on 2025-01-09; price -5.4% that day.
  10. OctValuationP/B fell below the 10th percentile of its own history to date (1.1x).
  11. OctPriceVolume reached 15.9x its 50-day median on 2024-10-29; price -17.3% that day.
  12. SepPromoterPromoter holding fell 2.9 pts to 56.9%.
  13. JulPriceVolume reached 9.5x its 50-day median on 2024-07-29; price -4.9% that day.
  14. JunResultsYear-on-year EPS growth turned positive.
  15. JunPeer rankMoved into the 2nd quartile of Finance on ROE (from the bottom quartile).
  16. JunPriceVolume reached 17.0x its 50-day median on 2024-06-18; price -1.8% that day.
  17. OctPriceVolume reached 10.7x its 50-day median on 2023-10-27; price +7.2% that day.
  18. JulPriceVolume reached 12.3x its 50-day median on 2023-07-31; price -2.9% that day.
  19. MayPriceVolume reached 38.8x its 50-day median on 2023-05-03; price +4.2% that day.
  20. MarPriceVolume reached 10.3x its 50-day median on 2023-03-09; price -2.0% that day.
  21. NovPriceVolume reached 10.6x its 50-day median on 2022-11-18; price -0.6% that day.
  22. JulPriceVolume reached 5.3x its 50-day median on 2022-07-19; price +5.8% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history88 months · 2019-08 to 2026-11
MonthP/ERevenue (TTM)ROEDebt / Equity
2026-11—₹1008 cr-29.0%1.9x
2026-10—₹1008 cr-29.0%1.9x
2026-09—₹1008 cr-29.0%1.9x
2026-08—₹1024 cr-29.0%1.9x
2026-07—₹1024 cr-29.0%1.9x
2026-06—₹1024 cr-29.0%1.9x
2026-05—₹1179 cr-33.0%2.1x
2026-04—₹1179 cr-33.0%2.1x
2026-03—₹1179 cr-33.0%2.1x
2026-02—₹1497 cr-33.0%2.1x
2026-01—₹1497 cr-33.0%2.1x
2025-12—₹1497 cr-33.0%2.1x
2025-11—₹1949 cr-33.0%2.1x
2025-10—₹1949 cr-33.0%2.1x
2025-09—₹1949 cr-33.0%2.1x
2025-08—₹2359 cr-33.0%2.1x
2025-07—₹2359 cr-33.0%2.1x
2025-06—₹2359 cr-33.0%2.1x
2025-05—₹2620 cr15.0%2.6x
2025-04—₹2620 cr15.0%2.6x
2025-03—₹2620 cr15.0%2.6x
2025-0222.2x₹2694 cr15.0%2.6x
2025-0128.8x₹2694 cr15.0%2.6x
2024-1229.2x₹2694 cr15.0%2.6x
2024-117.6x₹2622 cr15.0%2.6x
2024-107.9x₹2622 cr15.0%2.6x
2024-0911.3x₹2622 cr15.0%2.6x
2024-0810.6x₹2401 cr15.0%2.6x
2024-0711.3x₹2401 cr15.0%2.6x
2024-0611.9x₹2401 cr15.0%2.6x
2024-05517.5x₹1401 cr0.0%2.0x
2024-04597.5x₹1401 cr0.0%2.0x
2024-03575.1x₹1401 cr0.0%2.0x
2024-02626.4x₹1401 cr0.0%2.0x
2024-01715.7x₹1401 cr0.0%2.0x
2023-12772.2x₹1401 cr0.0%2.0x
2023-11706.2x₹1401 cr0.0%2.0x
2023-10610.0x₹1401 cr0.0%2.0x
2023-09570.9x₹1401 cr0.0%2.0x
2023-08566.4x₹1401 cr0.0%2.0x
2023-07561.0x₹1401 cr0.0%2.0x
2023-06492.0x₹1401 cr0.0%2.0x
2023-0584.4x₹1463 cr2.0%1.2x
2023-0470.2x₹1463 cr2.0%1.2x
2023-0362.6x₹1463 cr2.0%1.2x
2023-0267.9x₹1463 cr2.0%1.2x
2023-0166.9x₹1463 cr2.0%1.2x
2022-1269.1x₹1463 cr2.0%1.2x
2022-1164.9x₹1463 cr2.0%1.2x
2022-1072.1x₹1463 cr2.0%1.2x
2022-0963.5x₹1463 cr2.0%1.2x
2022-0864.9x₹1463 cr2.0%1.2x
2022-0750.2x₹1463 cr2.0%1.2x
2022-0648.2x₹1463 cr2.0%1.2x
2022-0519.7x₹1483 cr5.0%2.0x
2022-0424.3x₹1483 cr5.0%2.0x
2022-0317.4x₹1483 cr5.0%2.0x
2022-0219.4x₹1483 cr5.0%2.0x
2022-0117.7x₹1483 cr5.0%2.0x
2021-1224.2x₹1483 cr5.0%2.0x
2021-1120.8x₹1483 cr5.0%2.0x
2021-1026.8x₹1483 cr5.0%2.0x
2021-0929.9x₹1483 cr5.0%2.0x
2021-0833.0x₹1483 cr5.0%2.0x
2021-0733.9x₹1483 cr5.0%2.0x
2021-0634.7x₹1483 cr5.0%2.0x
2021-0512.4x₹1435 cr16.0%1.2x
2021-0413.0x₹1435 cr16.0%1.2x
2021-0313.1x₹1435 cr16.0%1.2x
2021-0213.5x₹1435 cr16.0%1.2x
2021-0115.6x₹1435 cr16.0%1.2x
2020-1216.2x₹1435 cr16.0%1.2x
2020-1116.2x₹1435 cr16.0%1.2x
2020-1011.7x₹1435 cr16.0%1.2x
2020-0911.0x₹1435 cr16.0%1.2x
2020-0813.3x₹1435 cr16.0%1.2x
2020-0713.5x₹1435 cr16.0%1.2x
2020-0611.8x₹1435 cr16.0%1.2x
2020-0510.9x₹1043 cr29.0%1.6x
2020-0410.3x₹1043 cr29.0%1.6x
2020-0313.3x₹1043 cr29.0%1.6x
2020-0224.6x₹1043 cr29.0%1.6x
2020-0123.9x₹1043 cr29.0%1.6x
2019-1227.0x₹1043 cr29.0%1.6x
2019-1128.0x₹1043 cr29.0%1.6x
2019-1024.4x₹1043 cr29.0%1.6x
2019-0921.1x₹1043 cr29.0%1.6x
2019-0820.1x₹1043 cr29.0%1.6x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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