1. Maharashtra and Tamil Nadu expansion - Management is prioritising these two low-share states, targeting at least a doubling of Maharashtra's 1.1% share (₹288 cr of a ₹24,000 cr industry) and growth from Tamil Nadu's ₹16 cr base, with branch expansion planned "for sure this year". Both states are near-zero revenue today, so even reaching Bihar/MP scale would add a meaningful second growth engine to a book that shrank 48% TTM.
2. New-to-credit customer strategy - New customer sourcing hit 61% of additions in Q1 FY27, with disbursements to new customers at ₹745 cr vs ₹626 cr to existing ones; management targets 7 lakh new borrowers in FY27, taking total borrowers to \~0.16 cr from \~0.11 cr. This reverses the deliberate pause since July 2024 and directly rebuilds the portfolio base that drives all future interest income.
3. Criss Financial merger - Board-approved amalgamation by absorption is underway, expected to complete in 5-6 months, with a 73:100 share exchange ratio; CFL adds ₹150.86 cr revenue and a ₹671 cr secured portfolio. The merger unlocks the 40% non-MFI headroom, letting Spandana deploy capital into CFL's lower-NPA secured products (micro-LAP GNPA \~1.2%) and cut duplicate costs.
4. Credit guarantee scheme (CGS) funding - \~₹545 cr sanctioned so far, with ₹500 cr under the MFI scheme at \~10% pricing and more sanctions in pipeline; of ₹1,597 cr drawn in Q1 FY27, \~₹200 cr was CGS. Cheaper CGS debt directly lowers the marginal cost of borrowings, widening spreads on a book that is being rebuilt.
5. New LOS platform (Perfios) migration - The Perfios platform is in UAT by end of Q1 FY27, with migration of 1,250 branches from Jayam planned for October-December 2026; it has inbuilt credit, collections and skip-trace capabilities. This replaces fragmented legacy systems with an integrated stack, cutting onboarding friction and collection costs as the individual loan and JLG books scale.
6. Revival of 100 underperforming branches - A dedicated task force is assigned to 100 branches with business or collections scope, which management hopes can become "significant contributors". These branches are already built and staffed, so improved collections and disbursements there flow through at near-zero incremental fixed cost.
7. Rights issue balance collection - The remaining ₹200 crore of the ₹400 crore partly-paid rights issue (₹100 cr promoter, ₹100 cr others) is expected this quarter, with the call right available till March 2027. This capital strengthens CRAR and funds the Maharashtra/TN branch expansion and new product rollout without additional debt.
8. Micro-LAP and secured lending growth in Criss Financial - Criss's micro-LAP book stands at \~₹322 cr with GNPA of \~1.2%, and management plans to graduate to affordable LAP, taking secured portfolio from 39-40% to 50-55% of the mix by year end. Secured lending carries lower risk weights and better pricing, improving capital efficiency and risk-adjusted yield as the book grows.