Sammaan Capital Ltd(SAMMAANCAP)

NSE: SAMMAANCAPBSE: 535789

₹ 112.25-2.39%refreshed 26 Oct, 12:45 pm ISTMarket cap: ₹ 13,072 crWebsite: www.sammaancapital.com/Updated: 24 Oct 2026

About

Sammaan Capital Ltd is an Upper Layer NBFC that has built one of India's largest retail mortgage franchises, comprising home loans and loans against property, and is broadening into personal, business and gold loans. It originates loans and sells part of them down through an asset-light co-lending and direct-assignment model. As of Q2 FY27, AUM stood at over ₹59,000 Cr across ~245 branches in 20 states. Avenir Investment RSC Ltd, a subsidiary of IHC (Abu Dhabi), became promoter with 28.41% of equity, which is set to rise to 41.24% on warrant conversion by September 2027.^[1][2]

Loan book and product mix

AUM was over ₹59,000 Cr in Q2 FY27, up from ₹56,239 Cr at the end of Q1 FY27 and ₹53,160 Cr at FY26 close.^[2]
Q1 FY27 disbursals of ₹3,875 Cr: LAP ₹2,010 Cr, CRE with a credit fund ₹840 Cr, home loans ₹664 Cr, LAS ₹262 Cr and unsecured ₹99 Cr. 97% of them were secured.^[3]
Q2 FY27 disbursals were ₹6,000 Cr vs ₹3,875 Cr in Q1 FY27. Over 30,700 new customers were added in Q2 FY27 vs 11,867 in Q1 FY27.^[2]
Near-term core products are home loans and LAP, personal loans, business loans, NBFC lending and CRE financing via private credit funds/AIFs. Gold loans, loans against securities and green/EV financing are planned later (FY26 annual report).^[1]
Q1 FY27 additions beyond mortgages: personal loans (~₹99 Cr), loans against securities for HNIs (₹262 Cr) and an ₹840 Cr CRE co-investment with an Asia-based credit fund (Sammaan 20%, fund 80%).^[3]

Distribution and customers

As of Q2 FY27, there were 245 branches across 20 states, with 23 master service centres. The FY26 annual report cited over 215 branches and 9,500+ channel partners.^[2][1]
Cumulative loan sell-downs total about ₹1.05 lakh Cr through nearly two dozen bank and NBFI relationships. The sold-down pool's 90+ dpd was 0.54% as of Q3 FY26.^[1][4]
Retail customers are salaried, self-employed and micro/small business owners, many in smaller cities and many borrowing for the first time (FY26).^[1]
The insurance attachment rate is over 80%, with life and general insurance cross-sold as an agent (FY26).^[1]
Target is ~270 branches by end of FY27, ~800 (including ~400 gold loan branches) by FY28 and ~1,605 by FY30.^[3]
The workforce is targeted to reach ~8,000 by end of FY27, ~10,000 - 12,500 in FY28 and ~16,500 - 20,000 by FY30.^[3]

Asset quality and capital

The FY26 opening portfolio of ~₹53,160 Cr is fully provided, with zero GNPA and NNPA. Net NPA was 0.15% in Q1 FY27.^[1][3]
Blended collection efficiency was 99.6% in Q1 FY27. Legacy book gross recoveries were ₹424 Cr in Q1 FY27.^[3]
CRAR was 20.1% in Q1 FY27 vs ~20.2% at FY26 close, and about 29% pro forma after warrant conversion. Standalone CAR was 29.5% in FY25.^[3][1][5]
Stated guardrails (FY26): CAR above 20%, leverage of 3.5 - 4.0x and a liquidity buffer of at least 6 months. Gearing was 2.7x at FY26 vs 1.9x at FY25.^[1][5]
Legacy AUM fell from ₹26,995 Cr in Q3 FY25 to ₹20,162 Cr in Q3 FY26.^[6]
Net cash recovery of ~₹4,500 Cr from legacy provisions is projected over ~3 years, as the legacy book runs below ₹10,000 Cr.^[4]

Margins, funding and cost of funds

NIM was 5.3% in Q3 FY26, and 5.5% in Q2 FY26 vs 6.6% in Q2 FY25. The decline reflects the shift from legacy wholesale assets to retail mortgages.^[6]
Stock cost of funds fell from 10.5% to 10.0% during Q1 FY27. Incremental cost of funds was ~9% in Q1 FY27.^[3]
As of March 2026, loan sell-downs made up 26% of funding. Bonds were 44% of funding at end-March 2026 vs 41% in March 2018.^[1]
₹9,240 Cr was raised through bonds in FY26, including from retail investors.^[1]
After the IHC deal was announced, a $450 mn 5-year bond was raised at 150 bps tighter than the August 2025 issue.^[7]

Technology

The eMortgage platform handles paperless fulfilment from lead to disbursement. The target was up to 60% of customers through this channel by end of FY26.^[6]
37 AI use cases have been built on IHC's technology ecosystem. Targets include a 30% agent productivity gain and cutting loan TAT from 5 - 7 days to 2 - 3 days by FY27.^[4]
Software procurement costs fell 30 - 50% in Q1 FY27 through IHC group vendor leverage.^[3]

Ownership: IHC investment

IHC completed its ₹8,850 Cr investment on 31 March 2026 at ₹139/share via equity and warrants. ₹5,652 Cr was received upfront.^[4]
IHC subsidiary Avenir holds 28.41%, rising to 41.24% on warrant conversion by September 2027. A further ~₹3,198 Cr is receivable by then (FY26 annual report).^[1]
De-promoterisation and rebranding were completed in FY25.^[5]

Ratings and recent developments

Domestic ratings were upgraded to AA+/Stable: CRISIL on 9 April 2026, CARE on 12 May 2026 and ICRA on 20 May 2026. These compare with AA/Stable from CRISIL and ICRA in FY25.^[4][5]
International ratings as of FY26: S&P BB-, Moody's B1.^[1]
Sammaan was the 3rd-largest bond issuer in the AA+ peer set for April - August 2026.^[3]
A merger of Sammaan Finserve's NBFC lending business into the company was announced in Q3 FY26. Sammaan Finserve keeps its non-lending and fintech businesses.^[6]
Disbursal target for FY27 is ₹30,000 Cr and for FY28 ₹40,000 - ₹50,000 Cr. AUM target is ₹70,700 Cr in FY27, rising to ₹1,94,000 Cr by FY30.^[3]

Market Cap

₹13,072 Cr

High / Low

₹193 / 113

Stock P/E

-1.9

Price / Book

0.7

Book Value

₹163

EPS

₹-61.5

No. of Shares

116.17 Cr

ROE

-35.0%

Debt / Equity

2.72

Sales

₹8,166 Cr

Net Profit

₹-7,145 Cr

Promoter holding

28.3%

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