Sammaan Capital releases Q3 FY26 earnings call transcript; merger, preferential issue updates
Sammaan Capital released its Q3 FY26 earnings call transcript, detailing a proposed merger of Sammaan Finserve into Sammaan Capital. The company awaits RBI and SEBI approvals for a preferential allotment to IHC. Q3 PAT was ₹314 crores, with net worth at ₹22,423 crores and AUM at ₹44,000 crores. Management aims for leverage of 4x-4.5x by 2030 and a 30-40% dividend payout ratio.
The announcement details significant corporate actions like a proposed merger and preferential allotment, which are material events for the company's future structure and financial health. Updates on regulatory approvals and financial performance also have a high impact on investor perception.
The company reported improved financial performance, with a turnaround from loss to profit and stable asset quality. Positive outlook on regulatory approvals, strategic consolidation, and future growth plans contribute to a positive sentiment.
Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) has released the transcript of its conference call held on February 4, 2026, concerning the financial results for the quarter and nine months ended December 31, 2025. The call detailed significant corporate actions, including the proposed merger of its subsidiary, Sammaan Finserve, into Sammaan Capital. This consolidation aims to offer a full suite of mortgage-backed loans and expand the portfolio to other loan assets for the mid-market to low-income segment.
The company is awaiting regulatory approvals, including from the RBI for a preferential allotment to IHC and SEBI for an open offer. Management expressed optimism that these approvals are in the final stages, with the share allotment and fund receipt expected about 15 days post-approval.
Financially, Sammaan Capital reported a net worth increase of approximately ₹2,000 crores year-on-year, standing at ₹22,423 crores, with Assets Under Management (AUM) at ₹44,000 crores. Profit After Tax (PAT) for the quarter was ₹314 crores, compared to ₹302 crores in the previous year. For the nine-month period, PAT stood at ₹957 crores, a significant turnaround from a consolidated loss of ₹2,132 crores in the same period last year. Gross and net NPAs remained stable at 1.2% and 0.7%, respectively.
The company is continuing its asset-light strategy and focusing on technology and automation in credit and other processes. The co-lending regulations effective from January 1, 2026, are expected to broaden the scope of arrangements. The company anticipates a 15% to 18% cost saving on an opex basis through technology integration. Business volumes are expected to return to original levels by May-June 2026.
Regarding the ongoing public interest litigation, the management reiterated that the matter is sub judice. The Delhi High Court had dismissed the PIL in February 2024, and the Supreme Court is currently hearing a special leave petition. Affidavits from CBI and ED confirm that loans were repaid or standard, and no loss was caused to public monies. The company is distanced from the erstwhile promoter, Mr. Sameer Gehlaut, since 2023.
Looking ahead, Sammaan Capital aims to increase its leverage to 4x-4.5x by 2030 and plans to initiate a dividend payout ratio of 30% to 40% over the long term. The company expects its cost of funds to decrease by approximately 270 basis points within 9-12 months post-investment. The legacy loan book rundown is progressing, with net collections of ₹5,000 crores this year, and an estimated ₹4,500 crores to be recovered over the next three years.
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Sammaan Capital Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Sammaan Capital Limited. Read the original for the full detail.