SAMMAANCAP Q3 FY26 earnings call.
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Sammaan Capital reported Q3 PAT of ₹314 crore vs ₹302 crore YoY, with 9-month PAT of ₹957 crore turning around from a ₹2,132 crore consolidated loss in the prior year. The company awaits RBI and SEBI approvals for the preferential allotment to IFC, which management describes as being in its final stages. Key strategic priorities include consolidating the lending business post-merger of Sammaan Finserve into the parent, maintaining the asset-light model through co-ending arrangements with banks (which became effective January 1st), and continuing the legacy book rundown. Net worth stands at ₹22,423 crore with AUM of ₹44,000 crore. Asset quality improved with Gross NPA declining to 1.2% from 1.3% and Net NPA to 0.7% from 0.8%. The company faces ongoing legal proceedings related to a PIL from 2019 targeting the former promoter, though CBI has confirmed no loss to public monies and principal amounts have turned nil. Cost of funds at 9% and leverage at 2.2x are expected to improve post-IFC investment. Risk includes regulatory approval uncertainty and execution challenges in new co-ending model ramp-up through May-June 2026.
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Guidance to track
- Currently at 2.2x leverage, the company plans to increase to 4.0-4.5x by 2030 to widen the product suite, particularly for higher-yielding loan products (8-19% range). Existing prime mortgage assets will continue using the low-leverage distribution model.
- Company targets reducing cost of funds by approximately 270 basis points within 9-12 months of the IFC investment, from current 9% to below 8%, contingent on RBI approval being expedited.
- Management and IFC have aligned on a dividend payout policy targeting 30-40% dividend payout ratio over the longer term, with dividends expected to commence within one year of the investment closing.
- Technology-driven co-ending arrangements with multiple bank partners will yield 15-18% operating cost savings on business volumes processed through this model. Integration with several banks already complete with volumes starting from January 2026.
Risks flagged
- RBI approval remains pending (application ~3 months old). While management is optimistic, any delay in regulatory clearances (RBI, SEBI) could postpone the strategic expansion plans and force continued reliance on the existing limited product suite.
- The new co-ending regulations (effective January 1) require operationalizing arrangements with multiple bank partners. Management acknowledged first two quarters will be relatively slow, with return to original volume levels expected by May-June 2026. Any delay in technology integration or partner onboarding could impact fee income.
- The Supreme Court proceedings on a 2019 PIL involving former promoter Samir Ghosh remain sub-judice. While CBI confirmed no loss to public monies and principal exposure is nil, media attention and regulatory scrutiny could create operational distractions and delay regulatory approvals.
- Analyst directly asked for 2-3 year revenue projections, and management declined to provide any revenue guidance, stating strategic shift is imminent post-investment. This evasive response suggests potential near-term revenue visibility concerns that may concern investors seeking concrete forward-looking metrics.
Key quotes
- I personally believe that we are at the last leg of this process. We are also together in the process of submitting some information and clarifications which have been sought by the RBI as part of the process.
- For an NBFC to long-term hold loans which are let's say 8 to 9 and a half even 10% on its balance sheet is not really very ROE accretive but we have distribution, we have scale and this is something that we have tremendous experience around.
- No financial loss is possible as an outcome of this PIL to the company Sammaan Capital given the regulatory closures, loan repayments, and the fact that the company has already earned over ₹3,000 crore of interest and has no principal exposure outstanding to any of the loans mentioned in the PIL, not even a single rupee.
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