Sammaan Capital LimitedFinancial ServicesSAMMAANCAP
Q1 FY27 earnings callSammaan Capital Limited
The quarter marks the start of a multi-decade compounding journey post-IHC ownership, characterized by asset growth, liability franchise strengthening, and a digital-first strategy.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Assets Under Management | INR56,239 crores | — | |
| Profit After Tax | INR243 crores | — | |
| Disbursements | INR3,875 crores | — | |
| Capital Adequacy | 20.1% | — | |
| Gross Recoveries | INR424 crores | — | |
| Net Recoveries | INR240 crores | — | |
| Net NPA | 0.15% | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹2,016.52 Cr-5.9% YoY-16.8% QoQ | ₹302.44 Cr-0.1% YoYTurned profitable QoQ | ₹4.17-34.5% YoYTurned positive QoQ |
| Q2 FY25 | ₹2,422.49 Cr+8.8% YoY+9.8% QoQ | ₹-2,760.72 CrTurned loss-making YoYTurned loss-making QoQ | ₹-44.23Turned negative YoYTurned negative QoQ |
| Q1 FY25 | ₹2,206.67 Cr+16.1% YoY+0.1% QoQ | ₹326.76 Cr+11% YoY+2.3% QoQ | ₹5.43-17.7% YoY-4.7% QoQ |
| Q4 FY24 | ₹2,204.61 Cr+6.2% YoY+2.9% QoQ | ₹319.43 Cr+21.6% YoY+5.6% QoQ | ₹5.70-1.9% YoY-10.5% QoQ |
| Q3 FY24 | ₹2,142.65 Cr-8.4% YoY-3.8% QoQ | ₹302.61 Cr+4% YoY+1.6% QoQ | ₹6.37-1.8% YoY-2.6% QoQ |
TL;DR
- First quarter under IHC ownership with profit after-tax of INR243 crores.
- Assets Under Management increased to INR56,239 crores.
- Cost of funds declining from 10.5% to 10% and targeted to reach 9.3% by year-end.
- Disbursements of approximately INR3,875 crores in Q1, with H1 target of INR10,000 crores.
- Focus on four pillars: liability franchise, asset diversification, tech/AI adoption, and governance.
- Domestic rating upgraded from AA to AA+; targeting AAA.
Said on the call
“Gagan, you have been a good general in wartime. Now the test is, will you be a good general in peacetime?”
From the Q&A
| Topic | What management said |
|---|---|
| Strategy with Lower Funding Cost | Management stated they will straddle the entire asset yield universe, originating low-yield assets (below 9.5%) for securitization and keeping higher-yield assets on balance sheet, targeting to securitize at least 30% of originations. |
| Opex and Cost-to-Income Target | Opex will increase but be offset by growing fee income; cost-to-income is expected to be around 50% this year, declining to 30%-35% by FY29. |
| Disbursement Mix and Targets | For this year, 75% of disbursals will be mortgage-backed, 25% new products; mix will shift to 80% secured, 20% unsecured by next year. Disbursement target is INR30,000 crores for FY27 and INR40,000-50,000 crores for FY28. |
| Tangible Benefits from IHC | Ratings upgrades have already saved 90 bps on borrowing costs, translating to ~INR450 crores annualized saving; software deal costs are 30%-50% lower due to IHC's vendor negotiations. |
| Confidence on Ambitious Financial Targets | Management expressed confidence in achieving published ROE/ROA/NIM targets, citing liability franchise strengthening, asset-light strategy, tech/digital focus, and governance as key building blocks. |
| IHC's Larger India Vision | IHC views Sammaan as a growth platform; beyond lending, they are exploring digital, AI, and fintech opportunities that complement lending, with other financial services like asset management on the table for evaluation. |
Guidance
- Cost of funds to decline to 9.3% by end of FY27, with incremental cost reaching 8.5%.
- Disbursement target of INR10,000 crores for H1 FY27 and INR20,000 crores for H2 FY27.
- Full-year FY27 disbursement target of INR30,000 crores.
- Targeting domestic AAA and international BB+ ratings in FY27-FY28.
- Branch network to expand from ~240 to 270 branches.
- Cost-to-income to be around 50% in FY27, targeting 30%-35% by FY29.
- Digital app to go live in H2 FY27.
- Disbursement mix to shift from 90% secured / 10% unsecured in FY27 to 80%/20% in FY28.
Source
Summary written from the transcript filed by Sammaan Capital Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 20:17 IST.