Sammaan Capital Limited has informed the Exchange about Transcript
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Sammaan Capital (formerly Indiabulls Housing Finance) shared the transcript of its Q2 FY26 earnings call, centered on the landmark INR 8,850 crore preferential allotment to Abu Dhabi-based International Holding Company (IHC) via Avenir Investment at INR 139/share for a 41.2% fully-diluted stake, with a follow-on open offer for another 26% (potential total 63.4%). The company reported a sharp turnaround with Q2 PAT of INR 308 crore versus a INR 2,761 crore loss a year ago. Growth AUM rose to nearly INR 42,000 crore while legacy book shrank by INR 9,000 crore. NIM stood at 5.5%, gearing at 2x, and credit quality remained stable at AA ratings. Management guided that borrowing costs should fall from the current 9-9.5% band to a blended ~7.5% post-transaction, backed by a recent $450 million dollar bond raised 150 bps tighter than 2 months prior. The company is preparing to scale annual disbursals from ~INR 15,000 crore to INR 35,000 crore in FY27, expand branches to 500 over 2-3 years, and target a long-term AUM of INR 1.10 lakh crore. Detailed ROA/ROE, product mix, and credit cost guidance were deferred to the next two quarters pending closure of the IHC deal and revised strategy.
The IHC deal marks a transformative event for the company, bringing strong capital, potential rating upgrades (Moody's on review), and access to a tech ecosystem, which should structurally lower borrowing costs. Near-term NIM pressure from retailization is expected, but shareholders benefit from a clear path to scale. However, the repeated deferral of specific ROA, ROE, and product targets means investors will need to wait for fresh, concrete guidance, which could keep the stock volatile until deal closure and strategy refresh.