We refer to our intimation dated May 20, 2026, informing that the Company has uploaded the audio recording of the conference call hosted by it on May 20, 206,on the financial results of ....
SAMMAANCAP · price
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Sammaan Capital, formerly Indiabulls Housing Finance, hosted its first earnings call since IHC (International Holding Company) acquired a strategic stake for USD 1 billion, with current ownership at 28.5% (rising to 43.5% after warrant conversion). The transaction closed on March 31, 2026. Management outlined aggressive growth targets: AUM to reach INR 2 lakh crores by FY30, PAT target of INR 1,400 crores for FY27, and ROA to improve from 1.6% to 4.4% by FY30. All three domestic rating agencies (CRISIL, CARE, ICRA) upgraded the company to AA+ within 50 days of the IHC investment, with domestic bonds improving by ~100 bps. The company plans to expand to 1,600 branches and 20,000 employees, while deploying AI across credit underwriting, customer experience, and operational efficiency. Net interest margin is guided to expand from 3.5% to 8% over three years as cost of funds declines by 150 bps with rating upgrades. An error was noted in the FY30 ROA projection (corrected to 4.4%).
The IHC investment provides strong institutional backing and capital cushion, with the rating upgrades already reducing borrowing costs. The multi-year targets suggest a transformation story, but execution risk remains given the competitive NBFC landscape and ambitious cost-to-income reduction from 50% to 26%.