SAMMAAN CAPITAL LIMITED

Lends to Indian borrowers against residential property, with an opening assets under management (AUM) of INR53,160 crore in FY26. Earns revenue primarily from interest on home loans and related credit, with FY26 revenue of INR8,166.16 crore. The opening AUM carries 0 gross and 0 net non-performing assets, and the company has historically recorded a terminal credit cost of 1.9% on INR3.6 lakh crore of cumulative disbursements. Funds lending through non-convertible debentures (NCDs) issued by public issue and private placement, and senior secured USD bonds; recently announced a buyback of up to USD 18 million of its USD 350 million 9.70% Senior Secured Social Bonds due 2027 as part of an ongoing liability management exercise. Runs an asset-light distribution model alongside on-balance-sheet lending, with co-lending and direct assignment at approximately 30% of incremental disbursements, and has executed INR1.05 lakh crore of historical sell-downs across 24 bank and non-bank relationships. Plans to grow AUM to INR2,00,000 crore by FY30, expand the branch network 5x to 1,600, and increase headcount to 20,000, with gold loans, loan-against-property, and unsecured business and personal loans planned for launch from FY27–FY28. International Holding Company (IHC) of Abu Dhabi closed a USD 1 billion strategic investment on 31 March 2026, taking its stake to 28.5% currently and 43.5% post-warrant conversion; all three domestic rating agencies (CRISIL, CARE, ICRA) upgraded the company to AA+ within 50 days of the investment.