NSE: SAMMAANCAP · BSE: 535789
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Home loans and housing finance, Co-lending and direct assignment fee income, Planned retail credit products (FY27–FY28). Asset-heavy housing finance and planned retail credit; spread-driven, sensitive to cost of funds and credit cycle
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,983 | 8,719 | 8,475 | 8,623 | 8,166 |
| EBITDA (ex other income) | 7,864 | 7,319 | 6,890 | 2,439 | (3,102) |
| margin % | 87.5 | 83.9 | 81.3 | 28.3 | (38.0) |
| Owners' profit | 1,178 | 1,130 | 1,214 | (1,807) | (7,145) |
| EPS, as reported (₹) | 26.42 | 25.19 | 23.78 | (26.70) | (87.72) |
| ROE % · ROCE % | 7.1 · — | 6.5 · — | 6.1 · — | (8.3) · — | (37.6) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 657 | 4,001 | (123) | 8,772 | (7,466) |
| Capex | (20) | (49) | (59) | (49) | (53) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,422 | 2,017 | 2,107 | 2,400 | 2,251 | 2,158 | 1,358 | 1,652 |
| Profit before tax | (3,685) | 417 | 455 | 468 | 425 | 419 | (10,097) | 326 |
| Net profit | (2,761) | 302 | 324 | 334 | 308 | 314 | (8,101) | 243 |
| EPS (₹) | (44.23) | 4.17 | 4.11 | 4.10 | 3.79 | 3.86 | (99.10) | 2.13 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ HOUSING FINANCE LTD | 64,581 | 31.9 | 2.87 | — | 11.4 | — | — | 92.4 |
| PNB HOUSING FIN LTD. | 29,147 | 12.6 | 1.52 | — | 11.9 | — | 2.3 | 91.6 |
| LIC HOUSING FINANCE LTD | 28,079 | 4.9 | 0.68 | — | 13.5 | — | 7.7 | 97.1 |
| AADHAR HOUSING FINANCE L | 18,768 | 16.3 | 2.49 | — | 14.5 | — | — | 75.4 |
| SAMMAAN CAPITAL LIMITED ◆ | 13,451 | — | 0.71 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 10,649 | 18.2 | 2.44 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 9,955 | 10.1 | 1.97 | — | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 9,655 | 8.6 | 1.61 | — | 18.2 | — | — | 91.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.7 | 1.0 | 8 of 17 | 56% |
| ROE | (37.6) | 11.8 | 17 of 17 | 0% |
| EBITDA margin | 101.8 | 74.7 | 1 of 19 | 100% |
| Revenue growth | (31.2) | 9.0 | 17 of 19 | 11% |
| Profit growth | (27.2) | 19.3 | 18 of 20 | 11% |
| Market cap | 13451 | 4420 | 5 of 20 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Sammaan Capital makes timely interest payment on listed debentures | compliance | minimal | — | — |
| 28 Oct 2026 · Sammaan Capital makes timely interest payment on listed NCDs | compliance | minimal | — | — |
| 28 Oct 2026 · Sammaan Capital makes timely interest payment on NCDs | compliance | minimal | — | — |
| 27 Oct 2026 · Sammaan Capital pays full monthly interest on nine debenture issues | compliance | minimal | — | — |
| 27 Oct 2026 · Sammaan Capital pays monthly interest on six listed bond issues | compliance | minimal | — | — |
| 27 Oct 2026 · Sammaan Capital makes timely interest payment on listed debentures | compliance | minimal | — | — |
| 23 Oct 2026 · Sammaan Capital pays full monthly interest on six debenture issues | compliance | minimal | — | — |
| 23 Oct 2026 · Sammaan Capital makes timely interest payment on listed debentures | compliance | minimal | — | — |
| 23 Oct 2026 · Sammaan Capital pays Rs 33.64 lakh debenture interest on time | compliance | minimal | — | — |
| 22 Oct 2026 · Sammaan Capital pays monthly interest on listed debentures on time | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.