Sammaan Capital Limited: A Strategic Turnaround and Future Growth Blueprint

Sammaan Capital Limited (SCL) has demonstrated a remarkable financial turnaround and strategic clarity in its Q3 FY26 earnings, signaling a robust path forward for the company. The period has been marked by significant strategic initiatives, including a proposed merger and an accelerated digital transformation, all contributing to a strong financial performance. For Q3 FY26, the company reported a Profit Before Tax (PBT) of INR 419 crore and a Profit After Tax (PAT) of INR 314 crore. More impressively, for the nine months ending December 31, 2025 (9MFY26), SCL achieved a PAT of INR 957 crore, a substantial recovery from a consolidated loss of INR 2,132 crore in 9MFY25. This turnaround underscores effective management and a disciplined approach to operations.

The company's Net Worth has grown to INR 22,423 crore in Q3 FY26, up from INR 20,331 crore in Q3 FY25, reflecting a strengthened capital base. Growth AUM (Assets Under Management) also saw a healthy increase to INR 44,038 crore in Q3 FY26 from INR 34,952 crore in Q3 FY25. This growth is primarily driven by the retail mortgage business, which remains a core focus. The asset-light business model has proven effective, with INR 6,008 crore disbursed in 9MFY26, comprising INR 3,374 crore in Home Loans (HL) and INR 2,633 crore in Loan Against Property (LAP). The growth book is predominantly backed by residential property (73%+) and is geographically diversified across the country, with moderate Loan-to-Value (LTV) ratios averaging 70% for home loans and 55% for MSME LAP.

Strategic Consolidation and Capital Infusion

A pivotal development for Sammaan Capital is the proposed merger of its subsidiary, Sammaan Finserve Limited's (SFL) NBFC business into SCL. This strategic consolidation aims to streamline the lending business and distribution channels, enabling SCL to offer a comprehensive suite of mortgage-backed loans. The move is designed to transform SCL into a multi-product NBFC, leveraging IHC's extensive expertise in financial services and fintech to pursue broader opportunities through subsidiaries. SFL will continue to exist, housing other non-lending financial services prospectively. This restructuring is also expected to facilitate a more expeditious approval process from the RBI and SEBI for the preferential allotment to IHC Capital Holding LLC (IHC).

The preferential issue to IHC is a cornerstone of SCL's future strategy. Shareholder and Competition Commission of India (CCI) approvals have already been secured, with RBI and SEBI approvals currently awaited. This capital infusion is critical for strengthening SCL's balance sheet and supporting its ambitious growth plans. Management is actively engaged with regulators, expressing optimism that the process is in its final stages. The company expects to allot securities to IHC within 15 days of receiving the final regulatory approvals, with the regulatory compliance of no other group entity holding an NBFC license further supporting the process.

Digital Transformation and Asset Quality Management

SCL is at the forefront of digital innovation with its