Sammaan Capital targets ₹1 lakh crore AUM by FY27

Management sets clearer growth milestones

Sammaan Capital’s management has reiterated an aggressive growth roadmap, anchored around building a ₹1 lakh crore AUM base by FY27. In multiple interactions and disclosures, MD and CEO Gagan Banga outlined what he sees as a practical path to scale, backed by higher disbursals, improving unit economics, and an expected rating upgrade. The company’s current reported AUM is ₹65,000 crore. Within that, management described the “growth book” excluding the traditional book at roughly ₹45,000 to ₹50,000 crore.

The messaging matters for investors because it ties together three moving parts: growth AUM targets, disbursal run rates, and profitability improvement through a lower cost of funds. The company has also linked these milestones to broader targets such as improving ROE and expanding tech-enabled lending capabilities.

Where Sammaan Capital stands today on AUM

In the interview excerpts, Banga pegged the company’s AUM at ₹65,000 crore. He also spoke about the “growth” book and “legacy” break-up, and said the growth book excluding the traditional portfolio is roughly ₹45,000 to ₹50,000 crore.

Separately, company commentary in the shared material notes that “growth AUM” (defined as disbursals since FY22) has increased from ₹29,000 crore to past ₹32,000 crore. Another update puts FY27 growth AUM at ₹37,452 crore at the time of the commentary, with management stating it is “still a long way to go” but achievable with scale-up across platforms.

FY27 target: ₹1 lakh crore AUM and the realism debate

Banga’s stated objective is to reach ₹1 lakh crore AUM by the end of FY27. In one exchange, the questioner suggested the firm could be “shy” of the ₹1 lakh crore AUM mark by FY27-end, but management still maintained confidence in the medium-term trajectory.

In the same discussion, Banga said he was fairly confident of a disbursal run rate of ₹25,000 to ₹30,000 crore and highlighted a longer runway into FY29, referencing an AUM range of ₹1.3 lakh crore to ₹1.5 lakh crore by FY29. The FY27 disbursal expectation cited in the excerpts was around ₹35,000 crore.

Disbursals are the key execution lever

Management’s growth framing is direct: adding ₹20,000 crore of loan assets every year on a net basis is described as “very doable.” Banga added that doing this for three years would double the loan book. In the FY25 commentary shared, the company also said it is “on track” to meet FY27 goals that include ₹35,000 crore annual disbursals.

The company expects the disbursal engine to be driven by multiple entities and platforms, including Sammaan Capital, Sammaan Finserve, and an AIF platform. The update explicitly links hitting the FY27 growth AUM target to scaling disbursals in these businesses.

Profitability plan: cost of funds and operating leverage

A central profitability lever discussed by management is the potential savings from a rating upgrade. Banga said that if the company is able to “engineer the rating upgrade,” it could save 200 basis points on cost of funds. He added that this alone could contribute to a 50% increase in profits.

In numeric terms, he described a profit run rate moving from ₹300 crore to ₹500 crore. He also argued that even as technology investments and operating expenses rise, the spread on incremental growth business and savings on funding costs can support a meaningful margin improvement.

Timeline for the expected rating upgrade

On timing, management said the upgrade could come “maybe in six months or earlier.” The upgrade, if it happens as described, is expected to improve the quality of debt capital and lower borrowing costs, which management directly connects to profitability expansion.

Because the stated profit uplift depends materially on funding cost reduction, investors are likely to track rating actions and borrowing profile changes closely, alongside the company’s own progress on disbursals.

Fundraise context and longer-term profit ambition

In an ET Now interview reference included in the text, Banga discussed a $1 billion fundraise and its role in growth, capital adequacy, and return on equity. In the same remarks, he laid out two headline goals: ₹1 lakh crore AUM by FY27, and $1 billion of profits by FY30.

These targets position FY27 as a nearer-term operational milestone and FY30 as a longer-term profitability aspiration, contingent on the company achieving “the right ROA type of numbers” by FY30, as stated.

Operating performance highlights cited in the material

The shared content includes select financial performance indicators from an earnings presentation:

• Pre-provisioning operating profit (PPOP) is cited at ₹828 crore for Q2 FY25 versus ₹679 crore in Q2 last year.
• PPOP for H1 FY25 is cited at ₹1,525 crore versus ₹1,015 crore in H1 last year.
• The update also references one-time fair market value related provisions of approximately ₹4,000 crore.
• Adjusted PAT for H1 FY25 is stated at ₹601 crore, in line with the PAT declared in H1 of the prior year.

Another profit comparison in the text says profit in the same quarter last year was ₹320 crore, while this year it is ₹324 crore. A separate line says the company reported quarterly profit of ₹302 crore, alongside a credit cost of 100 basis points.

Sammaan Finserve targets and unit economics

The material highlights traction at Sammaan Finserve, described as an affordable mortgage finance subsidiary. For FY25, it reported disbursals of ₹2,650 crore and AUM of ₹6,017 crore. It is targeting a standalone growth AUM of ₹15,000 crore by FY27 and a steady-state ROA of 4% plus by FY27.

In another segment, the company states a stand-alone growth AUM target for FY27 of ₹70,000 crore and a consolidated growth AUM target of ₹1 lakh crore by FY27. The same note says the business is moving towards a 4% ROA on a steady-state stand-alone basis, and incrementally is already generating a 3% ROA.

Key metrics snapshot

Market impact: what changes if targets are met

The numbers shared by management outline how scale and funding costs could influence profitability. A higher disbursal run rate supports a faster build-up in AUM, while the company’s stated goal of adding ₹20,000 crore of net loan assets annually provides a simple benchmark to judge execution.

On profitability, management has explicitly linked a rating upgrade to a 200 bps reduction in cost of funds and a shift in profit run rate from ₹300 crore to ₹500 crore. If this is achieved, it would alter the economics of incremental growth and potentially support higher ROE, which management has referenced through metrics such as incremental ROE of 15.8% versus a target of 18% by FY27.

What investors may track next

From the material provided, the near-term markers are concrete: progress on FY27 disbursals, movement in growth AUM, and the timing and outcome of the anticipated rating upgrade. Investors may also track how Sammaan Finserve scales toward its FY27 standalone growth AUM target and ROA objective.

Management has also outlined balance-sheet milestones, including a FY27 balance sheet goal of ₹10,000 crore with a current figure cited at ₹7,121. With credit cost referenced at 100 basis points in one update, asset quality and provisioning trends will remain part of the evaluation alongside growth.

Conclusion

Sammaan Capital’s management has reiterated a FY27 playbook built around scaling disbursals to about ₹35,000 crore, reaching ₹1 lakh crore AUM, and improving profitability through a potential rating upgrade. The next major checkpoint, as stated, is the expected upgrade timeline of around six months or earlier, alongside evidence that the disbursal run rate is sustaining at the levels discussed.