Sammaan Capital FY27: ₹30,000 cr disbursal target

Stock jumps after guidance and dividend policy update

Shares of Sammaan Capital Ltd rallied about 12% in Thursday’s trade after the company shared updates on its dividend payout policy, FY27 guidance, and margin and return trajectory. The stock rose 11.84% to an intraday high of Rs 158.60 on the BSE. Another data point in the same flow showed the share price up 1.78% from the previous close of Rs 145.18, with the stock last traded at Rs 147.76. The move followed commentary from Arihant Capital Markets after the company’s Q4FY26 earnings call.

What Arihant flagged from the Q4FY26 earnings call

Arihant Capital Markets said the Q4FY26 earnings call signalled a pivot from a consolidation phase to a renewed growth phase. It highlighted the successful completion of a $1 billion strategic investment by IHC as a key balance sheet event. According to Arihant, this has led to immediate AA+ rating upgrades across domestic rating agencies. Arihant added that management’s focus now shifts to “aggressive but risk-calibrated” asset growth, supported by an asset-light distribution model.

IHC investment and the shift in balance sheet posture

With IHC Group as the company’s promoter, the commentary suggested a change in how the lender is positioned in the market. The company has been linking its next growth phase to a lower cost of funds and the use of AI and technology to drive operational leverage. Management also described technology and AI as central to customer acquisition across multiple product offerings. The stated aim is to become a full-suite NBFC while maintaining governance and risk management.

FY27 guidance: disbursals, PAT and AUM targets

On FY27 guidance, Arihant said Sammaan Capital is looking at disbursals of Rs 30,000 crore in FY27. It is also targeting Profit After Tax (PAT) of Rs 1,400 crore for the fiscal year. Separately, management commentary in the provided call excerpts indicated a plan to lift disbursals from an annualised run rate of about Rs 15,000 crore to Rs 35,000 crore, with the Rs 35,000 crore number referenced for FY27.

The company also outlined AUM goals for FY27. The standalone growth AUM target for FY27 was stated at Rs 70,000 crore. The consolidated growth AUM target, including the group, was stated at Rs 1,00,000 crore by FY27.

Margin and return trajectory: NIM, ROA and longer-term targets

For margin and return trajectory, the company started with a NIM of 3.5% and set a longer-term trajectory target of 8%, as cited by Arihant. Arihant also noted that ROA is guided to double year-over-year to 1.8% in FY27. Beyond FY27, the same note referenced a steady-state ROA target of 4.4% by FY30.

Additional forward-looking targets were also cited in the text, including a goal of mid-teen ROE for the overall book and high-teen ROE for growth AUM by FY2027, and an “operating in high teens by fiscal ’27” target (presented as guidance from past concalls).

Dividend payout policy: base 25%, with a higher target range

On shareholder returns, Arihant said dividend payouts will resume with a base policy of 25%, targeting a 40% distribution rate. In the call excerpts, management also said it believes it should be in the 30% to 40% dividend payout ratio over the longer term, based on simulations of ROA and capital. The article text also flagged an “unstable dividend track record” and showed multiple historical dividend entries.

A separate data block mentioned a current dividend yield of 1.4% with a payout ratio of 12%, while another line showed Dividend Yield (TTM) at 1.06% and said dividends are paid annually. The last dividend per share mentioned was Rs 2.00.

Capital raising, net worth and recovery commentary

In the last 12 months, including the prior year’s rights issue, the company said it raised Rs 5,000 crore of equity capital. It also stated that net worth went up by Rs 7,000 crore over the period being referenced. The same management commentary said the company has paid dividends of almost Rs 4,300 crore through this period.

The call excerpt also mentioned recoveries of about Rs 400 crore to Rs 500 crore per quarter. Another snippet referenced “take 9%,” which appears alongside funding commentary, and elsewhere the text cited NCDs of Rs 400 crore with a 9.15% to 9.30% coupon and maturities in 2030-35.

Preferential issue process and key approval steps

On the preferential issue, the call excerpt stated that stock exchange approvals, shareholder approval, and CCI approval have been received. It added that RBI approval for the preferential allotment and SEBI approval for the open offer were still awaited at the time of the commentary. The preferential issue warrants and the open offer were stated to be happening at Rs 139 per share.

Asset quality and FY27 NPA target references

The text also included asset quality disclosures attributed to management, stating gross NPA at about 1.3% and net NPA at 0.8%. It added that this would be ahead of an FY2027 net NPA target of 1.2%. The same set of notes claimed gross NPAs were at their “lowest in 15 quarters” in Q4 FY2023-2024 and “lowest in 22 quarters” in Q2 FY2024-2025.

Key figures at a glance

Dividend history mentioned in the text

Why the guidance mattered for market positioning

The set of targets pulled attention because they combine growth goals with a defined profitability and payout framework. The AA+ rating upgrades mentioned by Arihant, if sustained, can matter for funding costs and investor perception in the NBFC space. The company is also tying its growth plans to an asset-light distribution approach and technology-led acquisition, which typically aims to improve operating leverage. At the same time, the preferential issue and open offer process still depends on regulatory approvals mentioned in the call.

Conclusion

Sammaan Capital’s sharp move on Thursday followed a mix of FY27 guidance, a stated return to dividends, and a narrative shift after IHC’s $1 billion investment. Investors will track the regulatory approvals for the preferential allotment and open offer, and whether the company delivers on its disbursal, PAT, and ROA trajectory laid out in the guidance.