Sammaan Capital Q4 FY26: ₹8,101 Cr loss details

Key takeaway from the quarter

Sammaan Capital Limited, formerly Indiabulls Housing Finance, reported a sharp deterioration in consolidated profitability in Q4 FY26, driven by exceptional losses and higher credit costs. The company posted a consolidated net loss of ₹8,101 crore for the quarter, against a profit of ₹324 crore in the corresponding quarter last year. It also swung into loss sequentially from a net profit of ₹314 crore in Q3 FY26.

The company said the quarter reflected large exceptional losses, higher impairment costs, and additional expected credit loss (ECL) provisions. Total income for Q4 FY26 fell 36% year-on-year to ₹1,361 crore from ₹2,132 crore.

Profitability reversal: QoQ and YoY comparison

The P&L move was stark across both comparisons highlighted by the company. On a year-on-year basis, the swing was from profit to loss, alongside a decline in total income. On a sequential basis, profits in Q3 FY26 turned into a large loss in Q4 FY26, mainly due to elevated charges taken during the quarter.

Pre-tax loss for Q4 FY26 stood at ₹10,097 crore, compared with a pre-tax profit of ₹455 crore in Q4 FY25. Basic and diluted EPS for the quarter was reported at negative ₹99.10 per share.

Expense spike and credit costs

Total expenses in Q4 FY26 rose sharply to ₹4,959 crore, up from ₹1,739 crore in Q3 FY26 and ₹1,677 crore a year ago. A key driver was impairment on financial instruments.

Impairment on financial instruments surged to ₹2,958 crore in Q4 FY26. This was in contrast to a write-back of ₹25.2 crore in the previous quarter, indicating a material change in recognised losses and provisioning in the quarter.

Finance costs also increased sequentially to ₹1,679 crore from ₹1,458 crore.

Exceptional loss linked to non-core exposures

Sammaan Capital reported an exceptional loss of ₹6,499 crore during Q4 FY26. The company linked this exceptional loss to identified non-core exposures and the sale of assets to an asset reconstruction company (ARC).

The exceptional loss sat alongside higher impairment and incremental ECL provisions, together explaining the scale of the quarterly loss.

Strategic transformation and asset reclassification

The company said it changed the business model for identified non-core loan assets and investments worth ₹14,953 crore as part of a strategic transformation toward retail-focused lending. According to the company, this resulted in reclassification of assets, fair valuation losses, and the sale of exposures to an ARC.

In addition to the reclassification impact, Sammaan Capital recognised an additional management overlay provision of ₹1,850 crore under Ind AS 109 ECL. The company attributed this overlay to macroeconomic and sector-specific risks.

Full-year FY26 performance

For FY26, consolidated total income declined to ₹8,190 crore from ₹8,683 crore in FY25. The company reported a full-year net loss of ₹7,145 crore, compared with a loss of ₹1,807 crore in the previous year.

The full-year figures underline that the pressure was not limited to a single quarter, although the sharp Q4 FY26 charges significantly altered the annual outcome.

Capital and ratings: developments disclosed by the company

During FY26, Sammaan Capital completed a strategic investment transaction with Abu Dhabi-based IHC through Avenir Investment RSC Ltd. The company disclosed a committed investment amount of ₹8,850 crore.

The company also said it received rating upgrades from CRISIL and CARE during and after the quarter.

Investor presentation context: FY25 operating metrics (as disclosed)

In an investor presentation shared in the material provided, the company disclosed several consolidated metrics for Q4 FY25 and FY25, including net worth of ₹21,822 crore, net interest income (NII) of ₹1,082 crore, gearing of 1.9x, total AUM of ₹62,346 crore, and pre-provision operating profit (PPOP) of ₹744 crore for Q4 FY25. It also disclosed consolidated GNPA of 1.3% in FY25 compared with 2.7% in FY24.

These figures provide a backdrop to the company’s stated retail-focused transformation and the subsequent clean-up of identified non-core exposures reflected in Q4 FY26.

Summary table of key reported numbers

Why this quarter matters for lenders and investors

The results show how a strategic shift away from non-core exposures can produce large one-time charges when assets are reclassified, fair-valued, impaired, and sold. For financial companies reporting under Ind AS 109, management overlays and ECL assumptions can also materially affect quarterly outcomes when macro and sector risks are reassessed.

For investors tracking the stock and creditors tracking risk, the key disclosures in Q4 FY26 were the size of exceptional losses, the step-up in impairment, and the additional ECL overlay tied to macro and sector-specific risks, alongside confirmation of a retail-focused repositioning.

Conclusion

Sammaan Capital’s Q4 FY26 numbers were defined by a steep swing to loss, driven by a ₹6,499 crore exceptional loss, higher impairment, and a ₹1,850 crore Ind AS 109 management overlay. The company has linked the quarter’s charges to identified non-core exposures and its strategic transformation toward retail-focused lending, alongside asset sales to an ARC and disclosures of a ₹8,850 crore committed investment transaction with IHC via Avenir.