Budget 2026: Sammaan Capital Set to Gain from Infra Push and Capital Market Reforms

Introduction: A Budget Focused on Growth Levers

The Union Budget 2026, presented by Finance Minister Nirmala Sitharaman, laid out a strategic roadmap focused on sustained economic growth, with significant emphasis on infrastructure development and financial sector reforms. For Sammaan Capital Ltd., a prominent housing finance company (HFC), the budget's implications are substantial, though largely indirect. The key announcements promise to create strong tailwinds by boosting housing demand through urban development and easing access to capital through market-deepening measures.

Infrastructure Outlay to Fuel Housing Demand

A cornerstone of the budget is the proposed increase in public capital expenditure to ₹12.2 lakh crores. This massive outlay is directed towards enhancing infrastructure, with a specific focus on Tier 2 and Tier 3 cities, which are rapidly emerging as new centers of economic growth. The budget also introduced a plan to map 'City Economic Regions' (CERs) and support their development with an allocation of ₹5000 crore per CER.

For Sammaan Capital, whose business model caters significantly to low and middle-income individuals seeking housing finance in these expanding urban areas, this is a direct positive. Enhanced infrastructure, better connectivity through new high-speed rail corridors, and planned urban development invariably lead to increased real estate activity and a higher demand for home loans. This government-led push creates a fertile ground for HFCs to expand their loan books.

Corporate Bond Market Reforms: A Lifeline for NBFCs

Perhaps the most direct and significant positive for Sammaan Capital comes from the proposed reforms for the corporate bond market. As a Non-Banking Financial Company (NBFC), Sammaan Capital heavily relies on raising funds from the market through instruments like Non-Convertible Debentures (NCDs). The budget announced measures to deepen this market, including the introduction of a market-making framework, total return swaps, and derivatives on corporate bond indices.

These initiatives are designed to enhance liquidity, attract more participants, and improve price discovery in the bond market. For Sammaan Capital, this translates into potentially lower borrowing costs and more consistent access to capital. A more efficient and liquid bond market directly strengthens the company's ability to manage its Asset Liability Management (ALM) and improve its Net Interest Margins (NIMs).

High-Level Committee to Shape the Future of Finance

The budget announced the formation of a high-level committee to comprehensively review the banking and financial sector to align it with India's 'Vikasit Bharat' vision. While the immediate impact is neutral, this is a critical development for Sammaan Capital to monitor. The committee's recommendations could lead to significant long-term structural and regulatory changes for NBFCs and HFCs. Potential areas of review include capital adequacy norms, liquidity frameworks, consumer protection standards, and the competitive landscape with commercial banks. The outcomes will shape the operational environment for Sammaan Capital in the years to come.

Summary of Key Budget 2026 Announcements for Sammaan Capital

Indirect Support for the MSME Loan Portfolio

Sammaan Capital also has exposure to the MSME lending segment. The budget's continued focus on supporting Micro, Small, and Medium Enterprises through a dedicated ₹10,000 crore SME growth fund and measures to strengthen the TREADS platform is an indirect benefit. A healthier and more robust MSME ecosystem translates into better credit quality for Sammaan's loan book in this segment, potentially reducing the risk of non-performing assets (NPAs).

What the Budget Didn't Announce

It is also important to note what was absent. The real estate and housing finance sectors often anticipate direct tax incentives for homebuyers, such as an increase in the deduction limit for home loan interest under Section 24(b) or principal under Section 80C. The Union Budget 2026 did not include such announcements. This indicates a strategic shift by the government from providing direct, consumption-led sops to fostering demand organically through broader economic growth and infrastructure creation.

Conclusion: A Constructive Outlook

Overall, the Union Budget 2026 provides a constructive and positive outlook for Sammaan Capital. While it lacks direct tax incentives for homebuyers, it lays a strong foundation for long-term, sustainable growth. The significant push in infrastructure is set to drive housing demand in the company's key markets, while the crucial reforms in the corporate bond market will strengthen its financial footing by easing access to capital. The focus now shifts to the effective implementation of these budgetary announcements and the forthcoming recommendations from the financial sector review committee.