Sammaan Capital has confirmed the timely payment of interest on its listed secured redeemable non-convertible debentures. The company settled the dues ahead of the August 25, 2026 deadline.

The disclosure was made pursuant to Regulation 57 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. It aligns with SEBI Master Circular Ref. No. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/000000103 dated July 11, 2025.

Interest Payment Details

The company paid the entire interest amount for eight series of debentures. All payments were processed on August 24, 2026, against a record date of August 10, 2026. The due date for all series was August 25, 2026.

The largest tranche, with an issue size of ₹1527.45 lakh, accounted for the majority of the interest outflow at ₹12.30139 lakh. The smallest tranche involved an issue size of ₹2 lakh.

Regulatory Compliance

Amit Kumar Jain, Company Secretary, certified the payments. The filing confirms no delays or non-payments occurred for this period. The last interest payment prior to this cycle was made on July 25, 2026.

Sammaan Capital reported a sharp decline in profitability and revenue for the first quarter of FY27, with consolidated net profit falling to ₹243.3 crore from ₹334.3 crore in the corresponding period last year. The company’s revenue from operations also contracted significantly, dropping to ₹1,651.9 crore against ₹2,400.3 crore year-on-year.

On August 15, 2026, Sammaan Capital re-uploaded its Q1FY27 earnings update to provide stakeholders with a more complete view of its financial position, including accompanying balance sheet numbers for the quarter ended June 30, 2026. This disclosure follows feedback from investors seeking greater transparency regarding the company’s asset and liability profile alongside its income statement results. Additionally, the company released the transcript of its earnings conference call held on August 13, 2026, providing further context on its strategic outlook and operational metrics.

Financial Performance

The results indicate a broad-based slowdown in operational performance during the quarter. Both key financial indicators—revenue and net profit—registered double-digit percentage declines when compared to the previous fiscal year's figures. Interest income, the primary revenue driver, fell to ₹1,078.2 crore from ₹1,563.6 crore. However, this was partially offset by a significant rise in net gains on fair value changes, which jumped to ₹491.0 crore from ₹42.1 crore.

Balance Sheet and Asset Quality

The newly disclosed balance sheet data reveals that total assets stood at ₹70,892.8 crore as on June 30, 2026, marginally higher than the ₹70,743.7 crore recorded in June 2025. Loans, which form the core of the asset book, totaled ₹38,846.8 crore, down from ₹43,484.8 crore a year earlier. Cash and cash equivalents decreased sharply to ₹2,705.4 crore from ₹3,893.7 crore.

On the liability side, debt securities were valued at ₹23,720.8 crore, up from ₹15,790.5 crore in the prior year. Borrowings other than debt securities declined to ₹20,742.7 crore from ₹22,945.4 crore. Equity share capital increased slightly to ₹229.3 crore from ₹162.7 crore. The company maintains a capital adequacy ratio of 20.1% and a net NPA of just 0.15%.

During the earnings call, management highlighted that assets under management increased to ₹56,239 crore. Gross recoveries for the quarter stood at ₹424 crore, with net recoveries of ₹240 crore after provisions. Management noted that the company has completed a $63 million buyback of its dollar bonds, which are now trading at a premium to comparable peers.

Strategic Outlook and Cost of Funds

Despite the quarterly headwinds, management outlined a robust growth strategy focused on four pillars: liability franchise, asset growth, digital transformation, and governance. A key development is the improvement in the liability franchise, with domestic credit ratings upgraded from AA to AA+ and international ratings from B+ to BB-. Management expressed confidence in achieving domestic AAA ratings and international BB+ ratings in the medium term.

These rating upgrades have contributed to a decline in borrowing costs. The stock cost of funds decreased from 10.5% to 10% during the quarter, with incremental costs dropping to approximately 9%. Management projects the stock cost of funds to reach 9.3% by the end of the year and potentially enter the 7-8% range over the next two to three years as ratings stabilize.

Disbursement targets remain ambitious. The company disbursed approximately ₹3,875 crore across five products to around 12,000 new customers in Q1FY27, with 97% of these being secured loans. For the first half of FY27, disbursements are planned at ₹10,000 crore, increasing to ₹20,000 crore in the second half. Full-year disbursement guidance stands at ₹30,000 crore, scaling to between ₹40,000 crore and ₹50,000 crore in FY28.

Product Expansion and Digital Strategy

Sammaan Capital is expanding its product portfolio beyond traditional mortgages. New initiatives include digital personal loans, loans against securities, and micro loans against property (LAP). The company also executed its first transaction with an Asia-based credit fund, taking a 20% stake in an ₹840 crore deal while earning management fees on the remaining 80%. Unsecured lending and portfolio buyouts contributed approximately ₹100 crore to disbursements.

The branch network is set to expand from approximately 240 branches to 270 by the end of H1FY27, with a long-term target of ~1,600 branches by FY30. The workforce is expected to grow from ~6,000 to ~20,000 employees. Technologically, the company is implementing a digital-first strategy with a new app launching in H2FY27, supported by Salesforce CRM and AI-driven credit decisioning across 53 use cases.

What the Numbers Show

The divergence between the magnitude of revenue decline and profit decline suggests potential cost rigidity or margin compression. While revenue fell by approximately 31%, net profit declined by roughly 27%. This pattern often indicates that operating expenses did not decrease proportionately with the drop in income, or that non-operating factors played a role in cushioning the profit fall relative to the top-line contraction.

A notable shift in the composition of revenue is visible in the new data. While interest income dropped by nearly 31%, net gains on fair value changes surged tenfold to ₹491.0 crore from ₹42.1 crore. Conversely, net gains on derecognition of financial instruments collapsed to ₹24.0 crore from ₹732.4 crore. This volatility in non-interest income components highlights that the bottom line is currently sensitive to market valuation changes and asset sales rather than purely operational lending growth.