Sammaan Capital FY26 Loss Widens on Exceptional Items
Sammaan Capital reported a consolidated net loss of ₹7,144.56 crore for FY26, widening from the previous year's loss, due to exceptional items and increased impairments. IHC invested ₹8,850 crore, acquiring a 28.5% stake and upgrading the company's credit rating to AA+. The firm targets an AUM of ₹70,000 crore and a return to profitability by FY27.
*this image is generated using AI for illustrative purposes only.
Sammaan Capital reported a consolidated net loss of ₹7,144.56 crore for the financial year ended March 31, 2026, widening from the net loss of ₹1,807.46 crore in the previous year. For the fourth quarter ended March 31, 2026, the company posted a net loss of ₹8,101.41 crore, a reversal from the net profit of ₹324.04 crore in the corresponding quarter of the previous year. Q4 revenue stood at ₹17.6 billion compared to ₹21 billion in the same quarter of the previous year. The company's revenue from operations for the full year declined to ₹8,166.16 crore from ₹8,623.33 crore in FY25.
Financial Performance
The annual results reflect the impact of the strategic integration with International Holding Company (IHC), which became the promoter following the closure of a transaction on March 31, 2026. IHC invested a total of USD 1 billion (₹8,850 crore), receiving the first tranche of ₹5,652 crore on the issuance of equity shares and a 25% upfront payment on warrants. This resulted in an equity ownership of 28.5%, set to increase to 43.5% upon warrant conversion. The deterioration in profitability was driven by exceptional items amounting to ₹6,499.17 crore and a substantial increase in impairment on financial instruments, which stood at ₹3,627.94 crore for the year.
The following table summarises the key annual financial metrics:
| Metric (₹ Cr) | FY26 | FY25 |
|---|---|---|
| Net Profit/Loss | (7,144.56) | (1,807.46) |
| Total Revenue from Operations | 8,166.16 | 8,623.33 |
| Finance Costs | 5,618.36 | 4,791.36 |
| Impairment on Financial Instruments | 3,627.94 | 5,068.50 |
The quarterly performance further highlights the scale of the reversal, with Q4 results presented below:
| Metric | Q4 FY26 | Q4 FY25 |
|---|---|---|
| Net Profit/Loss | (₹8,101.41 Cr) | ₹324.04 Cr |
| Revenue | ₹17.6 Billion | ₹21 Billion |
Strategic Developments and Outlook
Following the investment, all three leading domestic credit rating agencies—CRISIL, CARE, and ICRA—upgraded the company's ratings to AA+ with a stable outlook. The company's net worth stood at ₹18,991.47 crore as of March 31, 2026, with a total AUM of ₹53,160 crore. Sammaan Capital has outlined a growth strategy leveraging IHC's technological and financial expertise. The company targets a return to profitability with projected PAT of ₹1,400 crore by FY27.
The company has set ambitious targets for FY27 and FY30, aiming to expand its product suite from 4 to over 12 products, including Personal Loans and Gold Loans.
| Metric | FY27 Target | FY30 Target |
|---|---|---|
| AUM | ₹70,000+ crores | ₹1,90,000+ crores |
| Annual Disbursals | ₹30,000+ crores | ₹90,000+ crore |
| Return on Equity (ROE) | 6.5-7.0% | 18-19% |
| Branches | ~270 | ~1,600 |
| Manpower | ~8,000 | ~20,000 |
| Cost of funds | ~9.0-9.5% | ~7.5-8.0% |
Historical Stock Returns for Sammaan Capital
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.67% | -2.19% | +16.96% | +22.17% | +38.11% | -31.60% |
How will Sammaan Capital deploy the remaining IHC investment tranches to accelerate its transition from housing finance to a diversified lending platform?
Can Sammaan Capital realistically achieve its FY27 PAT target of ₹1,400 crore given the current elevated impairment levels and rising finance costs?
How might IHC's increasing stake—rising to 43.5% upon warrant conversion—influence Sammaan Capital's governance structure and strategic decision-making in Indian markets?
16
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
