Sammaan Capital Limited has released the transcript of its Q3FY26 earnings conference call held on February 4, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The call, moderated by MUFG's Aryan Sumra, featured Managing Director and CEO Gagan Banga discussing quarterly performance and strategic developments.

Financial Performance Highlights

The company reported strong financial metrics for the quarter ended December 31, 2025. Net worth increased by approximately ₹2,000 crores year-on-year, reaching ₹22,423 crores, while gross AUM stands at ₹44,000 crores.

For the nine-month period, the company achieved a PAT of ₹957 crores, marking a significant turnaround from the consolidated loss of ₹2,132 crores reported in the previous year.

Strategic Developments and Merger Plans

A major development announced during the call was the proposed merger of subsidiary Sammaan Finserve into Sammaan Capital. This consolidation aims to create a comprehensive structure offering a full suite of mortgage-backed loans and expand into other loan products for mid-market to low-income segments.

The company's AIF platform has built a strong track record, having lent approximately ₹6,200 crores across the top 8 cities while delivering good returns to investors.

IHC Preferential Allotment Progress

Regarding the proposed preferential allotment to IHC, the company has secured approvals from stock exchanges, shareholders, and the Competition Commission of India (CCI). The transaction now awaits final approvals from RBI for the preferential allotment and SEBI for the open offer.

Banga expressed optimism that the approval process has entered its final stages, with both IHC and Sammaan Capital management actively engaged with regulators.

Asset Quality and Collections

The company maintains strong asset quality metrics with gross NPA improving to 1.2% from 1.3% at the end of FY25, while net NPA decreased to 0.7% from 0.8%. The performance of sold-down pools totaling ₹1.03 lakh crores demonstrates exceptional quality, with 90-day past due at just 0.54%.

The company achieved net collections of ₹5,000 crores during the year while maintaining overall asset quality. Management expects Q4 to be a strong quarter for cash collections and recoveries.

Future Strategy and Outlook

Sammaan Capital continues its asset-light strategy while developing technology and automation around credit processes. The new co-lending regulations effective from January 1, 2026, provide expanded opportunities beyond priority sector lending, covering all loan types with banks, NBFCs, HFCs, and All India Financial Institutions.

The company expects to achieve 15-18% cost savings on an operational basis once the technology platform is fully integrated. Management anticipates business volumes to return to original levels by May-June 2026, with plans to expand the branch network post-investment completion.

Sammaan Capital Limited has demonstrated continued financial discipline by making timely interest payments on its Secured Redeemable Non-Convertible Debentures (NCDs), executing the payment ahead of schedule in compliance with regulatory requirements.

Latest Interest Payment Details

The company made an interest payment of ₹149.35 lacs on February 6, 2026, three days ahead of the February 9, 2026 due date for its NCDs with ISIN INE148I07Y12. These debentures, issued on a private placement basis and listed on stock exchanges, have an issue size of ₹20,000 lacs.

Payment Structure and Timeline

The NCDs follow a monthly interest payment frequency, with the interest payment record date set as January 27, 2026. The previous interest payment was made on January 9, 2026, maintaining the company's consistent payment schedule without any delays or changes in frequency.

Regulatory Compliance and Filing

Sammaan Capital filed the required intimation with both NSE (scrip code: SAMMAANCAP/EQ, SCLPP) and BSE (scrip code: 535789, 890192) in accordance with Regulation 57 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was made pursuant to SEBI Master Circular dated July 11, 2025.

The company, formerly known as Indiabulls Housing Finance Limited, continues to maintain its commitment to timely debt servicing and regulatory compliance. Company Secretary Amit Jain certified the payment details in the official filing to stock exchanges, reinforcing the company's transparency in debt management practices.