Synopsis: The share of this BlackRock-owned NBFC jumped 12 percent despite Q4 FY26 losses, supported by stable asset quality and strong capital buffers.
The share of this company, which is a major Indian non-banking financial company (NBFC) specializing in affordable housing and MSME loans, gained investors’ traction after the Q4 results, and IHC acquired a significant stake.
With a market capitalization of Rs 17,759 crore, Sammaan Capital Limited’s shares on Thursday made a day high of Rs 158.55 per share, up by 11.8 percent from its previous day’s close price of Rs 141.75 per share. The share of the company gave a return of 28 percent over the last year and has a global investment as a stakeholder holding about a 3.14 percent stake in the company as of Q4.
Results overview
- QoQ View: The interest income decreased by 28.4 percent to Rs 1,074.08 crore in Q4 FY26 from Rs 1,500.16 crore in Q3 FY26, and PBT turned into a loss of Rs 3,597.44 crore in Q4 FY26 from a profit of Rs 419.07 crore in Q3 FY26. This was accompanied by a net profit downturn into a loss of Rs 8,101.4 crore in Q4 FY26 from a profit of Rs 314.08 crore in Q3 FY26.
- YoY View: The interest income decreased by 28.1 percent to Rs 1,074.08 crore in Q4 FY26 from Rs 1,494.62 crore in Q4 FY25, and PBT turned into a loss of Rs 3,597.44 crore in Q4 FY26 from a profit of Rs 454.99 crore in Q4 FY25. This was accompanied by a net profit downturn into a loss of Rs 8,101.4 crore in Q4 FY26 from a profit of Rs 324.04 crore in Q4 FY25.
- Fiscal Year Comparison: The annual interest income decreased by 22.2 percent to Rs 5,586.91 crore in FY26 from Rs 7,179.68 crore in FY25, while the annual PBT loss narrowed to Rs 2,285.25 crore in FY26 from a loss of Rs 2,375.57 crore in FY25. This was accompanied by an annual net loss expansion to Rs 7,144.56 crore in FY26 from a net loss of Rs 1,807.46 crore in FY25, and Provisions increased by 45 percent to Rs 142.54 crore in FY26 from Rs 98.17 crore in FY25.
Q4 Business Highlight
The company’s total Assets Under Management (AUM) stood at Rs 53,160 crore as of March 2026. The decline in AUM was primarily due to the accelerated rundown of its non-core loan book, which outpaced the growth in its core and growth-oriented lending segments during the quarter.
Net worth stood at Rs 18,991 crore after accounting for cumulative credit costs reported in Q4 FY26 and the first tranche of capital infusion received from IHC. The figure does not include the additional Rs 3,198 crore expected upon the conversion of warrants, which could further strengthen the company’s capital base.
The company reported Gross NPA and Net NPA at 0.0 percent each, supported by strong provisioning and capital buffers on the opening AUM. Its Capital Adequacy Ratio (CAR) stood at 20.3 percent, while the Liquidity Coverage Ratio (LCR) came at 139 percent against the regulatory requirement of 100 percent, reflecting a strong and well-capitalised balance sheet.
Strategic Partnership with IHC Strengthens Capital Position
Sammaan Capital Limited became a part of the IHC Group following the successful completion of IHC’s strategic investment during FY26. IHC committed a total investment of USD 1 billion, equivalent to nearly Rs 8,850 crore, making it one of the largest foreign direct investments in India’s financial services sector. The company received the first tranche of Rs 5,652 crore through equity issuance and upfront warrant subscription, resulting in IHC acquiring a 28.5 percent stake.
The remaining Rs 3,198 crore is expected to be infused over the next 18 months upon warrant conversion, which will increase IHC’s stake to 43.5 percent. Following the transaction, IHC became the promoter of the company, and Mr. Alwyn Crasta, Group CFO of IHC, joined the Board.
The investment also forms part of the broader USD 5 billion UAE–India investment package announced during the bilateral summit between Prime Minister Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan
Management Commentary: CEO and MD Mr. Gagan Banga stated that the strategic partnership with IHC marks the beginning of a new growth phase for the company, backed by strong capital support, technology investments, and AI-led customer acquisition initiatives. The management added that the company aims to evolve into a full-suite NBFC with strong governance and risk management, while benefiting from the long-term growth potential in India’s retail credit and mortgage market.
About the Company
Sammaan Capital Limited is a leading group in India and a part of Abu Dhabi-based International Holding Company (IHC) PJSC. With a network of 200+ branches and 8,000+ channel partners, the company offers multiple financial products, combining digital innovation with on-ground reach to deliver accessible, customer-first financial solutions.
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