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Research updated
Sammaan Capital Ltd.
NSE: SAMMAANCAPFinancial ServicesMortgage Finance
- Last close
- ₹114.99
- Day change
- −₹4.39 (−3.68%)vs
- Market cap
- ₹15,376 crIndian rupees
- Research updated
- 1 report
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About Sammaan Capital
Sammaan Capital Ltd. is a public company operating in the financial services sector. The company focuses on providing tailored investment solutions and services to its diverse client base. With an emphasis on capital growth and wealth management, Sammaan Capital Ltd. delivers strategic advisory services, asset management, and financial planning to individual and institutional investors. It plays an integral role in facilitating investors' access to various financial markets, helping clients navigate and optimize their investment portfolios. Sammaan Capital Ltd. is recognized for its innovative approaches in financial strategies and commitment to client satisfaction, serving as a key player in the financial ecosystem. The company leverages expertise in market analysis to enhance returns and mitigate risks, positioning itself as a trusted partner in investment management and consultation. Sammaan Capital Ltd. exemplifies robust financial stewardship and commitment to excellence in delivering client-focused investment services.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: SAMMAANCAP
- Chief executive
- Mr. Gagan Banga
- Employees
- 4,363
- Headquarters
- Gurugram, India
- ISIN
- INE148I01020
- Website
- sammaancapital.com
Public research · Report of
Business model & financial foundation
Sammaan Capital (NSE: SAMMAANCAP), Mortgage-led diversified non-banking financial company: revenue of ₹8,166 crore in FY26 (-5.3% on FY25) and net profit of ₹-7,145 crore.
- Revenue, FY26 (₹ crore)
- 8,166
- consolidated
- Revenue growth, FY26
- -5.3%
- on FY25
- Net profit, FY26 (₹ crore)
- -7,145
- to owners
- Return on equity, FY26
- -35.0%
- on average equity
- Market capitalisation (₹ crore)
- 16,333
- at the close of 17 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) |
| Exchange and ticker | NSE: SAMMAANCAP; BSE: 535789 |
| ISIN | INE148I01020 |
| CIN | L65922DL2005PLC136029 |
| Sector | Financial Services |
| Industry | Mortgage-led diversified non-banking financial company |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Nangia & Co LLP and M Verma & Associates |
| Market capitalisation | ₹16,333 crore (17 Oct 2026) |
| Shares outstanding | 114.28 crore shares (FY26) |
| Price | ₹133.9 (close, 17 Oct 2026) |
| 52-week range | ₹125.7 - ₹193.0 (to 17 Oct 2026) |
| Website | https://www.sammaancapital.com |
Corporate structure and shareholding
Parent: IHC through Avenir Investment RSC Ltd (promoter and controlling shareholder).
| Entity | Holding | Business |
|---|---|---|
| Sammaan Finserve Limited | 100% | Mortgage and commercial lending; proposed business demerger into the listed parent, final sanction pending. |
Full subsidiary register not retrieved from the partial annual-report scan. Avenir stake 28.34% at June 2026; pending warrants alter diluted ownership. See capital record.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 28.34% | 28.34% |
| Promoter holding pledged | 0.00% | |||
| Foreign institutions | 24.94% | 17.80% | 19.60% | 21.34% |
| Domestic institutions | 14.39% | 12.61% | 7.99% | 4.18% |
| of which mutual funds | 8.34% | 7.57% | 3.95% | |
| Retail | 27.17% | 18.64% | 19.45% | |
| Other | 33.50% | 50.95% | 24.62% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Sammaan Capital (NSE:SAMMAANCAP), formerly Indiabulls Housing Finance, is a mortgage-led Upper Layer NBFC. It originates loans to retain, sell via direct assignment, or co-originate. Earnings are not just loan yield minus funding cost: investment fair-value income, derecognition gains and recoveries are substantial. IHC/Avenir became controlling promoter following March2026 equity/warrant allotment and May open-offer completion. The franchise includes Sammaan Finserve; its demerger into the parent is proposed, not finally effective at the cut-off.
| Peer | Why the dossier compares them |
|---|---|
| PNB Housing Finance (PNBHOUSING) | Prime and affordable mortgages; bank-sponsored liability franchise. |
| LIC Housing Finance (LICHSGFIN) | |
| Aadhar Housing Finance (AADHARHFC) | Affordable mortgage growth, branch-led origination. |
| Aavas Financiers (AAVAS) | Self-employed affordable mortgages, risk and operating-cost benchmark. |
| Bajaj Housing Finance (BAJAJHFL) | Group-backed mortgage platform; funding advantage benchmark. |
| Piramal Finance | Legacy wholesale resolution and retail diversification; BSE listing used. |
| Shriram Finance (SHRIRAMFIN) | Diversified NBFC unit economics benchmark; not a pure mortgage comparable. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cost of revenue (vendor classification) * | 738.5 | 4,519 | |||
| Other operating costs (vendor classification) * | 171.6 | 195.8 | 178.4 | 377.5 | 3,559 |
| EBITDA (vendor classification) * | 6,250 | -2,769 | |||
| Profit before tax AFTER exceptional items | 1,556 | 1,604 | 1,649 | -2,376 | -8,784 |
| Total tax expense/(credit) | 378.0 | 476.2 | 431.7 | -568.1 | -1,640 |
| PAT from continuing operations | 1,178 | 1,130 | 1,217 | -1,807 | -7,145 |
| Diluted EPS, continuing and discontinued operations (₹) | 23.49 | 22.46 | 23.53 | -26.70 | -87.72 |
| Total revenue from operations | 8,475 | 8,623 | 8,166 | ||
| Interest income | 6,784 | 7,180 | 5,587 | ||
| Fees and commission income | 141.9 | 126.3 | 193.3 | ||
| Net gain on fair value changes (reported revenue row) | 1,452 | 535.6 | 969.3 | ||
| Net gain on derecognition under amortised cost | 97.6 | 781.8 | 1,417 | ||
| Other income | 149.9 | 59.9 | 24.1 | ||
| Finance costs | 5,307 | 4,791 | 5,618 | ||
| Impairment net of recoveries/written back (signed expense) | 768.4 | 5,069 | 3,628 | ||
| Employee benefits expenses | 619.1 | 738.5 | 673.1 | ||
| Depreciation and amortisation | 84.6 | 83.0 | 88.4 | ||
| Other expenses | 197.2 | 377.5 | 467.7 | ||
| Exceptional items (signed gain/loss) | 0.00 | 0.00 | -6,499 | ||
| PAT attributable to shareholders, all operations | 1,214 | -1,807 | -7,145 | ||
| Net loss on fair value changes (separate expense row) | 0.00 | 0.00 | 0.00 | ||
| PAT from discontinued operations (signed) | -2.58 | 0.00 | 0.00 | ||
| NII: interest income less finance costs only | 1,477 | 2,388 | -31.5 | ||
| PPOP before impairment/exceptional (after depreciation) | 2,417 | 2,693 | 1,343 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 16,674 | 17,361 | 19,792 | 21,822 | 18,991 |
| Debt securities + other borrowings + sub debt, EX leases | 60,844 | 52,403 | 48,305 | 42,430 | 51,604 |
| Cash and cash equivalents ONLY | 9,702 | 3,732 | 2,529 | 3,350 | 9,027 |
| Trade receivables (not loans) | 15.5 | 13.9 | 18.6 | ||
| Trade payables | 0.66 | 3.53 | 3.02 | 1.91 | 0.55 |
| Net property, plant and equipment * | 93.1 | 86.9 | 88.1 | 356.9 | 317.7 |
| Total assets | 73,066 | 70,181 | 74,243 | ||
| Capital work in progress * | 13.4 | 5.89 | 2.22 | ||
| Loans, net balance-sheet carrying value | 52,749 | 44,915 | 36,026 | ||
| Bank balances other than cash equivalents | 1,895 | 1,384 | 1,933 | ||
| Investments, net carrying value | 7,456 | 14,219 | 17,518 | ||
| Lease liabilities (excluded from borrowings) | 188.3 | 295.9 | 249.3 | ||
| Debt securities | 14,488 | 16,585 | 24,661 | ||
| Subordinated liabilities | 4,188 | 4,083 | 3,943 | ||
| Other borrowings as printed (lease basis changes FY26) | 29,817 | 21,761 | 23,000 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | -1,698 | -1,610 | -2,058 | 8,772 | -7,466 |
| Free cash flow (vendor definition) * | 637.1 | 3,952 | -182.0 | 8,716 | -7,519 |
| Dividends paid (the provider's sign: an outflow is negative) * | -0.63 | -58.9 | -145.5 | -0.31 | |
| Capital expenditure (the provider's sign: an outflow is negative) * | 8.12 | -41.4 | -51.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Fully paid shares net of treasury, at year end | 49.98 | 50.29 | 48.41 | 81.25 | 114.28 |
| Issued fully paid shares INCLUDING treasury | 82.84 | 115.87 | |||
| Pragati EWT fully paid treasury shares | 1.59 | 1.59 | |||
| Partly paid nominal shares, treasury adjusted | 24.20 | 0.30 | 0.30 | ||
| Vendor EPS-weighted share-count proxy, NOT period-end shares * | 51.08 | 67.70 | 81.45 | ||
| Net security receipts at year end | 3,783 | 5,654 | |||
| Net deferred tax asset | 762.1 | 2,569 | |||
| Consolidated tax and guarantee contingency subtotal | 619.3 | 673.2 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Cost of revenue (vendor classification) * | 180.5 | 201.3 | 184.1 | 103.5 | 183.8 | 176.6 | ||
| Other operating costs (vendor classification) * | 134.8 | 71.6 | 112.4 | 74.1 | 181.7 | 113.3 | 65.3 | |
| EBITDA (vendor classification) * | 1,802 | 1,668 | 1,245 | 1,377 | 1,275 | 841.9 | 925.9 | |
| Profit before tax AFTER exceptional items | -3,685 | 417.3 | 455.0 | 468.1 | 425.0 | 419.1 | -10,097 | 326.0 |
| Total tax expense/(credit) | -924.2 | 114.8 | 131.0 | 133.8 | 116.6 | 105.0 | -1,995 | 82.7 |
| PAT from continuing operations | -2,761 | 302.4 | 324.0 | 334.3 | 308.5 | 314.1 | -8,101 | 243.3 |
| Diluted EPS, continuing and discontinued operations (₹) | -44.12 | 4.16 | 4.10 | 4.10 | 3.79 | 3.84 | -99.10 | 2.05 |
| Total revenue from operations | 2,422 | 2,017 | 2,107 | 2,400 | 2,251 | 2,158 | 1,358 | 1,652 |
| Interest income | 2,106 | 1,890 | 1,495 | 1,564 | 1,449 | 1,469 | 1,105 | 1,078 |
| Fees and commission income | 31.6 | 27.0 | 38.9 | 62.2 | 41.1 | 59.4 | 30.5 | 58.8 |
| Net gain on fair value changes (reported revenue row) | 242.5 | 0.00 | 382.0 | 42.1 | 291.6 | 518.7 | 116.9 | 491.0 |
| Net gain on derecognition under amortised cost | 42.5 | 99.3 | 191.9 | 732.4 | 468.8 | 110.1 | 105.4 | 24.0 |
| Other income | 2.68 | 2.62 | 25.0 | 9.10 | 9.92 | 0.33 | 3.66 | 30.9 |
| Finance costs | 1,238 | 1,194 | 1,050 | 1,196 | 1,286 | 1,458 | 1,679 | 1,335 |
| Impairment net of recoveries/written back (signed expense) | 4,513 | 6.77 | 288.9 | 466.0 | 229.0 | -25.2 | 2,958 | -240.5 |
| Employee benefits expenses | 203.7 | 180.5 | 201.3 | 184.1 | 201.7 | 103.5 | 183.8 | 176.6 |
| Depreciation and amortisation | 19.8 | 19.7 | 24.7 | 21.0 | 21.2 | 21.1 | 25.0 | 20.1 |
| Other expenses | 134.8 | 71.6 | 112.4 | 74.1 | 97.5 | 181.7 | 113.3 | 65.3 |
| Exceptional items (signed gain/loss) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -6,499 | 0.00 |
| PAT attributable to shareholders, all operations | -2,761 | 302.4 | 324.0 | 334.3 | 308.5 | 314.1 | -8,101 | 243.3 |
| Net loss on fair value changes (separate expense row) | 0.00 | 129.8 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NII: interest income less finance costs only | 867.4 | 696.7 | 444.4 | 367.5 | 163.0 | 11.7 | -573.7 | -257.1 |
| PPOP before impairment/exceptional (after depreciation) | 828.4 | 553.8 | 743.9 | 934.1 | 654.1 | 393.9 | -639.4 | 85.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 1.8% | -5.3% | |||
| Net margin | 14.3% | -21.0% | -87.5% | ||
| Return on equity | 6.5% | -8.7% | -35.0% | ||
| Return on assets | 1.7% | -2.5% | -9.9% | ||
| Dividend payout | 4.9% | -8.0% | -0.0% | ||
| EPS, diluted (₹) | 23.49 | 22.46 | 23.53 | -26.70 | -87.72 |
| Book value per share (₹) | 333.6 | 345.2 | 408.9 | 268.6 | 166.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, continuing and discontinued operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Sammaan Capital includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Sammaan Capital
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
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