1. At a Glance
If Indian housing finance companies were people at a wedding, Sammaan Capital Ltd would be the guy who used to dance on tables, disappeared for a few years, came back sober, debt-light(er), and now keeps repeating: “Bro, I’ve changed.”
At a market cap of ₹12,090 crore, trading at ₹146, this stock is sitting at 0.55× book value while peers strut around at 1.2–3× like they own Bandra. The last three months? A –19% hangover. Six months? +26.4%, because Indian markets love redemption arcs.
Q3 FY26 numbers show ₹2,158 crore revenue and ₹314 crore PAT, with EPS of ₹3.79 for the quarter. Gross NPAs have slid to 1.4%, Net NPAs to 0.8%, and CRAR is a beefy 34%. On paper, that’s healthier than most gym influencers.
But here’s the twist: ROE is still –8.66%, ROA –2.52%, and debt stands tall at ₹45,539 crore. This is not a growth rocket yet. It’s a restructuring documentary—Season 3.
2. Introduction
Sammaan Capital was once known as Indiabulls Housing Finance—a name that carried both swagger and suspicion. Fast growth, chunky balance sheet, and then… well, let’s politely call it “regulatory cardio.”
Fast forward to FY26, the former promoter is out, PILs are dismissed, legacy books are shrinking, and global capital is knocking. The company now wants to be seen as a boring, disciplined, affordable housing financier. In Indian finance, that’s like a former nightclub bouncer opening a yoga studio.
The story today isn’t about explosive growth. It’s about survival, cleanup, and trust rebuilding. The market is asking one simple question:
Is this a genuinely repaired balance sheet—or just a prettier Excel sheet?
And honestly, that’s a fair question.
3. Business Model – WTF
Do They Even Do?
Let’s simplify it for your lazy-but-smart investor brain.
Home Loans
Sammaan focuses on affordable housing loans—ticket sizes of ₹15–30 lakh, tenure ~15 years, interest rates between 9.75% and 11.50%. Customers are salaried and self-employed, aka people who actually repay if the EMI reminder tone is scary enough.
LAP (Loan Against Property)
For MSMEs and small businesses needing ₹25–75 lakh, at 10.75–13% interest, with ~7-year tenures. Higher yield, higher risk, but also higher respect when collected properly.
Corporate Mortgage & LRD
This is the legacy hangover—commercial real estate exposure that the company is actively shrinking, selling, or letting run off quietly like an ex who stopped calling.
Co-Lending
This is the adult-in-the-room strategy. Sammaan partners with 10 banks (Central Bank, BoB, Yes Bank, IOB, etc.) to share risk and capital. Since FY22, ₹24,882 crore has been disbursed under this model. Translation: “Let’s not blow up alone again.”
Cross-Selling
Insurance attachment rate of 80%+, meaning most customers leave with 2–3 policies like a Big Bazaar checkout counter. Easy commission income, low risk, decent margin.
4. Financials Overview
Quarterly Comparison Table (₹ crore)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 2,158 | 2,017 | 2,251 | 6.99% | -4.1% |
| EBITDA* | 440 | 434 | 436 | 1.4% | 0.9% |
| PAT | 314 | 302 | 308 | 3.9% | 1.9% |
| EPS (₹) | 3.79 | 4.08 | 3.72 | -7.1% | 1.9% |
