Sammaan Capital FY26: A ₹7,145 Crore Bath, a Royal Upgrade, and the Sheikh’s New Playground

Section 1 — At a Glance

A strategic overhaul has completely re-engineered Sammaan Capital Limited. The fiscal year ended March 31, 2026, concluded with a severe consolidated net loss of ₹7,144.56 crore , down precipitously from a net loss of ₹1,807.46 crore in FY25. This deep deficit was primarily driven by a massive, intentional balance sheet cleanup in the final quarter, where an impairment charge of ₹2,958.08 crore and an exceptional item of ₹6,499.17 crore were executed to entirely flush out legacy vulnerabilities. Consequently, reported earnings per share collapsed to negative ₹61.66.

However, this aggressive accounting kitchen-sink operation coincided with a structural transformation. On March 31, 2026, Abu Dhabi-based International Holding Company (IHC), via its affiliate Avenir Investment RSC Ltd, completed a ₹5,652 crore strategic equity infusion. This transaction granted IHC an immediate 28.46% equity stake and formal status as the company’s new promoter. An additional capital injection of ₹3,198 crore is legally locked via warrants to be converted over the next 6 to 18 months, which will eventually elevate IHC’s ownership to 43.5%.

Lenders and credit rating agencies responded instantly to this sovereign-backed ownership pivot, upgrading the firm’s long-term credit ratings to AA+/Stable. While historical operations were severely dragged down by real estate provisioning, the company’s capital base has been fortified, leaving it with an opening asset under management (AUM) of ₹53,160 crore completely stripped of gross and net non-performing assets. Sound risk execution must now replace historic corporate mortgage cleanups to ensure capital survival.

Section 2 — Introduction

Welcome to the corporate re-birth of Sammaan Capital Limited, an entity previously known to public markets and subcontinental headlines as Indiabulls Housing Finance Limited. Established in 2005 , the firm spent its adolescence building a gargantuan multi-city book of home loans and corporate mortgage financing, before running into the brutal structural gridlock that caught India’s non-banking financial companies (NBFCs) post-2018.

Fast forward to May 2026, and the old corporate identity has been completely dismantled. Following a fresh certificate of registration from the Reserve Bank of India (RBI) , the company has shed its historical skin, rebranded itself , and successfully transitioned into an Upper Layer NBFC-ICC framework. The entry of IHC as the primary promoter brings an end to the era of legacy promoter overhang and places Sammaan at the center of an ambitious India-UAE cross-border financial strategy.

Section 3 — Business Model: WTF Do They Even Do?

At its core, Sammaan Capital is a housing finance player trying to escape the shadow of its old corporate developers. The model relies on a nationwide network of 218 branches and over 8,500 channel partners designed to target the sweet spot of self-employed and affordable housing borrowers. They offer core retail home loans (averaging ₹15–30 lakh) alongside Loans Against Property (LAP) to MSMEs looking for working capital.

The new corporate playbook introduces a distinct dual-track approach:

Sammaan Dual-Track Model
1. On-Book Aggression (Affordable Housing & Micro-LAP) ──► Hold on Balance Sheet (High Yield)
2. Asset-Light Velocity (Prime Mortgages) ────► Sourced & Assigned to Banks (Fee Income)

By sourcing mass-market prime home loans at yields of 8.5% to 10% and instantly offloading them to banking partners via co-lending frameworks, Sammaan aims to collect clean fee spreads without locking up its own equity. Meanwhile, the riskier, higher-yielding affordable housing books (10% to 13%) are held natively on the balance sheet. The strategic target is a highly disciplined mix: 80% retail assets and a strict 20% cap on unsecured exposures, leaving their historical, high-risk commercial real estate project lending out in the cold.

Section 4 — Financials Overview

Figures are consolidated, in ₹ crore.

The locked results reveal a fiscal transition characterized by severe operational contraction, followed by an unprecedented capital reset.

Consolidated Results Table

What is Management Promising in the Coming Quarters?

During the May 2026 earnings conference, management abandoned their historical defensive tone and shifted to