Sammaan Capital (535789) Feb 2026 Filing Analysis

The company has successfully maintained its gearing at 2.2x for Q3FY26, which is exactly within the guided range of 2x to 2.5x. (1 met across 1 tracked commitment)

The legacy loan book has been reduced to ₹ 20,162 Cr as of 9MFY26, down from ₹ 24,894 Cr in FY25. While progress is being made, the book remains above the ₹ 15,000 Cr target with one quarter remaining in the fiscal year. (1 in progress across 1 tracked commitment)

Management plans to expand the branch network to 400 to 500 cities over the next two financial years. — target: 400 to 500 cities (+4 more commitments)

The company aims to reduce the overall cost of funds by approximately 270 basis points by March 2027. — target: 270 basis points reduction (+2 more commitments)

Management targets that up to 60% of customers will be onboarded through the paperless eMortgage channel by the end of FY26. — target: 60% (+4 more commitments)

The digital platform is evolving into an 'End-to-End Online Loan Fulfillment system' that automates underwriting and reduces fraud by integrating directly with government and bank data sources. (4 expanding)

The asset-light distribution moat is being reinforced through a target of 350 branches by FY27 and a shift toward a mix of 40% co-lending, 40% direct assignment, and 20% PTCs. (3 expanding)

Geographic concentration in Maharashtra has significantly reduced from nearly 40% to 19.4%, indicating a much more diversified national footprint. (2 shifted, 1 stable, 1 expanding)

The asset-light model is expanding, with management expecting net gains on de-recognition (upfronting prospective income from loan assignments) to be approximately 4.5% of the value of loans sold. (3 expanding, 2 contracting across 3 engines)

Interest income grew by 5.8% year-on-year as the company transitioned its business model, though it remains the dominant revenue driver at 83.2% of total revenue. (2 expanding, 1 contracting, 2 shifted across 1 engine)

Growth AUM (new high-quality loans) is showing strong upward momentum, now making up 60% of the total portfolio compared to roughly 40% a year ago. (2 accelerating, 3 steady across 5 signals)

The company is expanding its product suite to include higher ticket sizes (INR 2-3 crores) while maintaining its core focus on the underserved self-employed market. This geographic and product expansion is supported by a plan to grow the branch network to 500+ locations. (1 accelerating across 1 signal, 1 leading indicator)

The strategic focus remains on affordable housing and mid-market mortgage solutions, now accelerated by IHC's technology and AI capabilities. (1 accelerating, 4 new trend across 5 signals, 2 leading indicators)

Sammaan is aggressively using a 'Co-lending' model, where they partner with banks to fund loans, allowing them to grow without needing as much of their own capital.

Sammaan Capital is shifting to an 'eMortgage' platform, a fully digital way to process loans from start to finish, which is expected to handle the majority of new customers soon.

EMERGING. Management acknowledged that the current structure of an NBFC owning another NBFC (Sammaan Finserve) is not long-term enabled by RBI and requires a firm plan for de-subsidiarization or listing. (1 emerging, 4 easing, 2 high-severity)

The risk is stable but being managed through the overall reduction of the legacy book; MMR and NCR still represent over 52% of the legacy geographical distribution. (2 stable)

The risk is stable as the company continues to expand into this segment via Sammaan Finserve, maintaining a median CIBIL of ~675 for these borrowers. (2 stable)

EASING. Domestic ratings are stable at AA (CRISIL/ICRA) and international ratings were upgraded. Incremental borrowing rates are 35 bps lower than previous levels. (5 easing, 1 high-severity)

Gross NPA (Stage 3) has increased from 1.3% in Q4FY25 to 1.5% in Q1FY26, confirming a slight uptick in bad loans, although Net NPA remains stable at 0.8%. (1 intensifying, 4 easing)