SAMMAANCAP
Large CapSammaan Capital Limited
Financial Services
Sammaan Capital Limited, formerly Indiabulls Housing Finance, is an Indian financial services company. IHC Group became its new promoter on March 31, 2026, with a strategic investment of ₹5,652 Cr. IHC aims to leverage SCL as its India flagship for financial services, focusing on technology and AI-driven growth.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -36% YoY · PAT -2600% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,358 Cr | -35.5% | -37.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹-8,101 Cr | -2600.3% | -2679.9% |
| PAT margin | -596.5% | -61192 bps | -61109 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Sammaan Capital reported a significant net loss of ₹7,144.56 Cr for FY26, primarily due to a substantial impairment on financial instruments of ₹3,627.94 Cr and exceptional items of ₹6,499.17 Cr. Total AUM stood at ₹53,160 Cr at FY26 end, with a stated NIL GNPA/NNPA.
The company posted a substantial loss in FY26, driven by significant impairments and exceptional items, indicating a clean-up phase. The new promoter, IHC, brings capital, strategic backing, and a focus on digital transformation, which could be a long-term positive, but immediate financial performance is weak.
Opening AUM by Product Portfolio (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
IHC Strategic Backing
NewIHC is the promoter and strategic shareholder, providing enhanced financial flexibility, funding access, and governance.
Digital & AI Transformation
NewLeveraging IHC’s digital and AI capabilities to improve credit underwriting, operational efficiency, and customer experience.
Rating Upgrades & CoF Compression
PositiveRatings upgraded to AA+ by CRISIL, CARE, ICRA, leading to ~100 bps tightening in bond yields and lower borrowing costs.
Full Suite Lender Vision
PlannedExpanding product offerings to become a full suite lender, targeting 15+ products by FY30.
Branches
Aggressive PlanTargeting ~800 branches by FY27, ~1,300 by FY29, and ~1,600 by FY30.
Employees
Aggressive PlanTargeting ~12,500 employees by FY27, ~16,500 by FY29, and ~20,000 by FY30.
Customers
Aggressive PlanTargeting ~6,50,000 customers by FY27, ~13,00,000 by FY29, and ~22,00,000 by FY30.
IHC Investment & Support
StrongIHC Group's strategic investment of ₹5,652 Cr and commitment of USD 1 Bn+ fortifies the balance sheet for growth.
Credit Rating Upgrades
PositiveAll three leading domestic credit rating agencies upgraded SCL to AA+/Stable, indicating stronger credit confidence.
De-risked Opening AUM
FoundationOpening AUM of ₹53,160 Cr has zero NPA and substantial provision buffers, freeing management to focus on growth.
Asset Quality Management
MonitoringTarget portfolio mix aims for 60% secured retail, 20% unsecured/semi-secured, and 20% commercial/wholesale, indicating a shift.
Gearing Levels
ControlledGearing capped at 3.5x - 4x to ensure prudent leverage.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
For financial services, both YoY and QoQ comparisons are crucial. YoY provides insight into long-term trends and seasonal impacts, while QoQ reveals sequential momentum in disbursements, asset quality, and cost of funds, especially relevant post-promoter change.
Total AUM
StableTotal AUM (FY26) was ₹53,160 Cr ($5.6 Bn).
GNPA | NNPA %
StrongGNPA | NNPA % is NIL for FY26.
Credit Cost
ManagedProvision buffers capture terminal credit costs: ~1.9% annualized credit cost on total disbursals of ~₹3.60 Lakh Crore.
Collection Efficiency
StrongCumulative Collection Efficiency for Residential housing finance is 98.8%, Secured Business loan 99.8%, CRE 99.3%, Other Loans 99.6%.
Focus on Growth
Strategic ShiftManagement bandwidth freed to focus on growth, leveraging a de-risked book and institutional knowledge.
Digital & AI Integration
Key InitiativeStrategic approach is disciplined, business-led, and governance-first, improving execution quality and operational scalability.
Long-term Compounding
OutlookResponsible growth within guardrails will ensure steady multi-decade compounding, best in class ROA & ROE.
Dividend Payout
Shareholder ReturnSteady policy of dividend payout at >25% of PAT to be maintained till perpetuity.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | ₹53,160 Cr (FY26 opening AUM). | Achievement of FY27 target of ₹70,700 Cr and subsequent growth. |
| NIM Expansion | Projected 3.5% in FY27. | Realization of projected NIM expansion to 8.1% by FY30. |
| Cost to Income Ratio | Projected 49.0% in FY27. | Reduction towards the FY30 target of ~26% through AI-driven efficiency. |
| ROA/ROE Improvement | Projected ROA 1.8%, ROE 6.8% in FY27. | Consistent improvement towards FY30 targets of ROA 8.1%, ROE 18.7%. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Up to 60% of customers will come through the eMortgage channel by end of FY26.
"Up to 60% of customers will come through this channel by end of FY26"
SCL shall leverage IHC’s expertise to expand into non-lending financial services and fintech businesses through SFL.
"SCL shall leverage upon IHC’s extensive expertise... to expand into non-lending financial services and fintech businesses"
Company to allot securities to IHC within 15 days of receipt of last regulatory approval from authorities including RBI and SEBI.
"Company to allot securities to IHC within 15 days of receipt of last such approval"
SCL to offer full suite of mortgage-backed loans upon the merger becoming effective.
"SCL to offer full suite of mortgage-backed loans"
Trend score and candlestick chart
60BullishSMA20 +10.3% / mo · near 52W high
Technical chart
SAMMAANCAPdaily · 5Y+2.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 68. Wait for confirmation.
- SMA20 rising (~10.2% over last month) — short-term momentum positive.
- RSI(14) at 68 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 40% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Cash flow contributes 3/10 to the score.
- Valuation contributes 5/30 to the score.
- Growth contributes 0/25 to the score.
Main drags
- Altman Z is 0.7, in distress territory.
- Growth is weaker at 0/25; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 6th percentile of the scored universe and 14th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-7466 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 14th pctile, median 62 · Large: 4th pctile, median 74
183 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-7466 Cr.
- ▸Debt/equity is 2.73.
- ▸Altman Z is 0.67.
- ▸ROCE is low at 4.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 1.10
- EV/EBITDA
- 827.51
- Market Cap
- 20968.00Cr
Profitability
- ROE
- -3.18%
- ROCE
- 4.92%
- ROA
- -9.62%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -4.00%
- EPS 5Y
- -7.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 2.73
- Interest Coverage
- —
- Altman Z
- 0.67
- Book Value
- 164.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -7466.00 Cr
- EPS TTM
- -61.66
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.