Sammaan Capital Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Sammaan Capital Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sammaan Capital reported its first quarter under IHC ownership, with assets under management rising to INR56,239 crores and disbursements of approximately INR3,875 crores. Profit after tax for the quarter was INR243 crores, supported by gross recoveries of INR424 crores and net recoveries of INR240 crores, with net NPA at 0.15%. Management described credit rating upgrades, a decline in cost of funds, and plans to expand branches and products over the coming quarters.
Numbers mentioned
Assets under management: INR56,239 crores (Q1 FY27)
p. 3
“The assets under management in line with our guidance have increased to INR56,239 crores.”
Gagan Banga, page 3 of the filed PDF · View the filing
Disbursements: approximately INR3,875 crores (Q1 FY27)
p. 3
“We've done disbursements of approximately INR3,875 crores.”
Gagan Banga, page 3 of the filed PDF · View the filing
Capital adequacy: 20.1% (Q1 FY27)
p. 3
“The capital adequacy is comfortable at 20.1%.”
Gagan Banga, page 3 of the filed PDF · View the filing
Profit after tax: INR243 crores (Q1 FY27)
p. 3
“the quarter one profit after-tax is INR243 crores.”
Gagan Banga, page 3 of the filed PDF · View the filing
Gross recoveries: INR424 crores (Q1 FY27)
p. 3
“so we had gross recoveries of INR424 crores.”
Gagan Banga, page 3 of the filed PDF · View the filing
Net recoveries: INR240 crores (Q1 FY27)
p. 3
“Net recoveries net of the provisions for the quarter of INR240 crores.”
Gagan Banga, page 3 of the filed PDF · View the filing
Net NPA: 0.15% (Q1 FY27)
p. 3
“in normal course of business, the net NPA is now standard 0.15%.”
Gagan Banga, page 3 of the filed PDF · View the filing
Domestic credit rating: AA to AA+ (Q1 FY27)
p. 3
“The company saw domestic ratings upgrades from AA to AA+.”
Gagan Banga, page 3 of the filed PDF · View the filing
International credit rating: B+ to BB- (Q1 FY27)
p. 3
“International rating upgrades from B+ to BB-.”
Gagan Banga, page 3 of the filed PDF · View the filing
Stock cost of funds: 10% (from 10.5%) (Q1 FY27)
p. 3
“We started at 10.5%, through the quarter, we have reached 10%”
Gagan Banga, page 3 of the filed PDF · View the filing
Incremental cost of funds: about 9% (Q1 FY27)
p. 4
“The incremental cost of fund is now down to about 9%.”
Gagan Banga, page 4 of the filed PDF · View the filing
Disbursements by product: INR664 crores home loans, INR2,000 crores loans against property (Q1 FY27)
p. 9
“About INR664 crores was disbursed for home loans, about INR2,000 crores for loans against property.”
Gagan Banga, page 9 of the filed PDF · View the filing
New customers: approximately 12,000 (Q1 FY27)
p. 6
“we have disbursed approximately INR3,900 crores in quarter one across five different products to approximately 12,000 new customers.”
Gagan Banga, page 6 of the filed PDF · View the filing
Branch network: approximately 240 branches (H1 FY27)
p. 4
“The branch network at the end of the first half would be approximately 240 branches, which will increase to 270 branches.”
Gagan Banga, page 4 of the filed PDF · View the filing
Dollar bond buyback: $63 million
p. 6
“we’ve already completed a $63 million buyback of our dollar bonds.”
Gagan Banga, page 6 of the filed PDF · View the filing
Security receipts recovery FY2023 vintage: 99%
p. 10
“Of what we sold in financial year 2023, today, we’ve already recovered 99%.”
Gagan Banga, page 10 of the filed PDF · View the filing
Security receipts recovery FY2024 vintage: 95%
p. 10
“Of what we sold in financial year 2024, we’ve recovered 95%.”
Gagan Banga, page 10 of the filed PDF · View the filing
Four-year security receipts collection rate vs industry: 61% vs 40%
p. 11
“we’ve already collected 61%, whereas the industry has done about 40%.”
Gagan Banga, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Domestic credit rating — AAA · second half of this year and FY28
stated as an aspiration by Gagan Banga
p. 3
“through the second half of this year and financial year '28, we are fairly confident that we will move towards domestic AAA credit ratings and internationally, BB+ type of rating.”
Gagan Banga, page 3 of the filed PDF · View the filing
Stock cost of funds — 9.3% · by end of this year
stated as an aspiration by Gagan Banga
p. 4
“we are hopeful of going to 9.3% by the end of this year.”
Gagan Banga, page 4 of the filed PDF · View the filing
Stock cost of funds — 9.6% · by September
stated as an aspiration by Gagan Banga
p. 4
“By September, we are optimistic to get to 9.6%.”
Gagan Banga, page 4 of the filed PDF · View the filing
Incremental cost of funds — 8.5% · by end of the year
stated as an aspiration by Gagan Banga
p. 4
“we hope to make that further decline to by the end of the year at to 8.5%.”
Gagan Banga, page 4 of the filed PDF · View the filing
Incremental cost of funds — 7% to 8% range · next 2 to 3 years
stated as an aspiration by Gagan Banga
p. 4
“we hope to hit the 7% range, 7%, 7.5%, 8% range over the course of the next 2 to 3 years.”
Gagan Banga, page 4 of the filed PDF · View the filing
Disbursals — INR10,000 crores for H1, INR20,000 crores for H2 · FY27
stated firmly by Gagan Banga
p. 4
“Disbursals for the first half are planned at INR10,000 crores. First quarter was bang on target, and that will increase to INR20,000 crores in the second half.”
Gagan Banga, page 4 of the filed PDF · View the filing
Branch network — 270 branches · end of H1
stated firmly by Gagan Banga
p. 4
“The branch network at the end of the first half would be approximately 240 branches, which will increase to 270 branches.”
Gagan Banga, page 4 of the filed PDF · View the filing
Branch network — 800 type of branch network · end of next year
stated as an aspiration by Gagan Banga
p. 8
“one is very confident to be able to deliver and get to an 800 type of branch network by end of next year.”
Gagan Banga, page 8 of the filed PDF · View the filing
AI use case implementation — 60% of 53 use cases · within the financial year
stated firmly by Gagan Banga
p. 5
“There are 53 use cases which are currently under implementation, of which about 60% of those would be implemented within the financial year itself.”
Gagan Banga, page 5 of the filed PDF · View the filing
Cost-to-income ratio — 30% to 35% range · by fiscal 2029
stated as an aspiration by Management
p. 12
“Hopefully by fiscal 2029, we will come to a 30% to 35% range.”
Management, page 12 of the filed PDF · View the filing
Disbursement mix (secured/unsecured) — 80% secured, 20% unsecured · next year
stated firmly by Management
p. 12
“it would still be largely secured this year, about 90% secured, 10% unsecured, and by next year it will become 80% secured, 20% unsecured.”
Management, page 12 of the filed PDF · View the filing
Number of disbursement product boxes — at least eight boxes by end of year, 15 by end of next year · end of this year and next year
stated as an aspiration by Management
p. 13
“This should, by the end of the year, increase to at least eight boxes explaining our dispersals. By the end of next year, expand to at least 15 boxes, even with small numbers explaining our dispersals.”
Management, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said strategy rests on lower cost of funds and an asset-light model, with different portions of originated loans securitized or retained based on yield.
Answered by Management
Asked by Raghav Garg: Whether the company will pursue price competitiveness or retain high spreads as funding costs decline.
p. 11
“Our strategy will ride on two strengths. One is a reduced cost of funds and the other is the asset-light model that we have.”
Management, page 11 of the filed PDF · View the filing
Management expects cost-to-income around 50% this year, declining from H2 next year to 30-35% by FY2029.
Answered by Management
Asked by Bhanu Chauhan: How much upfront opex is required for expansion and what cost-to-income ratio is targeted.
p. 12
“I would imagine that this year we would be in the 50% type of cost-to-income range. From second half of next year, that will start declining. Hopefully by fiscal 2029, we will come to a 30% to 35% range.”
Management, page 12 of the filed PDF · View the filing
Management said mortgage-backed disbursements would be about 75% this year, with new products making up the rest, and the secured/unsecured mix shifting over time.
Answered by Management
Asked by Abhiram Iyer: What is the breakup of disbursements planned across asset classes over the next 18 months.
p. 12
“This year, about 75% of dispersals would still be mortgage-backed, 25% would be the new products, personal loans and other retail products, and the capital markets products that we will have.”
Management, page 12 of the filed PDF · View the filing
Management quantified savings from rating upgrades reducing borrowing costs and cited cheaper vendor deals from IHC's scale.
Answered by Management
Asked by Vinit Agarwal: How active is IHC in operations and what tangible benefits have been realized.
p. 13
“So, we are already saving on an annualized basis about INR450 crores.”
Management, page 13 of the filed PDF · View the filing
Management said they are confident, citing the liability franchise, rating upgrades, asset-light strategy and tech investments as underpinning the targets.
Answered by Management
Asked by Niharika: How confident is management in the five-year targets for ROE, ROA and NIM given they seem ambitious.
p. 14
“Yeah, so we're obviously confident which is why we mustered the courage to put it on in public domain and hold ourselves accountable to that.”
Management, page 14 of the filed PDF · View the filing
Dalia Khorshid described IHC's broader investment experience and said opportunities in fintech and other sectors are being explored, complementing the lending business.
Answered by Management
Asked by Sanket: Beyond lending, what other financial services lines does IHC envision for the Indian market.
p. 15
“Now we have as part of IHC, we've done a lot of investments that are related and not related to financial services.”
Management, page 15 of the filed PDF · View the filing
Management gave specific disbursement targets by half and by year.
Answered by Management
Asked by Nilesh Sharma: What is the disbursement target for the current and next financial year.
p. 16
“So this year it is INR30,000 crores. And for next year is INR40,000 to INR50,000 crores.”
Management, page 16 of the filed PDF · View the filing
Risks flagged
Competitive position relative to higher-rated peers
p. 9
“we fully understand that there are 14 AAA companies that we are competing with in due course of time.”
Gagan Banga, page 9 of the filed PDF · View the filing
Slow, multi-stage hiring process for senior and mid-level management
p. 8
“It’s not a very quick process to end, especially at the SMP level, and you will start getting stock exchange intimations from us towards the end of the quarter, going into next quarter.”
Gagan Banga, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.