Any current/future new fundraising through debt or equity?

Recent preferential equity issue approval received on October 29, 2025; pending RBI and other regulatory approvals, expected within 4 months, aiming to complete transaction by end of FY 2025-26 or early FY 2026-27. Immediately post-announcement, raised $450 million via dollar bonds at a yield 150 basis points lower than prior issuance. Debt flow significantly increased due to equity infusion raised in calendar years 2024 and early 2025, enabling 1.5x more balance sheet borrowings than last year. Moody’s has put the company on review for possible upgrade; post-transaction, expect significant ra

Any current/future capex/capital investment/strategic investment?

Significant investments planned around people, branches, and technology as part of the company's growth strategy. Target to expand branch network to about 500 branches over the next 2-3 years, a three to fourfold increase from current levels. People strength expected to grow fourfold from current levels. Focus on building tech capabilities including end-to-end disbursals on the app, quicker turnaround times, and cost-to-income reduction. Emphasis on technology transformation aided by the investor's ecosystem, including artificial intelligence applications. Investments will be funded by cost of

Future growth expectations in sales/revenue/volumes?

Sammaan Capital aims to increase disbursals from an annualized INR15,000 crores to around INR35,000 crores by fiscal year 2027. The company targets growth AUM to reach beyond INR1.10 lakh crores, transitioning back to a normal growth rate of 20-23% annually post catch-up years (fiscal 2027-28). Mortgages will remain the core product, comprising over 80% of disbursals in the next 24 months, with ticket sizes increasing up to INR2-3 crores. The management plans to widen the product suite beyond mortgages into new lending segments tailored for mid to lower-income groups. Cost of funds reduction w

Future growth expectations in earnings/operating earnings/profits/EPS?

Sammaan Capital targets significant growth with disbursals increasing from an annualized INR15,000 crores to around INR35,000 crores by fiscal year 2027. Growth AUM expected to rise from about INR42,000 crores towards INR1.10 lakh crores in the medium term. Management anticipates normalized growth rates of 20-23% once the company stabilizes post fiscal '27-'28 catch-up years. Return on Assets (ROA) to improve from current ~1.5% to approximately 2.5% over the next few years; specific fiscal year targets to be shared within two quarters. Incremental cost of funds expected to reduce from 9-9.5% d

Current/ Expected Orderbook/ Pending Orders?

The company is preparing to increase disbursals from an annualized run rate of around INR 15,000 crores to approximately INR 35,000 crores by fiscal year 2027. The growth AUM is currently nearing INR 42,000 crores. The legacy loan AUM has declined by roughly INR 9,000 crores since last year, targeting a further reduction to about INR 15,000 crores by year-end. The total AUM has increased by about INR 1,000 crores over the last year. The company plans a significant expansion of its branch network to around 500 branches over the next 2-3 years. Product suite expansion beyond mortgages is underwa

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Sammaan Capital LtdQ3 FY25Finance

Sammaan Capital Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹172P/E: 12.9Market Cap: ₹16.5K CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Sammaan Capital aims to increase disbursals from an annualized INR15,000 crores to around INR35,000 crores by fiscal year 2027.
→The company targets growth AUM to reach beyond INR1.10 lakh crores, transitioning back to a normal growth rate of 20-23% annually post catch-up years (fiscal 2027-28).
→Mortgages will remain the core product, comprising over 80% of disbursals in the next 24 months, with ticket sizes increasing up to INR2-3 crores.
→The management plans to widen the product suite beyond mortgages into new lending segments tailored for mid to lower-income groups.
→Cost of funds reduction will support increased return on assets (ROA) from 1.5% toward 2.5%.
→Investment in people, branches, and technology will drive growth, with plans to quadruple staff and significantly expand branch network.

Margin guidance

Category 2

→Sammaan Capital targets significant growth with disbursals increasing from an annualized INR15,000 crores to around INR35,000 crores by fiscal year 2027.
→Growth AUM expected to rise from about INR42,000 crores towards INR1.10 lakh crores in the medium term.
→Management anticipates normalized growth rates of 20-23% once the company stabilizes post fiscal '27-'28 catch-up years.
→Return on Assets (ROA) to improve from current ~1.5% to approximately 2.5% over the next few years; specific fiscal year targets to be shared within two quarters.
→Incremental cost of funds expected to reduce from 9-9.5% down to around 7.5% post-transaction, enhancing profitability.
→Net gain on derecognition expected to stabilize around 4% of disbursals, contributing to steady income.
→With rating upgrades and cost optimization, profit after tax could see a significant uplift (50% impact from cost of funds reduction alone).
→Management committed to expanding product suites and technology investments to support robust and diversified growth.

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Fundraise plans

Yes

→Recent preferential equity issue approval received on October 29, 2025; pending RBI and other regulatory approvals, expected within 4 months, aiming to complete transaction by end of FY 2025-26 or early FY 2026-27.
→Immediately post-announcement, raised $450 million via dollar bonds at a yield 150 basis points lower than prior issuance.
→Debt flow significantly increased due to equity infusion raised in calendar years 2024 and early 2025, enabling 1.5x more balance sheet borrowings than last year.
→Moody’s has put the company on review for possible upgrade; post-transaction, expect significant rating upgrades and at least 200 basis points cost of funds reduction.
→Plan to increase disbursements to around INR35,000 crores in FY 2027, supported by enhanced borrowing capacity.
→No explicit mention of immediate new fundraising beyond these; future plans tied to regulatory approvals and strategic roadmap development over next 2 quarters.

Order book

→The company is preparing to increase disbursals from an annualized run rate of around INR 15,000 crores to approximately INR 35,000 crores by fiscal year 2027.
→The growth AUM is currently nearing INR 42,000 crores.
→The legacy loan AUM has declined by roughly INR 9,000 crores since last year, targeting a further reduction to about INR 15,000 crores by year-end.
→The total AUM has increased by about INR 1,000 crores over the last year.
→The company plans a significant expansion of its branch network to around 500 branches over the next 2-3 years.
→Product suite expansion beyond mortgages is underway, aiming to address low- to mid-income segments.
→The management is still finalizing strategies post-transaction and will provide more detailed guidance in the next two quarters.

Capex plans

Yes

→Significant investments planned around people, branches, and technology as part of the company's growth strategy.
→Target to expand branch network to about 500 branches over the next 2-3 years, a three to fourfold increase from current levels.
→People strength expected to grow fourfold from current levels.
→Focus on building tech capabilities including end-to-end disbursals on the app, quicker turnaround times, and cost-to-income reduction.
→Emphasis on technology transformation aided by the investor's ecosystem, including artificial intelligence applications.
→Investments will be funded by cost of funds savings, with large residuals rerouted for capacity building.
→Overall capex is aimed at enabling scaling disbursals from INR15,000 crores annualized to INR35,000 crores in fiscal '27.
→The strategy and investment plans are evolving and expected to be finalized within the next two quarters.

How does Sammaan Capital Ltd rank vs peers in Finance?

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