AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 30 Sep - LIC appoints P. S. Negi as nominee director from September 30, 2026; Rajiv Gupta ceases.
Source: Bse
Sammaan Capital Limited (SAMMAANCAP)
Large CapFinancial Services stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result13 Aug, 05:38 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage11/14 · 79%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -9.1% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SAMMAANCAPD candles · FIT view-12.4%Latest close ₹125.80 on 2026-10-19
Bar
-6.1%
RSI
34
MACD hist
0.22
52W pos
2%
2026-10-19O ₹134.00H ₹134.05L ₹124.10C ₹125.80Vol 1.0Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SAMMAANCAPNifty Financial ServicesNifty 500
- SAMMAANCAP
- -23.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -17.6 pp
Chart stats
19 Oct 2026- From 52W high
- -34.8%
- 52W range position
- 2%
- ATR (14)
- 4.0%
- Volume vs 20D
- 2.13x
- Avg traded value
- ₹69.1 Cr
- 20D price channel
- ₹124.1 - ₹146.3
₹193
₹124.1 - ₹193
₹5
Latest completed session
20-session average
39.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED8
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -31.2% · PAT -27.3% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence46
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -31% YoY · PAT -27% YoY · +22% QoQ
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,652 Cr | -31.2% | +21.6% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹243 Cr | -27.3% | NDF |
| PAT margin | 14.7% | +79 bps | +61125 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.80
- EV/EBITDA
- 763.81
- Market Cap
- 15362.00Cr
Profitability
- ROE
- -3.21%
- ROCE
- 4.92%
- ROA
- -9.75%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -4.00%
- EPS 5Y
- -9.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- -5.00%
Balance Sheet
- Debt/Equity
- 2.73
- Interest Coverage
- —
- Altman Z
- 0.61
- Book Value
- 164.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -7466.00 Cr
- EPS TTM
- -60.32
Shareholding
- Promoter Hold
- 28.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 10.0-83.1% vs prev
Net Profit
₹ CrLatest: -7,236-1.3% vs prev
Return on Equity
%Latest: -38.1-16.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.0% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 8 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 8 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth0/25
Quality0/20
Balance Sheet0/15
Cash Flow3/10
Piotroski
0/9 (+0)
Penalties
1
Raw sum
8
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
8/100 · legacy band OVERVALUED
Positive drivers
- Cash flow contributes 3/10 to the score.
- Valuation contributes 4/30 to the score.
- Growth contributes 0/25 to the score.
Main drags
- Altman Z is 0.6, 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.
Sector valuation model
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.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
—
PB
0.8
EV/EBITDA
763.8
ROE
-3.2%
ROCE
4.9%
FCF Yield
—
Debt/Equity
2.7
MoS
—
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
8
Previous: 8
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
8
8
8
8
8
8
8
8
8
8
8
8
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
4.0
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
REPCOHOME
Small
Repco Home Finance Limited
NBFC / Capital Markets / Insurance
match 142
51
4.3
12.4%
+86%
FAIR VALUE
PNBHOUSING
Small
PNB Housing Finance Limited
NBFC / Capital Markets / Insurance
match 142
37
13.2
12.7%
+49%
WATCHLIST
SRGHFL
Small
SRG Housing Finance Limited
NBFC / Capital Markets / Insurance
match 141
50
5.9
11.6%
+83%
FAIR VALUE
SBFC
Large
SBFC Finance Limited
NBFC / Capital Markets / Insurance
match 128
19
28.8
11.6%
-3%
OVERVALUED
UTIAMC
Large
UTI Asset Management Company Limited
NBFC / Capital Markets / Insurance
match 127
33
21.0
10.3%
-254%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-13T08:11:25.535Z
Management commentary snapshot
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.
Current business mix
Opening AUM by Product Portfolio (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Residential housing finance including affordable housing58.2%
Secured Business loan and Home Equity Loan to Individual, SMEs, Corporates & Micro LAP19.9%
CRE, Project Loans, Plot Loans, LRD19.5%
Other Loans including unsecured Business & Personal Loans2.4%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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%.
Management forward view
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.
Thesis monitor
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
demand outlooknot yet verifiablequantified
Up to 60% of customers will come through the eMortgage channel by end of FY26.
Timeframe: by end of FY26Direction: increase
"Up to 60% of customers will come through this channel by end of FY26"
demand outlooknot yet verifiablequantified
Up to 60% of customers will come through the eMortgage channel by end of FY26.
Timeframe: by end of FY26Direction: increase
"Up to 60% of customers will come through this channel by end of FY26"
market share expansionnot yet verifiable
SCL shall leverage IHC’s expertise to expand into non-lending financial services and fintech businesses through SFL.
Direction: expansion
"SCL shall leverage upon IHC’s extensive expertise... to expand into non-lending financial services and fintech businesses"
market share expansionnot yet verifiable
SCL shall leverage IHC’s expertise to expand into non-lending financial services and fintech businesses through SFL.
Direction: expansion
"SCL shall leverage upon IHC’s extensive expertise... to expand into non-lending financial services and fintech businesses"
project executionnot yet verifiable
Company to allot securities to IHC within 15 days of receipt of last regulatory approval from authorities including RBI and SEBI.
Timeframe: within 15 days of receipt of last such approval
"Company to allot securities to IHC within 15 days of receipt of last such approval"
project executionnot yet verifiable
Company to allot securities to IHC within 15 days of receipt of last regulatory approval from authorities including RBI and SEBI.
Timeframe: within 15 days of receipt of last such approval
"Company to allot securities to IHC within 15 days of receipt of last such approval"
revenue outlooknot yet verifiable
SCL to offer full suite of mortgage-backed loans upon the merger becoming effective.
Timeframe: Upon the merger becoming effectiveDirection: expansion
"SCL to offer full suite of mortgage-backed loans"
revenue outlookfailed
SCL to offer full suite of mortgage-backed loans upon the merger becoming effective.
Timeframe: Upon the merger becoming effectiveDirection: expansion
"SCL to offer full suite of mortgage-backed loans"
Outcome check: Revenue YoY averaged -33.4% across 2 later quarter(s).
Trust Score
46Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 3rd percentile of the scored universe and 4th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
141 docs text-extracted · 36 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
3rd percentile
overall median 67 · Financial Services: 4th pctile, median 62 · Large: 1st pctile, median 73
Evidence depth
Financial-only
141 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
82
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 28.3%.
- ▸7 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-7466 Cr.
- ▸Debt/equity is 2.73.
- ▸Altman Z is 0.61.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sammaan Capital Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep - Copies of the Newspaper advertisements of the Notice published today i.e. September 30, 2026, in Financial Express (English edition Delhi) and Jansatta (Hindi edition, ....
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment 11 Sep - Sammaan Capital allotted NCDs worth ₹775 crore on September 11, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep - Publication of Notice in Newspapers regarding e-voting.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Aug - Sammaan Capital says it is not accused in PIL-related investigations; Supreme Court asked CBI to examine FIR.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Further to our latter dated July 10, 2026, with regard to Notice of Postal Ballot of the Company and in compliance with Regulations 30 and …
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Allotment 3 Jul - Sammaan Capital allotted NCDs worth ₹1,400 crore on July 3, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 Aug - Crisil monitoring reports for Rights Issue and QIP quarter ended June 30, 2026 show no deviations.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Jun - Pursuant to applicable provisions of the SEBI LODR Regulations, as amended, we wish to inform that Nomination & Remuneration Committee of the Board of the …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.