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Sammaan Capital
SectorFinancial Services
Indiabulls Housing Finance Ltd. (IBHFL) is the third largest housing finance company in India, incorporated in 2005. It provides home loans, loans against property, plot loans, and loans for residential, commercial, and rental properties. IBHFL is headquartered in New Delhi and operates as a subsidiary of Indiabulls Financial Services Ltd. The company is registered as a Housing Finance Institution but cannot accept public deposits. IBHFL has expanded internationally with a representative office in Dubai and previously held a stake in UK-based Oak North Bank. The company has received various awards and credit rating upgrades over the years. IBHFL has issued social affordable housing bonds and raised funds through secured NCDs. In 2019, the company approved a merger with Lakshmi Vilas Bank, which was not completed. IBHFL offers digital home loan services and loans to MSMEs for working capital, serving over 1.5 million homeowners across India.
In the news
Sammaan Capital Q4 disbursements surge 55% QoQ, stock jumps 5%
RBI grants Core Investment Company registration to Indiabulls
Regulatory Shocks: When Rules Rewrite Stock Prices
Sammaan Capital board approves ₹25,000 cr fundraise via NCDs
HDFC Bank, Union Bank challenge NCLT ruling on Zee debt
SC Orders CBI Probe into Indiabulls Allegations After EOW Clears ₹19,700 Crore Loans
SC confirms Sammaan Capital innocent after 7-year legal battle
Sammaan Capital targets ₹92,000 crore disbursements by FY30
Sammaan Capital launches $18M tender offer for 9.70% bonds
Sammaan Capital to consider USD bond buyback proposal
NCLAT Quashes Ligare Aviation Insolvency, Sets Precedent
Morgan Stanley sees 28% upside in IT stocks amid AI optimism
Sammaan Capital stock jumps 11% on zero NPAs after IHC cleanup
Sammaan Capital: The ₹8,100 Crore Loss That Launched a Turnaround
Sammaan Capital posts ₹8,101 cr loss in Q4 amid asset impairments
Sammaan Capital Q4 loss widens to ₹8,101 crore on charges
IHC Acquires Control of Sammaan Capital in Major NBFC Deal
IHC Group Completes Control of Sammaan Capital with ₹8,850 Crore Investment
Sammaan Capital F&O ban extended till July 2026
IHC's ₹8,850 cr capital infusion to power Sammaan Capital growth
The Quarter story
The two most recent quarterly results, compared side-by-side.
Sammaan Capital shows strong asset quality and liquidity but faces profitability pressure from a sharp Q4 FY26 loss, now stabilizing in Q1 FY27.
Asset quality improves as GNPA falls from 1.3% in Q4 2024-25 to 0% in Q4 FY26, with NNPA holding at 0.15% in Q1 FY27.
PAT swings from ₹324 Cr in Q4 2024-25 to a loss of ₹7,145 Cr in Q4 FY26, before recovering to ₹243 Cr in Q1 FY27.
Bank balances grow from ₹1,384 Cr in Q4 2024-25 to ₹3,298 Cr in Q1 FY27, strengthening liquidity buffers.
Interest income falls from ₹1,564 Cr in Q1 FY26 to ₹1,078 Cr in Q1 FY27, reflecting portfolio transition and lower yields.
Borrowings decline from ₹23,000 Cr in Q4 FY26 to ₹20,743 Cr in Q1 FY27, easing balance sheet leverage.
NIM compresses from 6.9% in Q1 FY26 to 5.3% in Q3 FY26, indicating margin pressure in the lending book.
Growth Business AUM expands from ₹37,452 Cr in Q4 2024-25 to ₹44,038 Cr in Q3 FY26, driving segment scale.
Impairment charges spike from ₹289 Cr in Q4 2024-25 to ₹2,958 Cr in Q4 FY26, weighing heavily on quarterly earnings.
Collection efficiency holds steady at 99.4% to 100% across all loan segments in Q1 FY27, ensuring consistent cash inflows.
Consolidated AUM dips from ₹64,200 Cr in Q3 FY26 to ₹53,160 Cr in Q4 FY26, before partially recovering to ₹56,239 Cr in Q1 FY27.
Company insights, generated from the most recent coverage.
Net sales down roughly 35% YoY alongside rising interest expense points to negative operating leverage, the core reason the stock keeps bleeding.
Q2FY27 disbursements of ₹6,000 crore against ₹3,875 crore in Q1 and AUM crossing ₹59,000 crore confirm the growth engine is intact.
The Sammaan Finserve demerger moves to a decisive NCLT hearing on November 16, 2026 — a clear event catalyst that could reset the sum-of-the-parts valuation.