Sammaan Capital Confirms Timely Interest Payment

Sammaan Capital Limited confirmed it made its interest payment for its Secured Redeemable Non-Convertible Debentures (NCDs) on March 25, 2026, ahead of the due date. The company paid ₹13.14 lakh in interest on its ₹17.09 crore NCD issue.

Payment Details

The company submitted a certification to the stock exchanges confirming the timely interest payment. This payment, made a day before the scheduled due date of March 26, 2026, fulfills its obligations to debenture holders and adheres to SEBI guidelines for listed debt instruments.

Why This Matters

Meeting interest payment deadlines is crucial for maintaining investor trust in a company's debt offerings. This action reassures debenture holders that Sammaan Capital is meeting its financial commitments and highlights its commitment to debt servicing. It also reinforces its adherence to SEBI listing obligations.

Company Background & Deal

Sammaan Capital, previously known as Indiabulls Housing Finance, has used NCDs to fund its operations as a mortgage-focused NBFC. A significant development for the company is the proposed acquisition of a controlling stake by Avenir Investment RSC Ltd, backed by Abu Dhabi's International Holding Company (IHC). The Reserve Bank of India (RBI) approved this ₹8,850 crore deal on March 24, 2026, though final clearance from the Securities and Exchange Board of India (SEBI) is still pending. The RBI has placed conditions on the deal, including a temporary ban on Sammaan Capital raising public deposits until SEBI's final decision.

Financially, Sammaan Capital has reported positive earnings for three consecutive quarters. However, its annual net sales and operating profit have seen a decline. The company operates with a high debt-to-equity ratio, a common characteristic in the finance sector, although this ratio has been improving.

Key Risks

Sustained investor confidence hinges on continued timely payments of future interest and principal redemptions. A significant factor to monitor is the pending final SEBI approval for the acquisition by Avenir Investment RSC Ltd, which introduces ongoing regulatory uncertainty. The RBI's conditions, such as the ban on raising public deposits, could affect the company's future funding plans. Sammaan Capital's substantial leverage, indicated by its high debt-to-equity ratio, also remains an important factor to watch, despite recent improvements.

Peer Comparison

Sammaan Capital operates in the housing finance sector, competing with companies like PNB Housing Finance, LIC Housing Finance, and Aptus Value Housing Finance. Its price-to-earnings (P/E) ratio is comparable to PNB Housing Finance and LIC Housing Finance, though lower than Aptus Value Housing Finance. Issuing NCDs to raise capital is a standard industry practice, followed by many Indian NBFCs, including Muthoot Fincorp and Edelweiss Financial Services.

Key Financial Metrics

• Total Debt: ₹42,726 crore (Consolidated, March 2025)
• Debt-to-Equity Ratio: 203.5% (December 2025)

What to Track Next

• The final approval from SEBI for the acquisition of Sammaan Capital by Avenir Investment RSC Ltd.
• Continued adherence to interest and principal repayment schedules for all outstanding NCDs.
• Any announcements regarding the integration of new ownership and future strategic direction.
• The company's management of its high debt levels and leverage.
• Future financial results, focusing on long-term growth trends and profitability.