Whalesbook
Sammaan Capital is trying to rebuild itself. The company has improved its capital position and got support from a new promoter, but investors should not ignore the risks. This is not yet a clean growth story. It is still a turnaround company with old problems, legal overhang, and execution risk.
The biggest concern is that the company is much smaller than before. Its assets under management (AUM) fell from around ₹1.22 lakh crore in FY18 to around ₹62,346 crore in FY25. This means the business has almost halved from its peak. Borrowings have also fallen sharply. Lower debt makes the company safer, but it also shows that the old high-growth business model has weakened.
FY25 was a difficult year. The company reported a consolidated net loss of ₹1,807 crore. This happened mainly because of high impairment and provisioning costs. In simple words, the company had to take a big hit for old loans and legacy issues. The standalone business was profitable, but at the group level, the clean-up cost was large enough to push the company into loss.
Another major issue is the legacy loan book. As of December 2025, legacy loans were still around ₹20,162 crore, which was about 31% of total AUM. This is important because old loans can create fresh provisioning pressure if recoveries are weak or valuations change. Rating agencies have also pointed out that this legacy book remains a key monitorable area.
The company’s headline asset quality has improved, but investors should read this carefully. Gross NPA has come down, but part of the improvement is because of write-offs, recoveries, refinancing, portfolio run-down, and fair-value adjustments. So the numbers look better, but the clean-up process is not fully over.
The new promoter, IHC-backed Avenir, gives Sammaan Capital stronger financial support. This is positive. But it also means the market is now expecting a successful transformation. The company wants to move beyond mortgages and grow into MSME loans, business loans, personal loans, and gold loans. This can create growth, but it also brings execution risk. The company still has to prove that this new model can grow profitably without creating fresh asset-quality problems.
There is also legal and headline risk. The company has been linked to court-related news and past promoter-related issues. It is important to be accurate: the Supreme Court did not give a final finding of wrongdoing against the company, and the company has said no FIR was directed against it. Still, such headlines can affect investor confidence and move the stock sharply.
The stock is also not cheap enough to ignore these risks blindly. Around ₹149, the stock has recovered from lows, but it is still below its recent high. The market seems to be pricing Sammaan Capital as a turnaround bet, not as a fully stable financial company.
> Important Clarification: One thing should not be claimed—the company did not delay the latest NCD interest payment. The recent filing showed the interest payment was due on May 9, 2026, and was paid on May 8, 2026, one day before the due date. So any article saying it was paid “15 days late” would be factually wrong.
Conclusion
Sammaan Capital is improving, but the risk is not gone. The company has a stronger promoter, better capital, and improving quarterly profits, but it still carries a large legacy book, had a big FY25 loss, and has not fully proved its new business model.
For investors, Sammaan Capital is not a simple safe NBFC story. It is a high-risk turnaround stock. The upside depends on whether the company can clean up old loans, grow new lending safely, and avoid fresh legal or asset-quality surprises. Until then, investors should remain cautious.