📉 The Financial Deep Dive
Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) has showcased a remarkable financial turnaround in its Q3FY26 and 9MFY26 results. The company reported a consolidated Profit After Tax (PAT) of ₹314.08 crore for Q3FY26, marking a 4.0% year-on-year increase from ₹302.44 crore in Q3FY25.
More significantly, the nine-month period ended December 31, 2025 (9MFY26) swung to profitability, registering a PAT of ₹956.86 crore, a dramatic reversal from a loss of ₹2,132 crore in the corresponding period last year.
Total revenue from operations for Q3FY26 stood at ₹2,157.54 crore, an increase of 7.0% year-on-year from ₹2,016.52 crore in Q3FY25. The company's Net Worth grew by a healthy 10.4% YoY to ₹22,423 crore as of Q3FY26.
The Quality & Growth Drivers
The growth business segment is showing strong momentum, with Assets Under Management (AUM) increasing by a substantial 26.0% YoY to ₹44,038 crore. Total AUM grew 3.6% YoY to ₹64,200 crore.
The Net Interest Margin (NIM) saw a slight improvement, moving from 5.2% in Q3FY25 to 5.3% in Q3FY26.
Asset quality has remained stable and robust. Gross Non-Performing Assets (GNPA) were reported at 1.2%, and Net Non-Performing Assets (NNPA) stood at 0.7% in Q3FY26.
The company continues its strategic run-down of its legacy loan book, which saw a reduction of 25.3% YoY to ₹20,162 crore.
Liquidity is a strong point, with the Liquidity Coverage Ratio (LCR) at 211% as of December 31, 2025, well above the regulatory minimum of 100%.
🚩 Risks & Outlook
Key strategic initiatives are advancing. The merger of Sammaan Finserve Limited's (SFL) NBFC business into Sammaan Capital Limited (SCL) is progressing, aimed at creating a comprehensive NBFC and exploring broader financial services.
The company has secured shareholder and CCI approval for a preferential issue; however, final approvals from the RBI and SEBI are still pending. These regulatory clearances are crucial for the proposed capital infusion.
Sammaan Capital highlighted its technology-driven eMortgage platform designed for end-to-end online loan fulfillment and its adaptation to new co-lending regulations to boost scalability.
The outlook for the Indian retail credit market and the NBFC sector is generally positive, with growth expected to be fuelled by economic expansion and supportive government policies. Investors will be watching the successful completion of the merger and the capital raising exercise, alongside continued growth in the core business segments.