Sammaan Capital reported a 54.8% jump in quarterly disbursements, reaching ₹6,000 crore. As the company, formerly Indiabulls Housing Finance, works to rebuild its retail franchise, investors are tracking its ability to manage credit quality amid a major business transition.
Sammaan Capital has reported a significant uptick in business activity for the quarter ending September 30, 2026. The lender, previously known as Indiabulls Housing Finance, announced disbursements of approximately ₹6,000 crore for the second quarter, marking a 54.8% increase compared to the ₹3,875 crore recorded in the previous quarter. The company’s total Assets Under Management (AUM) also grew, reaching roughly ₹59,000 crore from ₹56,239 crore in June 2026. Alongside these figures, the firm expanded its network to 245 branches and reported the addition of over 30,700 new customer accounts during the period.
This performance is part of a broader structural transformation as the company attempts to shift away from its legacy wholesale-heavy lending model toward a retail-focused franchise. The turnaround plan is underpinned by an ₹8,850 crore capital infusion from the International Holding Company (IHC), which now holds a 43.5% stake. Following this support, the company saw credit rating upgrades from agencies like CRISIL, CARE, and ICRA, which the firm states has helped it access lower-cost debt.
While the recent growth in disbursements and customer acquisition signals increased activity, the company faces the challenge of managing a large-scale business pivot. Brokerages, including Ventura Securities, have recently initiated coverage on the stock with a bullish outlook, projecting long-term growth in AUM. However, analysts also point to the complexities involved in this transition. Moving into the MSME (Micro, Small, and Medium Enterprises) lending segment requires strict underwriting discipline to ensure that rapid expansion does not lead to a spike in bad loans, often referred to as non-performing assets.
Investors are also evaluating the company against its historical performance. The firm has previously grappled with a low interest coverage ratio and periods of weak sales growth, which had placed significant pressure on the stock price in recent times. The current stock movement, which saw the share price reach an intraday high of approximately ₹138.75 following the update, suggests market participants are pricing in the potential for recovery.
The next phase for the company will hinge on whether it can maintain this momentum in disbursements while protecting its profit margins and asset quality. For shareholders, the most important monitorables moving forward will be the sustainability of the new customer acquisition rate, the actual impact on the net interest margin, and the consistency of its loan book quality as it shifts towards a more retail-oriented strategy.