Financial Performance Summary

Q2 FY27 Financial Highlights:

  • Profit Before Tax (PBT): ₹425 crore, up 30% sequentially from ₹326 crore in Q1FY27
  • Profit After Tax (PAT): ₹312 crore, up 28% quarter-on-quarter from ₹243 crore in Q1FY27
  • Total Income: ₹1,851 crore, up 10% from ₹1,683 crore in Q1FY27
  • Cost of Funds: 9.8%, improved by 20 bps from 10.0% in Q1FY27
  • Capital Adequacy: 20.0%, slightly decreased by 10 bps from 20.1% in Q1FY27

H1 FY27 Cumulative Performance:

  • PAT: ₹556 crore
  • Disbursements: ₹10,153 crore across approximately 42,600 loans

Operational Metrics

Assets Under Management (AUM):

  • Q2 FY27 AUM: ₹59,188 crore
  • Q1 FY27 AUM: ₹56,239 crore
  • QoQ Growth: 5%

Disbursements:

  • Q2 FY27 Disbursements: ₹6,278 crore
  • Q1 FY27 Disbursements: ₹3,875 crore
  • QoQ Growth: 62%
  • Number of loans disbursed in Q2: Approximately 30,700

Asset Quality:

  • Gross NPA (GNPA): 0.15%, improved from 0.21% in Q1FY27 (6 bps improvement)
  • Net NPA (NNPA): 0.11%, improved from 0.15% in Q1FY27 (4 bps improvement)
  • Blended cumulative collection efficiency: 99.6%
  • Total provisions: 10.2% of the loan book

Capital Structure and Funding

Net Worth: ₹19,445 crore as of September 30, 2026 (excluding warrant conversion proceeds)

Warrant Conversion:

  • First tranche completed on October 30, 2026: 8.69 crore equity shares at ₹139 per share
  • Proceeds received: ₹906 crore
  • Promoter shareholding increased from 28.34% to 33.32%
  • Remaining warrants: 21.98 crore to be converted by September 2027
  • Additional investment expected: ₹2,291 crore
  • Expected promoter shareholding after full conversion: 43.28%

Business Expansion and Strategy

Distribution Network:

  • Branch network expanded from 217 to 245 branches across 20 states
  • Focus on Tier 2 and Tier 3 markets
  • Targeting 270 branches by end of FY27

Product Portfolio Development:

  • Personal loans: Transitioning from portfolio purchases to own origination capabilities
  • Business Instalment Loan (BIL): Being prepared for launch
  • Gold loans: Product policies approved, soft launch planned for Q3FY27, commercial launch planned for Q4FY27

Mortgage Business:

  • Originate-and-assign model
  • Cumulative sold-down mortgage pools: >₹1 lakh crore across 24 bank and financial institution partners
  • 90-plus days-past-due on sold-down pools: <0.50%

Organizational Development

Human Resources:

  • H1FY27 onboarding: 1,123 employees
  • 95% of hires in retail functions
  • 87% deployed at branches
  • 20 senior hires during H1FY27

Technology Investments:

  • Salesforce rolled out to pilot branches, wider rollout targeted during Q3FY27
  • Five IT projects implemented in Q2FY27 including API gateway and multi-factor authentication on core system
  • Ongoing upgrades to loan management systems and customer-facing digital platforms

Governance Enhancements

  • Dalia Khorshid joined Board as IHC nominee director
  • BDO appointed as internal audit co-sourcing partner
  • Strategic realignment of control functions (risk, compliance, internal audit, cybersecurity) under Board Sub-Committee and IHC Centre of Excellence supervision

FY27 Outlook and Targets

  • AUM target: ₹70,700 crore
  • Loan book target: ₹53,000 crore
  • Disbursements target: ₹30,100 crore
  • PAT target: ₹1,400 crore
  • Branch network target: 270 branches

Long-term Ambitions

  • Progress from AA+ credit rating towards AAA rating
  • Achieve sustainable Return on Managed Assets (ROMA) above 2%
  • Supported by strong capitalisation, sustained asset quality, strategic support, funding and liquidity, and enhanced management and governance standards

Management Commentary

Gagan Banga, Managing Director & CEO: "Q2FY27 represents continued progress in the execution of Sammaan Capital's transformation and growth strategy. We have delivered strong sequential momentum in disbursements and profitability while further improving our asset quality. Our focus remains on building a diversified and resilient lending franchise, supported by disciplined underwriting, strong collections and a robust capital position. We are investing in our people, distribution network, technology and governance capabilities to support the next phase of growth. The strategic partnership with IHC further strengthens our capital position and provides an important foundation for our long-term ambitions. As we scale, we remain committed to balancing growth with risk discipline and building a sustainable, institutionally strong financial services business."