Sammaan Capital Ltd (SAMMAANCAP) Q1 FY27 Earnings Call: Guides Rs. 30,000 Cr Disbursement, IFC-Led Annual Savings Rs. 1,000 Cr

Sammaan Capital Ltd held its Q1 FY27 earnings call on August 13, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Return to Growth & Liability Franchise Strengthening

• AUM rose to Rs.56,239 crores as of Q1 FY 2026-2027, with disbursements of ~Rs.3,900 crores in the quarter.
• Profit after tax (PAT) was Rs.243 crores; gross recoveries stood at Rs.424 crores and net recoveries (after provisions) at Rs.240 crores.
• Net NPA remained low at 0.15% and capital adequacy was strong at 20.1%.
• Domestic credit rating upgraded to AA+ (from AA) and international rating to BB– (from B+), reflecting improved credit profile.
• Cost of funds declined to 10% in Q1 FY27 from 10.5% previously; incremental cost is down to ~9%.
• 97% of disbursements and 97% of AUM are secured, underscoring a conservative risk posture.

Disbursement, Branch, and Product Expansion Targets

• Disbursement target of Rs.30,000 crores set for FY 2026-2027, with a front-loaded H2 run-rate (Rs.10,000 Cr in H1, Rs.20,000 Cr in H2).
• FY 2027-2028 disbursement target guided at Rs.42,500 crores (range: Rs.40,000–Rs.50,000 Cr).
• Branch network targeted at ~240 by end-H1 FY27, expanding to 270 by end-FY27 and ~800 by end-FY28.
• Product portfolio to broaden from 4-5 categories to at least 8 by end-FY27 and at least 15 by end-FY28; new offerings include digital personal loans, micro LAP, rural home loans, gold loans, two-wheeler loans, and BNPL.
• Asset-light model guided at least 30% of originations to be securitised on a sustainable basis; additional 60-70% kept as a securitisable pool.
• Capital infusion of Rs.3,200 crores anticipated over the next 1.5 years (into FY 2027-2028), supported by IFC's backing.

Funding Cost Compression and IFC-Led Efficiencies

• Cost of funds targeted at 9.3% by end-FY 2026-2027 (9.6% by Sep-2026); incremental cost of funds aimed at 8.5% by end-FY27 and 7-8% over 2-3 years.
• IFC's involvement has already reduced borrowing costs by 90 bps on the ~Rs.50,000 Cr loan book, generating annualized savings of ~Rs.450 Cr.
• Additional 70 bps in savings expected by end-FY27, bringing total borrowing cost reduction to 160 bps on a ~Rs.60,000 Cr base, with annualized savings of ~Rs.1,000 Cr (~$120-130 Mn).
• Cost-to-income ratio guided at 50% for FY 2026-2027, declining from H2 FY 2027-2028 and targeting 30-35% by FY 2028-2029.
• Fee income from CRE assets and direct assignment program expected to kick in by October 2026 (within FY27), providing a revenue buffer after a 6-month lag.
• Procurement leverage from IFC reduced software deal costs by 30-50% compared to earlier standalone pricing.

Digital Lending, AI Use Cases, and Platform Modernization

• 53 AI/use cases identified by management, with ~60% to be implemented within FY 2026-2027.
• New CRM (Salesforce) and loan management system underway, aimed at streamlining the customer journey and loan lifecycle.
• Digital personal loans app to go live in H2 FY 2026-2027, targeting individual and MSME customers through a digitally enabled journey.
• Tech cost savings realized through IFC procurement leverage, with software deal costs reduced by 30-50% vs. standalone pricing.
• Cross-selling to rural borrowers targeted between FY 2028-2029 and FY 2029-2030, leveraging the expanded tech platform.

Rating Upgrades, Governance, and Long-Term ROE Drivers

• Management targets domestic AAA and international BB+ credit ratings by H2 FY 2026-2027 / FY 2027-2028.
• Statutory auditor selection (among top 5 firms) initiated and internal audit co-sourcing partner (among top 5) to be appointed within Q2 FY 2026-2027.
• 6-7 senior management hires expected within 3-4 months (by end of Q2/Q3 FY27), attributed to IFC's backing as a strong promoter.
• Recovery track record of 61% collected over 4 years vs. industry average of 40%; management confident of exceeding internal recovery projections in Q2 FY27.
• 5-year guidance targets ROE from 6.8% to 18.7%, ROA from 1.8% to 81% (as per guidance metrics), and NIM from 3.5% to 8%.
• FY 2026-2027 framed as a year of stabilization, with building blocks (digital lending, cross-sell, fee income, asset management) slated for rollout from FY 2027-2028 onwards.