Sammaan Capital Limited (SAMMAANCAP) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Sammaan Capital Limited Q2 Results Date and Time

The board of Sammaan Capital meets on November 14, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The trading window is shut till November 16, 2026.

The Q2 FY27 earnings call is scheduled for November 14, 2026 at 12:30 PM IST, with H.E. Dalia Khorshid (Nominee Director, IHC), Gagan Banga (MD & CEO), Himanshu Mody (Deputy CEO) and Sachin Chaudhary (COO).

What to expect from Sammaan Capital Limited's Q2 FY27 results

The quarter is a test of whether Sammaan Capital's first full IHC-era ramp — provisional Q2 disbursals of ~Rs. 6,000 Cr versus Rs. 3,875 Cr in Q1, taking H1 to roughly Rs. 9,875 Cr against the Rs. 10,000 Cr H1 target — converts into a reaffirmed Rs. 30,000 Cr FY27 disbursal path.

The funding-cost bridge is the swing factor: stock cost of funds was 10.0% in Q1FY27 against the 9.3% FY27 projection, and the ~270bps reduction target by end-March '27 now leans on company-specific actions such as the Brickwork 'BWR AAA/Stable' upgrade on Aug 26 and the September NCD prints at 9.05%/9.10%, after the 10-year G-sec climbed from ~6.78% on Aug 5 to 7.1848% on Sep 28 and the rupee weakened toward 96/US$.

With Q1 net gain on derecognition down to Rs. 24.01 Cr from Rs. 468 Cr in Q2FY26, profit economics in Q2 remain dependent on the recovery line, where management has guided Rs. 400-500 Cr per quarter and stated recoveries will "exceed the projections" made for profit projections.

The demand backdrop was supportive through the quarter — NHB RESIDEX up 7.0% YoY in Q1 FY27 and NBFC/HFC credit growth at +15.4% YoY in September 2026 — while the CBI examination directed by the Supreme Court on Aug 18-19, 2026 remains an open overhang, with the company stating it is a victim and not an accused.

The call is also expected to cover the NIM guidance basis (3.5% FY27 versus 5.3% last reported in Q3FY26), the Sammaan Finserve demerger status after the Sep 10 shareholders' meeting, and the Tranche II warrant conversion that would take Avenir's stake to ~43.5% by Sep 30, 2027.

Key Things To Watch

H1FY27 disbursals vs the Rs. 10,000 Cr target: Management claimed mid-Q2 that disbursements were "bang on to achieve the INR10,000 crores of disbursements in the first half".

• Q1 disbursals of Rs. 3,875 Cr plus provisional Q2 disbursals of ~Rs. 6,000 Cr (Oct 5 announcement) sum to ~Rs. 9,875 Cr against the Rs. 10,000 Cr H1FY27 target
• Whether the Rs. 20,000 Cr H2FY27 ramp and the Rs. 30,000 Cr FY27 disbursal target are reaffirmed or qualified
• AUM was over Rs. 59,000 Cr per the Oct 5 provisional update versus Rs. 56,239 Cr at Jun 30, 2026, with 30,700+ new customers in Q2 vs 11,867 in Q1

Cost-of-funds bridge vs the hawkish rate turn: The rate complex moved against the funding glide path within the quarter.

• Stock cost of funds was 10.0% in Q1FY27 vs the 9.3% FY27 projection; the ~270bps stock reduction target by end-March '27 needs roughly ~110bps+ further decline in H2
• The 10-year G-sec rose from ~6.78% on Aug 5 to 7.1848% on Sep 28, and market yields across NBFC buckets rose 20-90bps since June 2026
• Watch further NCD issuance levels after the September prints at 9.05%/9.10%, and any new tender on the US$306,000,000 outstanding 9.70% 2027 bonds against a rupee nearing 96/US$

Recoveries and unified credit cost: Management stated recoveries will "exceed the projections that we have made internally, for the profit projections".

• Q2 recoveries vs the Rs. 400-500 Cr per quarter run-rate; Q1FY27 Net Recovery was Rs. 240 Cr (Gross Recovery Rs. 424 Cr)
• Whether the unified credit-cost number for the entire AUM — committed "within two quarters" of the Q2FY26 call — is now standard disclosure
• Any development on the CBI examination after the Supreme Court's Aug 18-19, 2026 order directing fresh status reports; the EOW report of Aug 11 recorded all 197 loan accounts across the five PIL-named groups fully repaid/closed

Guidance reconciliation and promoter stake: Several projection-basis questions are pending from the Q1 call.

• NIM basis: FY27 guidance of 3.5% vs the last reported NIM of 5.3% (Q3FY26); management noted the projections' cost-of-funds line is cost of debt funds, not blended for equity
• FY27 PAT target of Rs. 1,400 Cr vs H1 PAT of Rs. 243.30 Cr (Q1); the projections table also carries the Rs. 30,000 Cr disbursals figure under FY27 while it was stated on the Q4FY26 call as an FY26 target — a period discrepancy to clarify
• Avenir at 33.32% voting stake after converting 8,68,92,966 Tranche I warrants on Oct 30; 21,97,97,569 Tranche II warrants outstanding, with ~43.5% expected upon ~Rs. 3,198 Cr conversion by Sep 30, 2027

Strategic execution: branches, Finserve demerger and product anchoring: Network and structural milestones carry specific pending updates.

• 245 branches as of Oct 5, 2026 vs the FY27 target of 270; H2FY27 retail anchoring covers digital personal loans, micro-LAP and rural home loans
• Sammaan Finserve NBFC demerger: shareholders' meeting was convened Sep 10, 2026 but the outcome was not found in retrieved announcements; the SCL amalgamation with six wholly-owned subsidiaries is pending second motion at NCLT Delhi
• Deployment of the Rs. 25,000 Cr NCD/bond borrowing authorization renewed at the AGM with 99.98% approval, against a gearing cap of 3.5x-4x vs consolidated gearing of 2.7x

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Frequently Asked Questions

Is Sammaan Capital on track with its FY27 disbursal target of Rs. 30,000 Cr?

Provisional Q2 disbursals of ~Rs. 6,000 Cr plus Q1's Rs. 3,875 Cr take H1FY27 to roughly Rs. 9,875 Cr against the Rs. 10,000 Cr H1 target, with management stating mid-Q2 that disbursements were "bang on" to achieve it. Management has also guided Rs. 20,000 Cr for H2FY27 and Rs. 40,000-50,000 Cr for FY28.

What did Sammaan Capital say about the Q4 FY26 write-offs and expected recoveries?

Management characterized the Q4FY26 exceptional items of Rs. 6,499.17 Cr as "a technical consolidation step to clean the balance sheet", with approximately Rs. 7,000 Cr expected to be recovered and "baked into" projections, saying "I would refrain from calling this write-off. These are credit costs". Around Rs. 4,500 Cr net recovery is expected over the next 3 years, with a current run-rate of Rs. 400-500 Cr per quarter held as provisions until the legacy book falls below Rs. 10,000 Cr.

Why have analysts called Sammaan Capital's FY27-FY30 projections too ambitious?

The public roadmap targets PAT of Rs. 1,400 Cr in FY27 rising to Rs. 5,600 Cr in FY30, with ROE of 18.7%, cost-to-income of 26.2% and ROA of ~8% by FY30; analysts flagged the FY30 ROA of ~8% as "something is odd there" and the ROE 6.8% to 18.7% path as "too ambitious". Management responded that it "mustered the courage to put it on in public domain and hold ourselves accountable to that", citing people, tech, reducing cost of funds and guardrails.

How did Sammaan Capital perform in Q1 FY27?

Consolidated revenue from operations was Rs. 1,651.93 Cr, up 21.67% QoQ but down 31.18% YoY, with PAT of Rs. 243.30 Cr, down 27.22% YoY against a base quarter that predated the IHC investment completed March 31, 2026. Standalone GNPA stood at 0.22% with CRAR of 20.06% and blended collection efficiency of 99.6%.