Sammaan Capital Q2 FY27 Results Analysis: GNPA Improves to 0.16%, Revenue Falls 17.9% (SAMMAANCAP)
Sammaan Capital Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,849.97 Cr (-17.90% YoY) and PAT growth of +1.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 14, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,849.97 Cr (-17.90% YoY) |
| PAT (Q2) | Rs. 312.34 Cr (+1.30% YoY) |
| EPS (Q2) | Rs. 2.72 (-28.20% YoY) |
Quarter Snapshot
Q2 FY27 showed a clean quarter with a Rs.216.66 Cr impairment write-back, GNPA improving to 0.16%, and a first-ever AAA rating achieved 18 months ahead of target, while disbursements met 98.8% of the H1 target. However, consolidated revenue fell 17.9% YoY, NII is negative, and H1 PAT of Rs.555.64 Cr is only 39.7% of the FY27 Rs.1,400 Cr guidance, requiring 152% YoY H2 growth. Promoter warrant conversion and a 17.5% loan book expansion support the growth narrative, but earnings delivery vs guidance remains the key watch item.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| H1 FY27 Disbursements: Rs.10,000 Cr | Q1 FY27 call | Q1 Rs.3,875 Cr + Q2 ~Rs.6,000 Cr = Rs.9,875 Cr — 98.8% of target | On Track |
| FY27 Disbursements: Rs.30,000 Cr | Q1 FY27 call | H1 Rs.9,875 Cr = 32.9% of target — needs Rs.20,125 Cr in H2 | On Track |
| FY27 PAT: Rs.1,400 Cr | May 2026 projections | H1 PAT Rs.555.64 Cr = 39.7% of target — needs Rs.844 Cr in H2 | Behind |
| FY27 Branches: 270 | Q1 FY27 call | 245 branches as of Oct 5, 2026 — 91% of target | Slightly Behind |
| AAA Rating: FY28 target | Q1 FY27 call | Brickwork AAA achieved Aug 26, 2026 — achieved 18 months early | Ahead |
| Cost of Funds: ~270 bps reduction by Mar 2027 | Q1 FY27 call | Finance costs down 1.0% YoY — early signs visible | On Track |
| "Profits after tax, last quarter, we had done all the required adjustments, provisions, markdowns" | Q1 FY27 call | No exceptional items in Q2 FY27; impairment write-back of Rs.216.66 Cr — clean quarter | Confirmed |
| "Recoveries will exceed the projections" | Q1 FY27 call | Impairment recovery of Rs.216.66 Cr; Q1 Net Recovery Rs.240 Cr per notes — tracking inline | Partially Confirmed |
| "Cost of funds declining" | Q1 FY27 call | Finance costs down 2.7% QoQ, 1.0% YoY — trend visible | Confirmed |
| "Fiscal '27 and '28 would be catch-up years" | Q1 FY27 call | Loan book +17.5% YoY; disbursements tracking — growth phase evident | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | Q1 FY27 | Q2 FY27 | Trend |
|---|---|---|---|
| Disbursements (Rs. Cr) | 3,875 | ~6,000 | Accelerating |
| AUM (Rs. Cr) | 56,239 | >59,000 | Growing |
| Branches | — | 245 | Expanding (vs 270 target) |
| LCR | 127% | 211% | Improving |
| GNPA | 0.22% (Q1) | 0.16% | Stable/Improving |
| CRAR | 20.06% (Q1) | 20.02% | Stable |
Key Investment Insights
Key Positives
- First-ever AAA rating from Brickwork (August 2026), achieved 18 months ahead of the FY28 target; S&P Global upgraded to BB-/Stable in June 2026
- Net impairment recovery of Rs.216.66 Cr vs a Rs.229.03 Cr charge in Q2 FY26; GNPA improved to 0.16% from 0.22% in Q1
- H1 disbursements of Rs.9,875 Cr met 98.8% of the Rs.10,000 Cr H1 target; Q2 disbursements ~Rs.6,000 Cr vs Rs.3,875 Cr in Q1
- Gross loan book grew 17.5% to Rs.42,348.49 Cr; AUM above Rs.59,000 Cr
- Promoter Avenir converted warrants into 8,68,92,966 shares at Rs.139 per share on October 30, 2026
- LCR improved to 211% from 127% in Q1; CRAR at 20.02%
- Finance costs down 2.7% QoQ; $63 million of bonds bought back across Q1-Q2 FY27
- Standalone PAT grew 24.1% YoY to Rs.341.96 Cr
Risk Factors
- Consolidated revenue declined 17.9% YoY; interest income fell 19.9% and derecognition gains fell 98.5% YoY
- NII turned negative at Rs.(138.06) Cr as finance costs (Rs.1,299.32 Cr) exceed interest income (Rs.1,161.26 Cr)
- H1 PAT of Rs.555.64 Cr is 39.7% of the FY27 Rs.1,400 Cr target; H2 requires Rs.844 Cr, +152% vs H2 FY26
- Cash and cash equivalents fell 60.2% to Rs.3,593.94 Cr; H1 operating cash outflow of Rs.4,024.28 Cr
- Consolidated PAT trails standalone by Rs.29.62 Cr due to subsidiary losses
- Branches at 245 vs 270 FY27 target (91%)
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.