Sammaan Capital Ltd

Interest payments on SRNCDs

• ISIN INE148I07UI0: size 536.41 lacs; interest paid 4.21623 lacs on 24 Aug 2026.
• ISIN INE148I07UD1: size 38 lacs; interest paid 0.29112 lacs on 24 Aug 2026.
• ISIN INE148I07UC3: size 1527.45 lacs; interest paid 12.30139 lacs on 24 Aug 2026.
• ISIN INE148I07UJ8: size 25 lacs; interest paid 0.19641 lacs on 24 Aug 2026.
• ISIN INE148I07UN0: size 937.30 lacs; interest paid 7.73110 lacs on 24 Aug 2026.
• ISIN INE148I07UR1: size 152.39 lacs; interest paid 1.29862 lacs on 24 Aug 2026.
• ISIN INE148I07UU5: size 2 lacs; interest paid 0.01665 lacs on 24 Aug 2026.
• ISIN INE148I07UV3: size 1484.19 lacs; interest paid 12.92391 lacs on 24 Aug 2026.

Interest payments on NCDs

• Company confirms timely payment of interest on all listed Secured and Unsecured Redeemable NCDs.
• Isin INE148I07KP6: issue size 1068.49 lakh; interest paid 8.12899 lakh.
• Payment frequency: monthly; due date 24 Aug 2026; actual payment 21 Aug 2026.
• Isin INE148I08330: issue size 0.10 lakh; interest 0.00079 lakh; paid 0.00079.
• Isin INE148I08348: issue size 423.64 lakh; interest 3.37494 lakh; paid 3.37494.
• Redemption details: NA.

Interest payments on NCDs

• Interest payments were made on time for all listed Secured Redeemable NCDs.
• INE148I07NV8: issue size 532.42 lakh, interest 4.44141 lakh paid 21 Aug 2026 (due 23 Aug 2026).
• INE148I07NX4: issue size 2 lakh, interest 0.01572 lakh paid 21 Aug 2026 (due 23 Aug 2026).

Financial Performance

• Q1 FY27 PAT: INR243 crores.
• AUM at INR56,239 crores; disbursements ~INR3,875 crores.
• Gross recoveries INR424 crores; net recoveries after provisions INR240 crores.
• Net NPA at 0.15%.
• Cost of funds: started 10.5%; reached 10%; target 9.3% by year-end.
• Incremental cost of funds down to ~9%; aim 8.5% by year-end; 7%-8% in 2-3 years.
• Q1 disbursements ~INR3,900 crores across five products; ~12,000 new customers.
• Branch network ~240 by H1; ~270 by year-end; 20 states; 23 master service centers.
• 97% of disbursements secured; 97% of AUM secured.

Operating and Product Strategy

• Expanded product mix beyond mortgages; NBFC with credit funds; first LOAN AGAINST securities deal.
• App-first strategy; all products to be delivered via app; CRM and loan-management systems in place.
• Digital personal loans slated to go live in H2 FY27; micro LAP and rural home loans planned.
• Phygital hub-and-spoke model to scale multi-product distribution.

Digital Transformation and Tech

• 53 AI use cases under implementation; ~60% to be implemented this fiscal year.
• CRM platform upgrade to Salesforce; data lake and processing capabilities being built.
• End-to-end app-based loan journeys; data-driven credit decisions and risk management emphasis.

Balance Sheet and Liquidity

• Domestic rating upgrades AA→AA+; international upgrades B+→BB-; aim for domestic AAA rating.
• IHC involvement contributing to lower cost of funds and stronger access to lenders.
• Disbursement mix skewed to secured assets; 97% of disbursements and 97% of AUM secured.
• Capital adequacy ratio at 20.1%; diversified funding including new partner banks and external funds.

Guidance and Outlook

• FY27 disbursement target: INR30,000 crores.
• FY28 disbursement target: INR40,000–50,000 crores.
• Branch network target: ~800 by end of next year.
• Cost of funds to reach below 8% within 2–3 years; potential 7–8% range.

Q&A Highlights

• Pricing vs growth post-lower funding costs; asset-light model to drive scale.
• Disbursement mix: ~75% mortgage-backed; 25% new products; 60–70% kept on balance sheet; ~80% secured by next year.
• IHC benefits: ~90 bps savings; ~160 bps on INR60,000 crores; ~INR1,000 crores annualized savings.
• Sammaan to function as a platform; pursuing multiple lines of business and cross-sell opportunities.
• This year FY27 disbursements target 30,000 crores; next year 40,000–50,000 crores.

Interest payment details

• INE148I07WH8: 727.27 lacs; interest 5.71562 lacs; monthly; due 19-08-2026; paid 18-08-2026; last 19-07-2026.
• INE148I07WU1: 6300 lacs; interest 48.27202 lacs; monthly; due 19-08-2026; paid 18-08-2026; last 19-07-2026.
• INE148I07WV9: 2616.53 lacs; interest 21.06943 lacs; monthly; due 19-08-2026; paid 18-08-2026; last 19-07-2026.
• INE148I07WP1: 1021.17 lacs; interest 8.42238 lacs; monthly; due 19-08-2026; paid 18-08-2026; last 19-07-2026.
• INE148I07WM8: 117.60 lacs; interest 1.00205 lacs; monthly; due 19-08-2026; paid 18-08-2026; last 19-07-2026.
• INE148I07WA3: 1.5 lacs; interest 0.01249 lacs; monthly; due 19-08-2026; paid 18-08-2026; last 19-07-2026.
• INE148I07VZ2: 953.47 lacs; interest 8.30233 lacs; monthly; due 19-08-2026; paid 18-08-2026; last 19-07-2026.
• INE148I07WJ4: 420.84 lacs; interest 3.47105 lacs; monthly; due 19-08-2026; paid 18-08-2026; last 19-07-2026.

Promoter change and investment

• New promoter is IHC, now controls the board.
• IHC commits to invest USD 1 billion in Sammaan Capital.

Regulatory status and PIL update

• Sammaan Capital not an accused; Supreme Court asks CBI to examine FIR.
• CBI investigations focus on Yes Bank and IHFL promoters; SCL not under investigation.
• Regulators including MCA, NHB, SEBI, RBI, EOW found no wrongdoing.
• SCL ceased promoter relations in 2023; no connection since.

Tender Offer Final Results

• Subject: final results of its cash tender offer for up to $18 million of bonds.
• Maximum purchase amount set at $18,000,000; expiration at 5:00 p.m. CET on August 17, 2026.
• Early tender accepted for $18,000,000; price: $1,035 per $1,000 principal.
• Total cash paid: $18,790,050.03, including accrued interest and additional amounts.
• As of Aug 17, 2026, remaining outstanding bonds: $306,000,000.
• Bonds tendered after early deadline were not accepted; tendered bonds will be returned.
• Tender Offer has been consummated; no further purchases expected.
• Outstanding before tender: $324,000,000; after acceptance: $306,000,000.

Business Overview

• Sammaan Capital is a diversified lender focusing on retail, MSME, CRE, and secured lending.
• Growth plans rely on organic expansion and selective inorganic opportunities within IHC group integration.
• Consolidated financials are being aligned into IHC reporting as board seats update.

Key Operational Highlights

• Q1FY27 disbursed ₹3,875 Cr across five products to ~12,000 new customers.
• Assets Under Management at ₹56,239 Cr across diversified product mix.
• Branch expansion roadmap targets 270 regular branches in FY27 and ~400 in FY28.
• AI adoption with 53 use cases identified for FY27-28.
• App-first availability of retail and MSME products to enable cross-sell.
• IHC alignment: 2 IHC board members on SCL board.
• Hub-and-spoke distribution with 5-6x network growth planned.
• New senior management hires to support product expansion.

Financial Performance

• Total income ₹1,682.81 Cr in Q1FY27; revenue from operations ₹1,651.93 Cr.
• Profit after tax ₹243.30 Cr in Q1FY27.
• Disbursals ₹3,875 Cr; blended yield across portfolio supported by diversified product mix.
• Credit cost: Gross Recovery ₹424 Cr; Net Recovery ₹240 Cr.
• Net NPA 0.15%; Total assets ₹70,892.80 Cr; Loans ₹38,846.81 Cr; Investments ₹17,727.33 Cr.
• Cash and cash equivalents ₹2,705.40 Cr; Bank balances ₹3,297.71 Cr.

Capital Structure & Liquidity

• Credit rating upgrades: AA+ domestic and international; target FY28 AAA rating.
• Bond buybacks: USD 63 Mn completed; cost of funds improved.
• Warrant infusion: IHC to raise stake to ~43.5% via ₹3,198 Cr by Sept 30, 2027.
• IHC consolidation: SCL financials to be consolidated; governance alignment ongoing.
• Board: Mundra to cease Aug 17, 2026; Mohapatra interim chairman from Aug 18, 2026.

Strategic Priorities & Outlook

• Pursue organic and inorganic growth opportunities; expand product portfolio gradually.
• AI-driven data insights and automation to drive cross-sell and cost efficiency.
• Hub-and-spoke distribution with 5-6x network growth and phygital model.
• FY28-FY30 roadmap includes Gold, 2W/3W, rural lending; phase-wide expansion.
• App-enabled fulfilment across retail/MSME to improve reach and cross-sell.

Risks & Mitigation

• Funding cost and liquidity risks due to funding mix; mitigated by repricing and diversified lenders.
• Execution risk from rapid network expansion; mitigated by guardrails and governance.

Governance & Leadership

• Mundra to step down as Independent Director August 17, 2026.
• Mr. Mohapatra appointed interim Chairman from August 18, 2026.
• 2 IHC Group members on SCL Board; governance alignment with IHC.
• Shareholding: Avenir stake to increase to ~43.5% via warrant infusion.
• Independent director Dalia Khorshid approved; NRC/board process underway.

Meeting Details

• Date: August 13, 2026; conference call hosted by Sammaan Capital.
• Mode: virtual audio conference.

Participants

• Key company participants: management roles not specified.

Purpose

• Purpose: discuss financial results for the quarter ended June 30, 2026.

Additional Notes

• Audio recording of the conference call uploaded on the company website.
• Transcript will be submitted in due course.

Interest payment

• ISIN INE148I07YD3, issue size ₹22,500 lacs, yearly interest ₹2,160 lacs.
• Record date 30/07/2026; due date 14/08/2026; actual payment 13/08/2026; amount paid ₹2,160 lacs.