Sammaan Capital – Building a Strong Foundation in India’s Financial Landscape

Sammaan Capital Limited (SCL) stands today as one of India’s prominent non-banking financial companies (NBFCs), backed by an extensive operational footprint and robust financial health. Established in 2005 and previously known as Indiabulls Housing Finance Limited (IBHFL), the company has undergone significant transformation in its nearly two-decade-long journey. With a reputation built on scale, prudent risk management, and strong leadership, Sammaan Capital has become a key player in the housing and loan-against-property segments of India’s financial services industry.

Transformation and Business Model

Initially registered as a Housing Finance Company (HFC) with the National Housing Bank, Sammaan Capital transitioned into a Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC) after receiving a fresh Certificate of Registration (CoR) from the Reserve Bank of India in June 2024. This strategic shift has enabled SCL to expand beyond its traditional housing loan base and diversify into Loans Against Property (LAP) and MSME loans.

As of September 2024, the company reported an impressive standalone Assets Under Management (AUM) of ₹49,450 crore, of which 34.36% was in housing loans and 65.64% in non-housing loans. Its presence spans key Indian states and union territories, with over 200 branches, particularly in Maharashtra, Delhi, and Uttar Pradesh. The company has also embraced an asset-light business model, leveraging co-lending partnerships with 10 banks, with plans to expand this number to 12 by March 2025. These alliances, primarily with mid-sized public and private sector banks, allow Sammaan Capital to scale efficiently while maintaining balance sheet strength.

Strong Financial Performance

Sammaan Capital’s FY25 financials reflect stability and growth. The company’s AUM stood at ₹42,932.18 crore, with total assets of ₹68,064.69 crore and net worth of ₹22,792.43 crore. Its capital adequacy ratio (CRAR) was a robust 29.67%, showcasing a strong capital buffer. Importantly, asset quality remained healthy, with net non-performing assets (NNPA) at a contained 1.10%.

The company reported revenue of ₹7,671.14 crore and a profit after tax (PAT) of ₹942.69 crore, translating into a PAT margin of 12.29%. Return on Equity (ROE) stood at 4.62%, while Net Interest Margin (NIM) was reported at 6.20%. These figures underscore Sammaan Capital’s ability to balance profitability with prudent risk practices. With cash and bank balances of ₹3,693.54 crore against borrowings of ₹40,383.82 crore, the company maintains a sound liquidity profile.

Experienced Leadership

The strength of Sammaan Capital lies in its leadership team, which combines deep industry knowledge with forward-looking vision.

• Mr. Gagan Banga (Vice Chairman, Managing Director & CEO) – With over 23 years at the company, Mr. Banga has been central to its transformation from a promoter-driven enterprise to a professionally managed NBFC. His focus on meticulous planning, customer service, and financial discipline has played a pivotal role in scaling the company into one of the largest players in the housing finance space.

• Mr. Sachin Chaudhary (Chief Operating Officer) – With more than 25 years of experience in the mortgage industry, Mr. Chaudhary has led the expansion of Sammaan Capital across regions. His credit expertise and past stints at ICICI Bank, Dewan Housing Finance, and GE Money add valuable industry insight.

• Mr. Mukesh Garg (Chief Financial Officer) – Bringing over three decades of financial expertise, including leadership roles at Bharti Group, Mr. Garg has been with Sammaan Capital for over 16 years. He oversees financial planning, compliance, and governance, ensuring transparency and sustainability in operations.

Strong Support from Lenders and Equity Partners

Sammaan Capital’s strong credit standing is reinforced by the trust of its banking partners and equity investors. Key lenders include State Bank of India, HDFC Bank, Indian Bank, and IDBI Bank. On the equity side, the company is backed by marquee names such as Life Insurance Corporation of India, Inuus Infrastructure Private Limited, and Plutus Wealth Management LLP. This diversified funding base strengthens its ability to pursue long-term growth while managing risks effectively.

Corporate Bond Offerings

Sammaan Capital also provides investment opportunities through its listed, senior secured corporate bonds. As of August 20, 2025, two notable offerings are available:

• ISIN INE148I07XB9 – Rated ICRA AA, with a minimum investment of ₹95,461, offering a yield to maturity (YTM) of 11.50% and a tenure of 46 months.

• ISIN INE148I07WY3 – Rated ICRA AA, with a minimum investment of ₹94,097, offering a YTM of 11.60% and a tenure of 58 months.

These high-yield instruments allow investors to participate in the company’s growth while benefiting from the stability of its strong balance sheet and credit profile.

Outlook

Sammaan Capital is poised for sustained growth, supported by its asset-light business model, co-lending strategy, and robust leadership. With a healthy financial position, diversified loan portfolio, and strong risk controls, the company is well-positioned to tap into India’s growing demand for housing and MSME finance. Backed by marquee lenders and equity investors, Sammaan Capital continues to reinforce its position as a trusted name in the NBFC sector.