Sammaan Capital beats street with ₹243 Cr PAT; YoY revenue, profit still down 31%, 27%

Sammaan Capital (formerly Indiabulls Housing Finance) posted consolidated PAT of ₹243.30 Cr for Q1 FY27 (quarter ended June 30, 2026), comfortably ahead of Street estimates of roughly ₹147–187 Cr (Univest), and a sharp reversal from the ₹8,101.41 Cr consolidated loss booked in Q4 FY26. Standalone PAT was ₹225.60 Cr (basic EPS ₹1.94) against consolidated basic EPS of ₹2.13. On a YoY basis — the primary lens for judging the quarter — the print is still a decline: consolidated revenue from operations fell 31.2% to ₹1,651.93 Cr (from ₹2,400.33 Cr) and PAT fell 27.2% (from ₹334.30 Cr), matching our own event feed's same-day read of "YoY revenue, profit still down ~31%, 27%."

The QoQ swing back to profit is explained by the base quarter, not new strength: Q4 FY26's loss was driven by a one-off ₹6,499.17 Cr exceptional item plus a spike to ₹2,958.08 Cr in impairment provisioning, both tied to the Board's March 2026 decision to reclassify ₹14,953 Cr of non-core "Identified Exposures" (stressed, long-tenured loans and investments) from Hold-to-Collect to Hold-to-Sell for ARC sale and resolution. That cleanup is now largely behind the company — this quarter's impairment line flipped to a net write-back of ₹240.47 Cr (₹232.05 Cr standalone) — and net profit margin actually improved YoY to 14.46% from 13.88% even as the book shrank. Asset quality on the remaining book is clean: Gross NPA 0.22%, Net NPA 0.17%, CRAR 20.06%, LCR 127% (standalone), none of which points to fresh stress.

The stock went into the print at ₹161.8, down 1.1% over the past month of trading.

All four rating agencies covering the company — S&P Global (international rating upgraded to 'BB-'/Stable), CRISIL, CARE and ICRA (each to AA+/Stable) — upgraded ratings this quarter, explicitly citing the March 2026 IHC (International Holding Company PJSC, Abu Dhabi) capital infusion of ₹8,850 Cr and improved capitalisation; this is the tailwind management's FY27 cost-of-funds target (a 270 bps cut) leans on, though finance costs (₹1,335.26 Cr consolidated) haven't meaningfully re-rated yet. The filing itself carries no MD&A or guidance commentary, so this print cannot be graded against a formal FY27 outlook restatement — the 4.0-4.5x leverage and 30-40% dividend-payout targets on record are from the Q3 FY26 concall and remain unconfirmed here. Corporately, the quarter saw H.E. Dalia Khorshid (Avenir/IHC nominee) join the board, a ₹1,400 Cr NCD allotment, and continued progress on the Sammaan Finserve demerger (shareholder meeting convened for September 10, 2026) and a six-subsidiary amalgamation (second NCLT motion still pending since June 2025).