Shares of Sammaan Capital have gained approximately 20% over the last five sessions, a counter-intuitive rally that has drawn significant market attention. The move comes after the company reported one of the largest quarterly losses in India’s housing finance sector — a consolidated net loss of ₹8,101 crore for Q4 FY26, a sharp reversal from a profit of ₹324 crore in the same quarter last year — however this was largely due to exceptional items.
For the full year FY26, the company reported a consolidated net loss of ₹7,145 crore, widening from a loss of ₹1,807 crore in FY25. (Free Press Journal) The quarterly performance was not driven by operational deterioration alone. Total expenses during the quarter surged to ₹4,959 crore compared with ₹1,739 crore in the previous quarter, driven by impairment charges of ₹2,958 crore and an exceptional loss of ₹6,499 crore related to identified non-core exposures and sale of assets to an asset reconstruction company.
The exceptional loss stemmed from a deliberate strategic decision. The company changed the business model for identified non-core loan assets and investments worth ₹14,953 crore as part of its transition toward a retail-focused lending model, leading to fair valuation losses and asset sales to an ARC. In other words, the losses were largely self-inflicted as part of a structured cleanup — which is precisely why markets appear to be looking past the headline number.
The key development underpinning investor confidence is the entry of Abu Dhabi-based International Holding Company (IHC) as promoter. The company has officially transitioned into an IHC Group Company following a ₹8,850 crore strategic investment by Avenir Investment RSC Ltd. Following this investment, all three leading domestic credit rating agencies — CRISIL, CARE, and ICRA — upgraded the company’s ratings to AA+, which is expected to reduce borrowing costs and support future growth.
On the diversification front, Sammaan Capital has announced plans to expand into gold loans, business loans, personal loans, unsecured retail lending, and loans against securities. The gold loan entry, in particular, signals an intent to move into a high-margin, faster-growing segment — a strategic pivot that markets appear to be pricing in positively.
The company’s net worth stood at ₹18,991 crore as of March 31, 2026, with total AUM of ₹53,160 crore, and management has projected a return to profitability with PAT of ₹1,400 crore targeted by FY27.
The rally, therefore, is not a reaction to earnings strength — it is a re-rating driven by the balance sheet reset, a stronger promoter, triple credit rating upgrades, and a forward-looking diversification strategy. Whether the recovery proves sustainable will depend on legacy loan rundown, execution of the new lending verticals, and whether Q1 FY27 shows a credible return toward profitability.
Based on exchange filings and publicly available financial disclosures as of May 25, 2026.