Mumbai — Sammaan Capital Limited, one of India’s leading non-banking financial companies (NBFCs), reported its financial results today for the fourth quarter and full year ended March 31, 2026.
Highlights for Q4 & FY26:
Sammaan Capital: Part of IHC Group
- Sammaan Capital has officially become a part of IHC Group following the successful completion of IHC’s strategic investment
- IHC invests total of USD 1 billion (₹ 8,850 crore)– one of the largest FDI investments in Indian financial services history
- Received first tranche of ₹5,652 Cr on issuance of equity & upfront 25% of warrants, resulting in 28.5% stake for IHC; Balance ₹ 3,198 Cr to be received over 18 months on conversion of warrants. Upon full warrant conversion, IHC’s stake will increase to 43.5%
- IHC is the Promoter; Mr. Alwyn Crasta, Group CFO of IHC, has been appointed to the Board
- Part of the landmark $5 billion UAE–India investment package announced at the bilateral summit between PM Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, May 15, 2026
About IHC
- IHC is the most valuable holding company in the Middle East and one of the world’s largest
investment firms, with over 1,300 subsidiaries and a market capitalization of USD 233 billion
FY26 Strategic Developments
- CRISIL, CARE and ICRA , the leading domestic credit rating agencies have upgraded long-term rating to AA+/Stable, within 50 days of IHC’s investment, reflecting IHC group support, strengthened capitalization, and improving asset quality
- With IHC as the promoter, Sammaan is well on its path towards accelerated growth benefiting from better governance, risk management framework, AI capabilities
- Product suite to expand from current 4 to over 12 products: adding Personal Loans, Gold Loans in FY27; building a full-suite lender across secured and unsecured segments
- 37 AI use cases identified
SCL 2.0 — FY27 and FY30 Targets at a Glance
| Metric | FY27 Target | FY30 Target |
| AUM | ₹70,000+ crores | ₹1,90,000+ crores |
| Annual Disbursals | ₹30,000+ crores | ₹90,000+ crore |
| Return on Equity (ROE) | 6.5-7.0% | 18-19% |
| Branches | ~270 (from 217 today) | ~1,600 |
| Manpower | ~8,000 (from 4,350 today) | ~20,000 |
| Cost of funds | ~9.0-9.5% | ~7.5-8.0% |
Consolidated Financial Highlights — Q4FY26
- Total AUM: ₹ 53,160 crores as of March 2026; the decline reflects accelerated rundown of non-core book outpacing build in growth book
- Net worth stands at ₹18,991 crores after factoring in the cumulative credit costs taken in Q4FY26 and capital received in the first tranche investment from IHC; does not factor in the additional ₹3,198 crores to be received upon conversion of warrants
- GNPA and NNPA at 0.0% each — reflect capital and provisioning buffers on opening AUM
- Capital Adequacy Ratio (CAR) at 20.3%; Liquidity Coverage Ratio (LCR) at 139% vs regulatory requirement of 100%, reflecting a strong and well-capitalised balance sheet
H.E. Dalia Khorshid, Chief Executive Officer, Avalora Holding, said:
“At the core of our vision for Sammaan is a management team that has navigated adversity with conviction, made tough decisions, and emerged stronger, more cohesive, and sharply focused—forming a powerful foundation for the future.
Our diligence was extensive, involving multiple rounds, independent advisors, and sustained monitoring. Post-investment, Avalora is deeply embedded across governance, operations, and strategy, with integration progressing rapidly. AI and technology are actively enhancing credit, customer experience, and productivity. Rating upgrades reflect stronger backing and governance, while Sammaan combines MNC scale with a startup mindset.”
Mr. Gagan Banga, Managing Director & CEO of Sammaan Capital Limited, said:
“Sammaan Capital has entered a defining new chapter. With IHC Group as our Promoter, we are no longer just a well-capitalized lender — we are an institution built for scale. I want to welcome Mr Alwyn Crasta on the board as our Non-Executive Director. I also look to forward closely work with H.E Dalia Khorshid with her vast experience. The strategic investment by one of the world’s most respected groups positions us to pursue growth with a depth of conviction that was simply not possible before. With this the legacy chapter is firmly closed.
Our growth story will now be accelerated by the rapid adoption of technology and AI, using them as the cornerstone of our customer acquisition strategy across multiple product offerings, making us a full-suite NBFC underpinned by robust governance and risk management.
The aggressive moves we are making today — the capital from IHC and efforts taken in Q4 closes the legacy chapter once and for all. The product launches, the technology investments
— are not ends in themselves. They are the building blocks of a far better tomorrow for our shareholders, our customers, and for all stakeholders..
The structural tailwinds are unambiguous. India’s retail credit market remains on a sustained growth trajectory, mortgage penetration stands at a fraction of what mature markets carry, and the long runway ahead is clear. Sammaan Capital, now a part of IHC Group, is uniquely positioned at the intersection of structural opportunity and institutional strength — and we intend to capitalize on it.”