
Sammaan Capital posted a consolidated net profit of ₹312.34 crore for the September quarter, inching up 1.3% from ₹308.47 crore a year earlier.
The bottom line held steady. But beneath the surface, the lender’s core lending engine hit reverse.
Net interest income swung into a loss of ₹138.06 crore during the second quarter of FY27, collapsing from a positive ₹163.02 crore recorded in the same period last year. The culprit was a sharp interest rate squeeze. Total interest expenses surged to ₹1,299.32 crore, outstripping the company's interest income of ₹1,161.26 crore.
Sequentially, the performance painted a sharper rebound. Net profit jumped 28.4% from ₹243.30 crore in the June quarter, while profit before tax advanced to ₹424.57 crore from ₹326.01 crore. Total income rose 10% quarter-on-quarter to ₹1,850.85 crore.
Top-line momentum faced significant pressure on an annual basis. Revenue from operations shrank to ₹1,849.97 crore, sliding from ₹2,250.60 crore in the corresponding quarter of FY26.
Trading gains saved the quarter from a deeper operational contraction. Net gains on fair value changes surged to ₹648.11 crore—more than doubling from ₹291.64 crore marked in the year-ago quarter—helping cushion the fall in operational revenue. Conversely, gains realized on the derecognition of financial instruments evaporated, crashing from ₹468.81 crore a year earlier to just ₹7.19 crore.
For the first half of FY27, consolidated profit after tax landed at ₹555.64 crore, down 13.5% from ₹642.77 crore recorded in the first half of FY26.
| Financial & Operational Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Consolidated Net Profit | ₹312.34 crore | ₹243.30 crore | ₹308.47 crore |
| Net Interest Income (NII) | -₹138.06 crore | — | ₹163.02 crore |
| Interest Income | ₹1,161.26 crore | — | — |
| Interest Costs | ₹1,299.32 crore | — | — |
| Revenue from Operations | ₹1,849.97 crore | — |
Even as core income contracted, the lender accelerated loan generation across retail hubs. Disbursements leaped 62% sequentially to ₹6,278 crore, up from ₹3,875 crore in the opening quarter of FY27.
The company sanctioned and cleared roughly 30,700 loans through the three-month period. That retail push lifted total assets under management to ₹59,188 crore as of September 30, marking a 5% sequential expansion over the ₹56,239 crore managed at the end of June.
Credit quality stayed tight throughout the expansion. Gross non-performing assets dropped six basis points to 0.15% from 0.21% in the prior quarter. Net bad loans trimmed down to 0.11% from 0.15%.
Collections held firm. The non-bank financier clocked a blended cumulative collection efficiency of 99.6% across its loan books.
Market Context: A negative net interest income indicates that funding costs have overtaken loan asset yields, placing balance sheet stability squarely on non-interest income and fair value gains until legacy liability costs reprice.
Sammaan Capital closed the quarter with a capital adequacy ratio of 20%, maintaining a safe buffer above regulatory thresholds. Net worth stood at ₹19,445 crore as of September 30.
That balance sheet metric does not account for ₹906 crore mobilized through the first tranche of warrant conversions, which was completed subsequent to the quarter on October 30.
Physical footprint expansion continued across regional credit markets. The company added 28 locations during the quarter to bring its footprint to 245 branches across 20 states, up from 217 branches in June. Executive management has fixed a target of 270 operational branches nationwide before the close of FY27.
Shares of Sammaan Capital ended 0.2% higher at ₹137.80 on Friday ahead of the earnings release, bringing year-to-date gains to roughly 4%.
| ₹2,250.60 crore |
| Fair Value Gains | ₹648.11 crore | — | ₹291.64 crore |
| Derecognition Gains | ₹7.19 crore | — | ₹468.81 crore |
| Assets Under Management (AUM) | ₹59,188 crore | ₹56,239 crore | — |
| Quarterly Disbursements | ₹6,278 crore | ₹3,875 crore | — |
| Gross NPA Ratio | 0.15% | 0.21% | — |
| Net NPA Ratio | 0.11% | 0.15% | — |
| Capital Adequacy Ratio | 20.0% | — | — |