Sammaan Capital, formerly Indiabulls Housing Finance, has detailed its strategic transformation following a $1 billion investment from the IHC Group. The company is pivoting toward an asset-light model, targeting a 18% ROE and INR 2 trillion AUM by fiscal year 2030. With a fortified balance sheet and recent upgrades from all three domestic rating agencies to AA+, the institution is focused on expanding its retail loan portfolio and digitizing its operations.
A Transformative New Chapter
Following the strategic acquisition of a stake by the IHC Group, Sammaan Capital has officially entered a new phase of institutional growth. The transaction, which closed on March 31, 2026, has brought in INR 5,652 crore in initial equity and warrant payments. IHC currently holds a 28.5% equity stake, with plans to increase ownership to 43.5% following warrant conversion within the next 18 months.
Strengthened Financial Profile
The company has achieved significant momentum in its credit ratings, securing AA+ status from all three major domestic agencies within the first 50 days of the partnership. This shift is expected to lower borrowing costs by approximately 160 basis points. The institution currently maintains a healthy capital adequacy ratio of 20.2%, providing a solid foundation for future growth while capping gearing at 3.5x to 4x.
Strategic Growth and Digital Transformation
Sammaan Capital is reorienting its business to focus on a retail-heavy portfolio, targeting 60% secured lending and 20% unsecured or semi-secured lending. The company has set ambitious targets for fiscal year 2027, intending to disburse INR 30,000 crore and achieve a profit after tax of INR 1,400 crore. Key operational focus areas include:
- Operational Efficiency: Reducing the cost-to-income ratio from current levels toward a 26% target by fiscal 2030 through AI-driven automation.
- Technology Integration: Leveraging 37 identified AI use cases to decrease loan turnaround time from 5-7 days to 2-3 days.
- Network Expansion: Scaling to a 20,000-person workforce and 1,600 branches to support long-term, multi-decade compounding.
Forward-Looking Dividend and Capital Policy
With the legacy book now effectively closed and demonstrating 0 gross and net NPA, the company is prioritizing sustainable shareholder returns. Sammaan Capital has committed to a steady dividend payout policy of at least 25%, with an ultimate target of distributing 40% of annual profits. By focusing on last-mile credit and deep integration with its new promoter’s ecosystem, the company aims to establish itself as a dominant, well-capitalized multinational non-bank finance entity in India.
Source: BSE
