Sammaan Capital (SAMMAANCAP) Q3 24/25 earnings summary

Executive summary

• Raised $150 million (INR 1,300 crores) via QIP in January 2025, stabilizing the cap table and onboarding marquee investors; total equity capital raised in 12 months is INR 5,000 crores.

• Net worth increased to INR 20,331 crores in Q3 FY25 from INR 18,278 crores in Q3 FY24, with steady profitability and improved asset quality.

• Growth AUM rose to INR 35,000 crores, now 56% of total AUM, while legacy AUM reduced by INR 14,300 crores year-over-year.

• Gross and net NPAs at lowest in six years; GNPA at 1.14%-1.19%, NNPA at 0.66%-0.69% in Q3 FY25.

• Consolidated net profit for Q3 FY25 was INR 302.44 crores, a turnaround from a loss in Q2 FY25.

Financial highlights

• Q3 FY25 PAT at INR 302 crores, nearly flat year-over-year; nine-month profit at INR 896.77 crores.

• Net worth as of December 31, 2024, is INR 20,331 crores (excluding QIP proceeds raised in January 2025).

• Gearing reduced to 2.2x from almost 9x in FY19 and 2.6x YoY.

• Interest income for Q3 FY25 was INR 1,890.25 crores, up from INR 1,661.75 crores YoY.

• On-balance sheet borrowings up over 3x YoY; 12 banks sanctioned new term facilities in FY25.

Outlook and guidance

• Targeting consolidated Growth AUM of INR 1 lakh crore and standalone Growth AUM of INR 70,000 crores by FY27.

• Incremental ROA expected to rise from 3% to 3.2%; cost-income ratio improvement to further boost ROA.

• Sammaan Finserve targets INR 15,000 crores AUM by FY27.

• Cost-to-income ratio expected to fall below 20% by FY27 from 26.5% in 9MFY25.

• RBI classified the company as an Upper Layer NBFC for FY25, indicating enhanced regulatory oversight.