Sammaan Capital (SAMMAANCAP) Q4 24/25 earnings summary

Executive summary

• FY25 was transformational, marked by major equity transactions totaling up to ₹5,000 crore, onboarding marquee investors, and transitioning to a professionally managed institution.

• Growth AUM rose to over ₹37,000 crore, now 60% of total AUM, while legacy AUM reduced by about ₹14,000 crore.

• Asset-light strategy gained traction, with 95-96% of new loans partnered with banks, enhancing ALM stability.

• Asset quality improved, with GNPA at 1.3% and NNPA at 0.8%, the lowest in five years.

• FY25 ended with a consolidated net loss of ₹1,807.46 crore, mainly due to higher impairment on financial instruments and increased finance costs.

Financial highlights

• Net worth increased to ₹21,822 crore in Q4FY25; total AUM at ₹62,346 crore, with growth AUM at ₹37,000+ crore.

• Net interest income for Q4FY25 was ₹1,082 crore; PPOP at ₹744 crore; Q4 profit at ₹324 crore.

• NIM improved to 6.2%; gearing reduced to 1.9x; cost-to-income ratio at 27.9%.

• Fresh borrowings in FY25 totaled ₹10,582 crore, 2.3x of FY24.

• Consolidated total income for FY25 was ₹8,683.25 crore, but impairment on financial instruments rose sharply to ₹5,068.50 crore.

Outlook and guidance

• Targeting consolidated AUM of ₹1 lakh crore by FY27, with annual disbursement growth expected at 20-30%.

• Aiming for incremental retail ROA of 3.2% and ROE of 18% by FY27.

• SFL targets AUM of ₹15,500 crore and ROA of 5%+ by FY27.

• AIF platform expected to reach ₹15,000 crore AUM by FY27, contributing 10% to profits.

• Company classified as an Upper Layer NBFC (NBFC-UL) by RBI for FY25, with ongoing merger process of six subsidiaries.