Sammaan Capital Swings To ₹8,101 Crore Q4 FY26 Loss; Exceptional Charges, Higher Provisions Drag Earnings

Mumbai: Sammaan Capital Limited, formerly known as Indiabulls Housing Finance, reported a consolidated net loss of Rs 8,101 crore for Q4 FY26, compared with a profit of Rs 324 crore in the corresponding quarter last year. Total income for the quarter declined 36 percent year-on-year to Rs 1,361 crore from Rs 2,132 crore.

The company also swung into loss sequentially from a net profit of Rs 314 crore reported in Q3 FY26. The sharp decline came after the company recognised large exceptional losses, higher impairment costs, and additional expected credit loss provisions during the quarter.

Sequential And Annual Growth

Total expenses during the quarter rose to Rs 4,959 crore from Rs 1,739 crore in Q3 FY26 and Rs 1,677 crore a year ago. Impairment on financial instruments surged to Rs 2,958 crore against a write-back of Rs 25.2 crore in the previous quarter. Finance costs also increased to Rs 1,679 crore from Rs 1,458 crore sequentially.

The company reported an exceptional loss of Rs 6,499 crore linked to identified non-core exposures and sale of assets to an asset reconstruction company. Pre-tax loss stood at Rs 10,097 crore compared with a profit of Rs 455 crore in Q4 FY25.

What Drove The Numbers?

The company said it changed the business model for identified non-core loan assets and investments worth Rs 14,953 crore as part of its strategic transformation toward retail-focused lending. This led to reclassification of assets, fair valuation losses, and sale of exposures to an ARC.

Sammaan Capital also recognised an additional management overlay provision of Rs 1,850 crore under the Ind AS 109 expected credit loss framework due to macroeconomic and sector-specific risks. Basic and diluted EPS for the quarter stood at negative Rs 99.10 per share.

Full-Year Performance

For FY26, consolidated total income declined to Rs 8,190 crore from Rs 8,683 crore in FY25. The company reported a full-year net loss of Rs 7,145 crore compared with a loss of Rs 1,807 crore in the previous year.

During the year, Sammaan Capital completed a strategic investment transaction with Abu Dhabi-based IHC through Avenir Investment RSC Ltd, involving a committed investment of Rs 8,850 crore.

The company also received rating upgrades from CRISIL and CARE during and after the quarter.

Disclaimer: This report is based on audited financial results filed by the company and does not constitute investment advice.