Sammaan Capital Ltd. makes a corporate announcement

The blended coupon yield on the Rs 1,400 Crore NCD issuance is approximately 8.20%, which is about 1.80 percentage points below Sammaan Capital’s Q1 FY27 reported stock cost of funds of 10.00%—used here as the closest reported WACF measure. This comparison is on a coupon basis and excludes issuance fees, taxes and other transaction costs. ^{[1] [2]}

Derived blended yield:

• Series I: Rs 800 Crore at 8.03%
• Series II: Rs 600 Crore at 8.43%
• Blended yield = `(800 × 8.03% + 600 × 8.43%) / 1,400` = 8.20% ^[2]

Tenor profile

Both series were re-issued on 3 July 2026, carry annual coupon payments and are secured, rated, listed and redeemable NCDs. The underlying instruments originally had 10-year tenors; the relevant investor exposure at re-issuance is the shorter residual tenor shown above. ^[2]

Implication: the issuance was priced below the company’s blended funding base, consistent with management’s stated objective of lowering incremental borrowing costs. The gap should not be interpreted as a full economic spread benefit until issuance costs, security structure and any differences between incremental cost and the reported stock WACF are considered.

Sammaan Capital’s Q1 FY27 portfolio is mortgage-led, but the presentation does not disclose a clean two-way retail-versus-wholesale split or a numeric target for that mix.

The cleanest reported read is therefore approximately 56% retail mortgage AUM, with about 41% in the broader secured business/CRE/corporate proxy and 3% in residual products. A strict 56% versus 44% split would classify all residual products as wholesale/corporate and would therefore overstate the corporate component.

Alignment with the latest presentation

The mix is directionally aligned with the strategic transition, but not testable against a disclosed percentage target:

• The company describes the strategy as remaining “mortgage/secured-focused overall,” while expanding retail products such as digital personal loans, micro-LAP and rural home loans from H2 FY27; gold loans, two-/three-wheeler finance and retail e-commerce lending are planned for FY28, followed by broader rural individual lending in FY29–30. ^[4]
• The current portfolio is already predominantly secured: 97.1% of AUM is secured, although secured AUM is not synonymous with retail mortgages. ^[3]
• The presentation’s quantified targets relate to disbursals, branches, manpower, funding costs and product rollout; the cited portfolio and strategy disclosures do not specify a target such as 70% retail and 30% wholesale. ^[5]

Analyst read: the starting point is a roughly 56% retail-mortgage book, with meaningful exposure to business lending and CRE. The transition is aimed at increasing the retail contribution through new products and distribution, but the presentation supports only a directional assessment of progress, not a numeric target-versus-actual comparison.

CAR is 20.1% on a consolidated basis for Q1 FY27, after the capital infusion. ^[6]

The liquidity position is stronger, but the available disclosures do not permit a precise four-quarter debt-maturity coverage ratio:

The capital raise was substantially received: cumulative gross proceeds were Rs 3,663.25 Crores as of June 30, 2026, with Rs 30.15 Crores still pending through subsequent calls. ^[9] The company has also described an NCD liability-management programme covering instruments with maturities up to March 31, 2027, but the filing does not provide the aggregate repayment amount for the next four quarters. ^[10]

Analytical read: the reported CAR is clear and materially supported by the post-raise capital base. The quantified cash balance provides a substantial liquidity resource, but it should not be presented as covering four-quarter maturities until the company discloses the maturity ladder and separately identifies cash, bank balances, fixed deposits and other liquid investments available for debt servicing.