Sammaan Capital Limited

Financial Services — Mortgage Finance · NSE

₹133.99−₹2.99 (−2.18%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, small-cap size, which brings sharper price swings.

In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

The 60-second version of Sammaan Capital Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Sammaan Capital Limited, together with its subsidiaries, operates as a non-banking financial company in India.

IndustryMortgage Finance

SectorFinancial Services

Employees4,363

Annual revenue₹5,464 Cr

How does it make money?

Turns over ₹5,464 Cr a year. Of every ₹100 of sales, about ₹-131 reaches shareholders as profit, with ₹-51 left at the operating level before interest, tax and depreciation. Each of its 4,363 employees supports ₹1.25 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.25 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +77% while net margin moved -457% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+77%

Margin effect-457%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ EBITDA margin of -50.7% is thin — little cushion if costs rise
✗ The business is lossmaking at the net level
• Revenue has compounded at 21.0% a year, which is the base these returns are earned on
• Lender: ROCE is excluded here because borrowing is raw material for this business, not leverage

Quality vs. Valuation

Company Quality

51/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

36/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention1

Return on equity is falling
ROE has dropped from 6.5% to -37.6% — each rupee of shareholder capital earns less than it did.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -5.7x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹7,145 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 280.5 points, from 229.8% to -50.7%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -0.8x to -5.7x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 128% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 229.8% to -50.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 6.5% to -37.6%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 16% a year✓ 21.0% CAGR
Latest reported year was -24.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -53%✓ -50.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ -37.6%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ -5.7x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

3 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 2 neutral · 8 weak

Market Cap

₹15,391 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.58x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-89.42

Loss-making

Negative earnings per share — the business is losing money

ROE

-37.6%

Weak

Weak capital efficiency

ROCE

-12.8%

Weak

Low return on total capital employed

Debt/Equity

2.73x

High

High leverage

Revenue Growth (YoY)

-24.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-50.0%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹7,519 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

53.0%

Good

Healthy core-business profitability

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.52

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.61

Defensive

Steadier than the market

52W Range Position

12%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

136.2 / 145.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

40.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3,084 Cr	₹6,738 Cr	₹7,093 Cr	₹5,464 Cr	+21.0%
EBITDA	₹7,086 Cr	₹1,564 Cr	-₹2,860 Cr	-₹2,769 Cr	—
EBITDA Margin	229.8%	23.2%	-40.3%	-50.7%	—
PAT (Net Profit)	₹1,130 Cr	₹1,214 Cr	-₹1,807 Cr	-₹7,145 Cr	—
EPS	₹22.46	₹23.53	₹-26.7	₹-87.72	—
ROE	6.5%	6.1%	-8.3%	-37.6%	—
Total Debt	₹52,403 Cr	₹48,493 Cr	₹42,726 Cr	₹51,853 Cr	-0.4%
Free Cash Flow	₹3,952 Cr	₹82 Cr	₹8,716 Cr	-₹7,519 Cr	—

🟢 Revenue has grown at 21.0% a year over 3 years.

🔴 EBITDA has turned negative, from ₹7,086 Cr to -₹2,769 Cr.

🔴 EBITDA Margin has fallen from 229.8% to -50.7% over 3 years (-280.5 pts).

🔴 PAT (Net Profit) has turned negative, from ₹1,130 Cr to -₹7,145 Cr.

🔴 EPS has turned negative, from ₹22.46 to ₹-87.72.

🔴 ROE has fallen from 6.5% to -37.6% over 3 years (-44.1 pts).

🟡 Total Debt has been broadly flat over 3 years (-0.4% a year).

🔴 Free Cash Flow has turned negative, from ₹3,952 Cr to -₹7,519 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹74,243 Cr

Total Liabilities

₹55,252 Cr

Cash & Equivalents

₹9,027 Cr

Operating Cash Flow

-₹7,466 Cr

Capex

-₹53 Cr

Shareholding (proxy)

Institutional Holding

11.2%

Insider Holding

35.7%

Corporate Actions

Next Earnings

29 Oct 2026

Ex-Dividend Date

20 Sept 2024

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

3 mixed1 negative2 general

Sammaan Capital gets NCLT nod for Sammaan Finserve merger

scanx.trade, 18 OctM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

Sammaan Capital Q2 disbursements up 55% QoQ; stock jumps 5% intraday trade

Business Standard, 05 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Sammaan Capital shares fall 4% after Q1 profit declines 27% YoY to Rs 243 crore, revenue drops 31%

The Economic Times, 14 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Financial stock falls 18% in 3 months, Ventura sees 148% upside as ‘turnaround’ takes shape- Do you own? Target price

Livemint, 24 SeptAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Sammaan Capital Share Price analysis near 52-week trough

Univest, 08 Oct

Sammaan Capital Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 02 Sept

Watch Items

Revenue growth is negative (-24.5%) on the latest reported period — check if this is one-off or a trend.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingValuation · Risk

WeakBusiness Quality · Profitability

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x · see Key things to watch ↑