Indiabulls Housing Finance Ltd (Now Sammaan Capital) – Fundamental Overview

Indiabulls Housing Finance, which has rebranded to Sammaan Capital, is a non-banking finance company (NBFC) primarily focused on housing finance and secured MSME loans. At the end of FY 2024–25, its balance sheet size was around ₹68,065 crore, with total loan assets of ₹53,378 crore and a core home-loan book of ₹43,236 crore. Its capital position is very strong: the company reported a capital adequacy ratio (CRAR) of ~29.5%, with Tier-1 capital almost matching that, indicating conservative leverage control. Net gearing (debt-equity ratio) stands at around 1.8×, a manageable level for a housing finance NBFC. On profitability, Sammaan posted a profit after tax (PAT) of ₹943 crore in FY25. Despite its large scale, there is some volatility in its earnings, partly due to its lending mix. Liquidity is robust — its Liquidity Coverage Ratio (LCR) is 232%, well above the regulatory requirement, meaning it’s in a comfortable position to meet its near-term obligations. From the balance sheet, its net worth is around ₹22,792 crore, while its debt obligations are around ₹40,384 crore, giving a fairly solid equity cushion. Asset quality remains under control: gross non-performing loans (GNPA) are relatively contained, and it has raised a provisioning pool of ₹778 crore as a buffer. In FY25, its net non-performing loans were ₹475 crore, which highlights some credit risk, but not alarming for a large HFC/NBFC. Strategically, Sammaan is transforming its business. It has secured a license to operate as an “NBFC-ICC” (Investment and Credit Company), which allows it to operate without accepting public deposits — this gives it more flexibility in capital structure and funding strategy. It’s also actively growing its co-lending partnerships with banks like Central Bank of India, Yes Bank, and Bank of Baroda to scale its home loans and secured MSME lending in a less deposit-dependent manner.