Sammaan Capital Q1 FY27 Results (NSE: SAMMAANCAP)
Signal: Earnings declined
The read
The operating inflection is recovery from Q4FY26's ₹8,101.41 crore loss to ₹243.30 crore PAT, but underlying momentum is not yet repaired: total income is down 30.2% YoY, interest income is down 31.0%, and reported profit relies materially on a ₹240.47 crore impairment write-back and a ₹490.98 crore fair-value gain; EPS at ₹2.13 is 48.0% below year-ago despite the return to profit.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,682.81 Cr | -30.2% | +23.6% |
| EBIT | ₹326.01 Cr | -30.4% | |
| Net profit | ₹243.3 Cr | -27.2% | |
| EPS | ₹2.13 | -48.0% | |
| EBIT margin | 19.4% |
P&L walk
Total income declined to ₹1,682.81 crore, -30.2% YoY, but pre-exceptional PBT remained positive at ₹326.01 crore; the quarter benefited from a ₹240.47 crore impairment write-back and a ₹490.98 crore fair-value gain, while EPS fell 48.0% to ₹2.13 due to earnings decline and dilution.
Key positives
- Pre-exceptional PBT remained positive at ₹326.01 crore despite a 30.2% YoY decline in total income.
- Net impairment was a ₹240.47 crore write-back versus ₹465.98 crore expense YoY and ₹2,958.08 crore expense QoQ, materially improving earnings quality versus the previous quarter.
- Finance costs declined 20.5% QoQ to ₹1,335.26 crore, while multiple rating agencies upgraded the company's debt ratings following IHC's investment.
Key concerns
- Interest income declined 31.0% YoY to ₹1,078.17 crore, showing that the core income base remains under pressure.
- EPS declined 48.0% YoY to ₹2.13 versus a 27.2% PAT decline, with paid-up equity share capital rising 40.9% YoY to ₹229.34 crore.
- The ₹240.47 crore impairment write-back and ₹490.98 crore fair-value gain were significant contributors to the quarter's ₹243.30 crore PAT, making recurring earnings difficult to assess.
- Finance costs of ₹1,335.26 crore remained high relative to ₹1,078.17 crore of interest income, despite the QoQ reduction.
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