Sammaan Capital Ltd · NSE:SAMMAANCAP
Sammaan Capital — Debt Investor Presentation (October 2025)
42 slides from Sammaan Capital's debt investor presentation, Oct 9, 2025
Slide 1: Investor Presentation
(Formerly known as Indiabulls Housing Finance Limited) Investor Presentation
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), EXCEPT TO “QUALIFIED INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 1
Slide 3: Disclaimer (continued)
Disclaimer (continued) This presentation does not constitute or form part of any offer to purchase, a solicitation of an offer to purchase, an offer to sell or an invitation or solicitation of an offer to sell, issue or subscribe for, securities in or into the United States or to U.S. persons or in
Slide 4: Transaction Summary
Transaction Summary Issuer Sammaan Capital Limited (“SCL”) Issue Fixed Rate, Senior Secured Social US$ Notes Issuer Rating/Outlook (S&P) B+/Stable Expected Issue Rating (S&P) B+ Issue Amount US$ Benchmark Tenor 5 year Coupon [TBD]% p.a. payable semi-annually First ranking pari passu charge (by way o
Slide 5: Contents
Contents Pg. No. 1 Company Overview 6 2 Business Overview 15 3 Growth Book 18 4 Servicing Track Record 20 5 Legacy Book 24 6 Key Credit Highlights 26 7 Appendix 39 7A Financial and Operational highlights 41 7B Abbreviations and Exchange rates 42 5
Slide 6: Company Overview
SAMMAAN CAPITAL Company Overview
Slide 7: History and Milestones
History and Milestones Key Milestones • Conversion to NBFC- Our Company was Initial Public Indiabulls Housing ~US$540mn raised Debut USD bond • ~US$395mn equity • De-promoterisation ICC and name incorporated as a Offering and Finance Limited through QIP issue issue of capital raised from completed c
Slide 8: Business Journey: Consolidation followed by Stabilization
Business Journey: Consolidation followed by Stabilization On a consolidated basis (unless mentioned otherwise) FY18 – FY23: Journey of Consolidation and Build-Out of Co-lending model FY24-25: Years of stabilization Parameters FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Russia/Ukraine War, IL&FS Crisis C
Slide 9: Company Overview
Company Overview Shareholding Pattern(1) Key Highlights (as of 30 June 2025) Promoter-less financial Institution: Professionally Managed, Board run company On a consolidated basis 5.9% 1.9% 24.5% ~US$2.6bn ~US$7.4bn 29.2% Net Worth Total AUM(2) Standalone CRAR Long Term Ratings International Rating
Slide 10: Business Structure and Product Portfolio
Business Structure and Product Portfolio Sammaan Capital (SCL) Sammaan Finserve (SFL) Sammaan Capital Limited (SCL) Home Loans LAP Home Loans LAP Prime Mortgage Origination Average Loan Size (US$000s) ~35 ~88 ~18 ~29 • Operating Listed NBFC and Holding Company Proportion of Disbursals 60% 40% 50% 50
Slide 11: Business Model: Asset-Light Focus
Business Model: Asset-Light Focus Sell-Down Approach Co-Lending Business Model • Collaboration with 9 banks and financial institutions • Securitize or directly assign loan receivables to banks for sourcing home loans and secured MSME loans and other institutions for raising and/or managing Operation
Slide 12: Accelerating Growth through Consistent Equity Infusion
Accelerating Growth through Consistent Equity Infusion Total capital raised for ~$994mn since FY20 Amount in US$mn 443 270 150 91 40 FY20 FY21 FY22 FY24 FY25 Shareholding Pattern post QIP (as of 30-Jun-25) Key Highlights 5.9% 1.9% 24.5% Equity capital of ~US$584mn raised since Apr-22 Robust capitali
Slide 13: Snapshot of balance sheet
Snapshot of balance sheet Balance sheet as of Mar-25 (US$mn) Assets Liabilities Cash and Investments 2,215 Debt(2) 4,958 o/w loans from banks and Loan book(1) 5,344 2,543 financial institutions(3) o/w NCDs and other debt Other assets 642 1,933 instruments o/w Subordinate debt(4) 477 o/w Commercial P
Slide 14: Recent Developments: IHC to Acquire Controlling Stake in Sammaan Capital
Recent Developments: IHC to Acquire Controlling Stake in Sammaan Capital Transaction Overview Pre and Post Transaction Shareholding On A Fully Diluted Basis ▪ Avenir Investment RSC Ltd ("Avenir"), a restricted scope company incorporated in the Pre-Transaction Post-Transaction United Arab Emirates, w
Slide 15: Business Overview
SAMMAAN CAPITAL Business Overview 15
Slide 16: Business Snapshot
Business Snapshot Growth Legacy Legacy Growth AUM AUM Q1FY26 38% 62% ~US$4,568mn ~US$2,790mn 4,396 4,568 4,100 4,071 3,837 3,457 2,949 2,790 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Strong capitalization levels and low leverage provide ample cushion to sustain long term AUM gr
Slide 17: SCL: Key Metrics
SCL: Key Metrics On a consolidated basis Key Metrices Q2FY25 Q3FY25 Q4FY25 Q1FY26 Legacy AUM (US$m) 4,071 3,457 2,949 2,790 Growth AUM (US$m) 3,837 4,100 4,396 4,568 Annual Incremental Disbursal ~US$1,846mn ~US$437mn(1) Incremental Growth business RoA 3.0% 3.0% 3.0% 3.1% Incremental Growth business
Slide 18: Growth Book
SAMMAAN CAPITAL Growth Book 18
Slide 19: Growth book trajectory and Split
Growth book trajectory and Split Growth AUM (US$mn) Stage Wise LTV (at origination) Geography 2.0% 1.0% 9.8% 15.2% 4,396 4,568 24.4% 4,100 3,837 38.3% By Stage 25.4% LTV Geographical 13.0% Distribution 97.0% 13.5% 40.4% 10.2% 9.8% Stage 1 Stage 2 Stage 3 Less Than 50 50–70 Maharashtra Delhi Q2 FY25
Slide 20: Servicing Track Record
Servicing Track Record (Pillar for the future Co-lending business ) 20
Slide 21: Economics of Co-Lending and Sell Down
Economics of Co-Lending and Sell Down Total HL LAP Reference Explanatory Comments SCL does 75% CLM [20% retention] and 25% DA [5% retention] and SCL Retention % 16% 16% 16% A hence retention would be 16% [75x20 + 25x5] Actuarial Tenure [Years] 5 6 4 B Customer Rate 10.0% 9.7% 10.5% C Company CoF 9.5
Slide 22: Asset Light Business: Co-Lending
Asset Light Business: Co-Lending Consistent Track Record Strategic Partnerships with select banks • Strategic and sizable sourcing partner for 9 banks • Sharing of risks and rewards between both the co-lending partners through 80:20 participation (80% of the loan is provided by co-lending partner an
Slide 23: Securitised Loans Performance
Securitised Loans Performance Retail Loan Book of Highest Quality – Strong portfolio performance of all sold down pools till date of ~US$11.6 bn Amounts as of 30-Jun-25 Loan Pool Type HL Pools LAP Pools Total Disbursement US$mn 7,552 4,026 11,579 Average Ticket Size at Disbursement $000s 30 63 37 So
Slide 24: Legacy Book
SAMMAAN CAPITAL Legacy Book 24
Slide 25: Legacy Book
Legacy Book Legacy AUM run down by ~84% since FY19 Stage Wise Vintage Wise Amounts in US$mn 17,606 2.8% 2.2% 8,481 1% 13% 6,238 4,895 2,949 2,790 Split by Stage Vintage FY19 FY22 FY23 FY24 FY25 Q1FY26 Run Down supported by strong collections 86% 95.0% Since FY2019 ~US$20.5bn have been On track to me
Slide 26: Key Credit Highlights
SAMMAAN CAPITAL Key Credit Highlights 26
Slide 27: Key Credit Highlights
Key Credit Highlights 1 Robust industry fundamentals complemented by growth drivers 2 One of the largest pan-India NBFCs with wide geographic reach 3 Access to diversified funding sources 4 Well capitalised NBFC with prudent risk management 5 Well matched ALM profile 6 Experienced board of directors
Slide 28: Abundant opportunities for growth in the mortgage finance market
Abundant opportunities for growth in the 1 mortgage finance market, supported by secular growth drivers Growth in NBFC credit and low housing penetration in India provide abundant opportunities for growth in mortgage finance India’s mortgage penetration, though low, is improving owing to Retail-driv
Slide 29: Mortgage finance sector is an Integral Part of India's credit market
Mortgage finance sector is an Integral Part of 1 India’s credit market Spreads(%) of NBFCs are on the rise Gearing ratios improved across all NBFCs Spreads (%) 5.7% 7.0% 7.0% 7.3% 5.9 Gearing 6.0% 6.0% 5.4 5.9% 6.0% 6.2% 5.7% 6.3% 6.0% 5.0 4.9 4.7 5.5% 5.7% 4.3 5.2% 3.9 3.7 3.9 4.0 3.1 3.4 2.7 2.7 2
Slide 30: One of the largest Pan-India NBFCs with wide geographic reach
One of the largest Pan-India NBFCs with wide 2 geographic reach Wide geographic reach with 220 branches across 20 states in India 20 States with Branch presence 1 12 1 6 218 Total Number of Branches 26 11 32 25 4,429 Employees 17 10 5 1 1 29 8,301 Empanelled Direct Sales Agents 6 # of Branches Numbe
Slide 31: Access to diversified funding sources
3 Access to diversified funding sources Banking relationships across PSUs, Private and Foreign Banks Public Sector Bank Private Sector Banks Financial Institutions 31
Slide 32: Foreign currency borrowings raised and repaid in the last 10 Years
Foreign currency borrowings raised and 3 repaid in the last 10 Years Amount of Foreign Currency borrowings raised (US$mn) 3,844 1,157 833 281 281 350 150 165 350 37 139 100 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26 Total Amounts Foreign Currency borrowings repaid (US$mn
Slide 33: Well capitalised NBFC with prudent risk management policies
Well capitalised NBFC with prudent risk 4 management policies Capital Adequacy (%) –- Standalone PPOP (%) PPOP - Consolidated (%) % Avg. Assets CRAR regulatory minimum: 15% 5.3% 29.5% 29.2% 23.0% 22.7% Tier I Capital Tier II Capital 0.1% 0.4% 3.8% 3.3% 0.9% 2.9% 4.6% 29.4% 28.8% 21.8% 18.4% FY23 FY2
Slide 34: Well matched ALM profile
5 Well matched ALM profile Tenor with Asset Liability position Amounts in US$mn Cumulative GAP(%) (As of June 2025) +282% +145% +2% +5% Fully Matched 7,590 7,590 Assets Liabilities 4,990 4,740 3,795 3,716 2,048 1,530 400 835 6m 1yr 3yr 5yr ∞ Liquidity Coverage Ratio (LCR) as on Jun 30, 2025, stands
Slide 35: Experienced board of directors
6 Experienced board of directors Board of Directors Mr. Subhash Sheoratan Mundra Mr. Dinabandhu Mohapatra [Non-executive Chairman & Independent director] [Independent Director] • Former Deputy Governor Of RBI, Chairman and MD of Bank of • Former MD & CEO of Bank of India Baroda, ED of Union Bank of
Slide 36: Credit rating views
Credit rating views Ratings AA (May 2025) AA (June 2025) B+ (March 2025) Outlook Stable Stable Stable ▪ The ratings continue to reflect strong ▪ The profitability trajectory has remained ▪ The upgrade of Sammaan Capital Ltd. (SCL) from capitalization with healthy cover for asset quality subdued in r
Slide 37: Safe Harbour Statement
Safe Harbour Statement This document contains certain forward-looking statements based on current expectations of Sammaan Capital Limited management (“SCL”). These forward looking statements and any other projections contained herein are predictions and involve known and unknown risks, uncertainties
Slide 38: Thank You
SAMMAAN CAPITAL Thank You
Slide 39: Appendix
SAMMAAN CAPITAL Appendix
Slide 40: Financial and Operational Highlights
Financial and Operational Highlights
Slide 41: Consolidated Income Statement
Consolidated Income Statement (Rupees in Billions) Quarter ended Year ended Particulars 30 June 2025 31 March 2025 30 June 2024 31 March 2025 (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Revenue from operations (i) Interest Income 15.64 14.95 16.89 71.80 (ii) Fees and commission Income 0.62 0.39 0.2
Slide 42: Abbreviations and Exchange rates
Abbreviations and Exchange rates Abbreviations Table Exchange Rates 1US$ to INR* ARC Asset reconstruction companies AUM Assets under management 31-Mar-18 65.1 CIBIL Credit Information Bureau (India) Limited CLM Co-lending model 31-Mar-19 69.2 DA Direct assignment FCCB Foreign currency convertible bo
Sammaan Capital — Debt Investor Presentation (October 2025) on 6ix