Why are Sammaan Capital shares up over 8% today despite a huge loss in Q4? Explained

Sammaan Capital (formerly Indiabulls Housing Finance) staged a sharp 9% rally to ₹154 on the NSE on Thursday morning — even as the company reported one of the largest quarterly losses in its history. The apparent paradox has a clear explanation: the market is looking past the headline numbers.

Sammaan Capital reported a consolidated net loss of ₹8,101 crore for Q4 FY26, compared with a profit of ₹324 crore in the same quarter last year. Total income for the quarter fell 36% year-on-year to ₹1,361 crore from ₹2,132 crore.

The loss, however, is largely non-cash and one-time in nature. The company recognised an exceptional loss of ₹6,499 crore linked to the sale of non-core legacy loan exposures to an asset reconstruction company. Management clarified this was done to transfer collection responsibilities to an external agency — not because of fresh asset quality stress — freeing management to focus on scaling new business lines under the IHC framework.

The NBFC however is also looking to enter the gold lending business, a category which has seen an enormous rise ovet the past few quarters amid rising gold prices.

The real story is the transformation underway. Abu Dhabi-based International Holding Company (IHC) has been classified as promoter, with a total committed investment of ₹8,850 crore — one of the largest FDIs in India’s NBFC sector — currently holding 28.41% equity with a path to 41.24% on a fully diluted basis.

The strategic vote of confidence has triggered a credit rating sweep. Within 50 days of IHC’s investment, all three major domestic agencies — CRISIL, CARE, and ICRA — upgraded Sammaan Capital to AA+/Stable. Lower cost of funds and a diversified product roadmap including gold loans and unsecured business loans are now squarely in sight.

For investors, the Q4 loss is a balance sheet reset, not a distress signal.