Are Sammaan Capital Ltd latest results good or bad?

Sammaan Capital Ltd's latest financial results for the quarter ended December 2025 present a mixed performance landscape. The company reported a net profit of ₹314.08 crores, reflecting a year-on-year growth of 3.85%, which is an improvement from the previous year's performance. However, the sequential growth in net profit was modest at 1.82% compared to the prior quarter, indicating some stagnation in momentum. Net interest income for the same period stood at ₹2,157.54 crores, showing a year-on-year increase of 6.99%. Nonetheless, this figure marked a sequential decline of 4.13%, suggesting challenges in the core lending operations and raising concerns about the sustainability of revenue growth. The operating margin, excluding other income, reached a high of 87.95%, which is a notable improvement from previous quarters, primarily driven by cost containment measures rather than revenue expansion. Over the nine-month period of FY26, cumulative net profit reported was ₹956.85 crores, which represents an 8.44% decline compared to the same period in FY25, highlighting ongoing challenges within the housing finance sector. The return on equity for the latest quarter was recorded at 5.67%, which is below the average for its peers, indicating potential issues with capital efficiency. The company also experienced significant volatility in its financial metrics, with two consecutive quarters of revenue contraction despite year-on-year growth figures. This trend raises questions about the underlying business model and its ability to generate consistent returns. Additionally, the absence of promoter holding and fluctuating institutional ownership patterns may contribute to governance concerns. Overall, while Sammaan Capital Ltd has shown some positive year-on-year growth in net profit and net interest income, the sequential performance and broader challenges in the housing finance sector suggest a cautious outlook. The company has seen an adjustment in its evaluation, reflecting the complexities of its operational environment and financial health.