1. Dollar bond reserve fund - 75% of maturity proceeds in three tranches Delivered - For its May 2022 maturity USD 350 million dollar bonds, the company committed to voluntarily create a reserve fund, periodically transferring a sum totalling 75% of the total maturity proceeds in three tranches of 25% each. By Q4 FY22, the company instead created a reserve fund of 100% and fully discharged the repayment obligations.
2. Five-year public targets - ROE 18.7%, ROA 8.1%, NIM 8% Pending - At the Q1 FY27 call, management reiterated the five-year public targets put out on 20th May (ROE moving up from 6.8% to 18.7%, ROA from 1.8% to 8.1%, NIM from 3.5% to 8%). Q1 FY27 reported PAT of ₹243 cr; the FY30 horizon is not reached.
3. International rating agencies - similar action within 25 days Delivered - At the Q4 FY26 call, management expected the positive rating trajectory with domestic agencies to be replicated with international rating agencies, saying "the next 25 days would result in a similar action from international rating agencies". By Q1 FY27, the international rating was upgraded from B+ to BB-, meeting the 25-day expectation.
4. FY27 disbursals - \~₹30,000 cr, PAT ₹1,400 cr On track - At the Q4 FY26 call, management guided FY27 disbursals of approximately ₹30,000 cr and target PAT of ₹1,400 cr. In Q1 FY27, disbursements were \~₹3,875 cr and PAT was ₹243 cr; the FY27 horizon is not reached.
5. Branch network to \~1,605 and workforce to \~16,500-20,000 by FY29-30 Pending - In the Q1 FY27 deck (August 2026), management laid out a distribution roadmap scaling from a base of 220 branches to \~1,605 branches and manpower from \~6,000 to \~16,500-20,000 by FY29-30, with nearer-term FY27 targets of \~270 branches and \~8,000 people. As of Q1 FY27 the network stood at 220 branches; the FY29-30 horizon is not reached.
6. Cost of funds - below 8% quickly after investment Missed - At the Q3 FY26 call, management expected cost of funds to move down to below 8% quickly right after the investment comes through. In Q1 FY27, stock cost of funds was at 10% and incremental cost of funds down to about 9% - the below-8% level was not reached.
7. Tech transformation - end-to-end disbursals on app in 4 to 6 months Delivered - At the Q2 FY26 call, management aimed for significant transformation on the tech side (end-to-end disbursals on app, quicker turnaround, reduced cost-to-income) over the next 4 to 6 months. By Q1 FY27, home loans and LAP products were live on the app and all retail and MSME products were live on the app.
8. IHC/Avenir preferential allotment - concluded before end of FY26 or very early FY27 Delivered - At the Q2 FY26 call, management expected the IHC/Avenir preferential allotment transaction - ₹8,850 cr for 41.2% stake - to take around 4 months for approvals and to be concluded before the end of the financial year or very early next financial year. The transaction closed with share allotment to IHC completed on 31st March 2026, IHC's equity ownership at 28.5%.
9. Growth AUM pace - ahead of legacy decline from Q1 FY26 Delivered - At the Q3 FY25 call, management was "quite confident" that from Q1 FY26 the pace of growth of the growth AUM would be ahead of the decline in the legacy book. By Q2 FY26, growth AUM was touching almost ₹42,000 cr, legacy loan AUM had declined by almost ₹9,000 cr over last year, and total AUM increased by about ₹1,000 cr over last year.
10. Cost of funds - material decline in 6 to 12 months Missed - At the Q1 FY25 call, management expected a material decline in cost of funds to start emanating in 6 to 12 months. Q2 FY26 borrowing rates were in the 9%-9.5% handle, Q3 FY26 borrowing was at \~9%, and Q1 FY27 stock cost of funds was at 10% - no material decline materialized.
11. Legacy book collections - ₹3,000 cr per quarter Delivered - At the Q1 FY25 call, management estimated a "very conservative" ₹3,000 cr a quarter of legacy-book collections, which it was "fairly confident" it should be able to achieve. By Q3 FY25, collections from the legacy book in 9 months were almost ₹10,000 cr, nearly half in Q3 itself, and FY25 legacy book cash collections reached ₹12,834 cr.
12. Net NPA - moderate 1.2% by FY27 Delivered - At the Q4 FY24 call, management guided net NPA to be at a moderate 1.2% by FY27. Net NPA was 0.8% at Q4 FY25, 0.7% at Q3 FY26, and 0.15% at Q1 FY27 - already below the 1.2% target.
13. Incremental retail AUM - past ₹1 lakh cr by FY27 On track - At the Q4 FY24 call, management guided incremental retail AUM to be past ₹1 lakh cr by FY27, with 95% of FY27 assets originated by the company and blessed by a bank counterparty; the goal was reiterated as ₹1 lakh cr growth AUM by FY27 through Q1 FY25, Q3 FY25 and Q4 FY25. Growth AUM was ₹37,452 cr at Q4 FY25, almost ₹42,000 cr at Q2 FY26, about ₹44,000 cr at Q3 FY26, and opening AUM was ₹53,160 cr at Q4 FY26; the FY27 horizon is not reached.
14. Net worth - grow from \~₹19,000 cr to at least ₹23,000 cr by FY27 Pending - At the Q4 FY24 call, management guided net worth to grow from approximately ₹19,000 cr to at least ₹23,000 cr by fiscal '27, excluding the balance rights-issue amount. Net worth was ₹21,822 cr at Q4 FY25, ₹18,991 cr at Q4 FY26, and ₹19,141 cr at Q1 FY27 - well below the target with the FY27 horizon still running.
15. Net worth - grow by ₹6,000-₹7,000 cr Missed - At the Q3 FY24 call, management stated net worth between now and then would grow by close to about ₹6,000 cr to ₹7,000 cr. Net worth was \~₹19,000 cr at Q3 FY24, ₹20,269 cr at Q1 FY25, ₹21,822 cr at Q4 FY25, and ₹18,991 cr at Q4 FY26 - it declined by FY26 instead.
16. Wholesale lending - off balance sheet with global fund Delivered - At the Q3 FY24 call, management stated the goal to get back to wholesale lending off balance sheet, without using own capital, in partnership with a global fund. By Q3 FY26 the AIF platform had lent approximately ₹6,200 cr, and in Q1 FY27 ₹840 cr of CRE loans were disbursed in partnership with one of Asia's leading alternate credit funds.
17. Rights issue - enable positive rating trajectory, debt access normalization, cost rationalization Delivered - At the Q3 FY24 call, management expected the rights issue fund raise to enable a return to a positive rating trajectory, full normalization of debt access, and rationalization of borrowing costs. Moody's upgraded the rating by 1 notch at Q4 FY24 with S&P assigning a similar rating, RBI issued a fresh NBFC certificate in Q1 FY25, and Moody's put the company on review for possible upgrade in Q2 FY26.
18. FCCB conversion - March and September 2024 FCCBs to convert to equity Missed - At the Q2 FY24 call, management expected the FCCBs (March and September 2024) to convert into equity, and strongly believed it would happen. Instead, Q3 FY24 guidance was that put-option holders would be paid on or before 4th March 2024, and Q4 FY24 showed deposits totalling ₹583 cr covering 50% of September '24 FCCB; puts were exercised rather than converted.
19. AUM - stop declining in Q3 FY24, grow 7%-8% YoY by Q4, then 15%-17% for three years Missed - At the Q2 FY24 call, management guided that AUM would stop declining in Q3 FY24 and grow \~7%-8% year-on-year by Q4, then steady compounding at 15%-17% for the next three years, implying \~₹1 lakh cr AUM by FY26. AUM and loan book resumed growth from Q3 to Q4 in FY24, but total AUM was ₹62,346 cr at Q4 FY25 and opening AUM was ₹53,160 cr at Q4 FY26 - the ₹1 lakh cr level was not reached.
20. Co-lending partners - expand from 8 to 12 over next two to three quarters Missed - At the Q2 FY24 call, management said the number of co-lending partners would expand from 8 to 12 over the next two to three quarters. Q4 FY24 saw one new co-lending partner signed, taking relationships to 9, and Q1 FY25 had nine partnerships with one more inked and a letter of approval received in Q2 - the 12-partner level was not reached in the timeframe.
21. Victory on all three strategic fronts - by end of Q2 FY24 Delivered - At the Q1 FY24 call, management expected to declare "victory" on all three strategic fronts (liquidity/monetization, de-risking wholesale book, asset-light model) by end of Q2 FY24 / end of August 2023. By Q2 FY24, debt repayments were \~₹5,000 cr in the quarter, liquidity cover was over 1.5x, the wholesale book was \~20% of the loan book, and the asset-light model was scaled; AUM and loan book resumed growth by Q4 FY24.
22. ROA - expand toward 3% over next two to three years Missed - At the Q4 FY23 call, management expected ROA to continue expanding toward 3% over the next two to three years. ROA was 1.4% at Q4 FY23, 1.7% at Q1 FY24, 1.6% at Q2 FY24, 1.6% at Q3 FY24, 1.8% at Q1 FY25, and 1.5% at Q2 FY26 - it did not approach 3%.
23. ROE - double from under 10% to mid-teens by FY26 Missed - At the Q4 FY23 call, management expected ROE to double from under 10% to mid-teens by FY26, driven by reorganization into dedicated retail and wholesale structures; the 15% target was pulled forward to FY26 at Q3 FY24, retail ROE on incremental disbursals was guided to 18% by FY27 at Q4 FY24, mid-teen ROE was pushed to FY27 at Q1 FY25, all FY27 guidances were under revision at Q2 FY26, and an 18% ROE target stood at Q4 FY26. FY26 ROE was -37.62% - the mid-teens level was not reached.
24. Write-off/NPA pool - at least 50% recovery over next 2-3 years On track - At the Q3 FY23 call, management expected at least 50% recovery in cash collections over the next 2-3 years from the write-off/NPA pool of over ₹10,000 cr; at Q4 FY23 this was revised to total recovery of 60%-70% of the ₹10,000 cr pool over \~3 years, with 25% already done and another 25% over the next six quarters. ₹2,500 cr was recovered by Q4 FY23, recoveries exceeded ₹3,600 cr against ₹3,400 cr expected by Q3 FY25, net recovery of ₹4,500 cr was on track at Q3 FY26, and close to ₹7,000 cr was expected to be recovered from what has been provided at Q4 FY26.
25. Reorganization - announced before end of FY23 Partial - At the Q3 FY23 call, management stated that before the end of FY23, the company would announce the reorganization (simplification of parent HoldCo/OpCo and subsidiaries into retail origination via NBFC and wholesale origination via AIF). More specific guidance was expected through Q1 FY24 or early next quarter, a completely new corporate structure was to be unveiled with Q2 FY25 results, and the proposed merger of Sammaan Finserve into Sammaan Capital was announced in Q3 FY26 - later than FY23.
26. Rebranding - new name to reflect institutionalized character Delivered - At the Q3 FY23 call, management stated a rebranding exercise was undertaken, with the new name to reflect institutionalized character and retail mortgage focus; the new brand identity was to be unveiled in about 120 days at Q4 FY23, approvals were expected within Q1 FY24 with the new identity over the next 45-60 days, and the name change to Sammaan Capital was to be adopted in the next 40 days at Q4 FY24. In Q1 FY25, the name changed to Sammaan Capital Limited, with shares trading under 'Sammaan Cap'.
27. Stage 2 - down another 30% by end of FY23 Delivered - At the Q2 FY23 call, management expected stage 2 to be down another 30% by the end of FY23. Stage 2 was already down almost 30% since the start of the year and almost 50% from end of FY21; by Q3 FY23 stage 2 loans had declined from \~₹22,000 cr (Dec '21) by ₹17,400 cr to ₹4,520 cr, and by Q4 FY23 stage 2 was 8% of AUM from 31% at end-Q4 FY22.
28. Efficiency gains - cost-to-income reducing from FY24 Missed - At the Q2 FY23 call, management expected efficiency gains starting FY24, with cost-to-income returning to a reducing trajectory after investments through FY22 and FY23. Opex was up 12% to ₹819 cr at Q4 FY23, opex stayed elevated at Q1 FY24, cost-to-income was \~30% at Q2 FY24, elevated at Q4 FY24, and \~50% at Q4 FY26 - the reducing trajectory did not materialize.
29. Pre-funding for ECB and FCCB repayments - ₹500 cr per quarter Delivered - At the Q1 FY23 call, management committed to setting aside approximately ₹500 cr per quarter (roughly ₹2,000 cr in about a year) as pre-funding for upcoming dollar loan repayments. The Board approved a term deposit buffer for ECB lenders in Q2 FY23, reserve pools for ECB borrowings and the FCCB pool were being created by Q3 FY23, and by Q4 FY23 two tranches of ₹966 cr (50% of ECB repayments) and an initial tranche of ₹314 cr (25% of FCCB repayment) were deposited.
30. No equity raise or convertible debt issuance in near future Missed - At the Q1 FY23 call, management stated no equity raise or convertible debt issuance was planned in the near future; any dilution would only be an outcome of strategic discussions. The company raised ₹3,693 cr via rights issue at Q4 FY24, $150 million via QIP at Q3 FY25, and announced an IHC preferential allotment of ₹8,850 cr at Q2 FY26 - equity raises occurred within 2 years.
31. Legacy wholesale book recoveries - 70% to 80% of NPAs Delivered - At the Q1 FY23 call, management expected recoveries of 70% to 80% of what goes into NPA on the legacy wholesale book. Over 76% of what was sold to ARCs in the last 3 years was recovered by Q3 FY24, 71% of ARC sales by Q4 FY24, over 70% collections from pools sold to ARCs at Q3 FY25, and at Q1 FY27, 99% of FY23 ARC sales and 95% of FY24 sales were recovered.
32. Net gearing - stabilize at 2.5x Delivered - At the Q1 FY23 call, management expected net gearing to stabilize at the current 2.5x level. Net gearing moved from 2.5x at Q1 FY23 through 2.3x at Q3 FY23, 2.2x at Q4 FY23, 2.0x at Q1 FY24, 1.6x at Q2 FY24, 1.2x at Q4 FY24, 1.9x at Q1 FY25, 2.2x at Q3 FY25, 1.9x at Q4 FY25, 2.0x at Q2 FY26, 2.2x at Q3 FY26, to 2.7x at Q4 FY26 - at or below 2.5x through most of the period.
33. Liquidity - cash coverage for next 6 to 12 months of repayment Delivered - At the Q4 FY22 call, management stated the company would continue the principle of maintaining liquidity as cash coverage for the next 6 to 12 months of repayment. The liquidity buffer was ₹9,107 cr, 15% of loan book, at Q4 FY22, ₹5,765 cr (\~10% of loan book) at Q1 FY23, liquidity cover was over 1.5x of next 12 months debt repayments at Q2 FY24, \~₹7,000 cr at Q4 FY24, and \~₹7,600 cr at Q1 FY25.
34. Spreads - maintain at about 2.4% Delivered - At the Q4 FY22 call, management expected to maintain spreads at about 2.4%. Spreads were 2.4% at Q4 FY22, 3.1% at Q2 FY23, 3.3% at Q3 FY24, and 3.0% at Q4 FY24 - maintained or improved above 2.4%.
35. Strategic investors - bring into the company Delivered - At the Q4 FY22 call, management stated it was working to bring in strategic investors to bolster capital, enhance credit rating and further institutionalize the board. The company raised ₹3,693 cr via rights issue at Q4 FY24, $150 million via QIP at Q3 FY25, announced the IHC/Avenir preferential allotment of ₹8,850 cr for 41.2% stake at Q2 FY26, and closed the transaction with IHC owning 28.5% at Q4 FY26.
36. Dividend distribution - up to 40% of PAT from FY23 Partial - At the Q4 FY22 call, management expected dividend distribution of up to 40% of PAT to recommence from FY23 onwards. The Board recommended a final dividend of ₹1.25 per share at Q1 FY24 and ₹2 per share at Q4 FY24, management proposed a small dividend at Q4 FY25, and a dividend payout policy of at least 25%, targeting 40%, was set at Q4 FY26 - dividends resumed but well below 40% of PAT.
37. ROE - 11% to 12% by FY24 Missed - At the Q4 FY22 call, management expected ROE to go back to 11% to 12% by FY24. FY24 ROE was 6.15%, FY25 ROE was -8.28%, and FY26 ROE was -37.62% - the 11%-12% level was not reached.
38. ROA - greater than 2% by FY24 Missed - At the Q4 FY22 call, management expected ROA to go back over 2% by FY24. ROA was 1.4% at Q4 FY23, 1.7% at Q1 FY24, 1.6% at Q2 FY24, 1.6% at Q3 FY24, and 1.8% at Q1 FY25 - FY24 ROA did not exceed 2%.
39. ED ECIR investigation - quashed Delivered - At the Q4 FY22 call, management expected the Delhi High Court to quash the Enforcement Directorate's ECIR investigation. By Q2 FY23, the Bombay High Court had quashed the underlying predicating offence and the Delhi High Court had quashed the ED proceedings; no proceedings against the company remain.
40. Delhi High Court PIL - conclude at August 23, 2022 hearing Missed - At the Q4 FY22 call, management expected the Delhi High Court PIL matter to conclude at the hearing on August 23, 2022. At Q2 FY23 the PIL did not get listed despite best efforts; the Delhi High Court dismissed the 2019 PIL by Q3 FY24, with dismissal in January 2024 confirmed at Q4 FY24, and at Q3 FY26 the petitioner had filed an SLP in the Supreme Court, whose order of 19th November 2025 clarified no opinion on allegations.
41. Credit costs - 100-150 bps FY23, halving from FY24 Partial - At the Q4 FY22 call, management expected credit costs for FY23 to remain between 100 to 150 bps, halving from FY24 onwards; this was revised at Q2 FY23 to credit cost coming down to half of the guided 100-150 bps levels next year onwards, with later guidance of under 100 bps annually (70-80 bps) at Q2 FY24, 80-100 bps at Q3 FY25, and about 100 bps annualized at Q4 FY25. Credit cost was trending as guided at Q2 FY23, was 100 bps at Q3 FY25, 95 bps in H2 at Q4 FY25, 100 bps longer-term annualized at Q3 FY26, and FY26 impairment was ₹3,627.94 cr - the FY23 range was met but the halving to 50-75 bps was not, with costs settling around 100 bps.
42. Gross NPAs - 3% to 3.5% range for some time Delivered - At the Q4 FY22 call, management expected gross NPAs to remain in the range of 3% to 3.5% for some time. Gross NPAs were 2.94% at Q2 FY23, 3.3% at Q3 FY23, 2.86% at Q4 FY23, 2.87% at Q1 FY24, 2.88% at Q2 FY24, 2.68% at Q1 FY25, 1.19% at Q3 FY25, 1.3% at Q4 FY25, 1.2% at Q3 FY26, and net NPA was 0.15% at Q1 FY27 - within or below the guided range throughout.
43. Depromoterisation of Mr. Gehlaut - completed in calendar 2022 Delivered - At the Q4 FY22 call, management stated the depromoterisation of Mr. Gehlaut would conclude in calendar 2022, subject to approvals, with effective change of control; this was revised at Q2 FY23 to completion within the next 30 days and at Q3 FY23 to before 31st March 2023. By Q4 FY23 the depromoterisation was behind the company, which was now without a promoter; the erstwhile promoter's shareholding declined to around 1% by Q1 FY24 and he completely exited by Q4 FY24.
44. AUM growth - 10% FY23, 15% FY24 Missed - At the Q4 FY22 call, management hoped to compound AUM by 10% in FY23 and 15% in FY24; guidance was revised at Q2 FY23 to a conservative 10% AUM growth (optimistically 15%) in H2 FY23, and at Q3 FY23 the 10% target was withdrawn, with AUM stated to end at least 15% lower. FY23 AUM ended at \~₹75,000 cr balance sheet / loan book over ₹54,000 cr, with AUM contraction during the year, and AUM and loan book resumed growth from Q3 to Q4 in FY24 - the growth targets were not achieved.
45. AIF platform capacity - ₹10,000 cr disbursals FY23, ₹15,000 cr FY24, 5%+ ROA Missed - At the Q4 FY22 call, management stated the company had created capacity to disburse around ₹10,000 cr through AIF funds in FY23 and to scale to around ₹15,000 cr in FY24, with platform potential to generate ROA of 5% plus. The AIF platform was at \~₹7,000 cr by Q3 FY23, was operational with wholesale loan approvals from partner funds expected to start by Q3 FY24, and had lent approximately ₹6,200 cr by Q3 FY26 - the capacity targets were not evidenced as achieved.
46. Retail co-lending/sell-down disbursals - ₹15,000 cr FY23 and ₹20,000 cr FY24 Missed - At the Q4 FY22 call, management aimed to disburse roughly ₹15,000 cr of retail loans in FY23 and ₹20,000 cr in FY24 through co-lending and sell-down, with only \~30% staying on balance sheet. FY23 asset-light retail disbursals were almost ₹8,000 cr, and FY24 retail disbursals under the asset-light model were ₹9,560 cr, up 22% from FY23 - both targets were missed by a wide margin.
47. Quarterly co-lending/sell-down retail disbursal run rate - ₹1,000 cr by Q3 FY22 Delivered - At the start of FY22, management targeted a quarterly co-lending/sell-down retail disbursal run rate of ₹1,000 cr by Q3 FY22. In H2 FY22, the company disbursed ₹2,962 cr of retail loans through co-lending and sell-down - almost 1.5x the targeted run rate - at an ROA of well above 3%.