• Capital infusion details: IHC has completed the first tranche of its investment by infusing approximately ₹5,600 crore via preferential shares, with the remaining ~₹3,200 crore scheduled over the next 18 months via warrants to support doubling AUM by fiscal 2029.
• Capital adequacy target: The company intends to keep its capital adequacy above 20% with gearing between 3.5 and 4 times, aiming to leverage IHC's parentage to upgrade its credit rating from AA to AAA.
• Margin expansion outlook: Sammaan Capital expects incremental borrowing costs to decrease by 2.5% and overall borrowing costs by 2%, targeting an improvement in margins of 200 basis points over the next 12 to 18 months.
• Risk modeling adjustments: In response to volatile global conditions, the firm is reviewing and updating its credit assessment and expected credit loss models to appropriately price frequent macro black swan events.