Multibagger in making! Analysts see upto 185% upside potential in this NBFC; here's why
Sammaan Capital shares draw fresh brokerage coverage as IHC's capital infusion, improving asset quality and lower funding costs raise hopes of a valuation re-rating.
- Nov 9, 2026,
- Updated Nov 9, 2026 3:52 PM IST
Multibagger stock to buy: Domestic brokerage firms have shown renewed interest in Sammaan Capital Ltd, a non-banking financial company (NBFC) seen as a potential multibagger. Analysts see up to 185 per cent upside potential in the stock, as they believe the lender is poised for a re-rating following a balance-sheet clean-up.
Sammaan Capital is expected to rally sharply as the Rs 8,850 crore capital infusion by Abu Dhabi-based International Holding Company (IHC) could support improving asset quality, lower funding costs, stronger governance and expansion into retail lending, driving earnings growth and a valuation re-rating.
Sammaan Capital, formerly known as Indiabulls Housing Finance Ltd, is a mortgage-led NBFC classified in the Reserve Bank of India's upper layer. It is transitioning into a multi-product lender and is now controlled by IHC through Avenir. IHC has committed Rs 8,850 crore (about $1 billion) at Rs 139 per share.
Shares of Samman Capital rebounded nearly 3 per cent to Rs 135.50 on Monday from day's low at Rs 131.60. It commanded a market capitalization of Rs 15,700 crore. The stock is down 32 per cent from its 52-week high at Rs 192.40 hit on June 05, 2026. The stock tested its 52-week low at Rs 111.55 on October 26, 2026.
The FY26 clean-up involved exiting a Rs 14,953 crore non-core asset pool and bringing gross non-performing assets (GNPA) and net non-performing assets (NNPA) to nil, leaving an opening assets under management (AUM) base of Rs 53,160 crore.
Arihant Capital Market identified several factors supporting its investment thesis, including IHC's ability to improve the cost and availability of capital, a strengthening liability franchise and lower funding costs. It also highlighted the clean balance sheet, potential recoveries, expansion into new lending products, operating leverage following a near-term increase in operating expenses, ample capital and improved governance.
Arihant Capital identified several potential catalysts, including the Q2FY27 results, the second tranche of warrants by September 2027, and the launch of digital personal loans, micro-loans against property (micro-LAP) and rural home loans in the second half of FY27. A potential AAA rating review in FY28, the NCLT hearing on the Sammaan Finserve demerger and the appointment of a permanent chairman are other developments to watch.
"We initiate coverage on Sammaan Capital with a 'buy' rating and a target price of Rs 360," Arihant Capital said.
Ventura said Sammaan Capital is transitioning from a stressed wholesale lender to a retail-focused, well-capitalised NBFC following IHC's Rs 8,850 crore capital infusion, which secured a 43.5 per cent controlling stake. Credit rating upgrades have improved the company's access to lower-cost funding. By FY29, advances are projected to reach Rs 89,516 crore, while AUM may rise to Rs 1.28 lakh crore, Ventura said.
Ventura added that Sammaan Capital had moved beyond its distressed phase and entered what it sees as an early-stage re-rating opportunity. Improving profitability, IHC-led capital and governance support, and better asset quality underpin its investment thesis. Ventura also initiated coverage with a 'buy' rating and a target price of Rs 377.7.
However, risks remain. Ventura flagged the possibility of rising delinquencies and credit costs if Sammaan Capital's rapid expansion in retail and MSME loan-against-property lending is not supported by strong underwriting. Arihant Capital highlighted legacy-related earnings concerns, execution risks in gold, unsecured and rural lending, funding challenges, and potential litigation stemming from the Indiabulls era.
Multibagger stock to buy: Domestic brokerage firms have shown renewed interest in Sammaan Capital Ltd, a non-banking financial company (NBFC) seen as a potential multibagger. Analysts see up to 185 per cent upside potential in the stock, as they believe the lender is poised for a re-rating following a balance-sheet clean-up.
Sammaan Capital is expected to rally sharply as the Rs 8,850 crore capital infusion by Abu Dhabi-based International Holding Company (IHC) could support improving asset quality, lower funding costs, stronger governance and expansion into retail lending, driving earnings growth and a valuation re-rating.
Sammaan Capital, formerly known as Indiabulls Housing Finance Ltd, is a mortgage-led NBFC classified in the Reserve Bank of India's upper layer. It is transitioning into a multi-product lender and is now controlled by IHC through Avenir. IHC has committed Rs 8,850 crore (about $1 billion) at Rs 139 per share.
Shares of Samman Capital rebounded nearly 3 per cent to Rs 135.50 on Monday from day's low at Rs 131.60. It commanded a market capitalization of Rs 15,700 crore. The stock is down 32 per cent from its 52-week high at Rs 192.40 hit on June 05, 2026. The stock tested its 52-week low at Rs 111.55 on October 26, 2026.
The FY26 clean-up involved exiting a Rs 14,953 crore non-core asset pool and bringing gross non-performing assets (GNPA) and net non-performing assets (NNPA) to nil, leaving an opening assets under management (AUM) base of Rs 53,160 crore.
Arihant Capital Market identified several factors supporting its investment thesis, including IHC's ability to improve the cost and availability of capital, a strengthening liability franchise and lower funding costs. It also highlighted the clean balance sheet, potential recoveries, expansion into new lending products, operating leverage following a near-term increase in operating expenses, ample capital and improved governance.
Arihant Capital identified several potential catalysts, including the Q2FY27 results, the second tranche of warrants by September 2027, and the launch of digital personal loans, micro-loans against property (micro-LAP) and rural home loans in the second half of FY27. A potential AAA rating review in FY28, the NCLT hearing on the Sammaan Finserve demerger and the appointment of a permanent chairman are other developments to watch.
"We initiate coverage on Sammaan Capital with a 'buy' rating and a target price of Rs 360," Arihant Capital said.
Ventura said Sammaan Capital is transitioning from a stressed wholesale lender to a retail-focused, well-capitalised NBFC following IHC's Rs 8,850 crore capital infusion, which secured a 43.5 per cent controlling stake. Credit rating upgrades have improved the company's access to lower-cost funding. By FY29, advances are projected to reach Rs 89,516 crore, while AUM may rise to Rs 1.28 lakh crore, Ventura said.
Ventura added that Sammaan Capital had moved beyond its distressed phase and entered what it sees as an early-stage re-rating opportunity. Improving profitability, IHC-led capital and governance support, and better asset quality underpin its investment thesis. Ventura also initiated coverage with a 'buy' rating and a target price of Rs 377.7.
However, risks remain. Ventura flagged the possibility of rising delinquencies and credit costs if Sammaan Capital's rapid expansion in retail and MSME loan-against-property lending is not supported by strong underwriting. Arihant Capital highlighted legacy-related earnings concerns, execution risks in gold, unsecured and rural lending, funding challenges, and potential litigation stemming from the Indiabulls era.