Sammaan Capital Ltd.

“Sammaan Capital combines every major risk factor for permanent capital impairment: a shrinking loan book, sub-cost-of-equity returns, zero competitive moat, a deeply compromised governance record (SEBI action against former MD, promoter complete exit), and no credible path to RoE recovery without flawless execution from a management team with a track record of serial failure. The 0.52x book valuation reflects deserved skepticism, not opportunity — a business earning 6.7% RoE on a contracting asset base against a 13% cost of equity is destroying value every year it operates. The structural funding-cost disadvantage versus bank-promoted peers is permanent, the retail pivot is late and underpowered, and the founding promoter's complete exit removes any pretense of insider conviction. This is a value trap, not a value opportunity.”