Ugro Capital Limited · NSE:UGROCAP
Ugro Capital — Q4 FY26 Earnings Presentation
32 slides from Ugro Capital's earnings presentation, Apr 20, 2026
Slide 1: Cover letter to stock exchanges
20th April 2026 To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No. C/1, G Dalal Street Block Bandra, Kurla Complex, Bandra Mumbai 400001 (East) Mumbai 400051 Scrip Code – 511742 Symbol – UGROCAP Subject: Investor Presentation for the
Slide 2: UGRO Capital Limited Investor Presentation Q4 FY26
UGRO Capital Limited Building an Institution for MSME Lending Data Tech Empowering Small Businesses (MSME) Lending Investor Presentation (Q4’FY26) April 2026 NSE: UGROCAP | BSE: 511742
Slide 3: Safe Harbor
Safe Harbor This presentation has been prepared by UGRO Capital Limited (the “Company”) solely for your information. By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation is for information purposes only and should not be deemed to constitute or
Slide 4: Q4'FY26: First full quarter of strategic realignment
Q4'FY26: First full quarter of strategic realignment The pivot announced on Feb 7, 2026 is being executed on pace - here's how the quarter framed it 01 02 Portfolio mix shifted decisively Cost realignment underway Focused verticals (Emerging Market + Embedded Merchant Finance) moved from Consolidate
Slide 5: Realignment scorecard: Feb-26 commitments vs Q4'FY26 delivery
Realignment scorecard: Feb-26 commitments vs Q4'FY26 delivery Five structural commitments made in the Feb 7, 2026 realignment communication - tracked quarter-by-quarter Feb-26 Commitment FY29 Target Q4'FY26 Delivery Status Trend Shift portfolio to high-yield focus verticals EM LAP + Embedded Merchan
Slide 6: Our long-term goal as stated in Strategic realignment presentation
Our long-term goal as stated in our Strategic realignment presentation in Feb-26 Portfolio mix Number of active customers Dec’25 FY29E Yield- Yield- 18.6% 14.0% 21% 15% Yield- Yield- 26.0% Yield- 22% 450K 15.3% 12% 17.7% 400K 350K 67% 63% 275K 290K Yield- 23.5% Emerging Market Embedded Merchant Fina
Slide 7: Focus verticals delivered strong Q4'FY26 performance
Focus verticals delivered strong Q4'FY26 performance Both AUM and on-book POS growing in focus verticals while legacy book runs down on both dimensions AUM (INR Cr) On Books POS (INR Cr) AUM Mix % AUM Dec-25 AUM Mar-26 POS Dec-25 POS Mar-26 AUM Mix AUM Mix Vertical Change Change Change (INR Cr) (INR
Slide 8: Performance snapshot for Q4'FY26
Performance snapshot for Q4’FY26 (1) AUM Net Disbursement EM Branches INR 15,334 Cr INR 2,137 Cr 317 YoY +28% QoQ -1% YoY -12% QoQ -4% Mar’25: 212 Dec’25: 313 Q4’FY26 vs Q4’FY25 Due to stoppage of Prime Intermediated disbursements Build-out phase complete GNPA (AUM) Portfolio Yield Cost of Borrowing
Slide 9: Focus Verticals Deep Dive
Focus Verticals Deep Dive Emerging Market LAP + Embedded Merchant Finance - two segments driving UGRO's next phase
Slide 10: Emerging Market: Three-year build-out complete
Emerging Market: Three-year build-out complete Pan-India network across 13 states, 317 branches, ~1,300 field sales - ready to sweat for productivity Metric FY24 FY25 FY26 EM AUM trajectory (INR Cr) # Branches 127 212 317 3,581 # States 8 11 13 2,596 # Logins 19,847 35,143 39,286 1,144 Disbursement
Slide 11: Emerging Market: Productivity inflection has begun
Emerging Market: Productivity inflection has begun Mature branches producing INR 0.68 Cr/month disbursement and 156 sub-6-month branches are queued behind them Monthly Disbursement per Branch (INR Cr) Branch cohort migration Dec-25 → Mar-26 (3 months) 0.80 0.75 0.67 0.52 156 0.48 195 0.34 80 66 81 5
Slide 12: Embedded Merchant Lending: Scaling through MyShubhLife platform
Embedded Merchant Lending: Scaling through MyShubhLife platform INR 2,280 Cr AUM across ~250k active customers - 6x growth in 15 months while maintaining asset quality AUM (INR Cr) Active Customers ('000s) GNPA (%) 2,280 250 1,798 1.7% 190 1.5% 1,270 153 1.3% 1,011 118 743 75 302 29 0.2% 0.2% Dec-24
Slide 13: Financial Performance
Financial Performance Income statement, ROA tree, balance sheet, and operating trends
Slide 14: Finance | Income Statement and ROA Tree
Finance | Income Statement and ROA Tree Income Statement (INR Cr) FY26 FY25 Y-o-Y FY24 ROA Tree FY26 FY25 Interest Income 1,370.2 958.8 43% 704.6 As a % of Avg On Book AUM Total Income 24.5% 24.3% Income on Co-Lending / Direct Assignment 445.0 382.9 16% 307.5 Finance Cost 11.6% 10.6% Other Income 20
Slide 15: Finance | Quarterly Income Statement
Finance | Quarterly Income Statement Income Statement (INR Cr) Q4’FY26 Q4’FY25 Y-o-Y Q3’FY26 Q-o-Q Interest Income 415.2 264.4 57% 328.4 26% Income on Co-Lending / Direct 154.6 119.3 30% 99.0 56% Assignment Other Income 61.9 28.7 116% 78.9 (22%) Total Income 631.7 412.4 53% 506.4 25% Note: Finance C
Slide 16: Finance | Balance Sheet
Finance | Balance Sheet Balance Sheet (INR Cr) Mar-26 Balance Sheet (INR Cr) Mar-26 Assets Liabilities Cash and Bank Balance 1,825 Trade payables 59 Loans 10,293 Debt securities 3,220 Investments 737 Borrowings (other than debt securities) 7,562 Other financial assets 230 Other financial liabilities
Slide 17: Asset quality & collections
Asset quality & collections Stable portfolio quality through transition; 98% collection efficiency in Q4'FY26 Collection Efficiency (%) - Total collections / current month demand ECL Data (Mar’26) (INR Cr) Loan Exposure Loan Exposure (%) 100% Stage 1 14,283 93.1% 99% 98% 96% 96% 95% 95% Stage 2 669
Slide 18: Diversified Lender base and continued build-out of liability book
Diversified Lender base and continued build-out of liability book Total Debt (INR Cr) and Cost of borrowings Liability mix by lender profile Liability mix by product 10.61% 10.55% 10.37% 10.24% 10.16% 7% Cost of Borrowings 10,716 10,782 26% 9% 7,586 8,088 Total Debt 45% Total Debt 6,904 INR 10,782 C
Slide 19: Operating & Financial Metrics
Operating & Financial Metrics Total Income (INR Cr) & Portfolio Yield(1) Finance Cost (INR Cr) & Cost of Borrowing Operating Exp to AUM (2) 17.6% 17.5% 10.61% 10.55% 17.3% 17.5% 17.2% 10.37% 10.24% 10.16% Q4’FY26 Opex to AUM ex-exit cost at 4.7% 5.3% 632 284 4.5% 4.4% 461 506 219 247 4.2% 4.0% 412 4
Slide 20: Shareholding, Board, and Management
Shareholding, Board, and Management Slide 19
Slide 21: Institutionally Owned: Majority held by Institutional Investors
Institutionally Owned: Majority held by Institutional Investors Shareholding Pattern as of Mar’26 Fully Diluted Shareholding Pattern Other Public Other Public 15.8% (Investment arm of shareholders, 24.4% 15.5% (Investment arm of shareholders, 26.3% Denmark govt.) Denmark govt.) 38k+ shareholders 12.
Slide 22: We are Independently supervised by eminent Board of Directors
We are Independently supervised by eminent Board of Directors Non-Executive Chairman Satyananda Mishra Chairman, Corporate Social Responsibility Committee Ex-Chairman- MCX, Ex-CIC, GOI, Ex-Director - SIDBI Independent Directors S. Karuppasamy Karnam Sekar Hemant Bhargava Rajeev K. Agarwal Tabassum I
Slide 23: Strong corporate governance framework enshrined in the Articles
With strong corporate governance framework enshrined in the Articles ▪ Reputed Audit Firm to be appointed as the statutory auditors ▪ High degree of regulatory oversight and transparency ▪ Sharp and Tannan is the statutory auditor ▪ An institution created with a long-term view, designed for continue
Slide 24: Professionally Managed: Leadership team has 180+ years of cumulative experience
Professionally Managed: Leadership team has 180+ years of cumulative experience Shachindra Nath Anuj Pandey Sameer Nanda Shilpa Bhatter Founder & Managing Director Chief Executive Officer Chief Revenue Officer Chief Financial Officer 25+ Years of Experience 25+ Years of Experience 25+ Years of Exper
Slide 25: Focused Vertical: Customer Segments & Sourcing Strategy
Focused Vertical: Customer Segments & Sourcing Strategy Slide 24
Slide 26: Emerging Market Loan: Small-ticket LAP to MSMEs in emerging markets
Emerging Market Loan: Small-ticket LAP to MSMEs in emerging markets Providing loan against property to MSMEs in highly underserved and underpenetrated Tier-2 cities and beyond Product Description Product Commercials Borrower Profile Applicant Profile Specific Underwriting Collateral backed business
Slide 27: Emerging Market Loan: Scaling through PAN-India branches ecosystem
Emerging Market Loan: Scaling through PAN-India branches ecosystem Strong on-ground sourcing and distribution through 1,300+ sales executives operating through 317 branches Rapidly increasing on-ground footprint Emerging market branches operate on a cluster-based approach… ..where each branch follow
Slide 28: Embedded Merchant finance through ecosystem-based lending approach
Embedded Merchant finance through ecosystem-based lending approach Enabling digital platforms to seamlessly embed regulatory - compliant lending products within their user journey Targeted reach to digitally-enabled underserved merchants… …through ecosystem partners… …creating a strong USP for both
Slide 29: Automated end-to-end underwriting process, backed by robust tech engine
Automated end-to-end underwriting process, backed by robust tech engine ML-driven decision engines, dynamic limits and fraud detections Extremely rich merchant data… …analysed through proprietary LOS / LMS1… …providing faster and reliable decision making Auto approved Automated integrated & data sha
Slide 30: ESG - Driving Inclusive and Responsible Value Creation
ESG -Driving Inclusive and Responsible Value Creation Slide 29
Slide 31: UGRO's strong foundation of ESG practices
UGRO’s strong foundation of ESG practices E 17% Of total AUM is Green Portfolio 6% Of total UGRO’s electricity consumption is 1.82 Lakhs+ Customers outreached via UGRO Impact Sparks ESG Award Profit with Purpose awarded during Bharat Environmental CSR & Sustainability from green energy knowledge ser
Slide 32: Thank you
Thank you www.ugrocapital.com Slide 31