Ugro Capital Limited · NSE:UGROCAP
Ugro Capital — Q1 FY27 Earnings Presentation
44 slides from Ugro Capital's earnings presentation, Aug 4, 2026
Slide 1: Exchange intimation letter for investor presentation
4th August 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 Q1'FY27
UGRO Capital Limited Building an Institution for MSME Lending Data Tech Empowering Small Businesses (MSME) Lending Investor Presentation (Q1’FY27) August 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: Double engine: branches and technology-led embedded finance
DOUBLE ENGINE Se partnerships, ‘: branches and technology-led by our Fe pacha sas accelerating MSME growth across India. EMBEDDED FINANCE A HISTORIC FIRST 5 a a PY A EMERGING MARKETS ypwews ay Deepening MSME Relationships C R 0 R E Building Bharat, Branch by Branch Together, We Are Building India’s
Slide 5: Q1'FY27 reflection
Q1’FY27 reflection PCPL Merger Reduction of Co-lending/DA income Cost rationalization complete Stock exchange approval for PCPL Income from Co-lending and DA Execution of cost rationalization merger received in Q1’FY27. declined from INR 154.6 Cr in due to strategic realignment is Application for NC
Slide 6: Recap of Strategic Realignment announced on February 7, 2026
Recap of Strategic Realignment announced on February 7, 2026 We announced the strategic realignment of our business on February 7, 2026, resetting our asset-sourcing strategy, re-base opex and strengthen the earnings profile, thereby delivering self-sustained profitability metrics Sourcing strategy
Slide 7: Why the new UGRO is structurally better
Why the new UGRO is structurally better The strategic realignment re-bases UGRO onto higher-yield lending, recurring income and a leaner cost base lifting long-term economics Pre Strategic Realignment Post Strategic Realignment Combination of Lower-yield intermediated Prime business - Higher-yield f
Slide 8: Strategic realignment execution
Strategic realignment execution
Slide 9: Our long-term goal as stated in Feb-26 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% 15% 21% Yield- Yield- 26.0% Yield- 400K 450K 15.3% 12% 22% 17.7% 350K 275K 290K 63% 67% Yield- 23.5% Dec'25 Mar'26E Mar'27E Mar'28E Mar'29E
Slide 10: Q1'FY27: Strategic realignment scorecard
Q1’FY27: Strategic realignment scorecard We are on track/ ahead on the five measurable outcomes that we had announced in Feb-26 Feb-26 Commitment FY29 Target Q1’FY27 Delivery Status Shift portfolio to high-yield focus verticals 85% of AUM Focus products mix increased from 32% as of Dec-25 to 46% as
Slide 11: Increasing mix of focused products
Increasing Mix of Focused products, in line with Strategic realignment Gradual shift in Portfolio mix towards High Yield focused products Yield- Yield- Dec’25 18.6% Jun’26 18.5% FY29E Plan Yield- 14.0% 21% 15% 26% INR INR 15,454 Cr 11% 15,013 Cr 22% Yield- 54% 17.7% 68% 63% Yield- 20% Yield- Yield-
Slide 12: Steady AUM growth in the Emerging Market vertical
Steady AUM growth in the Emerging Market vertical Emerging Market LAP AUM guidance (Dec’25) INR Cr > 25% CAGR in 39,000 years 2,596 3,199 1,144 Mar'24 Mar'25 Dec'25 Mar'29E AUM - Actual performance (Jun’26) On books POS - Actual performance (Jun’26) INR Cr INR Cr 3,581 3,896 2,201 2,370 2,495 3,199
Slide 13: Embedded Merchant Finance: AUM growth well ahead of plan
Embedded Merchant Finance: AUM growth well ahead of plan Without compromising asset quality; GNPA at 2.1% as at Jun’26 Embedded finance AUM guidance (Dec’25) INR Cr > 25% CAGR in 3 years 0 1,798 3,400 743 Mar'24 Mar'25 Dec'25 Mar'29E AUM - Actual performance (Jun’26) On books POS - Actual performanc
Slide 14: Quarter performance
GRO Quarter performance
Slide 15: Performance snapshot for Q1'FY27
Performance snapshot for Q1’FY27 (1) PBT AUM Portfolio Yield Net Disbursement Cost of Borrowings PBT 15,334 INR 61.5 CrCr INR 2,137 Cr 18.1% INR 51.1 Cr 10.14% YoY +28% QoQ -14% QoQ -1% YoY YoY69 bps -12% QoQ QoQ63-4% bps YoY YoY-41 bps +26% QoQ QoQ -2 bps +10% Discountenance of Prime Intermediated
Slide 16: Quarterly Financial Statements and ROA Tree
Quarterly Financial Statements and ROA Tree Income Statement (INR Cr) Q1’FY27 Q4’FY26 Q-o-Q Q1’FY26 Y-o-Y ROA Tree Q1’FY27(3) Q4’FY26(3) Interest Income 363.0 415.2 (13%) 304.2 19% As a % of Avg On Book AUM Income on Co-Lending / Direct Total Income 22.4% 26.1% 74.9 154.6 (52%) 90.8 (18%) Assignment
Slide 17: The P&L reset is now complete
The P&L reset is now complete, self-sustained run-rate have begun Cost rationalization has fully absorbed the step-down in DA / co-lending income; self sustained ROA at 2.8% PBT flow from Q4’FY26 to Q1’FY27 (INR Cr) INCOME ON CO LENDING / DA NORMALISED STRUCTURAL COST TAKEN OUT 87 (80) Co-lending /
Slide 18: Focused verticals performance
Focused verticals performance
Slide 19: Two focused verticals anchoring the mix shift
Two focused verticals anchoring the mix shift Emerging Market LAP and Embedded Merchant Finance now form 46% of AUM (Jun’26) - both higher-yield, both at 2.1% GNPA Emerging Market LAP Embedded Merchant Finance (GROx) Tech-led, fully-automated merchant lending on the GROx platform (ex- Small-ticket,
Slide 20: Emerging Market LAP: product offering
Emerging Market LAP: product offering Small-ticket, collateral-backed loan against property to MSMEs in Tier-2 cities and beyond, for working capital and business expansion Key commercial parameters AUM- Jun’26 Loan size Average ticket size INR 3,896 Cr INR 7.5 - 50 Lakh INR 17 - 19 Lakh Tenor Portf
Slide 21: EM - PAN India presence completely built out
EM - PAN India Presence completely built out with no further Opex State # of branches Uttar Pradesh 33 Rajasthan 31 1 Haryana 13 4 13 Delhi & Others 9 9 Uttarakhand 4 31 33 Punjab 1 North 91 Tamil Nadu (Including Puducherry) 56 14 43 Andhra Pradesh 33 Karnataka 27 34 Telangana 19 19 South 135 Madhya
Slide 22: Emerging Market: Productivity inflection has begun
Emerging Market: Productivity inflection has begun Mature branches producing INR 0.81 Cr/month disbursement and 145 sub-6-month branches are queued behind them Monthly Disbursement per Branch (INR Cr) Branch cohort migration Mar’26 → Jun’26 (3 months) 0.81 0.67 0.66 156 145 0.47 0.49 0.37 76 80 81 9
Slide 23: Embedded Merchant Financing Journey
Embedded Merchant Financing Journey Documentation on 05 Partner mobile App LMS & Loan Lifecycle & Grox APIs 1.Loans booked on GroX LMS 1.KYC * 2.LMS licensed to UGRO & Co- 2.Consent, KFS & Agreement lender under TSP 3.eNach / UPI Autopay 4.Pennydrop 04 03 06 Fully- Automated BRE 1.Standard policy Gr
Slide 24: Embedded Merchant Lending through GROx platform
Embedded Merchant Lending through digitally scalable GROx platform INR 3,003 Cr AUM across ~344k active customers; 4x growth in 5 quarters while maintaining asset quality AUM (INR Cr) Active Customers ('000s) GNPA (%) 3,003 344 2.1% 2,280 250 1.7% 1,798 190 1.5% 1.3% 1,270 153 1,011 118 743 75 0.2%
Slide 25: Asset Quality & Collections
GRO Asset Quality & Collections
Slide 26: Asset quality & collections
Asset quality & collections Stable portfolio quality through transition; 98% collection efficiency in Q1’FY27 Collection Efficiency (%) - Total collections / current month demand ECL Data (Jun’26) (INR Cr) Loan Exposure Loan Exposure (%) 100% Stage 1 13,883 92.5% 99% 98% 98% 96% 95% 95% Stage 2 733
Slide 27: Emerging Market collections: Four lines of defence
Emerging Market collections: Four lines of defence A large, in-house, on-ground workforce spanning every stage of delinquency- with ~99% of collections digital 1 st Line of Defence 2 nd Line of Defence 3 rd Line of Defence 4 th Line of Defence Strategy and Analytics Call Centre Field Collections Lit
Slide 28: GROx collections: a tech-led, self-securing model
GROx collections: a tech-led, self-securing model Daily settlement reconciliation Early-warning systems 3-tier collections 95% of the repayments currently on daily EDI Real-time merchant payment tracking, Interventions are determined based on the repayment. API-driven fund reconciliation transaction
Slide 29: Liability
Liability
Slide 30: Diversified lender base and liability book build-out
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 10.55% 10.37% 10.24% 10.16% 10.14% 8% Cost of Borrowings 23% 2% 10,716 10,782 10,793 23% Total Debt 7,586 8,088 Total Debt 45% 8% INR
Slide 31: ~66% of borrowings now beyond three years
~66% of the borrowings now beyond three years and at competitive rates Liability mix by Tenure Cost of incremental borrowings (long term) 14% 18% 14% 14% 14% 10.3% 10.1% 10.0% 9.8% 9.8% 41% 45% 1,400 1,355 1,450 48% 47% 52% 1,172 1,146 32% 29% 31% 27% 26% 7% 8% 13% 12% 8% Q1'FY26 Q2'FY26 Q3'FY26 Q4'
Slide 32: Shareholding, Board, and Management
Shareholding, Board, and Management
Slide 33: Institutionally Owned: Majority held by Institutional Investors
Institutionally Owned: Majority held by Institutional Investors Fully Diluted Shareholding Pattern (Jun’26) Other Public 15.5% shareholders, 25.3% (Investment arm of Denmark govt.) 12.7% Insurance Cos, 0.9% FPIs, 1.7% Corporate, 7.6% 9.6% ESOPs, 3.3% Promoter, 2.8% 8.9% 6.1% 5.8% Promoter and Manage
Slide 34: 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 E
Slide 35: Strong corporate governance framework 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 ▪ G.P. Kapadia & Co. is the statutory auditor ▪ An institution created with a long-term view, designed for contin
Slide 36: Professionally Managed: Leadership with 200+ years experience
Professionally Managed: Leadership has 200+ 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 Experience
Slide 37: Focused Vertical: Customer Segments & Sourcing Strategy
Focused Vertical: Customer Segments & Sourcing Strategy
Slide 38: Emerging Market Loan: Small-ticket LAP to MSMEs
Emerging Market Loan: Small-ticket LAP to MSMEs in Tier II and beyond locations 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 back
Slide 39: Emerging Market Loan: Scaling through PAN-India branches
Emerging Market Loan: Scaling through PAN-India branches ecosystem Strong on-ground sourcing and distribution through 1,700+ 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 40: GROx: Automated end-to-end underwriting process
GROx: 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 & da
Slide 41: ESG
ESG Driving Inclusive and Responsible Value Creation
Slide 42: Weaving ESG into Business
Weaving ESG into Business Strengthening ESG Ecosystem Enhanced ESG Risk Tracking 1. Newly developed ESMS with updated ESG Policy, 1. Enhanced ESG Risk tracking mechanism – 2. ESG Committee formation charter, stakeholder expanded the scope to MyShubhLife customers engagement framework and mapping of
Slide 43: UGRO has a strong foundation of ESG practices
UGRO has a strong foundation of ESG practices E ~55% 1 Of borrowers adopted clean or energy efficient practices ~45% Borrowers practice active waste reduction 5.61 Lakhs+ Outreach footprint via UGRO Impact Sparks knowledge ~95%1 Borrowers follow at least one environmental practice; ~8% use Environme
Slide 44: Thank You
THANK YOU www.ugrocapital.com