Ugro Capital Limited · NSE:UGROCAP
Ugro Capital — Q3 FY26 Earnings Presentation
26 slides from Ugro Capital's earnings presentation, Feb 7, 2026
Slide 1: Exchange filing intimation letter
7th February 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 t
Slide 2: UGRO Capital Limited Investor Presentation Q3 FY26
UGRO Capital Limited Building an Institution for MSME Lending Data Tech Empowering Small Businesses (MSME) Lending Investor Presentation (Q3’FY26) December 2025 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: Performance snapshot for Q3'FY26
Performance snapshot for Q3’FY26 Q3’FY26(5) Q3’FY25(5) 9M’FY26(5) 9M’FY25(5) AUM (INR Cr) 15,454 11,067 40% 15,454 11,067 40% Net Disbursement (INR Cr)(1) 2,217 2,098 6% 5,605 5,215 7% Annualized EPS of 9M’FY26(4) Off-book AUM 36% 44% 794 bps 36% 44% 794 bps INR 14.4 per share Net Total Income %(2)
Slide 5: Key metrics for Q3'FY26
Key metrics for Q3’FY26 01 Asset 02 03 Asset 04 Liability & Profitability Growth Quality Co - lending AUM Net Total Income GNPA (AUM) Leverage As of Dec’25: 15,454 Cr Q3’FY26: 260 Cr As of Dec’25 : 2.2% As of Dec’25: 3.8x (+40% Y-o-Y) (+19% Y-o-Y) (Dec’24: 2.1%) (Dec’24:3.1x) Co-lending Net Loans Or
Slide 6: Key Product Suite with focus on direct sourced high-yielding products
Key Product Suite with focus on direct sourced high-yielding products UGRO’s Core Offerings Prime Intermediated: Ecosystem Channel & Emerging Market: Tier 2 Embedded Finance Metro & Tier 1/2 School Financing & beyond branches Green Asset Financing Branches Collateral: Collateral:Standard Standard Co
Slide 7: Well diversified, granular and stable portfolio quality
Well diversified, granular and stable portfolio quality Product Mix (AUM) Portfolio Concentration in key geographical areas Sector Mix State wise AUM 5% 12% coverage 7% 23% 16% 4% 1% 13% 6% 8% 3% 7% 4% 3% 10% 3% 15% 12% Guaranteed by 4% 5% CGTMSE 27% 10% 4% 1% 21% Rest of India: ~1% 8% 3% 3% 33% Sec
Slide 8: Our collection efficiencies and portfolio performance (1/2)
Our collection efficiencies and portfolio performance (1/2) Collection Efficiency, Month on Books, GNPA and 30+ quarterly trend Total Collections (1) (including overdue) / Current Month Demand 100% 99% 96% 96% 95% 95% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 GNPA, 30+% and MOB 7.2% 7.5% 6.7% 6.5% 6
Slide 9: Our collection efficiencies and portfolio performance (2/2)
Our collection efficiencies and portfolio performance (2/2) Stable Stage 1 assets ECL Data (Dec’25) 94% 94% 93% 92% 93% 94% (INR Cr) Loan Exposure Loan Exposure (%) Stage 1 14,469 93.6% Stage 2 637 4.1% Stage 3 348 2.2% Total 15,454 100.0% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Adequate Provisi
Slide 10: 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 10.68% 10.61% 10.55% 10.37% 10.24% 7% 10,716 4% Cost of Borrowings 24% 8,088 7,586 23% Total Debt 6,904 Total Debt 49% 6,151 7% INR 10
Slide 11: Overall off book AUM
Overall off book AUM Off - Book AUM mix Product wise Mix of off - Book AUM (Dec’25) On Book Portfolio Off Book Portfolio 3,560 2,390 3,199 2,284 1,263 1,798 775 8% 22% 15% 44% 31% 36% 57% 47% 45% 45% 44% 42% 42% 43% 92% 78% 85% 56% 69% 43% 53% 58% 64% Secured Business Emerging Machinery Partnership Em
Slide 12: Finance | Quarterly Income Statement
Finance | Quarterly Income Statement Income Statement (INR Cr) Q3’FY26 Q3’FY25 Y-o-Y Q2’FY26 Q-o-Q ROA Tree Q3’FY26(2) 9M’FY26(2) Interest Income 328.4 254.4 29% 322.4 2% As a % of Avg On Book AUM Income on Co-Lending / Direct 99.0 103.6 (4%) 100.6 (2%) Total Income 24.1% 22.1% Assignment Other Inco
Slide 13: 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) and Cost to Income 17.6% 10.68% 10.61% 10.55% 17.5% 17.2% 10.37% 10.24% 56.7% 55.7% 56.6% 58.1% 17.3% 51.8% 16.9% 461 506 247 385 412 422 205 219 4.7% 4.5% 4.4%
Slide 14: Shareholding, Board, and Management
Shareholding, Board, and Management Slide 13
Slide 15: Institutionally Owned: Majority held by Institutional Investors
Institutionally Owned: Majority held by Institutional Investors Shareholding Pattern as of Dec’25 Fully Diluted Shareholding Pattern (Investment arm Other Public 15.8% (Investment arm of Other Public 15.5% of Denmark govt.) shareholders, 29.1% Denmark govt.) shareholders, 28.6% 39k+ shareholders 9.5
Slide 16: 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 17: With 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 appointed as the statutory auditor ▪ An institution created with a long-term view, designed an
Slide 18: 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 26+ Years of Experience 25+ Years of Experience 24+ Years of Exper
Slide 19: ESG - Driving Inclusive and Responsible Value Creation
ESG -Driving Inclusive and Responsible Value Creation Slide 18
Slide 20: Strengthening UGRO's ESG Framework
Strengthening UGRO’s ESG Framework Launch of Environmental & Social Management System (ESMS) Strategic Milestone Investor Value Proposition ➢ Board-approved ESMS ➢ Risk Mitigation: Robust screening safeguards lending portfolio against environmental & social risks ➢ Aligns with global ESG benchmarks
Slide 21: Key Components of ESMS
Key Components of ESMS Policy ESG Policy & other relevant HR policies are Monitoring & Review in place Monitor actionable from ESMS and Identification of Risks and Impacts ensure a periodic review of ESMS Identified risks such as credit, legal, operational, liquidity & reputational; ICAAP Document i
Slide 22: 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 23: Existing ESG Integration at UGRO Capital
Existing ESG Integration at UGRO Capital Strategic Alignment Impact Highlights Campaigns & Culture • Mission: “Solving the Unsolved” MSME • 100% Portfolio assessment via ESG DD • progressive campaigns like credit gap for customers #MSMEAchhahai; #BharosaMSMEpar; • Every loan is ESG-screened through
Slide 24: Existing ESG Integration at UGRO Capital
Existing ESG Integration at UGRO Capital Financial Inclusion Education 3,11,074 active MSME across Q-o-Q - 5% increase in industries education portfolio with 1000+ 14% increase in income business beneficiaries observed* Health & Wellbeing Diversity & Inclusion 4% of total AUM contributes Business: 7
Slide 25: Existing ESG Integration at UGRO Capital
Existing ESG Integration at UGRO Capital Policies: Board Committees: CG Code, ESG, CSR, RMC, ALCO, IT Strategy Whistleblower, POSH, Committee, Audit CoC & Business Ethics, Committee, Anti-bribery & Anti- Compliance corruption, Equal Committee, CSR Opportunity, Health & Committee etc. Safety Policy (
Slide 26: Thank you
Thank you www.ugrocapital.com Slide 25