Ugro Capital Limited · NSE:UGROCAP
Ugro Capital — Q2 FY26 Earnings Presentation
51 slides from Ugro Capital's earnings presentation, Nov 7, 2025
Slide 1: Exchange filing cover letter
7th November 2025 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 Q2'FY26
UGRO Capital Limited Building an Institution for MSME Lending Data Tech Empowering Small Businesses (MSME) Lending Investor Presentation (Q2’FY26) September 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: Q2'FY26 Snapshot: Strategic Initiatives and Expansion
Q2’FY26 Snapshot: Strategic Initiatives and Expansion Equity Fund raise: Focus on Emerging Market (EM) Building up Embedded finance: channel: Equity raise amounting to ~INR 303 EM branches with AUM mix Our embedded finance platform, 535 Cr through CCDs for Profectus increased to ~25% as of Sep’25; M
Slide 5: Performance snapshot for Q2'FY26
Performance snapshot for Q2’FY26 Q2’FY26(5) Q2’FY25(5) H1’FY26(5) H1’FY25(5) AUM (INR Cr) 12,226 10,157 20% 12,226 10,157 20% Net Disbursement (INR Cr)(1) 1,789 1,971 9% 3,388 3,118 9% Annualized EPS of H1’FY26(4) Off-book AUM 43% 44% 112 bps 43% 44% 112 bps INR 14.8 per share Net Total Income %(2)
Slide 6: Key metrics for Q2'FY26
Key metrics for Q2’FY26 01 Asset 02 03 Asset 04 Liability & Profitability Growth Quality Co - lending AUM Net Total Income GNPA (AUM) Leverage As of Sep’25: 12,226 Cr Q2’FY26: 243 Cr As of Sep’25 : 2.4% As of Sep’25: 3.3x (+20% Y-o-Y) (+21% Y-o-Y) (Sep’24: 2.1%) (Sep’24:2.7x) Co-lending Net Loans Or
Slide 7: Serving a diverse set of customers with multi-product, multi-channel strategy
Serving a diverse set of customers with multi-product, multi-channel strategy UGRO’s Focus Prime Intermediated: Emerging Market: Tier 2 & Ecosystem Channel & Direct & Digital Alliances Metro & Tier 1/2 Branches beyond branches Green Asset Financing Collateral: Prime Property (For Collateral: Collate
Slide 8: Emerging Market: Poised to achieve steady-state metrics
Emerging Market: Poised to achieve steady-state metrics with diversified portfolio mix AUM split by geography Parameters Branch Yield Ticket size Tenor GNPA Credit cost Productivity % (INR Cr) (months) % % 71 Steady-state INR 1.1 Cr p.m 18% INR 0.2 Cr 125 3.7-4% 1.3-1.5% levels 6% 4% 17% 6% 7% Branc
Slide 9: Emerging Market: Key metrics snapshot
Emerging Market: Key metrics snapshot Q2’FY26 Q1’FY26 FY25 FY24 Quarterly trends- Last 6 quarters Strategy - Current/ Target 286 # of branches: # of branches 303 212 127 • Our planned expansion of EM vertical is complete # of states 13 13 11 8 • We have significantly 286 303 187 201 212 curtailed ou
Slide 10: Embedded finance platform (MSL) acquisition delivering results
Embedded finance platform (MSL) acquisition delivering massive results Market opportunity Disbursement trend (INR Cr) MSL Performance so far.. $22bn+ • Our targeted acquisition of the embedded 65mn 637 713 finance platform (MSL) has tracked to the Total Merchants Annual Credit 582 Requirement for Sm
Slide 11: 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 10% coverage 8% 20% 1% 8% 1% 17% 4% 14% 4% 8% 3% 14% 10% 5% 10% 4% 2% 4% 2% 11% 27% Guaranteed by 3% 9% 25% CGTMSE Rest of India: ~1% 3% 8% Secured Bu
Slide 12: 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% 96% 96% 96% 95% 95% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 GNPA, 30+% and MOB 7.2% 7.5% 6.7% 6.4% 6
Slide 13: Collection efficiencies and portfolio performance (2/2)
Our collection efficiencies and portfolio performance (2/2) Stable Stage 1 assets ECL Data (Sep’25) 93% 94% 94% 93% 92% 93% (INR Cr) Loan Exposure Loan Exposure (%) Stage 1 11,409 93.3% Stage 2 529 4.3% Stage 3 289 2.4% Total 12,226 100.0% Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Adequate Provisi
Slide 14: Diversified Lender base and 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 10.75% 10.68% 10.61% 10.55% 10.37% 3% 4% 17% Cost of Borrowings 8,088 7,586 20% 6,904 7% 6,151 Total Debt Total Debt 5,344 INR 8,088 C
Slide 15: Overall off book ratio maintained sustainably
Overall off book ratio maintained sustainably Off - Book AUM mix Product wise Mix of off - Book AUM (Sep’25) On Book Portfolio Off Book Portfolio 2,438 2,643 2,997 1,704 981 1,270 11% 34% 56% 60% 55% 45% 45% 45% 44% 42% 42% 43% 89% 83% 66% 44% 40% 45% 58% Secured Business Emerging Machinery Partnershi
Slide 16: Finance | Quarterly Income Statement
Finance | Quarterly Income Statement Income Statement (INR Cr) Q2’FY26 Q2’FY25 Y-o-Y Q1’FY26 Q-o-Q ROA Tree Q2’FY26(2) H1’FY26(2) Interest Income 322.4 208.0 55% 304.2 6% As a % of Avg On Book AUM Income on Co-Lending / Direct 100.6 109.5 (8%) 90.8 11% Total Income 26.4% 25.5% Assignment Other Incom
Slide 17: Finance | Balance Sheet
Finance | Balance Sheet Balance Sheet (₹ Cr) Sep-25 Mar-25 Balance Sheet (₹ Cr) Sep-25 Mar-25 Assets Liabilities Cash and Bank Balance 1,599 544 Trade payables 4 1 Loans 8,004 7,919 Debt securities 1,884 1,983 Investments 492 103 Borrowings (other than debt securities) 6,204 4,921 Other financial as
Slide 18: Operating & Financial Metrics
Operating & Financial Metrics Total Income (INR Cr) & Portfolio Yield(1) Finance Cost (INR Cr) & Cost of Borrowing Operating Exp to AUM and Cost to Income 17.5% 17.6% 10.75% 10.68% 10.61% 10.55% 17.3% 10.37% 56.7% 55.7% 56.6% 52.7% 51.8% 16.7% 16.9% 412 422 461 205 219 4.3% 4.7% 4.5% 343 385 181 4.2
Slide 19: MSME lending: The largest opportunity today
MSME lending : The largest opportunity today Slide 18
Slide 20: For India's GDP to reach USD 5 trillion, MSME sector has to grow
For India’s GDP to reach USD 5 trillion, MSME sector has to reach USD ~2 trillion Today India’s GDP in FY2028 FY2028 MSME ~6.6 Crore MSMEs 35 – 40% ~8 – 10 Crore MSMEs MSME MSME 35-40% 35-40% ~29 Crore employment ~35-40 Crore employment ~30% of GDP ~35-40% of GDP MSME sector expected to grow to USD
Slide 21: MSME sector is key to India's Employment Generation
MSME sector is the key to India’s ‘Employment Generation’, making it one of the Central themes of Government in the last decade MSME count to grow to ~10 crores employing 35-40 crores Slide 20
Slide 22: Well supported by continuity in Government initiatives
…well supported by continuity in Government initiatives Government Initiatives throughout the years Financial Support for MSME Growth - 2025 • 2014 - Pradhan Mantri MUDRA Yojana (PMMY) Budget Allocation • 2015 - Udyog Aadhaar Memorandum (UAM) • For Ministry of MSME: INR 23k Crores Revised Classifica
Slide 23: Building a large institution for MSME financing is a real possibility
Building a large institution for MSME financing is a real possibility Explosion of Credit in MSME Segment: Large market opportunity, conducive macro, favorable policy framework Total MSME Credit gap is INR 1,03,000 Bn Credit Gap of our customer segment constitutes majority portion Overall MSME Credi
Slide 24: Executing The big plan…
Executing The big plan… Slide 23
Slide 25: UGRO Capital: Well-placed to capitalize on the opportunity
UGRO Capital: Well-placed to capitalize on the opportunity MSMEs – A large and growing credit opportunity with strong tailwinds UGRO – a pureplay MSME financing platform with a focused business strategy Wide-array of customized product offerings catering to a diverse customer base Multi-channel dist
Slide 26: UGRO's journey
UGRO’s journey Amount in INR Cr (1) Fund Raise: INR 381 Cr through Rights Issue (2) Proposal for Acquisition of Series of Credit Crises Equity raise of • ILFS INR 340 Cr • DHFL • Yes Bank Raised INR 258 Cr though CCDs 12,226 Cr 12,003 Cr Developed Sectoral Expertise and GRO Score 1.0 9,047 Cr Raised
Slide 27: UGRO's Data & Tech driven approach
UGRO’s Data & Tech driven approach Slide 26
Slide 28: India's data repository will support data driven MSME credit expansion
India’s data repository will support Data driven MSME credit expansion Increasing MSME Data availability is a key lever India Data Stack 360-degree underwriting is possible INCREASE IN GST PAYERS >100% 26x Monthly UPI VOLUMES Sector - subsector Up from 70L in 2017 to Up from 800 Mn in Mar’19 to ~16
Slide 29: UGRO's journey of Data-Tech driven lending to MSMEs
UGRO’s journey of Data-Tech driven lending to MSMEs over 5+ yrs Build phase Early Validations Maturing phase Growth Phase Data Repository - Sep’25 Infrastructure build at inception during Covid, pivoted At Dec 2022, 87% of long term portfolio Become an industry to cash flow based underwriting models
Slide 30: Data driven by AI/ML powers our core underwriting
Data driven by AI/ML powers our core underwriting : Ability to capture alternate data from banking and bureau… …to draw meaningful insights out of unorganized data... Artificial Intelligence GRO 2.0 GRO 3.0 Engineering of making Intelligent Credit Bureau Machines and Programs Credit Across Multiple
Slide 31: Advent of alternate data is revolutionizing underwriting of MSMEs
Advent of alternate data is revolutionizing underwriting of MSMEs A combination of bureau, banking and GST makes it possible to cover all aspects that are critical for MSMEs’ financial assessment Massive library of 20,000+ parameters derived from API Enabling holistic underwriting across most integr
Slide 32: Our System Architecture supports full SME lending
Our System Architecture supports full SME lending Secured Factoring P&M Loans OD product EV / Solar Digital Finance Co-lending Embedded Business Loan Finance GSTN Bureau + Banking Bureau + Banking + GSTN GROSCORE GROSCORE 2.0 3.0 UGRO’S PROPRIETARY TECH CAPABILITY Co-lending Supply Chain D2C Offerin
Slide 33: Strong On-ground Collections Infrastructure
Strong On-ground Collections Infrastructure 4-Tier Collection Process: Vigorous Lines of Defense • In-house team managing cases till the customer goes beyond 15+ days of default / or shows erratic or delinquent behavior 1st Line of Defense • Strategy for the team relies on analyzing customer’s histo
Slide 34: Multi-product, multi-channel Asset Engine
Multi-product, multi-channel Asset Engine Slide 33
Slide 35: Serving a diverse set of customers with multi-product, multi-channel strategy
Serving a diverse set of customers with multi-product, multi-channel strategy Prime Intermediated: Emerging Market: Tier 2 & Ecosystem Channel & Direct & Digital Alliances Metro & Tier 1/2 Branches beyond branches Green Asset Financing Collateral: Prime Property (For Collateral: Collateral:Standard
Slide 36: Sector Focused Approach, Multiple Products and Large Distribution Strength
Sector Focused Approach, Multiple Products and Large Distribution Strength Light Engineering Retailer 22 Finance Prime Branches Auto Components Business Loan Secured by Property 303 Chemicals EM Branches Business Food Processing Loan 700+ GRO Partners Our Product Education Offering 2,150+ Front-end
Slide 37: Net Loan Origination (Q-o-Q)
Net Loan Origination (Q-o-Q) Amount in INR Cr Disbursement excluding Supply Chain Financing(1) stands at INR 1,826 Cr for Q2’FY26 as against INR 2,069 for Q2’FY24 2,436 2,098 1,971 638 335 1,789 277 1,554 1,599 1,552 233 308 1,477 291 322 1,146 -98 260 713 209 261 287 -61 582 156 456 -50 167 225 227
Slide 38: Strong AUM Growth Trend (Q-o-Q)
Strong AUM Growth Trend (Q-o-Q) Amount in INR Cr AUM increased to INR 12,226 Cr as of Sep’25 from INR 12,081 Cr as of Jun’25 and INR 10,157 Cr as of Sep’24 (+20%) 20% 12,081 12,226 12,003 11,067 743 1,011 1,270 10% 10,157 302 1,181 1,072 981 8% 1,199 9,047 9,218 1,184 12% 1,577 1,651 1,704 8,364 1,4
Slide 39: Shareholding, Board, and Management
Shareholding, Board, and Management Slide 38
Slide 40: Institutionally Owned: Majority held by Institutional Investors
Institutionally Owned: Majority held by Institutional Investors Shareholding Pattern as of Sep’25 Fully Diluted Shareholding Pattern(1) (Investment arm Other Public shareholders, 30.6% 15.5% of Denmark govt.) (Investment arm of Other Public 41k+ shareholders 21.0% Denmark govt.) shareholders, 28.3%
Slide 41: 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 42: 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 43: Professionally Managed: Leadership team has 180+ years of experience
Professionally Managed: Leadership team has 180+ years of cumulative experience Shachindra Nath Anuj Pandey Sameer Nanda Irem Sayeed Founder & Managing Director Chief Executive Officer Chief Revenue Officer Chief Risk Officer 26+ Years of Experience 25+ Years of Experience 24+ Years of Experience 20
Slide 44: ESG - Driving Inclusive and Responsible Value Creation
ESG -Driving Inclusive and Responsible Value Creation Slide 43
Slide 45: Existing ESG Integration at UGRO Capital
Existing ESG Integration at UGRO Capital Strategic Alignment Impact Highlights Campaigns & Culture • Mission: “Solving the Unsolved” MSM • 100% Portfolio assessment via ESG DD • #BharosaMSMEpar movement credit gap for customers • ESG-led credit as a lever for inclusive • ESG embedded in lending prot
Slide 46: ESG Integration at UGRO Capital (FY25)
ESG Integration at UGRO Capital (FY25) Portfolio Emission Calculation Financial Inclusion (GHG – Cat.15) 135,000+ active MSME were In FY25, UGRO Capital attempted supported by the loan provision; out portfolio emission calculation of which 88% reported the increase in revenue through UGRO’s fund 42%
Slide 47: 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, Internal Committee etc. Audit etc. Repo
Slide 48: UGRO Capital Social Impact Report 2024-25
UGRO Capital Social Impact Report 2024-25 UGRO Capital: Creating a strong social impact since inception UGRO Capital MSME Social Impact Report 2025 Slide 47
Slide 49: UGRO's Impact journey from Previous report (1/2)
UGRO’s Impact journey from Previous report (1/2) CURRENT PREVIOUS UN SDG PARTICULARS (2024-25) (2023-24) 1. Percentage of female borrowers who are owners 9% 9% 2. Percentage of female borrowers who are owner/co-owner 76% 72% Increase in revenue of borrowers (based on impact survey) 88% 94% AUM of po
Slide 50: UGRO's Impact journey from Previous report (2/2)
UGRO’s Impact journey from Previous report (2/2) CURRENT PREVIOUS UN SDG PARTICULARS (2024-25) (2023-24) AUM in healthcare industry 430 Cr 374 Cr AUM in clean water and sanitation industry 268 Cr 151 Cr AUM in clean energy industry 374 Cr 134 Cr AUM in education industry 102 Cr 97 Cr UGRO Capital MS
Slide 51: Thank you
Thank you www.ugrocapital.com Slide 50