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UGROCAP - Ugro Capital

📊 NSE: UGROCAP 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 14:39

📢 Recent Corporate Announcements

Ugro Capital Announces Change in Registered Office Address in Mumbai

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Mar 2026, 06:54 PM

Ugro Capital Limited has officially shifted its registered and corporate office within Mumbai, effective March 13, 2026. The office has moved from Equinox Business Park to Art Guild House at Phoenix Market City in Kurla (West). This administrative change was approved by the Board of Directors via a resolution on the same date. Since the relocation is within the local limits of the same city, it is expected to have no impact on the company's operations or strategic direction.

Registered office shifted to B-17, Fourth Floor, Art Guild House, Phoenix Market City, Mumbai.
The relocation is effective from March 13, 2026, following Board approval.
The move remains within the local limits of Kurla (West), maintaining the same pin code (400070).
This is a routine administrative update in compliance with Regulation 30 of SEBI (LODR) Regulations.

💡 No action is required from investors as this is a routine administrative relocation with no impact on the company's financial performance or business model.

UGRO Capital Shareholders Approve Nominee Director Appointment with 99.97% Majority

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Mar 2026, 06:23 PM

UGRO Capital Limited has successfully passed an ordinary resolution for the appointment of Mr. Ramanathan Subramanian Arun Kumar as a Non-Executive (Nominee) Director. The resolution received overwhelming support from shareholders, with 99.97% of the 4.78 crore votes polled in favor. The voting, conducted via postal ballot, concluded on March 12, 2026, involving 39,144 eligible shareholders as of the record date. The company also noted that several million shares from recent CCD conversions were excluded from this vote pending trading approvals.

Appointment of Mr. Ramanathan Subramanian Arun Kumar as Non-Executive (Nominee) Director approved by shareholders.
Resolution passed with 47,771,007 votes (99.97%) in favor and 14,096 votes (0.03%) against.
Total votes polled represented 34.17% of the total eligible outstanding shares.
Over 1.5 crore equity shares issued via CCD conversions between Nov 2025 and Jan 2026 were excluded due to pending trading approvals.

💡 This is a routine management update and governance procedure with no immediate impact on stock fundamentals. Investors should continue to monitor the company's quarterly performance and credit growth trajectory.

UGRO Capital to Raise Over ₹530 Crores via NCDs and USD Denominated Bonds

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 11 Mar 2026, 07:48 PM

UGRO Capital has approved the issuance of multiple debt instruments on a private placement basis to bolster its capital position. The fundraise includes domestic senior secured NCDs worth ₹300 crores and subordinated unsecured NCDs worth ₹65 crores with tenures up to 72 months. Additionally, the company is tapping international markets for USD 20 million (approx. ₹167 crores) through External Commercial Borrowings (ECBs). This diversified borrowing strategy aims to provide long-term liquidity and support the company's MSME lending growth.

Approved issuance of senior secured NCDs totaling ₹300 crores with coupon rates between 9.50% and 9.75%.
Raising ₹65 crores through unsecured subordinated NCDs with a long-term maturity of 72 months.
Securing USD 20 million via foreign currency bonds at a floating rate of 6-month SOFR plus 300 bps.
Diverse debt maturity profile created with tenures ranging from 13 months to 6 years.
Security for NCDs includes a pledge of shares in Profectus Capital and 1.1x cover on identified book debts.

💡 Monitor the successful placement of these instruments as they provide the necessary leverage for AUM growth. Investors should track the impact of these borrowing costs on the company's overall Net Interest Margins (NIMs).

UGRO Capital Board to Meet on March 11 to Approve Fundraise via NCDs

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 06 Mar 2026, 07:29 PM

UGRO Capital's Investment and Borrowing Committee is scheduled to meet on March 11, 2026, to consider a fundraise. The company plans to issue Non-Convertible Debentures (NCDs) or Bonds through a private placement. This capital infusion is intended to support the company's lending business and growth objectives. The specific amount and terms of the issuance will be determined during the upcoming committee meeting.

Board committee meeting scheduled for March 11, 2026, to approve fundraise.
Issuance of Non-Convertible Debentures (NCDs) or Bonds proposed.
Fundraising to be conducted via private placement basis.
Compliance with SEBI LODR Regulations 29(1)(d) and 50(1)(d).

💡 Investors should monitor the announcement on March 11 for the specific fundraise amount and interest rates. A successful debt raise will provide the necessary liquidity to expand the company's MSME loan portfolio.

UGRO Capital Revises MyShubhLife Acquisition to INR 38.23 Cr All-Cash Deal

🟢 POSITIVE ⭐ 8/10

M&A 📅 05 Mar 2026, 10:47 PM

UGRO Capital has amended its agreement to acquire 100% of Datasigns Technologies (MyShubhLife), shifting from a mixed cash-and-stock deal to an all-cash transaction. The total consideration has been reduced to INR 38.23 crores from the previously announced INR 45 crores, effectively preventing equity dilution for existing shareholders. The MyShubhLife platform is already deeply integrated, having facilitated an AUM of approximately INR 1,720 crores as of December 31, 2025. This acquisition solidifies UGRO's embedded finance ecosystem and digital MSME lending capabilities.

Acquisition price reduced by 15% from INR 45 crores to INR 38.23 crores
Payment structure changed to 100% cash in a single tranche to avoid equity dilution
Target platform MyShubhLife already manages an AUM of INR 1,720 crores for UGRO
Acquisition completes the transition of Datasigns Technologies into a wholly owned subsidiary
Strategic focus on embedded finance for MSME credit origination strengthened

💡 Investors should view this as a positive development as the company secured a lower purchase price and avoided dilution while acquiring a proven technology asset. Monitor the continued growth of the embedded finance AUM as a key performance indicator.

UGRO Capital Allots Unlisted Commercial Papers Worth Rs 20 Crore

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 26 Feb 2026, 06:50 PM

UGRO Capital has approved the allotment of unlisted Commercial Papers (CPs) with a total redemption value of Rs 20 crore. The securities were issued at a discounted price of Rs 4,89,381 per unit against a face value of Rs 5,00,000. The tenure for these instruments is 90 days, with the redemption date set for May 27, 2026. This issuance is part of the company's routine short-term borrowing to manage liquidity and working capital.

Allotment of unlisted Commercial Papers with a redemption value of Rs 20 crore
Issue price per security fixed at Rs 4,89,381 against a face value of Rs 5,00,000
Short-term tenure of 90 days with maturity scheduled for May 27, 2026
Total issue value raised amounts to Rs 19,57,52,400
Yes Bank Limited acted as the Issuing and Paying Agent (IPA)

💡 This is a routine treasury operation for an NBFC to manage short-term capital. Investors should continue to monitor the company's overall borrowing costs and asset-liability management.

UGRO Capital Receives RBI No-Objection for Merger with Subsidiary Profectus Capital

🟢 POSITIVE ⭐ 8/10

M&A 📅 26 Feb 2026, 04:14 PM

UGRO Capital has secured a 'No Objection' from the Reserve Bank of India (RBI) for the amalgamation of its wholly-owned subsidiary, Profectus Capital Private Limited, into itself. This regulatory clearance, received on February 25, 2026, follows the board's approval of the scheme on January 8, 2026. The merger is intended to simplify the organizational structure and integrate business operations. The process now moves toward obtaining approvals from the National Company Law Tribunal (NCLT), stock exchanges, and relevant stakeholders.

RBI issued 'No Objection' letter on February 25, 2026, for the proposed amalgamation.
The scheme involves merging Profectus Capital Private Limited, a 100% subsidiary, into UGRO Capital.
The application for RBI clearance was submitted on January 9, 2026, following board approval.
Final implementation remains subject to NCLT, stock exchange, and shareholder approvals.

💡 This is a positive regulatory milestone that reduces execution risk for the merger. Investors should maintain their positions while watching for the NCLT's final order.

UGRO Capital Allots Unlisted Commercial Papers Worth Rs 50 Crore

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 25 Feb 2026, 07:28 PM

UGRO Capital Limited has approved the allotment of unlisted Commercial Papers (CPs) with a total redemption value of Rs 50 crore. The securities were issued at a price of Rs 4,94,162 per unit against a face value of Rs 5,00,000, representing a short-term discount-based borrowing. The tenure for these instruments is 49 days, with the redemption date scheduled for April 15, 2026. This move is part of the company's routine short-term liquidity and working capital management.

Total redemption value of the Commercial Papers is Rs 50 crore
Issue price per security set at Rs 4,94,162 with a face value of Rs 5,00,000
Short-term tenure of 49 days with redemption due on April 15, 2026
Yes Bank Limited acted as the Issuing and Paying Agent (IPA) for the transaction

💡 This is a routine operational fundraise for an NBFC to manage short-term liquidity; no immediate action is required from equity investors.

UGRO Capital Q3 FY26 Consolidated PAT Rises 23% to ₹46 Cr; AUM Hits ₹15,454 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:12 PM

UGRO Capital reported a 40% YoY growth in consolidated AUM to ₹15,454 crores for Q3 FY26, significantly boosted by the Profectus acquisition. Consolidated PAT increased 23% YoY to ₹46 crores, while the company maintained stable asset quality with a Gross NPA of 2.2%. Management is implementing a ₹220 crore cost rationalization plan and pivoting towards high-yield emerging market LAP and embedded finance. This strategic shift aims to reduce dependence on co-lending income and build a more predictable annuity-led interest income profile.

Consolidated AUM reached ₹15,454 crores, representing 40% YoY and 26% QoQ growth.
Consolidated PAT grew 23% YoY to ₹46 crores, despite a temporary dip in standalone profits due to asset assignment timing.
Asset quality remained healthy with Gross NPA at 2.2%, Net NPA at 1.4%, and collection efficiency at 99%.
Annualized cost rationalization of ₹220 crores is underway, with 50% of the target already achieved.
Cost of borrowing decreased to 10.24% from 10.37% in the previous quarter, aided by easing macro conditions.

💡 Investors should view the shift towards high-yield direct lending and cost-cutting measures as a positive for long-term profitability. Monitor the execution of the Profectus integration and the resulting margin expansion in upcoming quarters.

UGRO Capital Allots 91,887 Equity Shares via CCD Conversion at Rs 185 per Share

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 11 Feb 2026, 07:16 PM

UGRO Capital has approved the allotment of 91,887 equity shares following the conversion of Compulsorily Convertible Debentures (CCDs). This conversion is part of a larger INR 534.64 crore capital raise initiated in October 2025 through preferential allotment. The shares were issued at a conversion price of Rs 185 per share, including a premium of Rs 175. As a result, the company's total paid-up equity share capital has increased to 15,52,88,323 shares.

Allotment of 91,887 equity shares of face value Rs 10 each upon CCD conversion
Conversion price fixed at Rs 185 per share, representing a premium of Rs 175
Part of a broader INR 534.64 crore capital raise conducted in October 2025
Total paid-up equity capital increased from Rs 155.20 crore to Rs 155.29 crore

💡 Investors should note the minor equity dilution resulting from this conversion, which is part of a previously announced fundraise. Monitor for further tranches of CCD conversions that may impact the share count.

UGRO Capital to Host In-Person Group Investor Meeting in Mumbai on Feb 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 07:37 PM

UGRO Capital Limited has announced an in-person group meeting with various institutional investors scheduled for February 13, 2026, in Mumbai. This meeting is a routine disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015. Such interactions typically involve discussions regarding the company's business performance and future growth strategies. Investors should note that the schedule is subject to change based on the availability of management or participants.

In-person group interaction with investors scheduled for February 13, 2026.
The meeting will be held in Mumbai to discuss company updates.
Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations.
The meeting schedule is subject to change due to unforeseen exigencies.

💡 No immediate action is required as this is a routine meeting; however, investors should look for any subsequent investor presentations or transcripts for insights into management's outlook.

UGRO Capital Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 09 Feb 2026, 07:07 PM

UGRO Capital has officially released the audio recording of its earnings conference call held on February 9, 2026. The call focused on the company's unaudited financial results for the third quarter and the nine-month period ending December 31, 2025. This disclosure is part of the company's regulatory compliance under SEBI LODR regulations to ensure transparency for all shareholders. Investors can access the full recording through the link provided on the company's official investor relations website.

Audio recording of the earnings call held on February 9, 2026, is now publicly available.
The call discussed financial performance for the quarter and nine months ended December 31, 2025.
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
The recording link is hosted on the UGRO Capital website under the Investor Relations section.

💡 Investors should listen to the recording to gain insights into management's commentary on MSME lending trends and future growth guidance. This is a routine administrative update and does not require immediate action.

UGRO Capital Allots Unlisted Commercial Papers Worth Rs 50 Crore

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 09 Feb 2026, 06:44 PM

UGRO Capital has successfully allotted unlisted Commercial Papers (CPs) with a total redemption value of Rs 50 crore. The issuance was approved by the Investment and Borrowing Committee on February 9, 2026. These CPs have a short-term tenure of 59 days, maturing on April 9, 2026. The funds raised through an issue price of Rs 4,92,987.5 per unit will likely support the company's short-term working capital and liquidity requirements.

Total redemption value of the Commercial Papers is Rs 50 crore
Tenure of the security is 59 days with a maturity date of April 9, 2026
Issue price per security is Rs 4,92,987.5 against a face value of Rs 5,00,000
Total issue value raised amounts to Rs 49,29,87,500
Yes Bank Limited acted as the Issuing and Paying Agent (IPA) for this transaction

💡 This is a routine short-term debt issuance for an NBFC to manage liquidity. Investors should continue to monitor the company's overall cost of borrowing and credit growth trends.

UGRO Capital to Host Virtual Group Investor Meeting on February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 06:18 PM

UGRO Capital Limited has scheduled a virtual group meeting with various institutional investors for February 12, 2026. The meeting will be conducted via video conferencing to discuss business updates and performance. This is a routine regulatory disclosure under SEBI (LODR) Regulations, 2015. Such interactions are standard practice for the company to maintain transparency with the investment community.

Virtual group meeting scheduled for February 12, 2026
Interaction to be conducted via video conferencing
Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015
The meeting schedule is subject to change due to unforeseen exigencies

💡 Investors should monitor the company's website for any investor presentations or meeting transcripts that may be uploaded following the interaction to gain insights into growth strategy.

UGRO Capital Seeks Shareholder Approval for Appointment of Nominee Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Feb 2026, 04:53 PM

UGRO Capital has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Ramanathan Subramanian Arun Kumar as a Non-Executive (Nominee) Director. He represents ClearSky Investment Holdings Pte Limited and was initially appointed as an Additional Director effective December 17, 2025. The e-voting period for this ordinary resolution is scheduled from February 11, 2026, to March 12, 2026. This appointment is intended for a term of up to five years, subject to retirement by rotation.

Appointment of Mr. Ramanathan Subramanian Arun Kumar as Non-Executive (Nominee) Director for a 5-year term.
The appointee represents ClearSky Investment Holdings Pte Limited, a significant stakeholder.
E-voting period runs from February 11, 2026, to March 12, 2026.
Cut-off date for determining voting eligibility was February 06, 2026.
Results of the postal ballot will be announced within two working days of the voting conclusion.

💡 This is a routine governance matter regarding board representation for a major investor. Shareholders should review the appointee's credentials and participate in the e-voting process by March 12.

View All UGROCAP Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Assets Under Management (AUM) grew 33% YoY to INR 12,003 Cr in FY25 and reached INR 12,226 Cr by Q2 FY26 (up 20% YoY). The MyShubhLife platform segment reached an AUM of INR 1,270 Cr within 4 quarters.

Geographic Revenue Split

Operations span 12 states with 200+ branches. Emerging Market branches (Tier 3 and beyond) contribute INR 2,073 Cr to AUM, representing approximately 17% of the total portfolio.

Profitability Margins

Profit After Tax (PAT) grew 21% YoY to INR 144 Cr in FY25 from INR 119 Cr in FY24. Return on Managed Assets (ROMA) stood at 1.2% for FY25 and moderated to 1.0% (annualized) in Q1 FY26.

EBITDA Margin

Pre-provisioning operating profit to average managed assets (PPOP/AMA) stood at 3.1% in FY25, declining from 3.4% in FY24 due to higher operating expenses and cost of funds.

Capital Expenditure

Not explicitly disclosed in INR Cr, but the company is funding a 100% acquisition of Profectus Capital via a rights issue of INR 381 Cr and CCD issuance of INR 911 Cr.

Credit Rating & Borrowing

Long-term bank loan facilities and NCDs are rated IND A+/Stable and CRISIL A/Stable. Blended liability interest cost stood at 10.6% as of March 2025.

⚙️ Operational Drivers

Raw Materials

Debt Capital (INR 6,904 Cr) and Equity Capital (INR 2,426 Cr) serve as the primary 'raw materials' for lending operations.

Import Sources

Not applicable for financial services; funding is sourced from 59 domestic and international lenders.

Key Suppliers

Public Sector Banks contribute 28% of total funding as of March 31, 2025. Other sources include development financial institutions and ECBs.

Capacity Expansion

Current network of 200+ branches is planned to expand to 400 branches by March 2026, representing a 100% increase in physical capacity.

Raw Material Costs

Cost of funds (interest expense) is 10.6% of outstanding debt. The company aims to consolidate its 59-lender base to increase ticket sizes and lower borrowing costs.

Manufacturing Efficiency

Collection efficiency improved to 100% in Q2 FY26 from 96% in the previous year; 93% of assets are maintained in Stage 1.

Logistics & Distribution

Operating expenses to average managed assets stood at 3.6% in FY25, expected to remain elevated due to branch expansion plans.

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth will be achieved through the 100% acquisition of Profectus Capital (adding INR 3,468 Cr AUM), scaling the MyShubhLife digital platform (INR 200 Cr monthly disbursement), and doubling the branch network to 400 locations.

Products & Services

Secured Loans Against Property (LAP), Unsecured Business Loans, Machinery Finance, Supply Chain Finance, and School Financing.

Brand Portfolio

UGRO Capital, MyShubhLife, Profectus Capital.

New Products/Services

School financing is identified as a new INR 2,000 Cr medium-term profit pool opportunity following the Profectus acquisition.

Market Expansion

Geographic expansion into 3-4 new states and increasing branch count to 400 by March 2026.

Strategic Alliances

Partnerships with 70+ original equipment manufacturers (OEMs) for machinery financing and 59 lenders for co-lending and liability management.

🌍 External Factors

Industry Trends

Shift toward co-lending models (43% of AUM) and digital embedded finance. The industry is addressing a $20 billion credit gap in the small retail and micro-merchant space.

Competitive Landscape

Highly competitive MSME segment with significant price sensitivity on yields and competition from banks and other NBFCs.

Competitive Moat

Moat is built on a DataTech lending platform and a diversified distribution model (200+ branches and 70+ OEM partners), which are sustainable due to high entry barriers in proprietary data-tech integration.

Macro Economic Sensitivity

Sensitive to MSME sector overleverage; company responded to macro headwinds by tightening underwriting and reducing throughput by 10 percentage points.