🔍

UGROCAP - Ugro Capital

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

📢 Recent Corporate Announcements

UGRO Capital Allots Commercial Papers Worth Rs 15 Crore

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 27 Apr 2026, 06:37 PM

UGRO Capital has successfully allotted listed Commercial Papers (CPs) with a total redemption value of Rs 15 crore. The securities were issued at a discounted price of Rs 4,79,314.50 per unit against a face value of Rs 5,00,000. This short-term debt instrument has a tenure of 179 days, with maturity scheduled for October 23, 2026. The total issue value raised stands at approximately Rs 14.38 crore, reflecting the company's ongoing strategy to manage short-term liquidity and working capital requirements.

Total redemption value of the Commercial Papers is Rs 15,00,00,000
Issue price per security is Rs 4,79,314.50 against a face value of Rs 5,00,000
The tenure of the security is 179 days with a maturity date of October 23, 2026
Total issue value raised through this allotment is Rs 14,37,94,350

💡 This is a routine short-term fundraise for an NBFC; investors should continue to monitor the company's cost of funds and overall credit growth.

UGRO Capital Q4 FY26: Net Total Income Up 51% YoY; Targets INR 220 Cr Annual Cost Savings

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Apr 2026, 06:32 PM

UGRO Capital reported a 51% YoY growth in Net Total Income for Q4 FY26, driven by a strategic shift towards high-yield Emerging Market LAP and Embedded Finance. The company is executing a major realignment to exit low-yield intermediated books, targeting INR 220 crore in annualized cost savings by FY27. While AUM remained flat QoQ due to the intentional run-down of non-focus segments, focus verticals now comprise 38% of the total book. Management maintains a healthy capital adequacy of 21.2% and expects to reach a 3-3.5% ROA by FY29 without further equity dilution.

Net Total Income grew 51% YoY to INR 415 Cr in Q4 FY26, while PAT rose 26% YoY despite a one-time restructuring cost of INR 25 Cr.
Focus verticals (EM-LAP and Embedded Finance) increased to 38% of total AUM, with Embedded Finance growing 27% QoQ to INR 2,280 Cr.
Annualized cost savings of INR 220 Cr are on track, with opex projected to fall from INR 750 Cr to INR 490 Cr+ in FY27.
Cost of borrowings improved for the fifth consecutive quarter to 10.16%, down 45 bps YoY.
Asset quality remains stable with EM-LAP GNPA at 1.2% and overall GNPA at 2.5% due to the run-down of the non-focus book.

💡 Investors should monitor the successful execution of the INR 220 Cr cost-reduction plan and the scale-up of the high-yield Embedded Finance segment. The shift toward a high-ROA annuity model suggests strong long-term value creation potential.

UGRO Capital Confirms Non-Large Corporate Status Under SEBI Framework

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Apr 2026, 04:28 PM

UGRO Capital Limited has officially informed the stock exchanges that it does not qualify as a "Large Corporate" under the SEBI circular dated August 10, 2021. This classification is based on specific criteria including market capitalization and outstanding long-term borrowings. By not falling into this category, the company is not mandated to raise a specific portion of its incremental borrowings through the debt market. This filing is a routine annual disclosure requirement for listed entities in India.

UGRO Capital submitted disclosure pursuant to SEBI Circular No. SEBI/HO/DDHS/P/CIR/2021/613.
The company does not meet the 'Large Corporate' framework criteria as of the reporting date.
The filing was made to both BSE and NSE on April 27, 2026, as part of routine compliance.
The status exempts the company from mandatory incremental borrowing requirements through debt securities.

💡 No immediate action is required as this is a routine regulatory filing. Investors should continue to focus on the company's core financial performance and growth metrics.

Ugro Capital Releases Audio Recording of Q4 and FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 21 Apr 2026, 07:08 PM

Ugro Capital Limited has officially released the audio recording of its earnings conference call held on April 21, 2026. The call addressed the company's audited standalone and consolidated financial results for the fourth quarter and the full fiscal year ending March 31, 2026. This disclosure is part of the company's regulatory compliance under SEBI (LODR) Regulations, 2015. Investors can access the full recording via the company's investor relations website to hear management's detailed commentary.

Earnings conference call held on April 21, 2026, following the release of FY26 results.
Covers audited financial performance for the quarter and year ended March 31, 2026.
Recording made available on the company's official website for public access.
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the recording to gain insights into management's commentary on asset quality, AUM growth, and the outlook for the MSME lending sector in FY27.

UGRO Capital Q4'FY26: PAT Grows 26% YoY to ₹51.1 Cr; Focus Vertical AUM Hits 38%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 20 Apr 2026, 10:36 PM

UGRO Capital reported a 26% YoY increase in PAT to ₹51.1 Cr for Q4'FY26, driven by a strategic shift toward high-yield focus verticals which now constitute 38% of AUM. The company is executing a cost rationalization plan following the Profectus consolidation, targeting annualized savings of ₹200-220 Cr. Capital Adequacy improved to 21.2%, supporting management's commitment to avoid incremental equity raises for the next three years. While GNPA rose slightly to 2.5% due to a marginal decline in total AUM, the transition to an annuity-led ROA model remains on track.

Total AUM grew 28% YoY to ₹15,334 Cr, with focus verticals (EM + Embedded Finance) growing 17% QoQ
Reported ROA and ROE stood at 2.1% and 7.1% respectively, including one-time exit costs of ₹25.4 Cr
Capital Adequacy Ratio (CAR) improved to 21.2% from 20.8% in Dec-25, with Net Worth at ₹2,906 Cr
Embedded Merchant Lending AUM surged 27% QoQ to ₹2,280 Cr across 250k active customers
Branch productivity for mature Emerging Market branches reached ₹0.68 Cr/month, nearing the ₹0.80 Cr target

💡 Investors should view the successful pivot to high-yield segments and the 'no-dilution' commitment as strong positives for long-term value. Monitor the productivity of the 156 new branches and the stabilization of credit costs in the Embedded Merchant Finance portfolio.

UGRO Capital Q4 FY26 PAT Rises 26% to ₹51.1 Cr; AUM Hits ₹15,334 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 20 Apr 2026, 10:04 PM

UGRO Capital reported a strong 26% YoY growth in Q4 FY26 PAT to ₹51.1 crore, while full-year profit reached ₹174.8 crore. Total AUM grew 28% YoY to ₹15,334 crore, driven by a strategic shift toward high-yield verticals like Emerging Market LAP and Embedded Finance. The company successfully executed ₹200-220 crore in annualized cost savings and maintained a healthy CRAR of 21.2%. Management reaffirmed its commitment to no further equity dilution through FY29 while targeting a 3.0-3.5% ROA.

Q4 FY26 PAT grew 26% YoY to ₹51.1 Cr; FY26 PAT increased 21% to ₹174.8 Cr
Total AUM reached ₹15,334 Cr (+28% YoY), with high-yield focus verticals now 38% of the mix
Asset quality remains stable with GNPA at 2.50% and NNPA at 1.60%
Net Total Income for Q4 surged 51% YoY to ₹348 Cr, reflecting a shift to higher-yield on-book assets
Management confirmed no equity raise will be required through FY29, with a target ROA of 3.0-3.5%

💡 Investors should monitor the successful transition toward the high-yield annuity-led model and the improvement in ROA toward the 3% target. The commitment to no equity dilution until FY29 is a significant positive for existing shareholders.

Ugro Capital FY26 Revenue Up 26.5%, Plans ₹3,000 Cr NCD Fundraise & Re-appoints MD

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 20 Apr 2026, 08:48 PM

Ugro Capital reported a strong financial performance for FY26, with total revenue rising to ₹1,766.24 crore from ₹1,395.90 crore in FY25. The Board has approved a significant fundraise of up to ₹3,000 crore through Non-Convertible Debentures (NCDs) to support its lending operations. Key leadership stability is ensured with the re-appointment of Mr. Shachindra Nath as MD for a five-year term. Additionally, the company is transitioning its statutory auditors to M/s G.P. Kapadia & Co. starting from the upcoming AGM.

Total revenue from operations grew 26.5% YoY to ₹1,76,624 lakh in FY26
Approved issuance of Non-Convertible Debentures (NCDs) up to ₹3,000 crore via private placement
Re-appointed Mr. Shachindra Nath as Vice Chairman and Managing Director for a 5-year term starting June 2026
Interest income saw a robust increase to ₹1,27,293 lakh compared to ₹95,880 lakh in the previous fiscal
Appointed M/s G.P. Kapadia & Co. as Statutory Auditors for a 3-year term starting FY27

💡 The strong revenue growth and massive ₹3,000 crore fundraise indicate aggressive expansion plans; investors should monitor the company's ability to maintain asset quality as it scales its loan book.

UGRO Capital FY26 Revenue Jumps 26.5% to ₹1,766 Cr; Board Approves ₹3,000 Cr NCD Fundraise

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 20 Apr 2026, 08:14 PM

UGRO Capital reported a robust financial performance for FY26, with total revenue from operations growing to ₹1,766.24 crore from ₹1,395.90 crore in the previous year. The Board has approved a significant fundraise of up to ₹3,000 crore through Non-Convertible Debentures (NCDs) to support its expansion strategy. Leadership stability is secured with the re-appointment of Mr. Shachindra Nath as Managing Director for a five-year term. The company also announced a change in statutory auditors to M/s G.P. Kapadia & Co. following the completion of the current auditor's tenure.

Annual revenue from operations increased by 26.5% YoY to ₹1,766.24 crore in FY26.
Board approved a massive fundraise of up to ₹3,000 crore via private placement of NCDs.
Interest income for FY26 rose significantly to ₹1,272.93 crore compared to ₹958.80 crore in FY25.
Q4 FY26 revenue stood at ₹487.96 crore, reflecting a 21% growth over Q4 FY25.
Mr. Shachindra Nath re-appointed as Vice Chairman and MD for a 5-year term effective June 2026.

💡 Investors should take note of the strong revenue momentum and the ambitious ₹3,000 crore fundraise, which signals aggressive growth plans. The continuity in top leadership and unmodified audit opinion provide further confidence in the company's governance and trajectory.

UGRO Capital to Host Q4FY26 and FY26 Earnings Call on April 21, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 16 Apr 2026, 04:01 PM

UGRO Capital has scheduled its earnings conference call for Tuesday, April 21, 2026, at 4:00 PM IST to discuss its audited financial results for the quarter and full year ended March 31, 2026. The call will feature senior management, including the Founder & Managing Director, CEO, and CFO. This session is a standard procedure following the end of the fiscal year to provide clarity on the company's financial performance and future guidance. Investors can participate via the provided universal dial-in numbers or the Diamond Pass registration link.

Earnings conference call scheduled for April 21, 2026, at 04:00 PM IST.
Discussion will cover Audited Standalone and Consolidated Financial Results for Q4FY26 and FY26.
Management representation includes Founder & MD Shachindra Nath and CEO Anuj Pandey.
The call is hosted by Elara Securities (India) Private Limited.
Universal dial-in numbers are +91 22 6280 1146 and +91 22 7115 8047.

💡 Investors should review the audited financial results once published before the call to prepare specific queries regarding AUM growth and asset quality. This call is crucial for understanding the management's outlook for the MSME lending sector in FY27.

UGRO Capital Submits SEBI Compliance Certificate for Q4 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 03:58 PM

UGRO Capital has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests were processed and securities were listed on the exchanges. It further verifies that physical security certificates were mutilated and cancelled as per regulatory requirements. This is a standard administrative filing ensuring the integrity of the company's share registry.

Compliance certificate submitted for the quarter ended March 31, 2026.
Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Confirms dematerialization requests were handled within prescribed SEBI timelines.
Verified that physical certificates were cancelled and depository names updated in the register of members.

💡 No action is required from investors as this is a routine regulatory filing confirming standard administrative compliance.

UGRO Capital Allots Commercial Papers Worth Rs 40 Crore

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 09 Apr 2026, 07:37 PM

UGRO Capital has approved the allotment of listed Commercial Papers (CPs) with a total redemption value of Rs 40 crore. The securities were issued at a discounted price of Rs 4,78,872 per unit against a face value of Rs 5,00,000, raising a total issue value of Rs 38.31 crore. These instruments have a short-term tenure of 183 days and are set to mature on October 09, 2026. This issuance is part of the company's routine strategy to manage short-term liquidity and working capital.

Total redemption value of the Commercial Papers is Rs 40,00,00,000
Issue price per security is Rs 4,78,872 against a face value of Rs 5,00,000
The tenure of the security is 183 days with maturity on October 09, 2026
Total issue value raised through this allotment is Rs 38,30,97,600

💡 Investors should view this as a routine short-term debt fundraising activity common for NBFCs to manage liquidity. No immediate action is required, but monitoring the company's overall cost of funds is advised.

UGRO Capital Allots Unlisted Commercial Papers Worth Rs 25 Crore

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 30 Mar 2026, 07:24 PM

UGRO Capital has successfully allotted unlisted Commercial Papers (CPs) with a total redemption value of Rs 25 crore. The securities were issued at a price of Rs 4,98,893 per unit against a face value of Rs 5,00,000. This is an extremely short-term borrowing with a tenure of only 9 days, maturing on April 8, 2026. The total issue value raised stands at approximately Rs 24.94 crore, intended for short-term liquidity management.

Allotment of unlisted Commercial Papers totaling Rs 25 crore in redemption value
Very short tenure of 9 days with maturity set for April 8, 2026
Issue price of Rs 4,98,893 per security against a face value of Rs 5,00,000
Total issue value realized by the company is Rs 24,94,46,500
Yes Bank Limited acted as the Issuing and Paying Agent (IPA) for this transaction

💡 This is a routine short-term debt issuance typical for NBFCs to manage immediate cash flows. No immediate action is required, but investors should track the company's overall cost of funds and leverage ratios.

UGRO Capital Allots USD 20 Million Senior Secured Foreign Currency Bonds

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 27 Mar 2026, 07:04 PM

UGRO Capital has successfully approved the allotment of USD 20 million in senior, secured, non-convertible foreign currency bonds through a private placement. The bonds carry a coupon rate of 300 basis points over Term SOFR and have a total tenure of 48 months. This fundraise, to be listed on the India International Exchange IFSC, demonstrates the company's ability to access international capital markets. The proceeds are expected to support the company's specialized lending operations in the SME sector.

Issuance of 2,000 USD-denominated bonds with a face value of USD 10,000 each, totaling USD 20 million.
Coupon rate set at 300 basis points plus Term SOFR, with interest payable on a semi-annual basis.
Staggered redemption schedule: 25% at 36 months, 25% at 42 months, and 50% at 48 months maturity.
Secured by a first ranking exclusive charge over identified book debts with a minimum 110% security cover.

💡 Investors should monitor the company's ability to maintain its net interest margins (NIMs) as it utilizes these foreign currency funds for domestic lending. The successful international fundraise is a positive indicator of institutional confidence in UGRO's balance sheet.

UGRO Capital Allots NCDs Worth ₹181.10 Crore via Private Placement

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 27 Mar 2026, 05:05 PM

UGRO Capital has approved the allotment of two series of Non-Convertible Debentures (NCDs) totaling ₹181.10 crores. Series I consists of ₹46.10 crores in subordinated unsecured debt with a high coupon rate of 13.25% and a 6-year tenure. Series II involves ₹135 crores in senior secured debt at a 9.50% interest rate with a shorter tenure of approximately 13 months. This capital infusion is intended to support the company's lending operations and growth in the MSME sector.

Total fundraise of ₹181.10 crores through private placement of NCDs approved on March 27, 2026.
Series I: ₹46.10 crore subordinated unsecured NCDs at 13.25% p.a. with maturity in April 2032.
Series II: ₹135 crore senior secured NCDs at 9.50% p.a. with maturity in April 2027.
Series II debt is secured by a pledge of equity shares as per the Debenture Trust Deed.
Series I features a staggered redemption with 50% at 66 months and 50% at 72 months.

💡 Investors should view this as a positive sign of the company's ability to secure diverse funding; however, the 13.25% rate on subordinated debt indicates a high cost of long-term capital that needs to be offset by strong lending margins.

UGRO Capital Announces Trading Window Closure from March 27, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 08:55 PM

UGRO Capital Limited has announced the closure of its trading window for all designated persons and their relatives starting March 27, 2026. This measure is mandatory under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of audited financial results for the quarter and year ending March 31, 2026. The trading window will remain closed until 48 hours after the financial results are declared. This is a routine administrative filing and does not impact the company's fundamental operations.

Trading window closure starts on March 27, 2026
Closure is in anticipation of Q4 and FY26 audited financial results
Trading restriction ends 48 hours after the results are officially announced

💡 This is a routine compliance update. Investors should wait for the announcement of the board meeting date to assess the company's year-end financial performance.

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.