Ugro Capital Limited · NSE:UGROCAP
Ugro Capital — Q2 FY27 Earnings Presentation
50 slides from Ugro Capital's earnings presentation, Nov 5, 2026
Slide 1: Cover letter to stock exchanges
5th November 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 Q2'FY27
UGRO Capital Limited Building an Institution for MSME Lending Data Tech Empowering Small Businesses (MSME) Lending Investor Presentation (Q2’FY27) November 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: Structure of This Presentation
Structure of This Presentation Two parts: how UGRO got here, and how the quarter went PART A PART B UGRO Journey, Strategic Realignment and Transition Quarterly Update: Q2'FY27 Journey and strategic realignment 4-12 Q2'FY27 performance 21-29 UGRO today; the co-lending and DA model; five-year financi
Slide 5: UGRO Today: An Established MSME Lending Institution
UGRO Today: An Established MSME Lending Institution Now focused on sustainable profitability (position at 30 Sep 2026) AUM Focused Products AUM Emerging Market branches GROx active customers INR 15,019 Cr INR 7,929 Cr 317 ~4.1 lakh Total assets under management 53% of AUM, up from 32% in Across 13 s
Slide 6: UGRO's Off-Balance Sheet (Co-Lending + DA) Model
UGRO's Off-Balance Sheet (Co-Lending + DA) Model A partner-funded lending model combining Co-lending and Direct Assignment, delivering 5x AUM growth over four years How the model worked How it scaled: AUM build up Originate 1 15,334 Intermediated (DSA-led) sourcing of Prime LAP: business loans and m
Slide 7: Five-Year Build: AUM and P&L, FY22-FY26
Five-Year Build: AUM and P&L, FY22-FY26 AUM grew 5x over four years, accompanied by higher reversals of upfront DA/ Co-lending income INR Cr FY22 FY23 FY24 FY25 FY26(1) Why DA / co-lending income swings AUM (period end) 2,970 6,081 9,047 12,003 15,334 AUM growth (Y-o-Y) 126% 105% 49% 33% 28% Upfront
Slide 8: Higher Foreclosures Led to Reversal of Income
Higher Foreclosures Led to Reversal of Income EIS was booked on contractual tenure; actual foreclosures ran well ahead of it Upfront income booked vs reversed on foreclosure, INR Cr How the reversal happens 543 Income booked at sale assumes the full contractual life 492 Contractual tenure: spread bo
Slide 9: This Led to the February 2026 Strategic Realignment
This Led to the February 2026 Strategic Realignment February 7, 2026: a reset toward a high-yielding, annuity-led book that funds its own growth What we announced - February 2026 Two growth engines Exit lower-yielding products Exited Prime Intermediated sourcing stopped Emerging Market LAP GROx Feb'
Slide 10: Delivery Against February 2026 Commitments
Delivery Against February 2026 Commitments What we committed to in February 2026, and what Q2’FY27 shows Feb-26 Commitment FY29 Target Q2’FY27 Delivery Status Shift portfolio to high-yield focus verticals 85% of AUM Focus products mix increased from 32% as of Dec-25 to 53% as of Sep’26 AHEAD OF PLAN
Slide 11: Portfolio Transformation: From 32% to 53% Focus AUM
Portfolio Transformation: From 32% to 53% Focus AUM Focused products ahead of guidance; the de-focused book is running down faster than planned Focused products: ahead of guidance De-focused Prime book: faster run-down AUM and mix shift EM LAP INR 2,997 Cr → INR 4,268 Cr 10,458 7,090 42% Guidance Y-
Slide 12: Portfolio Yield and Risk Profile Transformation
Portfolio Yield and Risk Profile Transformation Emerging Market LAP and Embedded Merchant Finance now form 53% of AUM as of Sep’26 Emerging Market LAP Embedded Merchant Finance (GROx) Small-ticket, collateral-backed loans to MSMEs in Tier-2 cities & beyond Tech-led, fully-automated merchant lending
Slide 13: Two Engines, Different Jobs: Segment Profile and ALM
Two Engines, Different Jobs: Segment Profile and ALM LAP is long-dated and secured; GROx is short-dated, higher-yield and collected daily Particulars Emerging Market LAP GROx De-focused book AUM (share of total) INR 4,268 Cr (28%) INR 3,661 Cr (25%) INR 7,090 Cr (47%) Typical loan ticket size INR 17
Slide 14: Profectus Merger: Final Step in UGRO's Transition
Profectus Merger: Final Step in UGRO's Transition Approved by shareholders and creditors on 23 Sep 2026; NCLT final hearing on 20 Nov 2026 ✓ Shareholders Approved 23 Sep 2026 › ✓ Creditors Approved 23 Sep 2026 › NCLT final hearing 20 Nov 2026 What the scheme does Capital impact Accounting reset CRAR
Slide 15: Merger Aligns Upfront Income to Behavioural Tenure
Merger Aligns Upfront Income to Behavioural Tenure Reversal volatility reduced; Net worth resets as EIS assets adjusted against reserves; Core equity unchanged Net worth bridge, INR Cr What is adjusted, and the book value it leaves EIS remeasured to behavioural tenure 3,029 (308) 1 Recomputed on obs
Slide 16: Pro Forma Financials Post Merger
Pro Forma Financials Post Merger Post merger, reversals of co-lending / DA income fall; H1 PAT changes by INR 7.7 Cr on proforma basis INR Cr Q1 Rep. Q1 PF Q2 Rep. Q2 PF H1 Rep. H1 PF H1'FY27: reported to pro forma Interest income 363.0 384.5 385.5 404.7 748.5 789.2 Co-lending / DA income (gross) 14
Slide 17: UGRO's Transition: Progress and Priorities
UGRO's Transition: Progress and Priorities Four stages delivered or under way; the fifth depends on execution 1 BUILD FY19-FY25 2 LEARN FY23-FY26 3 PIVOT FY24-FY27 4 RESET Q3'FY27 5 PRIORITIES to FY29 43% INR 318 Cr 32% to 53% 20 Nov 2026 3.0-3.5% of AUM off-book through co- upfront income reversed
Slide 18: Path to 3.0-3.5% Steady-State ROA
Path to 3.0-3.5% Steady-State ROA A medium-term objective, not the current run-rate: H1’FY27 pro forma ROA is 2.7% Focus book grows at guided pace Credit cost within expected loss Opex held as volumes grow 20-30% | 35-40% INR 86.9 Cr INR 127 Cr EM LAP GROx Q2'FY27 credit cost, up from INR Q2'FY27 Op
Slide 19: Drivers of Sustainable ROA Improvement
Drivers of Sustainable ROA Improvement Portfolio mix, operating efficiency and credit discipline underpin the ROA trajectory 1 Higher-yielding portfolio mix 2 Recurring interest income 18.7% portfolio yield, Q2'FY27 (+108 bps Y-o-Y) 69% interest income share of total income, H1'FY27 pro forma Focus
Slide 20: Improving Profitability on a Repositioned Equity Base
Improving Profitability on a Repositioned Equity Base Capital efficiency and sustainable ROE: where the equity base stands after the Scheme Book value per share ROE, H1'FY27 annualised Capital Adequacy Ratio Reported Pro forma Tangible Reported Pro forma Reported Proforma CRAR ~195 ~158 ~152 8.0% 10
Slide 21: Quarter update
GRO Quarter update
Slide 22: India months, disbursements and branches
iNpIA 4 MONTHS. OCT’26 ly disbursements, SEP'26 | (aue'26 | [ 300+ EMERGING MARKETS EMBEDDED FINANCE ASTRONGER (EM LAP) (GROX) Branches INDIA Secured lending to Technology-led Closer to MSMEs Enabling small businesses emerging markets merchant finance across India to grow and create opportunities
Slide 23: Q2'FY27 reflection
Q2’FY27 reflection Profectus Merger Highest ever monthly disbursements Sustained profitability levels Shareholder and creditor approvals Highest ever disbursements of INR Sustained strong PBT Q-o-Q post received on 23 Sep 2026; NCLT final 1,000+ crore for each month in realignment despite reversals,
Slide 24: Performance snapshot for Q2'FY27
Performance snapshot for Q2’FY27 PBT Portfolio Yield Cost of Borrowings INR 68 Cr 18.7% 10.19% YoY +12% QoQ +11% YoY 108 bps QoQ 53 bps YoY -18 bps QoQ 5 bps Mix shift to EM + Embedded Merchant Finance (GROx) (1) EM Branches AUM Net Disbursement 317 INR 15,019 Cr INR 3,159 Cr Mar’26: 317 Jun’25: 286
Slide 25: Highest ever monthly disbursements achieved in the current quarter
Highest ever monthly disbursements achieved in the current quarter Disbursements AUM (INR Cr) 15,454 15,334 3,159 15,013 15,019 2,551 2,217 2,137 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Dec-25 Mar-26 Jun-26 Sep-26 On books POS (INR Cr) • Highest ever monthly disbursements achieved in this quarter 9,835 9,693 9,
Slide 26: Asset quality & collections
Asset quality & collections Stable portfolio quality through transition; 97% collection efficiency in Q2’FY27 Collection Efficiency (%) - Total collections / current month demand ECL Data (Sep’26) (INR Cr) Loan Exposure Loan Exposure (%) 100% Stage 1 13,945 92.9% 99% 98% 98% 97% 95% 95% Stage 2 662
Slide 27: 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 10.37% 10.24% 10.16% 10.14% 10.19% 8% Cost of Borrowings 24% 4% 10,716 10,782 10,793 10,973 42% Total Debt 8,088 Total Debt 26% 48% 7%
Slide 28: ~68% of the borrowings now beyond three years
~68% of the borrowings now beyond three years and at competitive rates Liability mix by Tenure Borrowing cost trend (Incremental- long term) 18% 14% 14% 14% 15% 10.1% 10.0% 9.8% 9.8% 10.2% 1,355 1,450 41% 45% 52% 1,172 47% 53% 1,146 1,045 32% 29% 27% 26% 25% 8% 13% 12% 8% 7% Q2'FY26 Q3'FY26 Q4'FY26
Slide 29: Quarterly Financial Statements and ROA Tree
Quarterly Financial Statements and ROA Tree Income Statement (INR Cr) Q2’FY27 Q1’FY27 Q-o-Q Q2’FY26 Y-o-Y ROA Tree Q2’FY27(3) Q1’FY27(3) Interest Income 385.5 363.0 6% 322.4 20% As a % of Avg On Book AUM Income on Co-Lending / Direct 109.1 74.9 46% 100.6 8% Total Income 24.1% 22.4% Assignment Other
Slide 30: Balance Sheet
Balance Sheet Balance Sheet (INR Cr) Sep-26 Mar-26 Balance Sheet (INR Cr) Sep-26 Mar-26 Liabilities Assets Trade payables 16 59 Cash and Bank Balance 1,480 1,825 Debt securities 3,909 3,220 Loans 10,780 10,293 Borrowings (other than debt securities) 7,064 7,562 Investments 842 737 Other financial li
Slide 31: Focused verticals performance
Focused verticals performance
Slide 32: 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 (Sep’26) On books POS - Actual performance (Sep’26) INR Cr INR Cr 3,896 4,268 2,370 2,495 2,677 3,199
Slide 33: Emerging Market: Productivity inflection has begun
Emerging Market: Productivity inflection has begun Mature branches producing INR 0.86 Cr/month disbursement and 138 sub-6-month branches are queued behind them Monthly Disbursement per Branch (INR Cr) Branch cohort migration Mar’26 → Sep’26 0.86 0.78 0.81 0.67 0.66 0.60 156 138 0.47 0.49 0.37 72 80
Slide 34: 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 35: GROx: AUM growth well ahead of plan
GROx: AUM growth well ahead of plan Without compromising asset quality; GNPA at 1.4% as at Sep’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 (Sep’26) On books POS - Actual performance (Sep’26) INR Cr INR
Slide 36: Embedded Merchant Lending through digitally scalable GROx platform
Embedded Merchant Lending through digitally scalable GROx platform INR 3,661 Cr AUM across ~400k+ active customers; ~2x growth in 4 quarters while maintaining asset quality AUM (INR Cr) Active Customers ('000s) GNPA (%) 3,661 409 3,003 344 2.1% 2,280 250 1.7% 1.5% 1.4% 1,798 190 1.3% 1,270 153 1,011
Slide 37: 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 38: Shareholding, Board, and Management
Shareholding, Board, and Management
Slide 39: Institutionally Owned: Majority held by Institutional Investors
Institutionally Owned: Majority held by Institutional Investors Fully Diluted Shareholding Pattern (Sep’26) 15.5% Other Public (Investment arm of shareholders, 25.8% Denmark govt.) 12.7% Insurance Cos, 0.9% FPIs, 1.5% Corporate, 8.4% 9.6% Management & ESOPs, 3.2% Promoter, 2.8% 7.8% 6.1% 5.7% Promot
Slide 40: Independently supervised by eminent Board of Directors
We are Independently supervised by eminent Board of Directors Non-Executive Chairman Satyananda Mishra - Chairman Ex-Chairman - MCX, Ex-CIC, GOI, Ex-Director - SIDBI Committee Chairman Corporate Social Responsibility Independent Directors S. Karuppasamy Karnam Sekar Hemant Bhargava Rajeev K. Agarwal
Slide 41: 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 ▪ G.P. Kapadia & Co. is the statutory auditor ▪ An institution created with a long-term view, designed for contin
Slide 42: Professionally Managed: Leadership has 200+ years of 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 43: Focused Vertical: Customer Segments & Sourcing Strategy
Focused Vertical: Customer Segments & Sourcing Strategy
Slide 44: Emerging Market Loan: Small-ticket LAP to MSMEs in Tier II
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 45: Emerging Market Loan: Scaling through PAN-India branches ecosystem
Emerging Market Loan: Scaling through PAN-India branches ecosystem Strong on-ground sourcing and distribution through 1,800+ sales executives operating through 317 branches Now Established on-ground footprint Emerging market branches operate on a cluster-based approach… ..where each branch follows a
Slide 46: 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 47: ESG
ESG Driving Inclusive and Responsible Value Creation
Slide 48: Social Impact Report FY 2025-26: What UGRO's Credit Enables
Social Impact Report FY 2025-26: What UGRO’s Credit Enables Independent assessment by Impactree | Key indicators & SDGs Key indicators - borrower outcomes post UGRO loan 58% 61% 42% 83% reported revenue increase reported improved monthly first-time formal borrowers of women borrowers were first- liq
Slide 49: Social Impact: Sector Outcomes, SROI & Borrower Stories
Social Impact: Sector Outcomes, SROI & Borrower Stories Other indicators, SROI by product and illustrative case studies Value creation model Social Return on Investment (SROI) SDG-linked portfolio metrics (₹ Cr) Capital: EM LAP & Embedded Finance (GroX); Data & SDG / metric FY25 FY26 Inputs tech: an
Slide 50: Thank You
THANK YOU www.ugrocapital.com