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Ugro Capital Results: Latest Quarterly Results & Analysis

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Ugro Capital Ltd. 09 Feb 2026 14:33 PM
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Q3FY26 Quarterly Result Announced for Ugro Capital Ltd.

Finance company Ugro Capital announced Q3FY26 results

  • AUM: Rs 15,454 crore as of Dec’25, up 40% YoY.
  • Net Disbursement: Rs 2,217 crore in Q3FY26 up 6% YoY; Rs 5,605 crore in 9MFY26 up 7% YoY.
  • Total Income: Rs 506.4 crore in Q3FY26 up 32% YoY.
  • Asset Quality: GNPA/ NNPA at 2.2%/ 1.4% on total AUM with all portfolio parameters stable; adequate provision coverage at 45%.
  • Embedded Finance Growth: MSL delivering exponentially with AUM reaching Rs 1,798 crore within short span of 5 quarters.
  • Emerging Market channel mix at ~21% of consolidated AUM with 300 branches reaching AUM of Rs 3,199 crore.
  • Strategic Updates: The acquisition of Profectus Capital completed in Dec’25; now a 100% subsidiary of UGRO.

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Finance company Ugro Capital announced Q2FY26 results

  • AUM: Rs 12,226 crore, up 20% YoY
  • Net Disbursement: Rs 1,789 crore in Q2FY26; Rs 3,388 crore in H1FY26
  • Total Income: Rs 461 crore in Q2FY26, up 35% YoY; Rs 883 crore in H1FY26, up 37% YoY
  • PAT: Rs 43.3 crore in Q2FY26, up 27% QoQ / 22% YoY; Rs 77.4 crore in H1FY26, up 18% YoY
  • GNPA / NNPA: 2.4% / 1.5% on AUM; provision coverage ratio at 47%; Stage-1 Assets: Stable at 93% of the AUM, indicating high asset quality.
  • Off-book AUM: 43% of AUM, across 16 co-lending and 40 fintech partnerships
  • CRAR: 25.4%, ensuring strong capital headroom
  • Rating Update: India Ratings updated its long-term ratings to IND A / Rating Watch with Positive Implication and Crisil updated its long term ratings to Crisil A/ Rating Watch with Developing Implications
  • Total Collection Efficiency: 100% in Q2FY26 (up from 96% in Q2FY25).

Shachindra Nath, Founder and Managing Director of UGRO Capital said, “Q2FY26 marked a period of strategic recalibration and operational steadiness. With the Emerging Market network now at 303 branches and the Embedded Finance platform scaling rapidly, UGRO is entering a phase of structural profitability improvement. Our portfolio quality remains robust, with 93% assets in Stage-1, 100% total collection efficiency, and conservative provisioning. As our branches mature over the next six quarters and Embedded Finance deepens, we see a clear pathway to ROA expansion and sustained value creation. The Profectus Capital acquisition and continued investment in our DataTech underwriting architecture strengthen UGRO’s position as India’s most diversified and data-driven MSME lender.”

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Finance company Ugro Capital announced Q1FY26 results

  • AUM of Rs 12,081 crore, up 31% YoY.
  • Total Income stood at Rs 421.8 crore in Q1FY26, up 40% YoY.
  • Net Total Income at Rs 216.5 crore, up 31% YoY.
  • GNPA/NNPA at 2.5%/1.7% on total AUM.
  • Embedded Finance Growth: Reached Rs 1,011 crore AUM with Rs 582 crore disbursed in Q1FY26 through MSL platform.
  • Emerging Market Business Growth: Reached Rs 2,772 crore AUM with 309 branches operational; ~346 branches to be operational by Sep’25.
  • CRAR at 22.4%, provides strong capital headroom above the regulatory minimum, supporting calibrated growth.
  • Strategic actions: Profectus Capital acquisition (Rs 1,400 crore, all-cash) advancing; Rs 381 crore rights issue completed and Rs 911 crore preferential issue in process.

Shachindra Nath, Founder & Managing Director of UGRO Capital, said: “Q1 was a quarter of discipline. In line with our risk guardrails, we tightened underwriting and moderated originations wherever borrower leverage was elevated. Even so, the portfolio remained resilient across our nine focus sectors, and we delivered 31% YoY AUM growth with stable asset quality. We stayed focused on building our next engines of Emerging Market distribution, Embedded Finance partnerships and the Profectus acquisition. With capital actions underway and approvals progressing, we are well placed for the next phase of high-quality growth. While the industry is seeing relatively higher stress in unsecured segments, UGRO’s exposure there is limited and ring-fenced; our book is predominantly secured, and our filters are sharper than before. As seasonal effects fade and partner funnels ramp up, we expect growth to pick up while staying firmly disciplined on unit economics.

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Finance company Ugro Capital announced Q4FY25 & FY25 results

Financial Highlights:

  • Disbursement of Rs 7,651 crore in FY25, up 30% YoY and Rs 2,436 crore in Q4FY25, up 57% YoY and 16% QoQ.
  • Emerging Market LAP disbursements at Rs 669 crore for Q4FY25 up 230% YoY and 23% QoQ.
  • AUM of Rs 12,003 crore, up 33% YoY and 8% QoQ.
  • Net Total Income stood at Rs 814 for FY25, up 27% YoY and Rs 231 crore in Q4FY25, up 14% YoY and 6% QoQ.
  • GNPA/NNPA at 2.3%/ 1.6% on total AUM.
  • Embedded Finance Growth: Reached Rs 743 crore AUM through MSL platform.

Shachindra Nath, Founder and Managing Director, UGRO Capital, said: “Our FY25 performance underscores the strength of our DataTech-driven business model and the progress we have made in reaching underserved MSME segments. With record quarterly originations and robust AUM growth, we remain on track to expand our Emerging Markets portfolio, driving both yield enhancement and greater financial inclusion. Our diversified liability mix, and industry-leading collection efficiency demonstrate the resilience and scalability of our risk-management framework. As we set ambitious targets for FY26, backed by continuous innovation and a growing branch network, UGRO Capital is more committed than ever to empowering MSMEs across India with tailored, highimpact financial solutions.”

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Finance company Ugro Capital announced Q3FY25 results

  • Disbursement for Q3FY25 of Rs 2,098 crore, up 35% YoY and 6% QoQ
  • AUM of Rs 11,067 crore, up 32% YoY and 9% QoQ
  • Net Total Income for Q3FY25 stood at Rs 218 crore, up 34% YoY and 9% QoQ
  • GNPA/NNPA at 2.1%/1.5% on total AUM
  • Secured a patent for the proprietary GRO Score credit scoring model
  • Embedded Finance Growth: Reached Rs 302 crore AUM in embedded finance through MSL platform.

Shachindra Nath, Founder and Managing Director of UGRO Capital, said, “Our strong growth trajectory demonstrates the resilience of our business model and our unwavering focus on serving the MSME sector. The GRO Score patent exemplifies our commitment to innovation, and our growing branch network ensures deeper penetration into underserved markets. We aim to scale our micro-enterprise portfolio to ~35% of AUM by March 2026, driving yield expansion and fostering financial inclusion. As we move forward, we are confident in achieving our strategic goals while continuing to empower MSMEs across the country.”

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Finance company Ugro Capital announced Q2FY25 results

  • AUM of Rs 10,157 crore, up 34% and PAT for H125 at Rs 66 crore up 22% (YoY).
  • Highest ever net loans originated: Rs 1,971 crore compared to Rs 1,146 crore in Q1FY25 and Rs 1,476 crore in Q2FY24.
  • 46 Micro branches added in Q2FY25 taking total branch count to 210.
  • Rs 456 crore vs. Rs 209 crore in Q1; contributed to 23% of total disbursement.
  • Rs 615 crore in Q2FY25 vs Rs 337 crore in Q1FY25 and Rs 324 crore in Q2FY24.
  • ~Rs 1,100 crore in Q2FY25 vs ~Rs 315 crore in Q1FY25 and ~Rs 780 crore in Q2FY24.
  • ‘IND A / Stable’ (long-term) and ‘IND A1 ’ (Short-term) by India Ratings.

Shachindra Nath, Founder and Managing Director of UGRO Capital said: “Crossing the Rs 10,000 crore AUM milestone highlights the strength of our DataTech infrastructure, vast geographical reach, and distribution network. This achievement reinforces our commitment to building a financially inclusive ecosystem for MSMEs across India. With increasing loan originations, co-lending volumes and 210 branches, we are ready to accelerate our focus on the small business segment. This is just the beginning of our journey toward becoming India’s largest small business financing institution, driven by our core belief: MSME Accha Hai.”

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Finance company Ugro Capital announced Q1FY25 results:

  • Equity Capital raised amounting to Rs 1,265 crore via CCDs and warrants.
  • Off-book AUM of 45%.
  • AUM of Rs 9,218 crore (up 36% YoY and 2% QoQ)
  • Net disbursement (adjusted for SCF) stood at Rs 1,330 crore compared to Rs 1,268 crore in Q1FY24
  • Total Income stood at Rs 301.6 crore for Q1’FY25 (up 38% YoY)
  • Net Total Income stood at Rs 165.4 crore for Q1’FY25 (up 32% YoY)
  • PBT increased to Rs 42.8 crore in Q1’FY25 (up 20% YoY) as against Rs 35.6 crore in Q1FY24
  • PAT increased to Rs 30.4 crore in Q1’FY25 (up 20% YoY)
  • GNPA / NNPA as on Jun’24 stood at 2.0% /1.2% (as a % of Total AUM)
  • 164 branches (as on Jun’24)

Shachindra Nath, Founder and Managing Director of UGRO Capital said, “At UGRO Capital, we have set ambitious goals for FY25, and we are poised to innovate and expand our footprint in MSME lending. Our recent rating upgrade underscores our relentless dedication to supporting the growth aspirations of MSMEs and reflects the strength of our business fundamentals. Since inception, we have been and continue to be dedicated to facilitating their success because we truly believe that ‘MSME Accha Hai’. As the company marches forward on its path of sustainable growth, it offers a compelling opportunity for investors seeking long-term value and returns.”

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Finance company Ugro Capital announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Net disbursement of Rs 1,554 crore in Q4FY24.
  • AUM of Rs 9,047 crore, up 8% QoQ.
  • Net Total Income stood at Rs 202.2 crore in Q4FY24, up 24% QoQ.
  • Total Income stood at Rs 330.4 crore for Q4FY24, up 52% YoY and 18% QoQ.
  • PBT increased to Rs 55.9 crore in Q4FY24, up 66% YoY and 21% QoQ.
  • PAT increased to Rs 32.7 crore in Q4FY24, up 133% YoY.
  • GNPA/NNPA at 2.0%/1.1% on total AUM.
  • Over 78k customers as on Mar’24.
  • 150 branches (as of March 24).

FY24 Financial Highlights:

  • Net disbursement of Rs 5,867 crore in FY24, up 26% YoY.
  • Net Total Income stood at Rs 638.8 crore in FY24, up 64% YoY.
  • Total Income stood at Rs 1,081.7 crore in FY24, up 58% compared to FY23.
  • PBT increased to Rs 178.8 crore in FY24, up 113% compared to FY23.
  • PAT increased to Rs 119.3 crore in FY24, up 200% compared to FY23.
  • GNPA/NNPA as on Mar’24 stood at 2.0%/1.1% (as a % of Total AUM).
  • Total Debt stood at Rs 4,653 crore as on Mar’24, and overall debt to equity ratio was 3.2x.
  • Healthy capital position with CRAR of 20.8% (as on Mar’24).

Shachindra Nath, Founder and Managing Director of U GRO Capital said, “At UGRO Capital, our FY24 results reflect our unwavering commitment to reshaping small business financing. Surpassing Rs 9,000 crores in AUM demonstrates our dedication to delivering unmatched financial solutions. With ambitious goals for FY25, we're poised to innovate and expand our footprint in MSME lending.”

 

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Non-banking Financial company Ugro Capital announced Q3FY24 & 9MFY24 results:

Key performance highlights:

  • Net disbursement of Rs 4,311 crore in 9MFY24, up 35% YoY and 1,552 crore in Q3FY24, up 5% QoQ
  • AUM of Rs 8,364 crore as of Dec’23 (up 64% YoY and 10% QoQ)
  • Total Income stood at Rs 279.3 crore for Q3FY24 (up 47% YoY and 10% QoQ) and Rs 751.3 crore in 9MFY24 (up 61% compared to 9MFY23)
  • Net Total Income stood at Rs 162.6 crore for Q3FY24 (up 51% YoY and 10% QoQ) and Rs 436.5 crore in 9MFY24 (up 66% compared to 9MFY23)
  • PBT increased to Rs 46.4 crore in Q3FY24 (up 109% YoY and 14% QoQ) and Rs 122.8 crore in 9MFY24 (up 145% compared to 9MFY23)
  • PAT increased to Rs 32.5 crore in Q3FY24 (up 148% YoY and 13% QoQ) and Rs 86.7 crore in 9MFY24 (up 237% compared to 9MFY23)
  • GNPA / NNPA as on Dec’23 stood at 2.0% /1.1% (as a % of Total AUM)
  • Over 67k customers as of Dec’23
  • 104 branches (as of Dec’23)
  • Total lender count stood at 58 as of Dec’23
  • Total Debt stood at Rs 4,173 crore as on Dec’23, and the overall debt to equity ratio was 3.0x
  • Healthy capital position with CRAR of 22.3% (as of Dec’23)

Shachindra Nath, Founder and Managing Director of Ugro Capital said, “At Ugro Capital, our journey is defined by continuous innovation, dedicated to reshaping financial sector standards. Today, we proudly announce surpassing Rs 8,300 crore in AUM, entering the billion dollar AUM Club. This accomplishment reflects our unwavering commitment to innovation and delivering unmatched financial solutions. Committed to boosting India's economic growth, we aspire to build a significant institution for small business financing. With ambitious FY24 goals, we are strategically poised to achieve them through innovative strategies, collaborations, and a steadfast commitment to sustainable entrepreneurship. Ugro Capital offers an attractive opportunity for investors seeking enduring growth and robust returns.”

 

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Non-banking financial company Ugro Capital announced Q1FY24 results:

  • New customers on-boarded in Q1FY24: 8,664 MSME customers, up 65% YoY.
  • Disbursement of Rs 2,036 crore in Q1FY24, up 50% YoY.
  • AUM of Rs 6,777 crore, up 85% YoY and 11% QoQ.
  • Net total income stood at Rs 125.6 crore, up 82% YoY.
  • GNPA/NNPA at 1.8%/1.0% on total AUM.
  • Lending as a Service (LaaS) – a reality: achieved off-book AUM of 43%.
  • UGRO Capital is steadily marching towards its target to gain a 1% market share with 1 million small businesses as our customers over the next three years.

Commenting on the results, Shachindra Nath, Vice Chairman and Managing Director, UGRO Capital said, “UGRO Capital has set ambitious goals for FY24, and we are dedicated to gaining 1% market share with 1 million small businesses as our valued customers over the next three years. With our innovative financial solutions, strategic partnerships, and mission to drive sustainable entrepreneurship, we are well-positioned to achieve these objectives. We believe in the power of small businesses to drive India's economy, and we are dedicated to facilitating their success. As the company marches forward on its path of sustainable growth, it offers a compelling opportunity for investors seeking long-term value and returns.”

 

 

 

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