Ugro Capital Ltd(UGROCAP)

NSE: UGROCAPBSE: 511742

₹ 74.65-3.18%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,159 crNext results: 5 Nov 2026Website: www.ugrocapital.comUpdated: 24 Oct 2026

About

UGRO Capital is a data-driven NBFC that lends to small businesses in India. Since a February 2026 realignment, it focuses on two areas: Emerging Market LAP (small-ticket secured loans against property) and Embedded Merchant Finance through its MyShubhLife/GROx platform. Consolidated AUM was INR 15,334 crore as of March 2026 and ₹15,013 Cr in Q1 FY27, and FY26 revenue was Rs 1,937.06 Cr. It runs 317 branches across 15 states and union territories.^[1][2][3]

Business segments

Emerging Market LAP: secured small-ticket loans against property to underserved small businesses; AUM of ₹3,896 Cr in Q1 FY27, up 9% QoQ, with a portfolio yield of ~18.5%.^[2]
GROx (Embedded Merchant Finance): unsecured working-capital loans offered inside merchant ecosystems via MyShubhLife; AUM ₹3,003 Cr in Q1 FY27, up 32% QoQ, at ~26% portfolio yield; average ticket size ₹1 lakh.^[2][1]
Prime/legacy intermediated book is being run down: Prime Intermediated disbursements stopped from Feb 7, 2026; this book was 54% of AUM as of Q1 FY27.^[2]
No new sourcing is planned for Secured Business Loans, Business Loans, School Finance, Partnership & Alliances or Supply Chain Financing after the realignment.^[1]
The two focus areas (EM LAP + GROx) made up 46% of AUM in Jun '26, up from 32% in Dec '25; the target is 85% by FY29.^[2]

Operations and network

317 Emerging Market branches plus 7 offices (324 locations) in Tier-2, Tier-3 and smaller towns, across 15 states and union territories as of FY26; no operations outside India.^[1]
Branches older than 12 months (a 96-branch cohort) disbursed ₹0.81 Cr/month in Q1 FY27, against a ₹0.80 - 0.85 Cr/month target.^[2]
Average productivity across the EM network rose from ₹0.48 Cr/month in FY26 to ₹0.62 Cr/month in Q1 FY27.^[2]
GROx had ~3.4 lakh active customers as of Q1 FY27 and disbursed ₹1,853 Cr in the quarter, at a run rate of ~60,000+ loans per month.^[2]
The GRO Score underwriting engine processes over 25,000 data features to give a credit assessment within sixty minutes.^[1]
The company had 2,095 employees as of March 31, 2026.^[1]

Customers

It typically lends to MSMEs with turnover of Rs. 10 lacs to Rs 200 crores, as of FY26.^[1]
About 11% of AUM was covered by CGTMSE guarantees in FY26.^[1]

Loan book and asset quality

Consolidated AUM was INR 15,334 crore as of March 2026; off-book assets were 38% of AUM.^[1]
Total AUM was ₹15,013 Cr in Q1 FY27, up 24% YoY; net disbursements were ₹2,551 Cr in Q1 FY27, up 59% YoY and 19% QoQ.^[2]
GNPA (AUM basis) was 2.6% in Q1 FY27, down 19 bps YoY; NNPA was 1.9% and Stage 3 provision coverage was 45%.^[2]
GROx GNPA was 2.1% in Q1 FY27; EM LAP GNPA is expected to peak at 3.0 - 3.5% once the book is more than 18 months old.^[2]
Collection efficiency was 98% in Q1 FY27.^[2]

Key operating metrics

Portfolio yield was 18.1% in Q1 FY27, up 63 bps QoQ.^[2]
Cost of borrowings was 10.14% in Q1 FY27, down 41 bps YoY, the 7th straight quarterly improvement; ~66% of borrowings have a tenor beyond 3 years.^[2]
NIM/spread (net total income %) was 13.0% for FY26; credit cost was 1.7% of average AUM in Q1 FY27.^[2]
CAR was 21.0% in Q1 FY27; leverage was 3.7x as of Q4 FY26.^[2]
Pre-tax ROA was 2.6% in Q1 FY27, up 255 bps YoY; ROE was 9.2% in Q1 FY27.^[2]

Cost structure

Quarterly opex fell 42% QoQ to ₹118.5 Cr in Q1 FY27 from ₹205.3 Cr in Q4 FY26. This completed a ₹220 Cr annualised cost cut: Profectus savings (~₹120 Cr) plus the intermediated-vertical exit (~₹100 Cr).^[2]
Co-lending and DA income fell to ₹74.9 Cr (14% of total income) in Q1 FY27 from ₹154.6 Cr (24%) in Q4 FY26; the target is ~4% by FY29.^[2]

Strategic targets

In July 2026, monthly disbursement from the EM network and GROx combined crossed ₹1,000 Cr for the first time; the target is ~15% blended AUM growth over 2 - 3 years.^[2]
The target is a steady-state ROA of 3.0 - 3.5% by FY29, with FY27 described as a transition year.^[2]
No new equity raise is planned through FY29; growth is to be funded from internal accruals.^[2][1]
Post-merger CAR is expected at 23 - 24%, versus 21% standalone in Q1 FY27.^[2]

Recent developments

Profectus Capital, an RBI-registered NBFC bought for INR 1,399 Cr, became a wholly owned subsidiary from December 08, 2025; the Board has approved merging it into the company, subject to approvals.^[1]
Datasigns Technologies, owner of the MyShubhLife platform, became a wholly owned subsidiary from March 18, 2026.^[1]
India Ratings upgraded the long-term rating to IND A+ in October 2025, after the Profectus deal and a ₹535 Cr equity raise through CCDs.^[4]
Mr. Nath and promoter group entities have guaranteed about INR 1,830 Crores of outstanding exposure to the company's lenders, as of FY26.^[1]
A dividend policy review is due in Q3/Q4 FY27.^[2]

Market Cap

₹1,159 Cr

High / Low

₹190 / 74

Stock P/E

7.0

Price / Book

0.4

Book Value

₹187

EPS

₹11.3

No. of Shares

15.53 Cr

ROE

6.0%

Debt / Equity

3.71

Sales

₹1,937 Cr

Net Profit

₹175 Cr

Promoter holding

2.9%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials