Transcript of the Earnings Call with Analysts/Investors

UGRO Capital reported its FY25 results, with total AUM at INR 12,003 Crores (up 33% YoY) and full-year disbursements of INR 7,651 Crores (up 30% YoY). Q4FY25 was the strongest quarter ever, with disbursements of INR 2,436 Crores (up 57% YoY) and PAT of INR 41 Crores (up 24% YoY); full-year PAT grew 21% to INR 144 Crores. Asset quality remained stable with GNPA at 2.3%, NNPA at 1.6%, and collection efficiency at 95%. Management outlined a clear roadmap to scale AUM to INR 20,000 Crores with 4% ROA in the next 1–1.5 years, driven by Emerging Markets expansion (targeting 400 branches by March 2026, 32–35% AUM share), higher yields, lower cost of borrowing, and improving OPEX ratios. Management also clarified the QIP is a routine enabling resolution, discussed the new co-lending draft guidelines positively, and noted warrant holders (Samena Capital, Aregence) are likely to convert. No actionable acquisition plans were disclosed.