Transcript of the Earnings Call with Analysts/Investors held on 21st April 2026

Ugro Capital held its Q4 FY26 earnings call to discuss the March 2026 quarter and full year results, which are now consolidated with Profectus Capital and Data Science Technologies following their recent acquisitions. Management shared that Q4 net total income grew 51% year-on-year and 34% quarter-on-quarter, while profit after tax rose 26% year-on-year, helped by a 57% jump in interest income to INR 415 crores and a 45 basis point fall in cost of borrowings to 10.16%. The company outlined a strategic realignment focusing on two verticals - Emerging Market LAP (AUM of INR 3,581 crores, GNPA 1.2%) and Embedded Finance via MyShubhLife (AUM of INR 2,280 crores, GNPA 1.7%, 6x growth in 15 months) - while running down the older DSA-led prime book. Five measurable FY29 targets were reiterated: shift focus verticals to 85% of AUM, take out INR 220 crores in annualised costs, run down the prime book at 15-20% yearly, no incremental equity, and reach 3-3.5% cash ROA. Capital adequacy stood at 21.2% with net worth of INR 2,906 crores and leverage of 3.7x, and management confirmed no further equity dilution is needed through FY29.