NSE: UGROCAP · BSE: 511742
UGRO CAPITAL LIMITED
Lends to small and emerging businesses in India, primarily through two focus areas: small-ticket secured loans against property distributed through a 317-branch network across 13 states (EM-LAP), and embedded merchant financing via the MyShubhLife platform. As of Q4 FY26, total assets under management stood at ₹15,334 crore, with the two focus verticals together forming 38% of AUM and an older Prime Intermediated book being run down at 15-20% annually. Revenue comes mainly from interest on the loan book — Q4 FY26 interest income was ₹415 crore — plus co-lending and direct-assignment income of ₹155 crore in the same quarter. The biggest input cost is interest on borrowings, which has fallen 45 bps year-on-year; employee costs run at 15.3% of revenue and other operating expenses at 12.2%. The Profectus Capital acquisition was consolidated from 8 December 2025, and an amalgamation scheme has been filed with NCLT Mumbai. Reported asset quality: gross NPA 2.5%, net NPA 1.6%, collection efficiency 98%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on loan book, Co-lending and direct-assignment income, Embedded finance (MyShubhLife). Non-bank lender focused on emerging-market MSME credit, shifting from intermediated to direct origination
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,937 |
| EBITDA (ex other income) | 1,184 |
| margin % | 61.1 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 14.08 |
| ROE % · ROCE % | 6.0 · — |
| Debt / equity (x) | — |
| Cash from operations | 214 |
| Capex | (13) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 461 | 607 | 497 |
| Profit before tax | 63 | 71 | 62 |
| Net profit | 46 | 51 | 68 |
| EPS (₹) | 3.25 | 3.35 | 4.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.8 | 18.1 | 33 of 200 | 83% |
| P/B | 0.4 | 1.1 | 35 of 253 | 85% |
| ROE | 6.0 | 3.1 | 95 of 257 | 63% |
| EBITDA margin | 73.2 | 48.6 | 72 of 249 | 71% |
| Market cap | 1138 | 34 | 34 of 268 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · NCLT fixes 20 November 2026 hearing on Profectus Capital amalgamation | compliance | minimal | — | — |
| 22 Oct 2026 · UGRO Capital Profectus merger hearing set for 20 November 2026 | strategic transactions | high | — | — |
| 21 Oct 2026 · Compliance Certificate for quarter ended September 2026 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 16 Oct 2026 · UGRO Capital board to meet on 5 Nov to consider Q2 FY26 results | results | low | — | — |
| 9 Oct 2026 · UGRO Capital allots USD 10 million foreign currency bonds via private placement | fund raising | medium | — | — |
| 7 Oct 2026 · Trading in UGRO Capital NCDs suspended on maturity from October 09, 2026 | credit debt | medium | — | — |
| 30 Sept 2026 · UGRO Capital allots INR 137 crore NCDs at 9.75 percent via private placement | fund raising | medium | — | — |
| 30 Sept 2026 · Trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 28 Sept 2026 · Company Secretary and Compliance Officer resigns | management changes | high | — | — |
| 25 Sept 2026 · Allotment of 180-day Commercial Papers worth about Rs 29.68 crores | fund raising | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.