UGROCAP
Ugro Capital share price & financials
- Price
- ₹96.73
- Market cap
- ₹1.4k Cr
- Sector
- Financial Services
- Calls analysed
- 6
Ugro Capital Limited Q1 FY27
What went well
- Monthly disbursement crossed INR 1,000 crores for the first time in July 2026, reinforcing conviction in the new UGRO model.
- EM and Embedded Merchant Finance AUM increased from 32% of total AUM in Dec '25 to 46% in June '26, demonstrating progress in strategic realignment.
- Net disbursements grew 59% YoY to INR 2,551 crores in Q1 FY27, indicating strong growth momentum.
What to watch
- Interest income declined 13% QoQ to INR 363 crores due to higher foreclosures in the Prime Intermediated DSA-led vertical, leading to upfront cost recognition.
- Total AUM trajectory moderated in the near term due to faster rundown of the Prime Intermediate portfolio, though on-balance sheet assets are expected to grow.
What Ugro Capital Limited does
UGRO Capital is a non-bank finance company (NBFC) that lends to small and medium enterprises, offering secured business loans, machinery and equipment financing, supply chain finance, rooftop solar and EV financing. It originates and services these loans through its own branch network across Tier-2/3 India, co-lending partnerships with banks and NBFCs, and its digital embedded-finance platform MyShubhLife, which extends merchant/working-capital finance through payment and e-commerce partners. Loan underwriting is driven by its proprietary GRO Score model, which analyses GST filings, bank statements and credit-bureau data. The company is also winding down a legacy 'Prime Intermediated' loan book (business loans, machinery loans, Prime LAP) that was sourced through third-party intermediaries.
Segments
- Emerging Market (EM)
- Embedded Merchant Finance
- Prime Intermediated (non-focus, being wound down)
- Emerging Market branch network
- 317 branches
- Geographic footprint (Emerging Market vertical)
- 13 states
- Field sales force (Emerging Market vertical)
- ~1,300 field sales officers
- Embedded Merchant Finance active customers
- ~250,000 merchants on MyShubhLife platform
- Funding/co-lending partner network
- 17 partner banks and NBFCs
- Loan logins (Emerging Market vertical, FY26)
- 39,286 logins
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 3 delivered 1 missed 16 open- Emerging Market AUM Contribution delivered said Q4 FY25 Promised: Rise from 22% to 32%-35% of AUM in the next 6-8 quarters Q1 FY27: Remains achieved. The focus verticals (which include EM) have now grown to 46% of total AUM.
- Consolidated AUM missed said Q2 FY26 Promised: INR 16,500 crores by year-end FY26 Q1 FY27: Target period has passed. AUM further declined to INR 15,013 Cr in Q1 FY27 due to the planned rundown of the non-focus portfolio.
- Return on Assets (ROA) revised down said Q4 FY25 Promised: 4% ROA in next 6-8 quarters Q1 FY27: Superseded by the new FY29 cash ROA target of 3-3.5%. The original promise is considered abandoned.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 20.0%, net profit up 100.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 330 | 371 | 403 | 414 | 455 +38% | 461 +24% | 607 +51% | 497 +20% |
| Net profit | 36 | 38 | 41 | 34 | 43 +19% | 46 +21% | 51 +24% | 68 +100% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −52.9% 1Y
1Y: ₹177.61 on 10 Sept 2025 → ₹83.66. High ₹189.95 (6 Oct 2025), low ₹81.3 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.4%
- 5 Aug
- Q4 FY26
- +0.6%
- 21 Apr
- Q3 FY26
- −8.1%
- 9 Feb
- Q2 FY26
- −1.6%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 43.4% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹657 Cr | ₹1.0k Cr | ₹1.4k Cr | ₹1.9k Cr |
| Interest | ₹294 Cr | ₹443 Cr | ₹627 Cr | ₹955 Cr |
| Depreciation | ₹18 Cr | ₹36 Cr | ₹46 Cr | ₹70 Cr |
| Net profit | ₹39 Cr | ₹120 Cr | ₹145 Cr | ₹174 Cr |
| Net margin | 6.0% | 11.5% | 10.4% | 9.0% |
| ROE | — | — | — | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹71 Cr | ₹71 Cr | ₹69 Cr | ₹92 Cr | ₹114 Cr | ₹153 Cr |
| Reserves | ₹882 Cr | ₹896 Cr | ₹915 Cr | ₹1.3k Cr | ₹2.3k Cr | ₹2.8k Cr |
| Borrowings | — | — | — | — | — | ₹10.8k Cr |
| Other liabilities | ₹37 Cr | ₹86 Cr | ₹173 Cr | ₹188 Cr | ₹228 Cr | ₹387 Cr |
| Total liabilities | ₹1.8k Cr | ₹2.9k Cr | ₹4.3k Cr | ₹6.3k Cr | ₹10.8k Cr | ₹14.1k Cr |
| Fixed assets | ₹36 Cr | ₹56 Cr | ₹85 Cr | ₹130 Cr | ₹190 Cr | ₹512 Cr |
| Capital work in progress | ₹4 Cr | ₹6 Cr | ₹14 Cr | ₹0 Cr | ₹0 Cr | ₹24 Cr |
| Investments | ₹55 Cr | ₹69 Cr | ₹60 Cr | ₹59 Cr | ₹492 Cr | ₹737 Cr |
| Other assets | ₹1.7k Cr | ₹2.7k Cr | ₹4.1k Cr | ₹6.1k Cr | ₹10.1k Cr | ₹12.8k Cr |
| Total assets | ₹1.8k Cr | ₹2.9k Cr | ₹4.3k Cr | ₹6.3k Cr | ₹10.8k Cr | ₹14.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −23.87 pp while the public added +23.54 pp. The shareholder count shrank 9% to 38,742.
- Promoters
- 2.9%
- FIIs
- 5.5%
- DIIs
- 1.9%
- Public
- 88.2%
- Others
- 1.6%
Since Jun 2025
- FIIs −23.87 pp
- Public +23.54 pp
- Promoters +0.63 pp
How it drifted, 12 quarters
Over this window the public went from 71.4% to 88.2% — +16.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 2.2%, FIIs 19.2%, DIIs 5.8%, Public 71.4%, Others 1.3%.Dec '23: Promoters 2.2%, FIIs 19.8%, DIIs 4.5%, Public 72.2%, Others 1.3%.Mar '24: Promoters 2.2%, FIIs 19.8%, DIIs 3.8%, Public 72.9%, Others 1.3%.Jun '24: Promoters 2.2%, FIIs 20.3%, DIIs 2.5%, Public 73.6%, Others 1.3%.Sep '24: Promoters 2.2%, FIIs 20.4%, DIIs 2.8%, Public 73.3%, Others 1.3%.Dec '24: Promoters 2.2%, FIIs 24.7%, DIIs 2.4%, Public 69.3%, Others 1.3%.Mar '25: Promoters 2.2%, FIIs 27.3%, DIIs 1.9%, Public 67.3%, Others 1.3%.Jun '25: Promoters 2.3%, FIIs 29.3%, DIIs 1.6%, Public 64.7%, Others 2.1%.Sep '25: Promoters 2.2%, FIIs 29.0%, DIIs 1.6%, Public 65.1%, Others 2.1%.Dec '25: Promoters 1.7%, FIIs 22.8%, DIIs 1.4%, Public 72.5%, Others 1.6%.Mar '26: Promoters 2.0%, FIIs 22.3%, DIIs 1.7%, Public 72.4%, Others 1.6%.Jun '26: Promoters 2.9%, FIIs 5.5%, DIIs 1.9%, Public 88.2%, Others 1.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Poshika Financial Ecosystem Private Limited +0.89 pp 1.54% held
- Rishikesh Parthasarathi +0.13 pp 1.72% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Ugro Capital Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Danish Sustainable Development Goals Investment Fund K S | 15.78% | unchanged |
| Clearsky Investment Holdings Pte Limited | 9.73% | unchanged |
| Newquest Asia Investments III Limited | 9.00% | −0.47 pp |
| Samena Green Ltd | 8.40% | unchanged |
| Acm Global Fund Vcc FPI fund | 5.85% | −0.06 pp |
| Samena Special Situations Mauritius VC / PE | 4.49% | unchanged |
| Rishikesh Parthasarathi | 1.72% | +0.13 pp |
| Poshika Financial Ecosystem Private Limited | 1.54% | +0.89 pp |
| Zodiac Wealth Advisors Llp | 1.52% | unchanged |
| Poshika Advisory Services Llp | 1.31% | unchanged |
| Shachindra Nath | 0.04% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Ugro Capital Limited
Guides on how to read this kind of business and the numbers that matter.