Ugro Capital Ltd.

•

ugrocapital.comBSE: 511742NSE: UGROCAP

Market Cap₹ 1,322 Cr.

Current Price

High / Low₹ 192 / 80

Stock P/E9.4

Book Value₹ 186

Price to Book0.44

Dividend Yield0.00 %

ROCE10.1 %

ROE4.9 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 31.6% CAGR over last 5 years
Comfortable capital adequacy - CAR of 21.2%
Asset quality is healthy - gross NPA of just 0.0%
Latest quarter profit grew 77.9% YoY, showing strong momentum
Company has delivered good sales growth of 63.8% CAGR over last 5 years

CONS

Net NPA is elevated at 2.2% - provisioning cushion is thin
A large part of profit comes from other income (46.2% of PBT)
Company has a low return on equity of 7.9% over last 3 years
Company has a low return on capital employed of 11.1%
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 120.4%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1045.10	32.05	650674.48	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1049.00	21.81	246827.97	1.03	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1858.00	27.59	158685.46	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	371.70	29.20	157781.78	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	237.70	75.95	156956.68	0.25	8302.50	2457.29	20044.70	3172.82	2.11	69.71
6.	BAJAJHLDNG	11150.00	14.01	124092.26	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2935.00	10.36	117831.00	1.02	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	399.10	26.62	109254.11	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	315.00	24.81	78950.11	0.87	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.00	27.48	62522.95	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	692.90	26.45	57563.70	0.58	785.20	38.31	4937.90	18.71	9.09	57.98
12.	UGROCAP	85.15	7.56	1322.28	0.00	678.69	—	4969.44	—	8.75	65.64

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	213	245	268	322	291	330	371	403	414	455	409	488	4,174
	82	99	107	136	113	139	152	161	156	167	188	198	4,053
Operating Profit	131	146	161	186	179	191	219	242	258	288	221	290	2,700
OPM %	61.33%	59.66%	59.99%	57.69%	61.35%	57.92%	58.99%	60.12%	62.44%	63.24%	54.00%	59.44%	64.68%
Other Income	5	9	12	8	10	13	14	9	8	6	39	21	366
Interest	93	105	117	128	136	143	167	181	205	219	237	242	2,482
Depreciation	8	9	9	10	10	11	12	13	13	14	14	27	97
	36	41	46	56	43	50	53	57	48	61	10	42	487
Tax %	29.21%	29.19%	29.86%	41.57%	29.12%	29.11%	29.19%	29.12%	29.15%	29.12%	34.16%	29.12%	-24.77%
Net Profit	25	29	33	33	30	36	38	41	34	43	6	30	607
	3	3	4	4	3	4	4	4	4	4	0	2	4

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	4	39	97	150	306	656	1,048	1,396	1,766	1,770
	0	0	36	81	85	142	289	425	565	709	959
Operating Profit	-0	3	3	16	65	164	367	623	831	1,057	811
OPM %	-137.86%	91.72%	7.82%	16.48%	43.32%	53.53%	55.97%	59.48%	59.55%	59.86%	45.82%
	2	0	1	8	4	6	27	34	46	74	103
Interest	0	0	1	14	45	137	293	443	628	903	945
Depreciation	0	0	2	7	12	12	18	35	46	68	65
Profit before Tax	2	3	2	3	12	20	84	179	203	161	161
Tax %	2.21%	7.60%	-155.07%	-488.28%	-136.85%	27.89%	52.55%	33.24%	29.14%	29.43%	13.15%
Net Profit	2	3	4	20	29	15	40	119	144	113	140
EPS	4.20	6.34	0.75	2.87	4.07	2.05	5.66	13.03	15.65	7.42	—
Dividend Payout %	0.00%	0.00%	206.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 117%
5 Years:: 64%
3 Years:: 39%

COMPOUNDED PROFIT GROWTH

10 Years:: 44%
5 Years:: 32%
3 Years:: 42%

STOCK PRICE CAGR

10 Years:: —
5 Years:: -6%
3 Years:: -34%
1 Year:: -52%

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 6%
3 Years:: 8%
Last Year:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5	5	23	71	71	71	69	92	92	153
	29	32	760	845	873	892	910	1,340	1,693	2,679
	0	0	25	271	779	1,829	3,179	4,696	6,966	9,279
Trade Payables	0	0	1	13	2	6	13	13	1	7
	0	0	58	-4	-5	29	117	166	481	313
Total Liabilities	34	37	868	1,195	1,720	2,826	4,288	6,306	9,232	12,430
	0	0	20	38	36	56	85	130	162	130
	26	36	107	73	55	69	60	59	103	1,665
	8	0	0	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	0	0	457	150	308	130	148	419	516	1,551
	1	1	283	935	1,320	2,571	3,995	5,698	8,450	9,084
Total Assets	34	37	868	1,195	1,720	2,826	4,288	6,306	9,232	12,430

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-4	1	-83	-796	-345	-1,116	-1,209	-1,535	-2,474	-348
Cash from Investing	1	-1	-347	179	-46	43	-85	-230	-80	-1,577
Cash from Financing	0	0	754	308	508	1,023	1,279	1,814	2,655	2,947
	-3	0	321	-312	115	-58	-26	48	101	1,022

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	4.20	6.34	1.69	2.77	4.07	2.06	5.74	13.03	15.65	7.42
Book Value (₹)	72.48	78.82	335.84	129.74	133.83	136.35	141.26	156.26	194.15	185.28
Dividend per Share (₹)	0.00	0.00	3.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	4.11	6.21	2.41	3.74	5.62	3.73	8.12	16.55	20.28	11.89
PROFITABILITY
Operating Margin %	1471.15%	91.72%	20.66%	25.22%	45.68%	55.42%	60.13%	59.48%	59.55%	59.86%
Net Margin %	1438.69%	84.75%	10.14%	20.19%	19.18%	4.75%	6.06%	11.39%	10.31%	6.42%
ROE %	5.97%	8.38%	0.96%	2.30%	3.09%	1.53%	4.10%	9.90%	8.95%	4.91%
ROCE %	6.10%	9.07%	0.59%	1.68%	3.92%	7.02%	10.93%	12.16%	11.05%	10.12%
	5.93%	8.36%	0.87%	1.89%	1.97%	0.64%	1.12%	2.25%	1.85%	1.05%
EFFICIENCY
Debtor Days	0	0	22	17	0	0	0	0	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	0	0	22	17	0	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.01x	0.28x	0.81x	1.87x	3.22x	3.25x	3.87x	3.25x
Interest Coverage (x)	0.00x	0.00x	2.48x	1.24x	1.27x	1.15x	1.29x	1.40x	1.32x	1.18x
	45.69x	487.55x	53.05x	1.56x	0.93x	0.19x	0.14x	0.28x	0.26x	0.48x
GROWTH
Revenue Growth %	-82.13%	2464.06%	1007.53%	148.34%	54.93%	104.46%	114.31%	59.64%	33.20%	26.53%
Operating Profit Growth %	-41.76%	59.86%	149.48%	203.11%	180.63%	148.09%	132.52%	66.44%	33.52%	28.98%
Net Profit Growth %	-34.02%	51.04%	32.46%	394.59%	47.18%	-49.35%	173.37%	200.04%	20.60%	-21.23%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	127.08%	20.14%	-52.61%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	16.51x	10.28x	10.95x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.41x	0.85x	0.44x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.51x	9.00x	7.86x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2.23	2.23	2.23	2.23	2.25	2.24	1.70	1.99	2.88
	20.27	20.44	24.70	27.25	29.32	28.99	22.83	22.34	5.45
	2.55	2.76	2.40	1.85	1.62	1.59	1.37	1.23	1.39
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	74.94	74.58	70.68	68.67	66.81	67.18	74.09	74.44	90.28

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-28

Allotment of Securities

2026-08-28 - Ugro Capital Limited has informed the Exchange regarding allotment of 38000 securities pursuant to Non Convertible Securities at its meeting held on August 28, 2026

2026-08-19

Amalgamation/Merger

2026-08-19 - Ugro Capital Limited has informed the Exchange about publication of notices of the meetings of equity shareholders and secured creditors and unsecured creditors in the newspaper

2026-08-18

Amalgamation/Merger

2026-08-18 - Ugro Capital Limited has informed the Exchange about Amalgamation/Merger

2026-08-17

Allotment of Securities

2026-08-17 - Allotment of Commercial Paper

2026-08-14

Amalgamation/Merger

2026-08-14 - Dispatch of notices for convening separate meetings of Equity Shareholders, Secured Creditors (including Secured Non-Convertible Debentures) and Unsecured Creditors (including Unsecured Non-Convertible Debentures) of the Company in connection with the Scheme of Amalgamation pursuant to the NCLT Order dated 6th August 2026.

2026-08-12

Amalgamation/Merger

2026-08-12 - Ugro Capital Limited has informed the Exchange about receipt of the certified copy of NCLT Order dated 6th August 2026

2026-08-12

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Ugro Capital Limited has informed the Exchange about Transcript

2026-08-07

Amalgamation/Merger

2026-08-07 - Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 ( Listing Regulations ) intimating NCLT order dated 06th August 2026 directing the meeting of Equity Shareholders, Secured Creditors and Unsecured Creditors of the Company in connection with the Scheme of Amalgamation.

2026-08-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-05 - Ugro Capital Limited has informed the Exchange about Link of Recording

News

Recent coverage and analyst commentary for UGROCAP

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Free 5nance Account

Name

BAJFINANCE

1045.10

32.05

650674.48

0.57

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1049.00

21.81

246827.97

1.03

3452.77

59.90

13400.43

17.46

11.49

74.63

CHOLAFIN

1858.00

27.59

158685.46

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

TATACAP

371.70

29.20

157781.78

0.15

16281.80

1464.16

88219.30

1051.00

8.66

75.72

JIOFIN

237.70

75.95

156956.68

0.25

8302.50

2457.29

20044.70

3172.82

2.11

69.71

BAJAJHLDNG

11150.00

14.01

124092.26

1.75

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2935.00

10.36

117831.00

1.02

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

399.10

26.62

109254.11

0.00

1223.85

43.85

12179.54

137.84

8.82

41.91

LTF

315.00

24.81

78950.11

0.87

915.99

30.70

5212.92

22.38

8.54

62.13

SBICARD

657.00

27.48

62522.95

0.38

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

692.90

26.45

57563.70

0.58

785.20

38.31

4937.90

18.71

9.09

57.98

UGROCAP

85.15

7.56

1322.28

0.00

678.69

—

4969.44

—

8.75

65.64

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

213

245

268

322

291

330

371

403

414

455

409

488

4,174

107

136

113

139

152

161

156

167

188

198

4,053

Operating Profit

131

146

161

186

179

191

219

242

258

288

221

290

2,700

OPM %

61.33%

59.66%

59.99%

57.69%

61.35%

57.92%

58.99%

60.12%

62.44%

63.24%

54.00%

59.44%

64.68%

Other Income

366

Interest

105

117

128

136

143

167

181

205

219

237

242

2,482

Depreciation

487

Tax %

29.21%

29.19%

29.86%

41.57%

29.12%

29.11%

29.19%

29.12%

29.15%

29.12%

34.16%

29.12%

-24.77%

Net Profit

607

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

150

306

656

1,048

1,396

1,766

1,770

142

289

425

565

709

959

Operating Profit

-0

164

367

623

831

1,057

811

OPM %

-137.86%

91.72%

7.82%

16.48%

43.32%

53.53%

55.97%

59.48%

59.55%

59.86%

45.82%

103

Interest

137

293

443

628

903

945

Depreciation

Profit before Tax

179

203

161

Tax %

2.21%

7.60%

-155.07%

-488.28%

-136.85%

27.89%

52.55%

33.24%

29.14%

29.43%

13.15%

Net Profit

119

144

113

140

EPS

4.20

6.34

0.75

2.87

4.07

2.05

5.66

13.03

15.65

7.42

—

Dividend Payout %

0.00%

206.93%

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

153

760

845

873

892

910

1,340

1,693

2,679

271

779

1,829

3,179

4,696

6,966

9,279

Trade Payables

-4

-5

117

166

481

313

Total Liabilities

868

1,195

1,720

2,826

4,288

6,306

9,232

12,430

130

162

130

107

103

1,665

Cash & Bank

457

150

308

130

148

419

516

1,551

283

935

1,320

2,571

3,995

5,698

8,450

9,084

Total Assets

868

1,195

1,720

2,826

4,288

6,306

9,232

12,430

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-4

-83

-796

-345

-1,116

-1,209

-1,535

-2,474

-348

Cash from Investing

-1

-347

179

-46

-85

-230

-80

-1,577

Cash from Financing

754

308

508

1,023

1,279

1,814

2,655

2,947

-3

321

-312

115

-58

-26

101

1,022

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

4.20

6.34

1.69

2.77

4.07

2.06

5.74

13.03

15.65

7.42

Book Value (₹)

72.48

78.82

335.84

129.74

133.83

136.35

141.26

156.26

194.15

185.28

Dividend per Share (₹)

0.00

3.50

0.00

Cash EPS (₹)

4.11

6.21

2.41

3.74

5.62

3.73

8.12

16.55

20.28

11.89

PROFITABILITY

Operating Margin %

1471.15%

91.72%

20.66%

25.22%

45.68%

55.42%

60.13%

59.48%

59.55%

59.86%

Net Margin %

1438.69%

84.75%

10.14%

20.19%

19.18%

4.75%

6.06%

11.39%

10.31%

6.42%

ROE %

5.97%

8.38%

0.96%

2.30%

3.09%

1.53%

4.10%

9.90%

8.95%

4.91%

ROCE %

6.10%

9.07%

0.59%

1.68%

3.92%

7.02%

10.93%

12.16%

11.05%

10.12%

5.93%

8.36%

0.87%

1.89%

1.97%

0.64%

1.12%

2.25%

1.85%

1.05%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

0.01x

0.28x

0.81x

1.87x

3.22x

3.25x

3.87x

3.25x

Interest Coverage (x)

0.00x

2.48x

1.24x

1.27x

1.15x

1.29x

1.40x

1.32x

1.18x

45.69x

487.55x

53.05x

1.56x

0.93x

0.19x

0.14x

0.28x

0.26x

0.48x

GROWTH

Revenue Growth %

-82.13%

2464.06%

1007.53%

148.34%

54.93%

104.46%

114.31%

59.64%

33.20%

26.53%

Operating Profit Growth %

-41.76%

59.86%

149.48%

203.11%

180.63%

148.09%

132.52%

66.44%

33.52%

28.98%

Net Profit Growth %

-34.02%

51.04%

32.46%

394.59%

47.18%

-49.35%

173.37%

200.04%

20.60%

-21.23%

0.00%

127.08%

20.14%

-52.61%

VALUATION

P/E (x)

0.00x

16.51x

10.28x

10.95x

P/B (x)

0.00x

1.41x

0.85x

0.44x

Dividend Yield %

0.00%

0.00x

9.51x

9.00x

7.86x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

2.23

2.25

2.24

1.70

1.99

2.88

20.27

20.44

24.70

27.25

29.32

28.99

22.83

22.34

5.45

2.55

2.76

2.40

1.85

1.62

1.59

1.37

1.23

1.39

Government

0.00

74.94

74.58

70.68

68.67

66.81

67.18

74.09

74.44

90.28

Ugro Capital Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

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Ugro Capital Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI