UGRO Capital Q2 FY27: focus AUM reaches 53% and total income rises 25% as portfolio reset runs ahead of plan
Q2 FY27 total income up 25% to INR 578.4 Cr and PAT up 17% to INR 50.7 Cr, but pre-tax RoA slipped 65 bps YoY to 2.8%.
By ScoutQuest · · 1 min read
- Q2 FY27 Total Income
- INR 578.4 Cr, up 25% year on year from INR 461.2 Cr
- Q2 FY27 PAT
- INR 50.7 Cr, up 17% year on year; down 25% quarter on quarter from INR 67.9 Cr
- Pre-tax RoA
- slipped 65 bps YoY to 2.8%
- Period
- Q2 FY27, quarter ended 30 Sep 2026
- Positioning
- UGRO presents itself as a capital-light MSME lender, with 43% of AUM off-book through co-lending and direct assignment partnerships with 9 banks and 7 NBFCs, now repositioning to a high-yielding, annuity-led book.
📈 Q2 FY27 total income was INR 578.4 Cr, up 25% year on year from INR 461.2 Cr, with PBT of INR 68.3 Cr (up 12%) and PAT of INR 50.7 Cr (up 17%); the deck notes Q2 FY27 is consolidated while the Q2 FY26 comparative is standalone.
📉 Not every measure improved: PAT fell 25% quarter on quarter from INR 67.9 Cr as credit cost rose 32% to INR 86.9 Cr, pre-tax RoA slipped 65 bps year on year to 2.8% and RoE fell 93 bps to 6.8%.
📉 Focus products' share of AUM rose from 32% in Dec'25 to 53% in Sep'26 against an 85%-by-FY29 target, with EM LAP AUM up 42% year on year to INR 4,268 Cr and GROx up 188% to INR 3,661 Cr, while the de-focused Prime book fell 32% in nine months to INR 7,090 Cr.
📌 Management says it will take INR 220 Cr of annualised cost out (quarterly opex INR 127.2 Cr in Q2 FY27 versus INR 205.2 Cr in Q4 FY26), grow toward 3.0-3.5% steady-state ROA by FY29 and raise no new equity for three years, with the NCLT sanction hearing set for 20 November 2026.
Also from Ugro Capital
New Company Secretary from 1 December 2026; board also approves Q2 and H1 FY27 results
5 Nov 2026
Board approves Q2 results, appoints Company Secretary; Head-Internal Audit resigns
5 Nov 2026
Shareholder letter for Q2 FY27: record monthly disbursements, focused products at 53% of AUM
5 Nov 2026
More numbers
- Total income, Q2 FY27578.4 (INR Cr)
- Profit after tax, Q2 FY2750.7 (INR Cr)
- Profit before tax, Q2 FY2768.3 (INR Cr)
- Total income Y-o-Y growth, Q2 FY2725%
- Credit cost, Q2 FY2786.9 (INR Cr)
- AUM, Sep'26INR 15,019 Cr
- GNPA (AUM), Q2 FY272.7%
- Focus products share of AUM, Sep'2653%
- Net worth, Sep'26INR 3,029 Cr
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