What was Ugro Capital's revenue in Q4 FY26?

Ugro Capital reported revenue of ₹628 Cr in Q4 FY26, a +51% change year-over-year.

Did Ugro Capital management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Ugro Capital Q4 FY26 Research Workspace: Revenue ₹628 Cr (+51%)

Q: What guidance did Ugro Capital management give?

Focus verticals to reach 85% of AUM by FY29: EM LAP and embedded finance will constitute 85% of total AUM by FY29, up from 38% in Q4 FY26.

Revenue ₹628 Cr +51%

EBITDA —

PAT — +26%

EBITDA Margin —

Duration 78 min

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2-Minute Summary

✦ AI-Generated from Full Transcript

Ugro Capital reported Q4 FY26 revenue of ₹628 crore, up 51% YoY, driven by strong growth in focus verticals (EM LAP and embedded finance) which now constitute 38% of AUM (vs 33% last quarter). PAT grew 26% YoY, but included a one-time restructuring cost of ₹25 crore. The company is executing a strategic pivot away from the intermediated prime book, which is running down as planned, while focus verticals grow at ~25% CAGR. Management reiterated FY29 targets: 85% AUM in focus verticals, opex reduction from ₹750 crore to ₹490 crore in FY27, and steady-state ROA of 3-3.5%. Key risk: credit costs may rise as the unsecured embedded finance portfolio seasons, though management expects them to stay around 2%.

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Research workspace

Focused Modules

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Risk Intelligence

Credit cost may rise as embedded finance portfolio seasons

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Quarter Snapshot

Focus vertical AUM mix 38%

+5pp QoQ

EM LAP and embedded finance now 38% of total AUM, up from 33% last quarter.

Embedded finance AUM ₹2,280 crore

+27% QoQ

Embedded finance AUM grew 27% quarter-on-quarter to ₹2,280 crore.

Branch productivity (vintage >12 months) ₹68 lakh/month

Approaching target of ₹80 lakh/month

Vintage branches (>12 months) disbursing ₹68 lakh/month, nearing management target.

Cost of borrowings 10.16%

-45bps YoY

Cost of borrowings improved 45 bps YoY to 10.16%, fifth consecutive quarterly improvement.

Fast read

Guidance and risk preview

Top guidance Focus verticals to reach 85% of AUM by FY29

EM LAP and embedded finance will constitute 85% of total AUM by FY29, up from 38% in Q4 FY26.

Top risk Credit cost may rise as embedded finance portfolio seasons

Management expects GNPA for embedded finance to reach 4-4.5% as cohorts mature, which could increase overall credit costs.