UGROCAPNSE26 August 2025

Intimation of Investor Presentation- August 2025

Ugro Capital Limited

26th August 2025

To BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400001

National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block Bandra, Kurla Complex, Bandra (East) Mumbai 400051

Scrip Code – 511742

Symbol – UGROCAP

Subject: Submission of Investor Presentation- August 2025

Dear Sir/Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith investor presentation of the Company.

This is for your information and records.

The aforesaid information is being made available on the Company's website at www.ugrocapital.com

Thanking You,

For UGRO Capital Limited

Satish Kumar Company Secretary and Compliance Officer Encl: a/a

UGRO CAPITAL LIMITED

Registered Office Address: Equinox Business Park, Tower 3, 4th Floor, LBS Road, Kurla (West), Mumbai - 400070 CIN: L67120MH1993PLC070739 Telephone: +91 22 41821600 I E-mail: info@ugrocapital.com I Website: www.ugrocapital.com

UGRO Capital Limited

Building an Institution for MSME Lending

Data Tech Empowering

Small Businesses (MSME) Lending

Investor Presentation

August 2025

NSE: UGROCAP | BSE: 511742

Safe Harbor

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Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose.

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Slide 2

Q1’FY26 Snapshot: Strategic Initiatives and Expansion

Equity Fund raise:

Profectus acquisition:

INR 1,300 Cr; Equity raise of Completed Rights Issue of INR 381 Cr. Exchange approval in progress for Preferential Issue of INR 911 Cr

Announced acquisition of M/s Profectus Capital Private Limited to for 100% acquire consideration of INR 1,400 Cr. Approval from RBI in progress

equity

Focus on Emerging Market (EM) channel(1):

286 branches as of June 30, 2025; branch expansion to complete by Sep-25. AUM mix increased to ~23% as of Jun’25

Lower disbursal volumes in Q1:

Scale in Embedded finance:

Stable Asset Quality:

Net loans originated at INR 1,599 Cr compared to INR 2,436 Cr in Q4’FY25 and in tightened Q1’FY25 driven by underwriting

INR 1,146 Cr

Our embedded finance platform, MSL continues to gain momentum crossing INR 1,000 Cr AUM milestone as of Jun’25, reflecting strong traction

GNPA maintained at 2.5% with all stable; parameters portfolio provision coverage maintained at 47%.

(1) ‘Micro’ has been renamed as ‘Emerging Market’ for better reference to our focus segment

Slide 3

Performance snapshot for Q1’FY26

AUM (INR Cr)

Net Disbursement (INR Cr)(2)

Off-book AUM (%)

Net Total Income (%)(3)

Pre-Tax Profit (INR Cr)

PAT (INR Cr)

FY25

12,003

7,651

42%

13.7%

203.1

143.9

Cost to Income Ratio

53.8%(1)

ROA(3)

ROE(4)

2.4%(1)

8.7%

Q1’FY26(6)

Q1’FY25(6)

12,081

1,599

42%

12.4%

48.2

34.1

55.7%(1)

2.0%(1)

6.7%

9,218

1,146

45%

13.1%

42.8

30.4

54.1%

2.4%

7.7%

31%

39%

279 bps

72 bps

12%

164 bps

45 bps

100 bps

Annualised EPS of Q1’FY26(5): INR 14.4

Price to Earnings Ratio (P/E) -12.0x (Basis BSE price as on Jun 30, 2025

(1) Excluding the impact of EM branch expansion, steady state Cost to income is 52.7% and 51.0% and ROA is 2.3% and 2.9% for Q1’FY26 and FY25 respectively

(2) Net Disbursement = Gross Disbursements – Repayment received in Supply Chain Financing during the period ; (3) On Average On-books AUM for the relevant period; (4) Excluding equity component of CCDs; (5) Diluted EPS for Jun’25 of INR 13.3; (6) Annualised ratios for quarters

Slide 4

Key metrics for Q1’FY26

Asset Growth

Profitability

Asset Quality

Liability & Co - lending

AUM As of Jun’25: 12,081 Cr (+31% Y-o-Y)

Net Total Income Q1’FY26: 216 Cr (+31% Y-o-Y)

Net Loans Originated Q1’FY26: 1,599 Cr (+39% Y-o-Y)

Portfolio yield (net) As of Jun’25: 17.5%

PPOP Q1’FY26: 96 Cr (+26% Y-o-Y)

Net Profit Q1’FY26: 34 Cr (+12% Y-o-Y)

GNPA As of Jun’25 : 2.5% (Jun’24: 2.0%)

NNPA As of Jun’25 : 1.7% (Jun’24: 1.2%)

Borrowings As of Jun’25 : 7,586 Cr

Co-lending - Partnership with 17 co - lenders / co - originators - 5,055 Cr off-book AUM

(+23% Y-o-Y)

Collection efficiency(1) Jun’25 : 95%

Cost of Borrowings As of Jun’25 : 10.55%

(1) Total Collections (including overdue) / Current month demand

Slide 5

Serving a diverse set of customers with multi-product, multi-channel strategy

UGRO’s Focus

Prime Intermediated: Metro & Tier 1/2 Branches

Emerging Market: Tier 2 & beyond branches

Ecosystem Channel & Green Asset Financing

Direct & Digital Alliances

Collateral: Prime Property (For Sec.), Prime Machinery Cashflow: GST, Banking & Liquid income assessment

Rs 1Cr – 15Cr Customer Turnover

Secured Biz. Loan: Rs 87L Biz. Loan*: Rs 19L Prime Machinery: Rs 45L Average ticket size

Yield: Sec/Biz/Mch: 14%/19%/15% Tenure: Sec/Biz/Mch: 12/3/4 yrs

Channel AUM Mix: 47% Sec/Biz/Mch : 20%/24%/2%

Collateral: Standard Property Collateral: Standard Property Cashflow: Liquid income Cashflow: Liquid income assessment assessment

Collateral: Prime Machinery & Collateral: Prime Machinery receivables Cashflow: GST & Banking Cashflow: GST & Banking

<Rs 3Cr Customer Turnover

Rs 17L Average ticket size

Yield: 19% Tenure: 10 yrs

Rs 1Cr – 10Cr Customer Turnover

Rs 36L Average ticket size

Yield:. 14% Tenure: 4 yrs

Channel AUM Mix: 23%

Channel AUM Mix: 11%

Collateral: Receivables, FLDG from partner Cashflow: Banking & liquid income assessment

<Rs 50L Customer Turnover

Alliances: Rs 4L Embedded Finance: Rs 1L Average ticket size

P&A/Embedded fin Yield: 15%/ 26% Tenure: 4 yrs/ 1 yr

Channel AUM Mix: 9%/8%

Tech Stack

Tech Stack GRO line

*CGTMSE backed

Products sold across channels: Intermediated: Secured Biz. Loan, Biz. Loan, Rooftop Solar and Machinery; Emerging Market: Secured Business Loan, Rooftop Solar and Machinery; Equipment finance and Green Asset Financing: Direct distribution and across other channels; Digital business & Alliances: Digital business and Embedded finance

Strategic decision to rundown lower yielding SCF book – not covered here

Slide 6

Emerging Market: Vintaged branches tracking to our expectations

Parameters

# of branches

AUM (INR Cr)

AUM per branch (INR Cr)

Ticket size (INR Cr)(1)

Yield %(1)

Tenor (months)(1)

GNPA %

Credit cost - % of Avg AUM

# of branches which achieved breakeven

Q1FY26- Overall

>=18 months

<18 months

AUM split by geography

286

2,772

9.7

0.2

17.8%

131

2.1%

0.9%

121

150

2,308

15.4

0.2

17.8%

129

2.4%

1.0%

136

463

3.4

0.2

18.0%

135

0.2%

0.3%

25%

48%

Total AUM 2,772 Cr

27%

North West

South

Key highlights:

Parameters

Branch Productivity

Yield %

Ticket size (INR Cr)

Tenor (months)

GNPA %

Credit cost %

Steady-state levels

INR 1.1 Cr p.m

18%

INR 0.2 Cr

125

3.7-4%

1.3-1.5%

• EM AUM is spread PAN India. South contributes

to 48% of the total AUM

• 63% of the vintaged branches have achieved

breakeven as of Jun-25

(1) The numbers pertain to disbursements of Q1’FY26

Slide 7

Emerging Market: Key metrics snapshot

# of branches

# of states

Q1’FY26

FY25

286

212

FY24

127

Quarterly trends- Last 5 quarters

Strategy- Current/ Target

# of branches:

187

201

212

141

286

• Our planned expansion of the is Emerging Market vertical expected to be completed by Q2FY26.

# of logins

7,998

35,143

19,847

Jun-24

Sep-24

Dec-24 Mar-25

Jun-25

Disbursement (INR Cr)

360

1,869

722

AUM (INR Cr)

2,772

2,596

1,144

Channel AUM (INR Cr) trend:

2,596

2,772

2,073

1,644

1,279

AUM Mix %

23%

22%

13%

Jun-24

Sep-24

Dec-24 Mar-25

Jun-25

• Focus

maximizing productivity of the branches.

• The AUM mix is planned to increase from current levels to approx. 32-35% in the near term.

Our Emerging Market Channel continues to grow quarter on quarter with steady AUM and increase in number of branches as desired

Slide 8

Embedded finance platform (MSL) acquisition tracking as per plan

Market opportunity

Disbursement trend (INR Cr)

MSL Performance so far..

65mn Total Merchants

45mn Digital Merchants

35mn Digitally enabled small Merchants & Retailers(1)

$22bn+ Annual Credit Requirement for Small Retailers(2)

637

582

335

Q3'FY25

Q4'FY25

Q1'FY26

92% Credit Gap(3)

AUM trend (INR Cr)

$20bn+

Annual Credit Gap

743

1,011

302

• Our targeted acquisition of the embedded finance platform (MSL) has tracked to the right scale.

• We have seen good traction for the partner volumes, with monthly run rate of Rs 150 Cr to Rs 200 Cr.

• Out of total universe of ~3 crore merchants pertaining to MSL’s partners, we have served 1.15 lakh+ customers. The AUM as of Jun-25 is INR 1,011 Cr.

• The approval process for completion of

Q3'FY25

Q4'FY25

Q1'FY26

acquisition is ongoing.

Partnerships

Source: Paytm DRHP, SBFC DRHP | Notes: (1) Total number of merchants using QR payments are considered as small retailers, (2) Considering INR 50k average ticket size, (3) Credit gap for small retailers

Slide 9

Our collection efficiencies and portfolio performance (1/2)

Collection Efficiency, Month on Books, GNPA and 30+ quarterly trend

Total Collections (1) (including overdue) / Current Month Demand

96%

95%

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26

6.8%

2.0%

13.7

Jun-24

6.4%

2.1%

13.9

GNPA, 30+% and MOB 6.5%

2.1%

14.2

7.2%

2.3%

14.3

7.5%

2.5%

15.2 months

Sep-24

Dec-24

Month on Books

30+ %

Mar-25

GNPA

Jun-25

Key highlights:

• Portfolio performance is in line with increasing seasoning of book

• Unsecured portfolio has witnessed some stress on account of over leveraging; we have tightened our underwriting and have curtailed disbursements in last 2

quarters (INR 186 Cr in Q1’FY26 vs INR 623 Cr in Q2’FY25)

(1) Excluding foreclosures

Slide 10

Our collection efficiencies and portfolio performance (2/2)

Stable Stage 1 assets

ECL Data (Jun’25)

94%

93%

94%

93%

92%

(INR Cr)

Loan Exposure

Loan Exposure (%)

Stage 1

Stage 2

Stage 3

Total

11,170

610

301

92.5%

5.1%

2.5%

12,081

100.0%

Mar'24

Jun'24

Sep'24

Dec'24

Mar'25

Jun'25

 Adequate Provision Coverage Ratio

Product wise GNPA

48%

47%

Mar'24

Jun'24

Sep'24

Dec'24

Mar'25

Jun'25

Product Category

AUM (INR Cr)

GNPA(%)

Secured Business Loan

Business Loan

Emerging market Loan

Machinery Loan

Partnerships & Alliances

Embedded Finance AUM(1)

2,454

2,886

2,772

1,651

1,072

1,011

12,081

0.9%

4.6%

2.1%

2.0%

1.0%

0.2%

2.5%

(1) AUM including run down portfolio of SCF amounting to INR 235 Cr. GNPA % at peak SCF AUM levels was 3.9% (Dec’23) which increased to 18.5% (INR 43 Cr) as of Jun’25 due to run down of portfolio

Slide 11

Diversified Lender base and continued build-out of liability book

Total Debt (INR Cr) and Cost of borrowings

Liability mix by lender profile

Liability mix by product

10.73%

10.75%

10.68%

10.61%

10.55%

Cost of Borrowings

7,586

6,904

6,151

5,344

4,529

16%

Total Debt INR 7,586 Cr

50%

10%

3% 3%

24%

12%

Total Debt INR 7,586 Cr

58%

Q1'FY25

Q2'FY25

Q3'FY25

Q4'FY25

Q1'FY26

Banks

NBFC

DFI

FIs

Capital Markets & Others

Term Loan

ECB NCD CP Others

(Others includes CCD, Sub-debt, CC/OD & Securitization)

Our liability sanctions have been raised from a diverse set of lenders

Public Sector Banks and Institutions

Private Sector Banks

DFIs

NBFCs

Slide 12

Overall off book ratio maintained sustainably

Oﬀ - Book AUM mix

Product wise Mix of oﬀ - Book AUM (Jun’25)

On Book Portfolio

Off Book Portfolio

2,750

2,886

2,772

1,355

45%

44%

42%

55%

56%

58%

Dec'23

Mar'24

Jun'24

Sep'24

Dec'24

Mar'25

Jun'25

Dec’23 Mar’24

Jun’24

Sep’24

Dec’24 Mar’25

Jun’25

Off Book AUM

3,765

4,078

4,114

4,493

4,902

5,087

5,055

Co-lending

1,474

1,685

1,839

2,222

2,350

2,474

2,467

Co-Origination

1,615

1,610

1,513

1,398

1,412

1,352

1,178

676

784

762

874

1,141

1,260

1,410

55%

45%

Secured Business Loans

1,524

28%

53%

19%

Secured Business Loans

62%

38%

33%

67%

52%

48%

1,072

10%

90%

1,011

100%

Business Loans

Emerging Market LAP

Machinery Financing

Partnership & Alliances

Embedded Finance

1,789 11%

43%

46%

926

46%

53%

705

35%

57%

On-Book

Off-Book

109

100%

Business Loans

1% Emerging Market LAP

8% Machinery Financing

Partnership & Alliances

Embedded Finance

Co-Origination

Co-lending

Co-lending Partnership with 10 Banks and 7 NBFCs

Slide 13

Finance | Quarterly Income Statement

Income Statement (INR Cr)

Q1’FY26

Q1’FY25

Y-o-Y

Q4’FY25

Q-o-Q

ROA Tree

Q1’FY26(2) Q4’FY25(2)

Interest Income

304.2

232.0

Income on Co-Lending / Direct Assignment

Other Income

Total Income

Finance Cost

Net Total Income

Employee Cost

Other Expenses

PPOP

Credit Cost

PBT

Tax

PAT

90.8

26.8

421.8

205.4

216.5

60.9

59.7

95.9

47.7

48.2

14.0

34.1

50.4

19.2

301.6

136.1

165.4

54.5

34.9

76.0

33.2

42.8

12.5

30.4

31%

80%

40%

51%

31%

12%

71%

26%

44%

12%

13%

12%

264.4

119.3

28.7

412.4

181.2

231.2

54.8

64.9

111.5

54.3

57.2

16.7

40.5

15%

(24%)

(6%)

13%

(6%)

11%

(8%)

(14%)

(5%)

(16%)

As a % of Avg On Book AUM

Total Income

Finance Cost

24.2%

25.2%

11.8%

11.1%

Net Total Income

12.4%

14.1%

Opex

Net impact of branch expansion

Credit cost

Adjusted PBT

Adjusted PAT

Key Ratios

Leverage

Adjusted RoE(1) (2)

6.9%

7.3%

(0.3%)

(0.1%)

2.7%

3.1%

2.3%

3.3%

3.6%

2.6%

Q1’FY26

Q4’FY25

3.1x

7.8%

3.4x

8.9%

(1) Excluding Equity component of CCDs (2) Annualised

Slide 14

Operating & Financial Metrics

Total Income (INR Cr) & Portfolio Yield(1)

Finance Cost (INR Cr) & Cost of Borrowing

Operating Exp. (INR Cr) and Cost to Income

17.7%

16.7%

17.8%

16.7%

18.2%

16.9%

18.7%

17.3%

18.9%

17.5%

10.73%

10.75%

10.68%

10.61%

10.55%

54.1%

52.7%

56.7%

51.8%

55.7%

302

343

385

412

422

136

143

167

181

205

105

123

120

121

Q1'25

Q2'25 Total Income

Q3'25 Gross Yield (%)

Q4'25

Q1'26 Net Yield (%)

Q1'25

Q2'25 Finance Expense

Q3'25

Q4'25

Q1'26

Cost of borrowing (%)

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Operating Expenses

Cost to Income Ratio (%)

Credit Cost (INR Cr) & Credit cost / Avg AUM(2)

PBT (INR Cr) and PBT / Avg. On Book AUM(2)

PAT (INR Cr) and PAT / Avg. On Book AUM(2)

1.5%

1.8%

1.6%

1.9%

1.6%

3.4%

3.7%

3.6%

3.5%

2.8%

2.4%

2.6%

2.5%

2.0%

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Q1'25

Credit Cost

Credit Cost/ Avg AUM

Q2'25

PBT

Q3'25

Q4'25

Q1'26

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

PBT/ Avg On-book AUM

PAT

ROTA %

2,426 Cr

Net Worth

12,081 Cr

AUM

42%

Off book %

7,586 / 22.4%

Total Debt / CRAR

2.5% / 1.7%

GNPA / NNPA (Total AUM)

309

~205,000

Branches

Active Loans

(1) Weighted Average AUM yield as on Period End (2) Annualized ratio based on quarterly average of AUM and On book AUM

Slide 15

MSME lending : The largest opportunity today

Slide 16

For India’s GDP to reach USD 5 trillion, MSME sector has to reach USD ~2 trillion

Today

India’s GDP in FY2028

FY2028

MSME 35-40%

~6.6 Crore MSMEs

MSME 35 – 40%

~29 Crore employment

~30% of GDP

MSME 35-40%

~8 – 10 Crore MSMEs

~35-40 Crore employment

~30-40% of GDP

MSME sector expected to grow to USD ~2 trillion by FY2028

Rapid digitization, expansion of the ecommerce Penetration of the Digital India Stack 2.0 Rising digital payments; India accounts for 49% of global transactions Other initiatives: Account Aggregator Framework, OCEN, ONDC Continuous support from Government

Slide 17

MSME sector is the key to India’s ‘Employment Generation’, making it one of the Central themes of Government in the last decade MSME count to grow to ~10 crores employing 35-40 crores

Slide 18

…well supported by continuity in Government initiatives

Government Initiatives throughout the years

Financial Support for MSME Growth - 2025

•

2014 - Pradhan Mantri MUDRA Yojana (PMMY)

Budget Allocation

2015 - Udyog Aadhaar Memorandum (UAM)

2016 - Stand-Up India Scheme

2017 - MSME Samadhaan, MSME Sambandh

2018 - 59-minute loan portal, Interest Subvention Scheme for MSMEs

2019 - MSME Support and Outreach Program

2020 - Emergency Credit Line Guarantee Scheme (ECLGS)

2021 - Raising and Accelerating MSME Performance (RAMP) Program

2022 - Revised Credit Guarantee Scheme for MSMEs

2023 - Credit guarantee trust, Vivad se Vishwas scheme

•

For Ministry of MSME: INR 23k Crores

Revised Classification Criteria

•

The investment and turnover limits for classification of MSMEs have been increased by 2.5 times and 2 times, respectively.

Enhanced Credit Availability

•

The credit guarantee cover has been increased from ₹5 crore to ₹10 crore, enabling additional credit of ₹1.5 lakh crore over five years.

Startups will see their guarantee cover double from ₹10 crore to ₹20 crore, with a reduced fee of 1% for loans in 27 priority sectors.

Credit Cards for Micro Enterprises

• A new customized Credit Card scheme will provide ₹5 lakh in credit to micro enterprises registered on the Udyam portal, with 10 lakh cards set to be issued in the first year.

Others

• A scheme for 5 lakh first-time women, Scheduled Caste, and Scheduled Tribe entrepreneurs will provide term loans up to ₹2 crore over five years, incorporating lessons from the Stand-Up India scheme.

Slide 19

Building a large institution for MSME financing is a real possibility Explosion of Credit in MSME Segment: Large market opportunity, conducive macro, favorable policy framework

Total MSME Credit gap is INR 1,03,000 Bn

Credit Gap of our customer segment constitutes majority portion

Overall MSME Credit Addressable Market

FY24: INR 1,38,000 Bn

Credit Gap

FY24: INR 1,03,000 Bn

MSME addressable credit demand

FY24: INR 67,500 Bn

Medium Enterprise No. of entities – 0.04L

Medium

Small

Small Enterprise No. of entities – 4.7L

UGRO’s Target Customer Segment T/o INR 25L - 15Cr

Micro

Micro Enterprise No. of entities – 623L

Unserved Customers

Source: IFC report on Financing India’s MSME; Crisil Report.

Slide 20

Executing The big plan…

Slide 21

UGRO Capital: Well-placed to capitalize on the opportunity

MSME Focused Lender targeting large credit gap

Targeting MSME sector which has substantial credit gap of ~INR 103 lakh crore

Analytics Powered

Pan-India Presence

trailblazing data-driven India’s underwriter, cashflow transforming the MSME credit landscape

based

Extensive network pan India, with branch network of 309, expanding fast with stable portfolio quality

Large Capital Base

Capital Light Model

Multi-product Capability

Marquee investors have invested ~INR 2,800 Crores

Pioneered “Unique Capital Light Liability Strategy” by co-lending with Banks and large NBFCs and assignment of the PSL book for greater scale

Prime, EM LAP, Machinery, Roof- top Solar, Embedded Finance & Digital alliances products cater to the entire MSME ecosystem

Slide 22

UGRO’s journey Amount in INR Cr

Developed Sectoral Expertise and GRO Score 1.0

Series of Credit Crises • ILFS • DHFL •

Yes Bank

Equity raise of INR 340 Cr

(1) Fund raise of INR 1,290+ Cr (INR 911 Cr through CCDs & INR 381 Cr through Rights Issue) (2) Acquired

Raised INR 258 Cr though CCDs

12,003 Cr

12,081 Cr

9,047 Cr

6,081 Cr

2,969 Cr

861 Cr

Raised Capital

Jul’18

Started Disbursing

Jan’19

79 Cr

Mar’19

Mar’20

Mar’22

Mar’23

Mar’24

Mar’25

Jun’25

Set up phase

Creating Infra to Build scale

Growth Phase

Continuing Growth Journey

•

Incorporation and setting up of the Company

• Raised

INR 900+ Cr Capital from (ADV, Investors

Marquee NewQuest, Samena & PAG)

• Pivoted business to make

it multi product, focused on Emerging Market.

• Data tripod of underwriting & GRO

Score 2.0

•

Focus on digitizing business processes and product diversification

•

Increased distribution strength & laying foundation of Co-lending model

•

Embedded Finance through MSL platform

• GRO Score 3.0

•

Launched D2C customer channel

Slide 23

UGRO’s Data & Tech driven approach

Slide 24

India’s data repository will support Data driven MSME credit expansion Increasing MSME Data availability is a key lever

India Data Stack

360-degree underwriting is possible

INCREASE IN GST PAYERS Up from 70L in 2017 to ~15 Mn in Apr’25

>100%

22x

UDYAM REGISTRATION Up from 14L in Dec’20 to 366L in May’25

26x

TOTAL MSME COUNT Up from 361L in 2015 to 635L in May’25

76%

140 Mn

Monthly UPI VOLUMES Up from 800 Mn in Mar’19 to ~18 Bn in Apr’25

30%

ITR FILED Up from 565L in Mar’19 to 728L in Mar’24

LINKED ACCOUNTS 631 Financial Information Users and 178 Financial Information Providers in Account Aggregator Network (April’25)

Bureau

Banking

GST

Sector - subsector

Nature of business

Position in Network

Repayment discipline

Banking habits

Cashflow consistency

Over leveraging

Recent stress

Slide 25

UGRO’s journey of Data-Tech driven lending to MSMEs over 5+ yrs

Build phase Infrastructure build at inception during Covid, pivoted to cash flow based underwriting models

Early Validations At Dec 2022, 87% of organic prime business was using GRO Score

Maturing phase

term

portfolio long performance starting to emerge

Growth Phase industry an Become benchmark in data-driven decision making for MSME

First Banking scorecard and Gro Score 2.0 (Jul 21) In house analytical rule engine for fast deployment of analytics strategies

API integrations Data layer First gen Gro Score on look- alike data from credit bureau

Industry first statistical model using GST data Gro Score 3.0 as a combination of Bureau + Banking + GST

2022-23

2021-22

2020-21

Develop Network Science, ability to create blueprint of large supply chains First generation eligibility recommendation model

2023-24

2024+

Gro Score 4.0 – 100% digital including hyper- underwriting customization personal interactions Sector specific data models based on proprietary data and knowledge Doubling of credit productivity with stable asset quality

Data Repository - Jun’25

7.1L+

Bureau Records analyzed

~2.9L

Bank Statements analyzed

~98k

GST records analyzed

~205k

Customer served

Slide 26

Data driven by AI/ML powers our core underwriting :

Ability to capture alternate data from banking and bureau…

…to draw meaningful insights out of unorganized data...

Across Multiple parameters

Turnover and transaction intensity

Borrowing mix and nature

Cheque bounces & bank charges

Frequency and magnitude of defaults

Payment cycles

History of high-cost debt/credit card usage

Obligations as % of turnover

Balances and withdrawals

Counterparties & relative strengths

Pace of borrowing

GRO 2.0 Credit Bureau Data + Banking Data

GRO 3.0 Credit Bureau Data + Banking Data + GST

GST

Bank

Bureau

Matches Banking & Bureau Scorecards to generate one single score which further gets augmented with GST data as an external input

Machine generates 25,000+ data features applicant’s from bureau record and bank statement

… and decide whether to disburse or not disburse the loan within 60 minutes.

Artificial Intelligence Engineering of making Intelligent Machines and Programs

Machine Learning Ability to learn without being explicitly programmed

Deep Learning Learning based on Deep Neural Network

Historical aggregation – several pages of statement going back 12 months can be summarized instantly

Normalization – convert absolute values to scale, for even comparison

Trending – create changes over standardized measure of comparison across diverse nature of entities, sectors, geographies

time,

Scoring of each case into one of the five bands of A – E with A being the best and E being the worst

Slide 27

ABCD Advent of alternate data is revolutionizing underwriting of MSMEs A combination of bureau, banking and GST makes it possible to cover all aspects that are critical for MSMEs’ financial assessment

Massive library of 20,000+ parameters derived from API integrated sources

Enabling holistic underwriting across most critical aspects

Bureau

Borrowing mix and nature Pace of borrowing Frequency and magnitude of defaults History of high-cost debt/ card usage

• • • • • Obligations as % of turnover

• • • • •

• • • •

Banking

Turnover and transaction intensity Balances and withdrawals Cheque bounces & bank charges Counterparties & relative strengths Payment cycles

GST

Sales/purchases momentum Counterparty relations Filing discipline Products and services sold

Consistency of sales in GST

Return filing discipline

Counterparty concentration

Banking credit summation

Stability of ABB

EMI ECS bounce

Repayment discipline

Over leveraging

Recent stress if any

Our System Architecture supports full SME lending

Secured

Business Loan

Factoring

P&M Loans

OD product

EV / Solar

Digital Finance

Co-lending

Embedded Finance

Bureau + Banking

GROSCORE 2.0

GSTN

Bureau + Banking + GSTN

GROSCORE 3.0

UGRO’S PROPRIETARY TECH CAPABILITY

Co-lending

Supply Chain

D2C Offering

Credit BRE

Origination

Retailer

GRO line

Operational Data Store (Data Lake)

In-House LMS

Kautilya LMS

Jayam LMS

Dedupe System

Collection System

BANKING PARTNERS

A FEW KEY API ECOSYSTEM PARTNERS

DEVELOPMENT PARTNERS

Slide 29

Multi-product, multi-channel Asset Engine

Slide 30

Serving a diverse set of customers with multi-product, multi-channel strategy

Prime Intermediated: Metro & Tier 1/2 Branches

Emerging Market: Tier 2 & beyond branches

Ecosystem Channel & Green Asset Financing

Direct & Digital Alliances

Collateral: Prime Property (For Sec.), Prime Machinery Cashflow: GST, Banking & Liquid income assessment

Rs 1Cr – 15Cr Customer Turnover

Secured Biz. Loan: Rs 87L Biz. Loan*: Rs 19L Prime Machinery: Rs 45L Average ticket size

Yield: Sec/Biz/Mch: 14%/19%/15% Tenure: Sec/Biz/Mch: 12/3/4 yrs

Channel AUM Mix: 47% Sec/Biz/Mch : 20%/24%/2%

Collateral: Standard Property Collateral: Standard Property Cashflow: Liquid income Cashflow: Liquid income assessment assessment

Collateral: Prime Machinery & Collateral: Prime Machinery receivables Cashflow: GST & Banking Cashflow: GST & Banking

<Rs 3Cr Customer Turnover

Rs 17L Average ticket size

Yield: 19% Tenure: 10 yrs

Rs 1Cr – 10Cr Customer Turnover

Rs 36L Average ticket size

Yield:. 14% Tenure: 4 yrs

Channel AUM Mix: 23%

Channel AUM Mix: 11%

Collateral: Receivables, FLDG from partner Cashflow: Banking & liquid income assessment

<Rs 50L Customer Turnover

Alliances: Rs 4L Embedded Finance: Rs 1L Average ticket size

P&A/Embedded fin Yield: 15%/ 26% Tenure: 4 yrs/ 1 yr

Channel AUM Mix: 9%/8%

Tech Stack

Tech Stack GRO line

*CGTMSE backed

Strategic decision to rundown lower yielding SCF book – not covered here

Slide 31

Sector Focused Approach, Multiple Products and Large Distribution Strength

Light Engineering

Auto Components

Chemicals

Food Processing

Education

Healthcare

Electrical Equipment & Components

Hospitality

Emerging Market

Business Loan

Retailer Finance

Our Product Offering

Business Loan Secured by Property

New Age Products

Machinery Loan

Emerging Market LAP

9 sectors are further subdivided into multiple sub-sectors basis homogeneity of cash flows among MSMEs

Prime Branches

286

EM Branches

770+

GRO Partners

2,100+

Front-end Sales

100+

OEMs

40+

Fintech Partners

3,800+

Total workforce

Slide 32

Net Loan Origination (Q-o-Q) Amount in INR Cr

Disbursement excluding Supply Chain Financing(1) is up 24% YoY

1,284

172 153 151

429

363

1,477

209

167

188

524

304

1,552

261

225

180

590

244

1,554

322

227

203

627

264

-89

-184

1,146

156

196

209

524

244

-98

1,971

277

291

456

623

422

-61

2,098

335

233

260

543

412

376

2,436

638

308

287

669

285

299

-50

1,599

582

116

234

360

186

169

-49

Q1'FY24 Secured Business Loans

Q2'FY24

Q3'FY24

Q4'FY24

Q1'FY25

Q2'FY25

Q3'FY25

Q4'FY25

Business Loans

Emerging Market LAP

Supply Chain Financing

Machinery Loan

Partnerships & Alliances

Q1'FY26 Embedded Finance

Note: Secured Business Loan is secured by property, Business Loan is secured by CGTMSE, Emerging Market LAP is secured by property, SCF is secured by receivables, Machinery Loan is secured by machinery, Partnerships & Alliances are secured by FLDG, Embedded Finance through MyShubhlife (MSL) platform (1) Strategic decision to rundown lower yielding SCF book

Slide 33

Strong AUM Growth Trend (Q-o-Q) Amount in INR Cr

AUM increased to INR 12,081 Cr as of Jun’25 from INR 12,003 Cr as of Mar’25 and INR 9,218 Cr as of Jun’24 (+31%)

31%

9,218

1,108

1,238

439

1,279

12%

13%

14%

9,047

1,112

1,161

632

1,144

2,914

3,055

33%

10,157

1,184

1,360

355

1,644

3,314

12,003

743

1,181

1,577

12,081

1,011

1,072

1,651

14%

274

235

11,067 302 1,199

1,454

309

2,073

2,596

2,772

23%

3,336

3,153

2,886

24%

7,592

849

891

670 871

2,352

8,364

967

1,034

722

1,000

2,639

1,958

2,002

2,084

2,098

23%

2,300

2,393

2,479

2,454

20%

6,777

750 798 585 727

2,081

1,837

Q1'FY24

Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Secured Business Loan

Business Loan

Emerging Market LAP

Supply Chain Financing

Machinery Loan

Partnerships & Alliances

Embedded Finance

Slide 34

Well diversified, granular and stable portfolio quality

Product Mix (AUM)

Portfolio Concentration in key geographical areas

Sector Mix

23%

11%

13%

State wise AUM coverage

23%

11%

Guaranteed by CGTMSE

Rest of India: ~1%

15%

10%

25%

12%

Secured Business Loan Emerging Market LAP Machinery Loan Embedded Finance

Business Loan Supply Chain Financing Partnerships & Alliances

Product category

AUM (Cr)

ROI (%)

Ticket size (Lakh)

Secured Business Loan

2,750

14.0%

Business Loan

2,886

18.7%

Emerging Market Loan

2,772

18.8%

Supply Chain Financing

235

15.3%

Machinery Loan

1,355

14.6%

Partnerships & Alliances

1,072

15.4%

Embedded Finance

1,011

26.0%

Grand Total

12,081

17.5%

State wise branches

Tamil Nadu Madhya Pradesh Andhra Pradesh Rajasthan Maharashtra Uttar Pradesh Telangana Karnataka Gujarat Haryana Other States

Total

57 39 36 32 28 24 18 18 14 9 11 286

Prime

Total

1 3 2 2 6 1 1 1 1 0 5 23

58 42 38 34 34 25 19 19 15 9 16 309

19%

33%

20%

Auto Components

Chemicals

Education

Electrical Equipment

Food Processing

HealthCare

Hospitality

Light Engineering

Emerging Market

Other MSMEs

Slide 35

Shareholding, Board, and Management

Slide 36

Institutionally Owned: Majority held by Institutional Investors

Shareholding Pattern as of Jun’25

Shareholding pattern post CCD issue(1)

Other Public shareholders, 31.6% 43k+ shareholders

(Investment arm of Denmark govt.)

21.0%

Other Public shareholders, 25.7%

Insurance Cos, 1.5%

FPIs, 3.3%

Corporate, 8.5%

Promoter, 2.2%

6.0%

13.0%

13.7%

(Investment arm of Denmark govt.)

8.4%

Insurance Cos, 1.0% FPIs, 2.2%

Corporates, 10.7%

Founder and Management, 5.0%

19.0%

6.0%

Management to potentially approx. 9 Mn shares on a fully diluted basis; vesting conditions are tenure linked over period of next 3 years, thereby aligning management’s goals towards company’s performance and ultimately shareholder returns

(1) considering full allotment of shares issued on preferential basis

Slide 37

We are Independently supervised by eminent Board of Directors

Non-Executive Chairman

Satyananda Mishra Chairman, Corporate Social Responsibility Committee Ex-Chairman- MCX, Ex-CIC, GOI, Ex-Director - SIDBI

Independent Directors

S. Karuppasamy Ex-Executive Director, RBI

Karnam Sekar Ex - MD & CEO of Indian Overseas Bank

Hemant Bhargava Ex-Chairman in charge and MD of LIC

Rajeev K. Agarwal Ex-Whole Time Member, SEBI

Tabassum Inamdar Ex Goldman Sachs, UBS Securities, Kotak Securities

Committee Chairman IT Strategy, Compliance & Customer Service

Committee Chairman Risk Management

Committee Chairman Audit

Committee Chairman Nomination & Remuneration, Stakeholder Relationship, Securities allotment and Transfer committee

Nominee / Shareholder Directors

Chetan Gupta (Samena Nominee) Managing Director at Samena Capital

Ramanathan Subramanian Arun Kumar (Proposed ADV Nominee) (1) Partner and COO at ADV

Rohit Goyal (IFU Nominee) VP at IFU

(1) Subject to the approval of the Reserve Bank of India

Shachindra Nath - Founder & Managing Director 26+ Years of diversified financial services experience across asset management, lending, capital markets & insurance

Slide 38

With strong corporate governance framework enshrined in the Articles

▪

High degree of regulatory oversight and transparency

An institution created with a long-term view, designed for continued operational efficiency

Access to permanent capital

▪ Any proposed loan >1% of net worth or to a related party to require unanimous approval of ALCO and the Board

▪ Board approved multi-layer credit authority delegation

▪ Removal of key management (including CRO, CFO) to

require 3/4th board approval

▪ Any significant action by the Company to need 3/4th

approval of the Board

▪

Reputed Audit Firm to be appointed as the statutory auditors

Sharp and Tannan appointed as the statutory auditor and Khimji Kunverji & Co appointed as the co-sourced firm for internal audit

▪ Independent directors to comprise majority for

perpetuity

▪ Any shareholder holding >10% to qualify for a board seat

▪ Key committees to be headed by an independent member

with required credentials

▪ The majority of the NRC, ALCO and Audit Committees to

comprise of independent directors

Special Resolution of Shareholders required for effecting any changes to the AoA; Promoters/Management do not have unfettered rights to divert business strategy

Slide 39

Professionally Managed: Leadership team has 180+ years of cumulative experience

Shachindra Nath Founder & Managing Director 26+ Years of Experience

Anuj Pandey Chief Executive Officer 25+ Years of Experience

Sameer Nanda Chief Revenue Officer 24+ Years of Experience

Irem Sayeed Chief Risk Officer 20+ Years of Experience

Shilpa Bhatter Chief Financial Officer 18+ Years of Experience

Rajni Khurana Chief People Officer 24+ Years of Experience

Sunil Lotke Chief Legal & Compliance Officer 21+ Years of Experience

Sharad Agarwal Chief Operating & Technology Officer 25+ Years of Experience

Slide 40

ESG -Driving Inclusive and Responsible Value Creation

Slide 41

•₹642 Cr disbursed to 3,369 green-sector MSMEs

Existing ESG Integration at UGRO Capital

Strategic Alignment • Mission: “Solving the Unsolved” MSM

•

credit gap ESG embedded in lending protocols (i.e. ESG Scorecard, exclusion list) and product design

• Business alignment with 8 UNSDGs

Impact Highlights

•

100% Portfolio assessment via ESG DD for customers

• Business outreach in 5 out of 10 low- income state comprises of ~ 17% of total AUM

• Annual Release of Social Impact Report

Campaigns & Culture

•

• #BharosaMSMEpar movement ESG-led credit as a lever for inclusive growth

UN SDG Alignment @ UGRO Capital

Slide 42

Existing ESG Integration at UGRO Capital

Portfolio Emission Calculation (GHG – Cat.15) In FY25, UGRO Capital attempted portfolio emission calculation

42% of borrowers invested in ESG initiatives Including energy efficiency, waste reduction, and clean technology adoption

3,360+ green-sector MSMEs ₹642 Cr disbursed to 3,369 green- sector MSMEs Spanning sectors like renewable energy, sustainable manufacturing, and WASH (Water, Sanitation, and Hygiene)

Financial Inclusion 135,000+ active MSME were supported by the loan provision; out of which 88% reported the increase in revenue through UGRO’s fund

Diversity & Inclusion Operation: 33% of women representation in senior management & Business: 76% women borrowers are owners/co- owners

Health & Welbeing 3x increase from FY23 in healthcare portfolio; Policies aligning with H&S i.e. POSH, Health & Safety Policies

Slide 43

Existing ESG Integration at UGRO Capital

Policies: CG Code, ESG, CSR, Whistleblower, POSH, CoC & Business Ethics, Anti-bribery & Anti- corruption, Equal Opportunity, Internal Audit etc.

Board Committees: RMC, ALCO, IT Strategy Committee, Audit Committee, Compliance Committee, CSR Committee etc.

Reports & Frameworks Annual Reports, Impact Reports, ICAAP & BC & DR frameworks; voluntary disclosure of BRSR & Development of ESMS in alignment with IFC Principles

Robust Grievance Redressal Mechanism for internal & external stakeholders

Slide 44

UGRO Capital Social Impact Report 2024-25

UGRO Capital MSME Social Impact Report 2025

Slide 45

UGRO Capital: Creating a strong social impact since inception

UGRO’s Impact journey from Previous report (1/2)

UN SDG

PARTICULARS

1. Percentage of female borrowers who are owners

2. Percentage of female borrowers who are owner/co-owner

Increase in revenue of borrowers (based on impact survey)

CURRENT (2024-25)

PREVIOUS (2023-24)

76%

88%

72%

94%

AUM of portfolio pertaining to 104 Emerging Market branches (branches located in Tier 3 and beyond geographies)

2,073 Cr

871 Cr

Total number of customers

135,000+

62,928

UGRO Capital MSME Social Impact Report 2025

Slide 46

UGRO’s Impact journey from Previous report (2/2)

UN SDG

PARTICULARS

CURRENT (2024-25)

PREVIOUS (2023-24)

AUM in healthcare industry

430 Cr

374 Cr

AUM in clean water and sanitation industry

268 Cr

151 Cr

AUM in clean energy industry

374 Cr

134 Cr

AUM in education industry

102 Cr

97 Cr

UGRO Capital MSME Social Impact Report 2025

Slide 47

Regulatory updates Co-lending

Slide 48

RBI (Co-Lending Arrangements) Directions, 2025

RBI issued directions on Co-lending effective from January 1, 2026, which broadly includes:

•

Unified framework for all Co-lending arrangements (CLAs) between

charges not to involve any credit enhancement or DLG, unless permitted

Regulated entities (REs)

Each RE must retain at least 10% of the loan on its own books

REs must include CLA provisions in internal policies and disclose roles in

borrower agreements

Borrower consent required for any changes in RE roles

Customer protection and grievance redressal mechanism mandatory

Unrealised profits from CLAs must be deducted from net owned funds until

loan maturity

Operational arrangements – Partner RE to provide an irrevocable

commitment towards its share; loans to reflect in respective books

maximum within 15 calendar days from disbursement

Blended interest rate based on funding shares of REs; changes to be

•

Separate accounts to be maintained by each RE; escrow account to be used

for transactions with borrower and amongst REs

Loans must be shared from the first disbursement; internal audits and

business continuity plans required

KYC compliance by RE (Partner RE may rely on originating RE for ‘Customer

Identification Process’)

Each RE to report its loan share to credit information companies

Default Loss Guarantee (DLG) allowed upto 5% of outstanding portfolio

Asset classification (e.g. SMA/ NPA) must be uniform across REs

REs must publicly disclose active CLA partners, disclosure in financial

statements

Existing Circular on Co-lending (2020) to be repealed; existing loans to

communicated to the borrower

continue until repayment and new partnerships can be entered into under

All fees/ charges to be disclosed in the Key Fact Statement (KFS); such fees/

current directions

Slide 49

Thank you

www.ugrocapital.com

Slide 50

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