Ugro Capital Limited

rs,

h the Company presently believes to be reasonable in light of its operating experience in recent years, but these assumptions may prove to be incorrect. Potential investors must make their own assessme

INR 535

FY26 Snapshot: Strategic Initiatives and Expansion Equity Fund raise: Equity raise amounting to ~INR 535 Cr through CCDs for Profectus acquisition; investor Samena Capital infused ~INR 241 Cr existing

INR 241

ounting to ~INR 535 Cr through CCDs for Profectus acquisition; investor Samena Capital infused ~INR 241 Cr existing Focus on Emerging Market (EM) channel: 303 EM branches with AUM mix increased to ~2

25%

Cr existing Focus on Emerging Market (EM) channel: 303 EM branches with AUM mix increased to ~25% as of Sep’25; added 90 branches in H1’FY26 Building up Embedded finance: Our embedded finance pl

INR 1,270

mbedded finance: Our embedded finance platform, MSL continues to gain momentum with AUM reaching INR 1,270 Cr within short span of 4 quarters Reduced Disbursals in H1’FY26(1): Credit Ratings update (long-

INR 1,789

FY26(1): Credit Ratings update (long-term): Stable Asset Quality: Q2’FY26 net loan disbursals at INR 1,789 vs INR 1,971 in Q2’FY25; H1’FY26 net loan originated at INR 3,388 Cr vs INR 3,118 Cr in H1’FY25 ‘

INR 1,971

it Ratings update (long-term): Stable Asset Quality: Q2’FY26 net loan disbursals at INR 1,789 vs INR 1,971 in Q2’FY25; H1’FY26 net loan originated at INR 3,388 Cr vs INR 3,118 Cr in H1’FY25 ‘IND A+/ Ratin

INR 3,388

Q2’FY26 net loan disbursals at INR 1,789 vs INR 1,971 in Q2’FY25; H1’FY26 net loan originated at INR 3,388 Cr vs INR 3,118 Cr in H1’FY25 ‘IND A+/ Rating watch with Positive Implications’ by India Ratings a

INR 3,118

disbursals at INR 1,789 vs INR 1,971 in Q2’FY25; H1’FY26 net loan originated at INR 3,388 Cr vs INR 3,118 Cr in H1’FY25 ‘IND A+/ Rating watch with Positive Implications’ by India Ratings and ‘Crisil A/ R

2.4%

ications’ by CRISIL on Profectus Capital Acquisition and Capital raise GNPA at AUM maintained at 2.4% with all portfolio parameters stable; coverage provision maintained at 47%. (1) UGRO in last

47%

AUM maintained at 2.4% with all portfolio parameters stable; coverage provision maintained at 47%. (1) UGRO in last 3 years have added AUM of ~INR 3,000 Cr annually. UGRO’s proposed acquisition of

INR 3,000

ters stable; coverage provision maintained at 47%. (1) UGRO in last 3 years have added AUM of ~INR 3,000 Cr annually. UGRO’s proposed acquisition of Profectus Capital would add ~INR 3,000 Cr to our AUM in

“Equity raise amounting to ~INR 535 Cr through CCDs for Profectus acquisition; investor Samena Capital infused ~INR 241 Cr existing Focus on Emerging Market (EM) channel: 303 EM branches with AUM mix increased to ~25% as of Sep’25; added 90 branches in H1’FY26”

“Our embedded finance platform, MSL continues to gain momentum with AUM reaching INR 1,270 Cr within short span of 4 quarters Reduced Disbursals in H1’FY26(1): Credit Ratings update (long-term):”

“Q2’FY26 net loan disbursals at INR 1,789 vs INR 1,971 in Q2’FY25; H1’FY26 net loan originated at INR 3,388 Cr vs INR 3,118 Cr in H1’FY25 ‘IND A+/ Rating watch with Positive Implications’ by India Ratings and ‘Crisil A/ Rating watch with Developing Implications’ by CRISIL on Profectus Capital Acquisition and Capital raise GNPA at AUM maintained at 2.4% with all portfolio parameters stable; coverage provision maintained at 47%.”

“65mn Total Merchants 45mn Digital Merchants 35mn Digitally enabled small Merchants & Retailers(1) $22bn+ Annual Credit Requirement for Small Retailers(2) 637 582 713 335 Q3'FY25 Q4'FY25 Q1'FY26 Q2'FY26 92% Credit Gap(3) AUM trend (INR Cr) $20bn+ Annual Credit Gap 1,011 1,270 743 302 • Our targeted acquisition of the embedded finance platform (MSL) has tracked to the right scale.”

“• The approval process for completion of Q3'FY25 Q4'FY25 Q1'FY26 Q2'FY26 acquisition is ongoing.”

“of entities – 4.7L UGRO’s Target Customer Segment T/o INR 25L - 15Cr Micro Micro Enterprise No.”

Prime Intermediated

2

Equity Fund raise

1

Building up Embedded finance

1

Stable Asset Quality

1

Key highlights

1

MSME lending

1

Policies

1

Board Committees

1

Equity Fund raise

Equity raise amounting to ~INR 535 Cr through CCDs for Profectus acquisition; investor Samena Capital infused ~INR 241 Cr existing Focus on Emerging Market (EM) channel: 303 EM branches with AUM mix increased to ~25% as of Sep’25; added 90 branches in H1’FY26

Building up Embedded finance

Our embedded finance platform, MSL continues to gain momentum with AUM reaching INR 1,270 Cr within short span of 4 quarters Reduced Disbursals in H1’FY26(1): Credit Ratings update (long-term):

Stable Asset Quality

Q2’FY26 net loan disbursals at INR 1,789 vs INR 1,971 in Q2’FY25; H1’FY26 net loan originated at INR 3,388 Cr vs INR 3,118 Cr in H1’FY25 ‘IND A+/ Rating watch with Positive Implications’ by India Ratings and ‘Crisil A/ Rating watch with Developing Implications’ by CRISIL on Profectus Capital Acquisition and Capital raise GNPA at AUM maintained at 2.4% with all portfolio parameters stable; coverage provision maintained at 47%. (1) UGRO in last 3 years have added AUM of ~INR 3,000 Cr annually. UGRO’s proposed acquisition of Profectus Capital would add ~INR 3,000 Cr to our AUM inorganically. In light of this, we have recalibrated current year’s disbursals so that we can reduce our liability requirements leading to lower cost of borrowing in future. This has been done by adopting tightened underwriting – this approach also augers well with current macro headwinds in small ticket MSME loans. Slide 3 Performance snapshot for Q2’FY26 Q2’FY26(5) Q2’FY25(5) H1’FY26(5) H1’FY25(5) AUM (INR Cr) 12

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 89L Biz. Loan*: Rs 20L Prime Machinery: Rs 46L Average ticket size Yield: Sec/Biz/Mch: 14%/19%/15% Tenure: Sec/Biz/Mch: 12/3/4 yrs Channel AUM Mix: 44% Sec/Biz/Mch : 20%/22%/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: 25% Channel AUM Mix: 11% Tech Stack Tech Stack Tech Stack Collateral: Receivables, FLDG from partn

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 199 Cr in Q2’FY26 vs INR 623 Cr in Q2’FY25) (1) Excluding foreclosures Slide 11 11 Our collection efficiencies and portfolio performance (2/2) Stable Stage 1 assets ECL Data (Sep’25) 93% 94% 94% 93% 92% 93% (INR Cr) Loan Exposure Loan Exposure (%) Stage 1 Stage 2 Stage 3 Total 11,409 529 289 93.3% 4.3% 2.4% 12,226 100.0% Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25  Adequate Provision Coverage Ratio Product wise GNPA 47% 47% 47% 47% 47% 47% Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Product Category AUM (INR Cr) GNPA(%) Secured Business Loan Business Loan Emerging market Loan Machinery Loan Partnerships & Alliances Embedded Finance AUM(1) 2,438 2,643 2,997 1,704 981 1,270 12,226 0.8% 3.9% 2.1% 1.8% 1.1% 1.3% 2.4% (1) AUM including run down portfolio of

MSME lending

The largest opportunity today Slide 18 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 ~35-40% 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 19 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 20 …well supported by continuity in Government initiatives Government Initiatives throughout the years Financial Support for MSME Growth - 2025 • • • • • • • • • • • 2014 - Pradhan Man