UGROCAPNSE20 April 2026

Ugro Capital Limited has informed the Exchange about Investor Presentation

Ugro Capital Limited

20th April 2026

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: Investor Presentation for the quarter and financial year ended 31st March 2026

Dear Sir/Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith investor presentation for the quarter and financial year ended 31st March 2026.

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: B-17, Fourth Floor, Art Guild House, Phoenix Market City, Kurla (West), Mumbai- 400070

CIN: L67120MH1993PLC070739 Telephone: +91 22 49194400 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

(Q4’FY26)

April 2026

NSE: UGROCAP | BSE: 511742

Safe Harbor

This presentation has been prepared by UGRO Capital Limited (the “Company”) solely for your information. By accessing this presentation, you are agreeing to be bound by the trailing restrictions.

This presentation is for information purposes only and should not be deemed to constitute or form part of any offer or invitation or inducement to sell or issue any securities, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied upon in connection with, any contract or commitment therefor. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India.

There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. However, the Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes

The financial information in this presentation may have been reclassified and reformatted for the purposes of this presentation. You may also refer to the financial statements of the Company available at www.ugrocapital.com before making any decision on the basis of this information.

Certain statements contained in this presentation that are not statements of historical fact constitute forward- looking statements. These forward- looking statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward- looking statements as a result of various factors and assumptions which 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 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.

This presentation and its contents are for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person and should not be distributed, published or reproduced, in whole or part, or disclosed by recipients directly or indirectly to any other person.

Slide 2

Q4'FY26: First full quarter of strategic realignment The pivot announced on Feb 7, 2026 is being executed on pace - here's how the quarter framed it

Portfolio mix shifted decisively

Cost realignment underway

Focused verticals (Emerging Market + Embedded Merchant Finance) moved from 32% to 38% of AUM in one quarter. EM grew from INR 3,199 Cr to INR 3,581 Cr; Embedded Merchant Finance from INR 1,798 Cr to INR 2,280 Cr.

Consolidated Opex base of UGRO and Profectus combined was approx. INR 750 Crore (not reflected in financial as consolidation is effective from December 8, 2025). This Opex base would be approximately INR 490+ Crore in FY27, reflecting this cost rationalization.

38% focus mix (Mar-26)

INR 200 Cr- 220 Cr Annualized cost savings

Capital position strengthened

Earnings quality inflection

CAR improved to 21.2% (vs 20.8% in Dec-25), supporting the Feb-26 commitment of no incremental equity raise over the next three years. Off-book AUM at 38%, aligned with the annuity-led transition.

Q4 Reported ROA/ROE of 2.1%/7.1% include the one-time exit cost. Ex- exit cost ROA of 2.8% and ROE of 9.6% - indicating the trajectory to achieve our steady state FY 29 ROA target, as laid out in the Feb realignment.

21.2% Capital Adequacy

2.1% / 7.1% ROA / ROE (include one time exit cost)

Note: Entire presentation reflects Q3’FY26, Q4’FY26 and FY26 data on consolidated basis, unless specifically mentioned

Slide 3

Realignment scorecard: Feb-26 commitments vs Q4'FY26 delivery Five structural commitments made in the Feb 7, 2026 realignment communication - tracked quarter-by-quarter

Feb-26 Commitment

FY29 Target

Q4'FY26 Delivery

Status

Trend

Shift portfolio to high-yield focus verticals EM LAP + Embedded Merchant Finance

85% of AUM by FY29 (currently 38%)

Focus mix moved from 32% (Dec-25) to 38% (Mar-26) - fastest quarterly shift on record

ON TRACK

Take out annualized cost Sales, credit, branches, other

INR 220 Cr annualized run-rate

Executed cost realignment in Q4FY26, post which cost savings on an annualized basis would be INR 200 Cr- INR 220 Cr.

ON TRACK

Run down Prime Intermediated portfolio Business Loans, Machinery, Prime LAP

15-20% p.a. rundown pace

We have stopped Prime Intermediated disbursements from February 7, 2026 resulting in Consolidated AUM being flat (INR 15,454 Cr → INR 15,334 Cr) as focus vertical growth offset intermediated rundown.

ON TRACK

No incremental equity for 3 years Self-funding via annuity cash ROA

No dilution through FY29

CAR improved to 21.2% (Mar-26) vs 20.8% (Dec-25). Net worth INR 2,906 Cr; leverage 3.7x

ON TRACK

Transition to annuity-led ROA Away from upfront DA/Co-lending income

3.0-3.5% steady-state ROA

Q4 ROA 2.1%. ROE: 7.1% - indicating the trajectory to achieve our steady state FY29 ROA target.

ON TRACK

All 5 objectives of realignment on track after 2 months of execution

▲

Slide 4

Our long-term goal as stated in our Strategic realignment presentation in Feb-26

Portfolio mix

Number of active customers

Dec’25

21%

Yield- 18.6%

Yield- 14.0%

FY29E

15%

Yield- 15.3%

67%

Yield- 26.0%

12%

22%

Yield- 23.5%

Yield- 17.7%

63%

275K

290K

350K

400K

450K

Emerging Market

Embedded Merchant Finance

Others

Dec'25

Mar'26E

Mar'27E

Mar'28E

Mar'29E

Emerging Market LAP- AUM guidance

Embedded Merchant Finance- AUM guidance

1,144

2,596

3,199

9,000 20-25% CAGR in 3 years

743

1,798

20-25% CAGR in 3 years 3,400

Mar'24

Mar'25

Dec'25

Mar'29E

Mar'24

Mar'25

Dec'25

Mar'29E

Other than Emerging Market and Embedded Merchant Finance, rest of the portfolio is expected to rundown by 15-20% annually

During this period, Company would maintain healthy capital adequacy with no incremental capital required

Slide 5

Focus verticals delivered strong Q4'FY26 performance Both AUM and on-book POS growing in focus verticals while legacy book runs down on both dimensions

Vertical

Emerging Market

Embedded Merchant Finance

Focused verticals

Other defocused verticals

Company Level

AUM (INR Cr)

On Books POS (INR Cr)

AUM Mix %

AUM Dec-25 (INR Cr)

AUM Mar-26 (INR Cr)

Change

POS Dec-25 (INR Cr)

POS Mar-26 (INR Cr)

Change

AUM Mix Dec-25

AUM Mix Mar-26

Change

3,199

3,581

+12%

2,201

2,370

+8%

21%

23%

+2%

1,798

2,280

+27%

1,398

1,850

+32%

12%

15%

+3%

4,997

5,861

+17%

3,599

4,220

+17%

33%

38%

+5%

10,458

9,473

−9%

6,236

5,339

−14%

67%

62%

-5%

15,454

15,334

−1%

9,835

9,559

−3%

Mix shift: Focused verticals ↑5% Other verticals ↓5%

Growth in focused verticals and rundown of other defocused line with our verticals- strategic realignment objectives

Continuing verticals

Focused verticals (sub-total)

Quarter-on-quarter growth (orange highlight)

Quarter-on-quarter decline (red highlight)

Performance snapshot for Q4’FY26

AUM

INR 15,334 Cr

Net Disbursement

(1)

INR 2,137 Cr

EM Branches

317

YoY +28%

QoQ -1%

YoY -12%

QoQ -4%

Mar’25: 212

Dec’25: 313

Q4’FY26 vs Q4’FY25

Due to stoppage of Prime Intermediated disbursements

Build-out phase complete

GNPA (AUM)

2.5%

Portfolio Yield

17.5%

Cost of Borrowings

10.16%

Mar’25: 2.3%

Dec’25: 2.2%

YoY 18 bps

QoQ 34 bps

YoY -45 bps

QoQ -8 bps

Marginal rise in GNPA on account of marginal decline in QoQ AUM | NNPA stood at 1.6%

Mix shift to EM + Embedded Merchant Finance

PAT

INR 51.1 Cr

RoA(2) (4)

2.1%

(3) (4)

RoE

7.1%

YoY +26%

QoQ +10%

YoY -37 bps

QoQ -10 bps

YoY -174 bps

QoQ -13 bps

(1) Net Disbursement = Gross Disbursements - Repayment received in Supply Chain Financing during the period ; (2) On Average On-books AUM for the relevant period; (3) Excluding equity component of CCDs; (4) Annualised

Slide 7

Focus Verticals Deep Dive Emerging Market LAP + Embedded Merchant Finance - two segments driving UGRO's next phase

Emerging Market: Three-year build-out complete Pan-India network across 13 states, 317 branches, ~1,300 field sales - ready to sweat for productivity

Metric

# Branches

# States

# Logins

FY24

FY25

FY26

EM AUM trajectory (INR Cr)

127

212

317

19,847

35,143

39,286

1,144

3,581

2,596

Disbursement (INR Cr)

722

1,869

1,833

AUM (INR Cr)

1,144

2,596

3,581

% of Total AUM

13%

22%

23%

FY24

FY25

FY26

Build-out complete

Productivity inflection

Runway for sweating

From 127 branches to 317 in 2 years - now the focus shifts from expansion to productivity per branch.

Q4 blended branch productivity of INR 0.48 Cr/month; vintaged branches (>12m) at INR 0.68 Cr - gravitating towards management target range.

sub-6-month branches queued behind 156 vintaged cohort. Expected AUM growth of 20-25% CAGR through FY29.

Slide 9

Emerging Market: Productivity inflection has begun Mature branches producing INR 0.68 Cr/month disbursement and 156 sub-6-month branches are queued behind them

Monthly Disbursement per Branch (INR Cr)

Branch cohort migration

Dec-25 → Mar-26 (3 months)

0.75

0.80

0.67

0.48

0.52

0.34

195

156

<6 months

6–12 months

>12 months

Dec-25 (9mFY26)

Mar-26 (Q4FY26)

Dec-25

Mar-26

>12 months

6–12 months

<6 months

Management target: INR 0.80-0.85 Cr/month (blended) and INR 0.17 Cr/month (FOS) over next 12 months.

+29 branches

INR 0.80 Cr/month

156 branches

>12m cohort grew from 52 to 81 in one quarter

Mature branch productivity - near the 12-month target

Sub-6-month cohort - next leg of annuity runway

Slide 10

Embedded Merchant Lending: Scaling through MyShubhLife platform INR 2,280 Cr AUM across ~250k active customers - 6x growth in 15 months while maintaining asset quality

AUM (INR Cr)

Active Customers ('000s)

GNPA (%)

2,280

1,798

1,270

1,011

743

302

153

118

250

190

1.7%

1.5%

1.3%

0.2%

Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26

Mar-25

Jun-25

Sep-25

Dec-25 Mar-26

Daily settlement reconciliation

Early-warning systems

3-tier collections

95% of EMI payments currently on daily repayment. API- driven tech reconciliation handled by fund infrastructure.

in-house

Real-time merchant payment tracking, transaction trends (sales volume, QR usage, activity). Structured touchpoints triggered by in-house model.

Partner feet-on-ground monthly merchant meetings. Digital tele-calling in parallel. In-house field collections for loans > INR 0.4M.

GNPA uptick to 1.7% is within underwritten expectations - factored into our credit cost assumption on the Embedded Merchant finance portfolio

Slide 11

Financial Performance Income statement, ROA tree, balance sheet, and operating trends

Finance | Income Statement and ROA Tree

Income Statement (INR Cr)

FY26

FY25

Y-o-Y

FY24

ROA Tree

FY26

FY25

Interest Income

Income on Co-Lending / Direct Assignment

Other Income

Total Income

Finance Cost

Net Total Income

Employee Cost

Other Expenses

Exit Cost

PPOP

Credit Cost

PBT

Tax

PAT

1,370.2

445.0

205.9

958.8

382.9

100.1

2,021.1

1,441.8

43%

16%

106%

40%

52%

31%

21%

50%

627.8

814.1

235.6

202.3

100%

376.2

173.1

203.1

59.2

143.9

20%

21%

20%

16%

21%

704.6

307.5

69.6

1,081.7

442.9

638.8

182.9

160.9

295.0

116.3

178.8

59.4

119.3

As a % of Avg On Book AUM

Total Income

Finance Cost

Net Total Income

Opex

Credit cost

PBT

PAT/ ROA

Leverage

RoE(1)

24.5%

11.6%

13.0%

7.5%

2.5%

3.0%

2.1%

3.7x

7.4%

24.3%

10.6%

13.7%

7.4%

2.9%

3.4%

2.4%

3.4x

8.7%

Finance cost as a % of Avg on books AUM is higher in FY26 mainly on account of higher average cash balance during the year and Tier II capital.

954.3

1,066.8

285.4

303.1

25.4

452.9

209.4

243.5

68.7

174.8

(1) Excluding Equity component of CCDs

Note: FY26 reflects data on consolidated basis and FY25 and FY24 reflects data on standalone basis

Slide 13

Finance | Quarterly Income Statement

Income Statement (INR Cr)

Q4’FY26

Q4’FY25

Y-o-Y

Q3’FY26

Q-o-Q

Interest Income

Income on Co-Lending / Direct Assignment

Other Income

Total Income

Finance Cost

Net Total Income

Employee Cost

Other Expenses

Exit Cost

PPOP

Credit Cost

PBT

Tax

PAT

415.2

154.6

61.9

631.7

283.7

348.0

79.9

100.0

25.4

142.8

71.6

71.2

20.1

51.1

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

57%

30%

116%

53%

57%

51%

46%

54%

100%

28%

32%

25%

21%

26%

328.4

99.0

78.9

506.4

246.7

259.7

77.3

73.6

108.8

45.8

63.0

16.7

46.3

26%

56%

(22%)

25%

15%

34%

36%

100%

31%

56%

13%

20%

10%

Note: 1. Q3’FY26 and Q4’FY26 reflects data on consolidated basis and Q4’FY25 reflects data on standalone basis. The numbers for Q3’FY26 comprises numbers of Profectus from December 8th, 2025 hence the quarterly numbers may not be comparable

Slide 14

Finance | Balance Sheet

Balance Sheet (INR Cr)

Assets

Cash and Bank Balance

Loans

Investments

Other financial assets

Financial Assets

PPE, Intangible assets, ROU etc

Goodwill

Current and Deferred tax assets (net)

Other non-financial assets

Non-Financial Assets

Total Assets

Mar-26

Balance Sheet (INR Cr)

Mar-26

Liabilities

1,825

Trade payables

10,293

Debt securities

737

230

Borrowings (other than debt securities)

Other financial liabilities

13,086

Financial liabilities

194

342

438

989

Non-financial liabilities

Equity share capital

Other equity

Equity

14,075

Total Liabilities & Equity

3,220

7,562

123

10,964

205

153

2,753

2,906

14,075

Slide 15

Asset quality & collections Stable portfolio quality through transition; 98% collection efficiency in Q4'FY26

Collection Efficiency (%) - Total collections / current month demand

ECL Data (Mar’26)

96%

95%

100%

99%

98%

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

Q4'26

(INR Cr)

Stage 1

Stage 2

Stage 3

Total

Loan Exposure

Loan Exposure (%)

14,283

669

382

15,334

93.1%

4.4%

2.5%

100.0%

 Adequate Provision Coverage Ratio

Product wise GNPA

47%

45%

Product Category

AUM (INR Cr)

GNPA (%)

Remarks

Dec'24

Mar'25

Jun'25

Sep'25

Dec'25

Mar'26

Emerging Market (Small ticket LAP) Embedded Merchant finance

3,581

1.2%

Focus vertical; stable quality through growth

2,280

1.7% Within underwritten band

Other defocused products

9,473

3.2%

AUM(1)

15,334

2.5%

Slide 16

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

10.61%

10.55%

10.37%

10.24%

10.16%

Cost of Borrowings

10,716

10,782

26%

7,586

8,088

6,904

Total Debt INR 10,782 Cr

45%

12%

19%

Total Debt INR 10,782 Cr

54%

11%

Q4'FY25

Q1'FY26

Q2'FY26

Q3'FY26

Q4'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 17

Operating & Financial Metrics

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

Finance Cost (INR Cr) & Cost of Borrowing

Operating Exp to AUM (2)

17.3%

17.5%

17.6%

17.2%

17.5%

10.61%

10.55%

10.37%

10.24%

10.16%

Q4’FY26 Opex to AUM ex-exit cost at 4.7%

412

422

461

506

632

181

205

219

247

284

4.2%

4.0%

4.5%

4.4%

5.3%

Q4'25

Q1'26

Q2'26

Q3'26

Q4'26

Total Income

Portfolio Yield (%)

Q4'25

Q1'26 Finance Expense

Q2'26

Q3'26

Q4'26

Cost of borrowing (%)

Q4'25

Q1'26

Q2'26

Q3'26

Q4'26

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)

1.9%

1.6%

1.5%

1.3%

1.9%

3.5%

2.8%

3.5%

3.0%

2.9%

2.5%

2.0%

2.5%

2.2%

2.1%

Q4'25

Q1'26

Q2'26

Q3'26

Q4'26

Q4'25

Credit Cost

Credit Cost/ Avg AUM

Q1'26

PBT

Q2'26

Q3'26

Q4'26

Q4'25

Q1'26

Q2'26

Q3'26

Q4'26

PBT/ Avg On-book AUM

PAT

ROTA %

2,906 Cr

Net Worth

15,334 Cr

AUM

38%

Off book %

3.7x / 21.2%(3) Debt to Equity / CRAR

2.5% / 1.6%

GNPA / NNPA (AUM)

317

~321,000

EM 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; (3) On standalone basis Note: Data on consolidated basis from Q3’FY26 onwards

Slide 18

Shareholding, Board, and Management

Slide 19

Institutionally Owned: Majority held by Institutional Investors

Shareholding Pattern as of Mar’26

Fully Diluted Shareholding Pattern

Other Public shareholders, 26.3% 38k+ shareholders

Insurance Cos, 0.9% FPIs, 2.8%

Corporate, 8.4%

Promoter, 2.0%

15.8%

(Investment arm of Denmark govt.)

Other Public shareholders, 24.4%

15.5%

(Investment arm of Denmark govt.)

12.9%

9.7%

5.9%

9.5%

Insurance Cos, 0.9% FPIs, 2.7%

Corporate, 8.2%

ESOPs, 3.3% Promoter , 2.0%

5.7%

5.8%

9.3%

12.7%

9.6%

Promoter and Management to potentially own approx. 8.6 Mn shares on a fully diluted basis; vesting conditions are tenure linked over period of 3 years from grant date, thereby aligning management’s goals towards company’s performance and ultimately shareholder returns

Slide 20

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

Ramanathan Subramanian Arun Kumar Partner and COO at ADV

Rohit Goyal (IFU Nominee) VP at IFU

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

Slide 21

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 is the statutory auditor

▪ Independent directors

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 22

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

Shachindra Nath Founder & Managing Director 25+ Years of Experience

Anuj Pandey Chief Executive Officer 25+ Years of Experience

Shilpa Bhatter Chief Financial Officer 19+ Years of Experience

Sameer Nanda Chief Revenue Officer 25+ Years of Experience

Irem Sayeed Chief Risk Officer 20+ Years of Experience

Rajni Khurana Chief People Officer 25+ Years of Experience

Sunil Lotke Chief Legal & Compliance Officer 23+ Years of Experience

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

Slide 23

Focused Vertical: Customer Segments & Sourcing Strategy

Slide 24

Emerging Market Loan: Small-ticket LAP to MSMEs in emerging markets

Providing loan against property to MSMEs in highly underserved and underpenetrated Tier-2 cities and beyond

Product Description

Product Commercials

Borrower Profile

Applicant Profile

Specific Underwriting

Collateral backed business loans in Tier 2 cities and beyond for working capital requirements or business expansion1

INR 7.5 – 50L range of loan size

INR 17 – 19L average ticket size

12-180 months range of tenor

~18 % / 14 - 15% Portfolio Yield for Micro product / High Ticket secured

Business vintage of 3+ years operating as SENP, LLPs, Pvt. Ltd., and trusts in manufacturing or services or trading2 segment

✓ Resident Indian aged 23-70 yrs

✓ Must reside in UGRO-approved

locations4

LTV up to 75% and DSCR5 > 1.2

2.0 - 2.5% Processing fees

Annual Customer Turnover < INR 3 Cr

✓ Co-applicant is mandatory

✓ PAN and Aadhar for all

applicants/ co-applicants is mandatory

Collateral property must be located in a UGRO- approved location4

~120 months most common maturity

2.5 - 3.0% Insurance premium

CMR Score3 =<7

CIBIL Score3 > 650

No EMI bounces in last 6 months and no 30+ DPD in last 12 months

Notes: 1.

Cannot be used for personal property purchase Operating in all sectors except a defined list of negative profiles of business such as liquor manufacturers, paan shops, coal traders etc, dairy business capped at INR 15L

CIBIL - Credit Information Bureau (India) Limited, CMR - CIBIL MSME Rank Geographical limits of 75 Kms from Telangana, Tamil Nadu, Rajasthan & Karnataka or 50km from MP, Maharashtra, Haryana, Gujarat & Delhi; all new locations to be 50km of a UGRO branch DSCR: Annual Net Income/(Existing EMI obligations + Proposed EMI obligations)

Slide 25

Emerging Market Loan: Scaling through PAN-India branches ecosystem

Strong on-ground sourcing and distribution through 1,300+ sales executives operating through 317 branches

Rapidly increasing on-ground footprint

Emerging market branches operate on a cluster-based approach…

..where each branch follows a set template

# states

EM Branches

13 317

212

127

FY23

FY24

FY25

FY26

AUM - by geography

27%

44%

INR 3,581 Cr

29%

North West

South

300+ Branches

Business Head

2 - 4 Zonal / Regional Heads

12 - 15 State Heads

50 - 55 Clusters

10 Employees

5-6 Sales Executives

1 Credit Manager

1 Branch Manager

1 Branch operations

1 Collection1 Manager

Note 1: Onboarded once a certain sizable AUM is reached

5-6 Branches

…

5-6 Branches

…

50-75km

Distribution coverage span of each branch

Embedded Merchant finance through ecosystem-based lending approach

Enabling digital platforms to seamlessly embed regulatory - compliant lending products within their user journey

Targeted reach to digitally-enabled underserved merchants…

…through ecosystem partners…

…creating a strong USP for both UGRO and partner

Payment Gateway

Customer Profile

✓ Minimum 6 months on the platform

✓ Minimum amount of cashflow / GMV

✓ No other loan through any other NBFC on the

partner platform

Partner’s Role

✓ Filters merchants based on the GMV

✓ Offers GMV multipliers based loan offers GMV

eligibility

✓ Provides access to merchants payment data

Lend to online seller basis payment gateway data and lien on prepaid sales via Payment gateway

100% sourcing by partners which provides differentiated, reliable data source for establishing creditworthiness

Partners acts as a first-hand source during and post- disbursement providing merchant cash flow visibility control

UGRO enables partners to launch and scale credit offerings rapidly

Partner can create value-added credit offering to the customer leading to customer retention

Partner benefits from a new revenue stream in form of commission from UGRO

Automated end-to-end underwriting process, backed by robust tech engine

ML-driven decision engines, dynamic limits and fraud detections

Extremely rich merchant data…

…analysed through proprietary LOS / LMS1…

…providing faster and reliable decision making

Automated integrated & data sharing with partner platform

Auto approved

Location

Revenue

Gross Merchandise Value

Cash flow

Sales refund

CIBIL score

Bureau report

Bureau

Enquiries, Accounts, Repayment behaviour, leverage

Platform

Date of Birth, Pincode, TPV, vintage, loan segment, Lat-Long

Transactional

GMV Transactions [monthly / daily], Active days, Partner rating

Overall Risk Band Predictor

Auto reject

Fully tech-backed decision making with no manual intervention

Strict underwriting profiles with c.40% approval rate of R1 to R3 bands

Loan approval within minutes of merchant application submission

Contextual Products

Deep Data Science

Custom in-house tech

✓ Specific products curated to solve multiple use

cases through EDI, EWI, Credit Lines

✓ Consume contextual data & build customized

credit model for specific partners based on TPV & GMV

✓ Custom built LMS & LOS. Well documented APIs & quick integration for seamless embedded & customer journey

ESG -Driving Inclusive and Responsible Value Creation

Slide 29

UGRO’s strong foundation of ESG practices

Environmental

Social

Governance

17% Of total AUM is Green Portfolio

6% Of total UGRO’s electricity consumption is from green energy

1.82 Lakhs+ Customers outreached via UGRO Impact Sparks knowledge series

ESG Award Profit with Purpose awarded during Bharat CSR & Sustainability Summit & Awards 2026

70%+

Female borrowers who are owner/co-owner1

2000+

Borrowers from health and education sectors

14%* Increments in borrowers’ Income post UGRO loan

~ 7.0 Lakhs+

Excepted job creation through borrows financed by UGRO

6/66% Independent board members

Board seats by

10%+

stake PE shareholders

3 / 4 Board approval required for key decisions

>1%

value of net worth loan requires, unanimous approval of ALCO and board

Strict exclusion list of sectors for lending high risk(1)

* Based on Monthly ESG Surveys for borrowers

Note: 1. High risk sector includes weaponry, munitions, tobacco, involved in child or forced labour, radioactive materials

Ugro Capital Limited has informed the Exchange about Investor Presentation

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