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Ugro Capital Limited
(UGROCAP)
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Rating:49Neutral
Price Target:
₹98.00
▼(-40.75% Downside)
Action:Reiterated
Date:04/22/26
The score is primarily weighed down by high leverage and historically unstable cash generation, with additional caution from mixed operating profitability signals. Technicals offer some near-term support (positive MACD, RSI ~61), but the longer-term trend remains weak (below 100/200 DMA). Valuation cannot be strongly assessed due to missing/zeroed P/E and absent dividend yield.
Positive Factors
Focused MSME lending model
A dedicated MSME lending franchise with both direct origination and partnerships supports durable loan flow and distribution scale. Niche focus on small business credit aligns with structural demand in India and partnerships can lower acquisition costs and expand reach over time.
Negative Factors
High leverage
Elevated leverage materially increases sensitivity to rising funding costs and credit shocks for an NBFC reliant on wholesale funding. High debt-to-equity limits strategic flexibility, raises refinance risk, and makes earnings and capital returns vulnerable in tighter liquidity scenarios.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused MSME lending model
A dedicated MSME lending franchise with both direct origination and partnerships supports durable loan flow and distribution scale. Niche focus on small business credit aligns with structural demand in India and partnerships can lower acquisition costs and expand reach over time.
Read all positive factors
Ugro Capital Limited (UGROCAP) vs. iShares MSCI India ETF (INDA)
Market Cap
₹14.55B
Dividend YieldN/A
Average Volume (3M)20.96K
Price to Earnings (P/E)7.0
Beta (1Y)1.58
Revenue Growth39.48%
EPS Growth-8.51%
CountryIN
Employees2,095
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)14.00
Shares Outstanding155,288,330
10 Day Avg. Volume15,127
30 Day Avg. Volume20,963
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)0.47
Price to Sales (P/S)0.92
P/FCF Ratio7.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)15.45
Revenue Forecast (FY)₹11.73B
Ugro Capital Limited Business Overview & Revenue Model
Company Description
UGRO Capital Limited functions as a non-banking financial company primarily engaged in offering various lending services. The firm provides business financing specifically targeting diverse sectors such as healthcare, education, chemicals, food pr...
How the Company Makes Money
UGROCAP primarily makes money by extending loans to MSMEs and earning interest income (and related lending yield) on the outstanding loan book. Its core revenue stream is the net interest income generated from the spread between (a) interest earne...
Ugro Capital Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
44
Neutral
Cash Flow
40
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.74B | 9.64B | 7.07B | 4.88B | 2.68B |
| Gross Profit | 2.23B | 1.29B | 995.24M | 678.77M | 624.11M |
| EBITDA | -140.04M | 2.62B | 2.19B | 1.07B | 348.23M |
| Net Income | 1.75B | 1.44B | 1.19B | 397.76M | 145.51M |
Balance Sheet | |||||
| Total Assets | 140.75B | 91.68B | 62.80B | 43.06B | 28.54B |
| Cash, Cash Equivalents and Short-Term Investments | 18.25B | 5.53B | 883.64M | 2.12B | 1.60B |
| Total Debt | 108.68B | 69.04B | 46.53B | 31.49B | 18.31B |
| Total Liabilities | 111.69B | 71.22B | 48.42B | 33.22B | 18.88B |
| Stockholders Equity | 29.06B | 20.46B | 14.38B | 9.84B | 9.67B |
Cash Flow | |||||
| Free Cash Flow | 1.71B | -25.00B | -15.38B | -12.61B | -11.46B |
| Operating Cash Flow | 2.14B | -24.74B | -15.35B | -12.20B | -11.32B |
| Investing Cash Flow | -19.64B | -799.24M | -2.30B | -845.42M | 413.80M |
| Financing Cash Flow | 27.51B | 26.55B | 18.14B | 12.79B | 10.23B |
Ugro Capital Limited Technical Analysis
Positive
165.40
Price Trends
98.75
Negative
101.94
Negative
135.94
Negative
Market Momentum
-0.51
Positive
52.12
Neutral
16.23
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UGROCAP, the sentiment is Positive. The current price of 165.4 is above the 20-day moving average (MA) of 97.50, above the 50-day MA of 98.75, and above the 200-day MA of 135.94, indicating a neutral trend. The MACD of -0.51 indicates Positive momentum. The RSI at 52.12 is Neutral, neither overbought nor oversold. The STOCH value of 16.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:UGROCAP.
Ugro Capital Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹57.26B | 15.70 | ― | 0.43% | 25.13% | 17.12% | |
65 Neutral | ₹65.79B | 27.95 | ― | 0.29% | 22.32% | 17.78% | |
56 Neutral | ₹100.55B | 22.27 | ― | ― | 28.53% | 28.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹36.05B | 39.74 | ― | ― | -3.48% | ― | |
54 Neutral | ₹42.05B | 17.82 | ― | ― | -6.77% | 70.81% | |
49 Neutral | ₹14.55B | 7.00 | ― | ― | 39.48% | -8.51% |
* General Sector Average
IN:UGROCAP
Ugro Capital Limited
98.01
-81.14
-45.29%
IN:INDOSTAR
IndoStar Capital Finance Limited
269.95
-56.70
-17.36%
IN:MASFIN
MAS Financial Services Ltd.
322.45
14.51
4.71%
IN:MUTHOOTMF
Muthoot Microfin Ltd
235.30
68.00
40.65%
IN:PAISALO
Paisalo Digital Ltd.
72.95
42.26
137.70%
IN:SBFC
SBFC Finance Limited
91.88
-27.37
-22.95%
Ugro Capital Limited Corporate Events
Ugro Capital Shuts Trading Window Ahead of June-Quarter Results
Jun 28, 2026
Ugro Capital Limited has announced that its trading window will be closed from June 29, 2026 until 48 hours after the declaration of its unaudited financial results for the quarter ending June 30, 2026, in line with SEBI’s Prohibition of Ins...
UGRO Capital Reshapes Senior Operations Leadership After COO-CTO Exit
May 5, 2026
UGRO Capital has announced a change in its senior management, with Chief Operations Technology Officer Sharad Agarwal resigning and serving his notice period to ensure a smooth transition. The company has elevated existing Head of Operations and ...
Ugro Capital Explains Absence of Prior-Year Consolidated Figures in FY26 Results
May 4, 2026
Ugro Capital has clarified why its audited consolidated financial results for the quarter and year ended 31 March 2026 do not include comparative figures for the previous year’s consolidated balance sheet and cash flow statement. The company...
Ugro Capital files FY26 investor presentation on MSME lending performance
Apr 20, 2026
Ugro Capital Limited has submitted an investor presentation to the stock exchanges covering its results for the quarter and full financial year ended 31 March 2026. The presentation, which highlights the company’s data-tech led MSME lending ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.