Investor Presentation

5th November 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No. C/1, G Dalal Street Block Bandra, Kurla Complex, Bandra Mumbai 400001 (East) Mumbai 400051 Scrip Code – 511742 Symbol – UGROCAP Subject: Investor Presentation for the quarter and half year ended 30th September 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 half year ended 30th September 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 Shilpa Bhatter Chief Financial 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 68269100 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 (Q2’FY27) November 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. Structure of This Presentation Two parts: how UGRO got here, and how the quarter went PART A PART B UGRO Journey, Strategic Realignment and Transition Quarterly Update: Q2'FY27 Journey and strategic realignment 4-12 Q2'FY27 performance 21-29 UGRO today; the co-lending and DA model; five-year financials; foreclosure Highlights and snapshot; disbursements and AUM; asset quality; liabilities; reversals and how they compare with industry; the Feb'26 realignment and financial statements and balance sheet delivery against it Merger and accounting reset 13-15 Focused verticals 31-36 Merger status; what the Scheme changes; net worth and book value Emerging Market LAP: growth, branch productivity, collections. GROx: reconciliation; reported vs pro forma growth, platform, collections Profitability and shareholder returns 16-19 Institutional framework and ESG 38-48 Progress and priorities; path to 3.0-3.5% ROA; drivers of ROA improvement; Shareholding, Board, governance and management; customer segments capital efficiency and ROE; and sourcing; ESG UGRO Today: An Established MSME Lending Institution Now focused on sustainable profitability (position at 30 Sep 2026) AUM Focused ProductsAUM Emerging Market branches GROx active customers INR 15,019 Cr INR 7,929 Cr 317 ~4.1 lakh Total assets under management 53% of AUM, up from 32% in Across 13 states; build-out Embedded merchant lending Dec'25 complete platform Portfolio yield Net disbursement Net worth / CRAR GNPA (AUM) 18.7% INR 3,159 Cr INR 3,029 Cr 2.7% Q2'FY27, +108 bps Y-o-Y Q2'FY27; INR 1,000+ Cr every Reported CRAR 18.8%, leverage Focusedproducts 1.7%; month 3.6x collection efficiency 97% The foundational infrastructure for the focused businesses is largely in place; the next phase of value creation will be driven by execution Note: Reported, consolidated figures. Focused Products AUM = Emerging Market LAP + GROx UGRO's Off-Balance Sheet (Co-Lending + DA) Model A partner-funded lending model combining Co-lending and Direct Assignment, delivering 5x AUM growth over four years How the model worked How it scaled: AUM build up Originate 1 15,334 Intermediated (DSA-led) sourcing of Prime LAP: business loans and machinery loans,underwrittenonGST,bankingandbureaudata 12,003 9,047 Fund off balance sheet 2 6,081 Partner banks and NBFCs funded 80-90% of each loan through co- lending,co-originationandDA;9banksand7NBFCs 2,970 Earn upfront 3 Mar'22 Mar'23 Mar'24 Mar'25 Mar'26 Interest on UGRO's retained share, plus the excess spread on the partnershare,bookedupfrontasNPVovercontractualtenure Off-book share of AUM (Co-lending, Co-origination, DA) 16% 40% 45% 42% 38% Result: scale with low-yield business whose economics held only if 5x AUM growth in four years; upfront DA / co-lending income (gross) grew from INR 33 Cr loansrantofullmaturity (FY22) to INR 543 Cr (FY26) | Off-book share at INR 5,326 Cr as on Sep’26 Note: Mar’26 on consolidated basis Scale was achieved at the cost of yields, with value realization dependent on full asset maturity Five-Year Build: AUM and P&L, FY22-FY26 AUM grew 5x over four years, accompanied by higher reversals of upfront DA/ Co-lending income INR Cr FY22 FY23 FY24 FY25 FY26(1) Why DA / co-lending income swings AUM (period end) 2,970 6,081 9,047 12,003 15,334 AUM growth (Y-o-Y) 126% 105% 49% 33% 28% Upfront gain booked at sale Interest income 272.2 482.9 704.6 958.8 1,370.2 Excess interest spread (EIS) recognised over the loans' contractual tenure Upfront DA / co-lending income (gross) 33.2 183.9 383.1 492.4 543.4 (−) Reversal on foreclosures (4.6) (29.8) (75.6) (109.5) (98.4) Foreclosures exceed assumptions DA / co-lending income (net) 28.5 154.1 307.5 382.9 445.0 Loans close early; expected future spread Other income 12.7 46.8 69.6 100.1 205.9 never arrives Total income 313.4 683.8 1,081.7 1,441.8 2,021.1 Finance cost 137.4 293.3 442.9 627.8 954.3 Unearned EIS reversed Net total income 176.0 390.5 638.8 81 [Showing first 8,000 characters — download PDF for full document]