INE583D08081 | 12.70% | UGRO Capital Limited

12.70%

YTM

₹98,658.4

Minimum investment

Monthly

Payout

15 Mar 2031

Maturity

11.65%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed50 Units available

0% Sold

12.70% / +105 bpsYTM vs coupon

yield above stated coupon

98.66 / 98.66Clean / dirty price

Excluding / including accrued interest

About the Issuer

UGRO Capital Limited is a listed NSE/BSE, non-deposit taking NBFC focused on MSME lending. It offers secured property collateral loans, machinery purchase loans, supply-chain finance and unsecured business loans, and had 309 branches in India as of 30/06/2025.

Debenture trustee: Vardhman Trusteeship Private Limited
Issuance date: 15 Sep 2025

Why this bond?

IND A+ Watch Positive rating supports credit view.
9.99% fixed monthly coupon to Jun-2029.
1.10x receivables cover over secured obligations.
MSME lender with INR 12,002.83 Cr AUM.

Monthly Interest PayoutPrincipal Paid at Maturity

₹98,658.4Principal Invested

₹53,366.49Interest earned

₹1,53,366.49Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
15 Sep 2026	₹989.45	--
15 Oct 2026	₹957.53	--
15 Nov 2026	₹989.45	--
15 Dec 2026	₹957.53	--
15 Jan 2027	₹989.45	--
15 Feb 2027	₹989.45	--
15 Mar 2027	₹893.7	--
15 Apr 2027	₹989.45	--

Key Strengths

Positive Watch

IND A+ rating is on Positive Watch after the announced Profectus acquisition.

MSME Franchise

AUM scaled to about INR 120 billion with a focused MSME lending model.

Branch Reach

309 branches provide physical distribution across selected Indian states.

Security Cover

1.10x hypothecated asset cover is required during the debenture tenor.

Funding Diversity

Funding base includes 59 financiers and co-lending arrangements.

Capital Buffers

Capital base and CAR remained adequate at 1QFY26 per Ind-Ra.

Key Risks

Portfolio Seasoning

Nearly 67% of AUM was generated in the 12 months ended June 2025.

Asset Quality

Gross stage 3 was 2.5% in 1QFY26 and credit costs remained monitorable.

Profitability

Operating costs remain elevated while branch expansion continues.

Acquisition Execution

Positive Watch depends on Profectus transaction completion and approvals.

Bullet Maturity

Principal repayment is concentrated on the final redemption date in Jun-2029.

Security Maintenance

Issuer must maintain eligible hypothecated assets at 1.10x cover.

IND A+ Watch Positive1.10x security coverAUM 12,002.83 Cr309 branches

A+Aug 2025

Rating rationale summary

Ind-Ra rates UGRO IND A+/Rating Watch Positive, citing franchise growth, capital buffers and diversified funding, with seasoning and profitability monitorables.

Summary points

AUM reached about INR 120 billion.
Capital base stood at INR 24.3 billion.
Funding base spans 59 financiers.
Portfolio seasoning remains monitorable.

Rating history timeline

Jul 2024

Earlier history shows long-term instruments at A/Stable.

Mar 2025

Earlier history shows long-term instruments at A+/Stable.

Jun 2025

Historical table shows A+/Stable before Positive Watch.

Aug 2025

Ratings maintained on Positive Watch after Profectus acquisition annou

Outlook implications

Positive Watch reflects potential uplift from the Profectus acquisition, capital raise and enhanced lender relationships, subject to transaction completion.

Implications for investors

Positive Watch means the rating may be upgraded or affirmed after the Profectus transaction is completed and regulatory approvals are resolved.
IND A+ rating and 1.10x cover support the credit view, subject to eligible asset maintenance.
Monthly coupon and bullet maturity concentrate principal repayment at Jun-2029.

Watch for: Profectus acquisition, AUM seasoning, credit costs, unsecured exposure, funding costs and liquidity.

Rating Drivers

AUM at INR 120b

Capital base INR 24.3b

59 financiers

Stage 3 at 2.5%

Costs still elevated

Profectus watch

Invest

Units

Trade & Settlement

Settlement date

14 Aug 2026

Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.

Totals (For Selected Units)

Price per Unit

₹98,658.4

Investment amount

₹98,658.4

Total Interest

₹53,366.49

Total Receivable

₹1,53,366.49

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UGRO Capital Limited