Ugro Capital Assigned ACUITE A1+ Rating for ₹800 Cr Commercial Paper
Ugro Capital Limited's ₹800 crore Commercial Paper facility has been assigned an 'ACUITE A1+' rating by Acuité Ratings & Research. The rating considers portfolio growth to ₹15,334 crore and benefits from the Profectus Capital acquisition. Standalone profitability moderated, while consolidated RoAA improved to 2.48%. Gross NPA increased to 3.66%.
A strong credit rating for commercial paper issuance is crucial for a Non-Banking Financial Company (NBFC) like Ugro Capital as it facilitates access to short-term funding at potentially favorable rates, supporting its ongoing operations and growth plans. This impacts its ability to manage working capital and short-term liabilities.
The assignment of a strong short-term rating ('ACUITE A1+') for a significant Commercial Paper facility is a positive development, indicating confidence from the credit rating agency in the company's short-term liquidity and debt-issuing capacity.
Ugro Capital Limited has announced that Acuité Ratings & Research Limited has assigned a short-term rating of 'ACUITE A1+' to its proposed Commercial Paper (CP) facility of ₹800 crore.
The rating reflects the growth in Ugro Capital's business during FY2026, with its outstanding portfolio increasing to ₹15,334 crore as of March 31, 2026, up from ₹12,002.83 crore in the previous year. The rating also benefits from the strategic acquisition of Profectus Capital Private Limited, which had an Assets Under Management (AUM) of approximately ₹2,669.81 crore as of March 31, 2026. This acquisition has strengthened the group's consolidated loan book and asset profile, while also helping to rationalize operational expenses.
Acuité noted the experienced management team, the support of marquee investors, and the company's technology-driven business model as key strengths. However, the rating is constrained by the moderation in Ugro Capital's standalone profitability. At the consolidated level, the group reported an improvement in profitability with a Return on Average Assets (RoAA) of 2.48% as of March 31, 2026, while the standalone RoAA stood at 1.05%.
The company's on-book asset quality saw some moderation, with Gross NPA increasing to 3.66% as of March 31, 2026, from 2.35% in the previous year. Acuité will monitor the company's ability to contain further asset quality deterioration.
The press release from Acuité Ratings & Research Limited is dated August 04, 2026.
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Ugro Capital Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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