UGRO Capital reports Rs 118.61 crore half-year profit

UGRO Capital Limited reported consolidated profit after tax of Rs 118.61 crore for the half year ended September 30, 2026, with total income of Rs 1,112.99 crore. The consolidated accounts separately showed half-year profit after tax of Rs 4.21 crore at Profectus Capital Private Limited and Rs 29.20 crore at consolidated Grox Technologies Private Limited.

What did UGRO Capital report for the half year ended September 30, 2026?

UGRO Capital reported profit before tax of Rs 129.79 crore and profit after tax of Rs 118.61 crore for the half year ended September 30, 2026. Other comprehensive income, net of tax, was Rs 1.27 crore, taking total comprehensive income to Rs 119.88 crore for the six-month period.

Total income was Rs 1,112.99 crore, comprising Rs 1,041.26 crore of revenue from operations and Rs 71.73 crore of other income. Interest income contributed Rs 748.49 crore, while net gain on derecognition of financial instruments under the amortised-cost category was Rs 183.94 crore.

The statement did not provide a September 2025 half-year comparison, marking that column not applicable. UGRO Capital said the March 31, 2026 annual profit and loss account included Profectus Capital from December 8, 2025 and consolidated Grox Technologies from March 18, 2026, so that annual result included only partial periods for those businesses.

How did UGRO Capital's September-quarter earnings change?

UGRO Capital recorded consolidated profit after tax of Rs 50.74 crore in the quarter ended September 30, 2026, down from Rs 67.87 crore in the quarter ended June 30, 2026. Profit before tax moved in the opposite direction, rising to Rs 68.25 crore from Rs 61.54 crore.

The sequential difference reflected tax expense of Rs 17.51 crore in the September quarter, compared with a tax credit of Rs 6.33 crore in the June quarter. UGRO Capital said it opted for a concessional tax regime from tax year 2026-27, changing its applicable corporate tax rate to 25.17% from 29.12%, and that the reported quarterly and half-year results include the cumulative tax impact.

September-quarter total income rose to Rs 578.36 crore from Rs 534.63 crore in June. Finance costs increased to Rs 295.97 crore from Rs 288.97 crore, impairment on financial instruments rose to Rs 86.88 crore from Rs 65.61 crore, and total expenses increased to Rs 510.11 crore from Rs 473.09 crore.

What did Profectus Capital and Grox Technologies contribute?

Profectus Capital reported half-year revenue from operations of Rs 124.12 crore and profit after tax of Rs 4.21 crore for the period ended September 30, 2026. Its profit before tax was Rs 5.63 crore, after total income of Rs 125.22 crore and total expenses of Rs 119.59 crore.

Consolidated Grox Technologies reported revenue from operations of Rs 60.95 crore and total income of Rs 61.01 crore during the same half year. Its profit before tax was Rs 38.45 crore and profit after tax was Rs 29.20 crore, compared with Profectus Capital's Rs 4.21 crore profit after tax.

Both businesses reported higher profit after tax in the September quarter than in the June quarter. Profectus Capital's profit after tax increased to Rs 3.12 crore from Rs 1.09 crore, while consolidated Grox Technologies' profit after tax rose to Rs 17.17 crore from Rs 12.03 crore.

How did UGRO Capital's balance sheet and cash flow move?

UGRO Capital's consolidated total assets rose to Rs 14,345.56 crore at September 30, 2026 from Rs 14,075.02 crore at March 31, 2026. Loans increased to Rs 10,779.90 crore from Rs 10,293.17 crore, while total equity rose to Rs 3,028.89 crore from Rs 2,906.02 crore.

The composition of funding changed over the six months. Debt securities increased to Rs 3,909.36 crore from Rs 3,220.22 crore, whereas borrowings other than debt securities declined to Rs 6,600.74 crore from Rs 7,103.32 crore. The disclosed debt-to-equity ratio was 3.62 at September 30, compared with 3.71 at March 31.

Net cash used in operating activities was Rs 361.58 crore for the half year, including a Rs 485.38 crore increase in loans. Investing activities used Rs 191.14 crore, including Rs 59.19 crore of payments for intangible assets, while financing activities generated Rs 168.75 crore after Rs 3,157.94 crore of borrowings and debt securities availed.

Cash and cash equivalents declined to Rs 993.59 crore at September 30, 2026 from Rs 1,377.55 crore at the beginning of the financial year. The auditor separately identified one subsidiary with half-year revenue of Rs 61.01 crore and profit after tax of Rs 29.20 crore before consolidation adjustments, and said its review conclusion was not modified on that matter.

What is the status of the Profectus Capital amalgamation?

UGRO Capital completed the acquisition of 100% of Profectus Capital on December 8, 2025 for aggregate cash consideration of Rs 1,398.60 crore. Profectus Capital became a wholly owned subsidiary on that date, and UGRO Capital's board approved a proposed amalgamation with the subsidiary on January 8, 2026, subject to statutory and regulatory approvals.

UGRO Capital said it obtained a no-objection certificate from the Reserve Bank of India and received no-objection certificates or observation letters from the National Stock Exchange on July 9, 2026 and BSE on July 10, 2026. It then filed its application with the National Company Law Tribunal, Mumbai Bench, on July 16, 2026.

Meetings of equity shareholders, secured creditors and unsecured creditors were held on September 22, 2026 after the tribunal's August 6, 2026 order. UGRO Capital said the scheme was approved by the requisite majorities, and that its petition for final approval, filed on September 25, 2026, was admitted for a November 20, 2026 hearing.

Conclusion

UGRO Capital's half-year accounts show Rs 118.61 crore of consolidated profit after tax on Rs 1,112.99 crore of total income, while the separately disclosed results show differing contributions from Profectus Capital and consolidated Grox Technologies. Loans increased by Rs 486.74 crore from March 31, 2026, and the September quarter produced higher income but lower profit after tax than the June quarter because tax expense changed sharply.

The next disclosed event is the National Company Law Tribunal, Mumbai Bench's final hearing on November 20, 2026 for the proposed Profectus Capital amalgamation. The proposed scheme follows the December 8, 2025 acquisition of Profectus Capital for Rs 1,398.60 crore and remains subject to final tribunal approval.