UGRO mature branches reach Rs 0.86 crore monthly output

U GRO CAPITAL’s Emerging Market branches older than 12 months disbursed Rs 0.86 crore per branch per month in Q2 FY27, compared with Rs 0.66 crore in March 2026. UGRO reported Rs 0.73 crore of blended branch productivity, while 138 of its 317 disclosed branches were still less than six months old in September 2026.

How productive were UGRO’s mature Emerging Market branches in Q2 FY27?

UGRO’s branches older than 12 months produced Rs 0.86 crore of monthly disbursements per branch in September 2026, the Q2 FY27 result. This was above Rs 0.81 crore in June 2026 and Rs 0.66 crore in March 2026, and it was the highest productivity among the three reported branch-vintage cohorts.

Productivity rose across every cohort between March and September 2026. Branches under six months old increased from Rs 0.37 crore to Rs 0.60 crore per month, while the six-to-12-month group rose from Rs 0.49 crore to Rs 0.78 crore. The over-12-month cohort’s Rs 0.86 crore result was Rs 0.13 crore above UGRO’s Rs 0.73 crore blended branch productivity in Q2 FY27.

The September gap between the oldest and youngest cohorts was Rs 0.26 crore per branch per month. This age-linked difference matters because the sub-six-month cohort remained the largest group at 138 branches, compared with 107 branches older than 12 months.

How did UGRO’s branch-age mix change by September 2026?

UGRO had 107 branches older than 12 months in September 2026, up by 26 from 81 in March 2026. The six-to-12-month cohort declined from 80 to 72 branches and the under-six-month cohort fell from 156 to 138, consistent with branches moving through the reported age buckets.

The disclosed cohorts totalled 317 branches in both March 2026 and September 2026. That stable total supports a cohort-migration reading of the data, but the presentation does not disclose individual branch openings, closures, operating costs, or whether the physical network rollout had ended.

The 138 branches under six months represented about 44% of the disclosed 317-branch network in September 2026. Their Rs 0.60 crore monthly productivity was below the Rs 0.78 crore earned by six-to-12-month branches and the Rs 0.86 crore earned by the oldest group, leaving the blended result below mature-branch output.

What is UGRO’s branch productivity target for the next 12 months?

UGRO management targets blended branch productivity of Rs 0.80 crore to Rs 0.85 crore per month over the next 12 months, compared with Rs 0.73 crore in Q2 FY27. Management also targets Rs 0.17 crore per month for FOS, an abbreviation that the presentation does not expand.

The target range is below the Rs 0.86 crore achieved by the over-12-month cohort in September 2026, but above the Rs 0.60 crore and Rs 0.78 crore reported by the younger cohorts. The disclosed mechanism for improvement is branch ageing: 26 branches joined the over-12-month cohort between March and September 2026, while 138 remained below six months old.

UGRO reported Rs 692 crore of Emerging Market disbursements in Q2 FY27 alongside the Rs 0.73 crore blended productivity figure. The Rs 0.80 crore to Rs 0.85 crore range is therefore a management target rather than an achieved network-wide run rate, and the presentation gives no quarterly forecast for reaching either end of that range.

How fast is UGRO’s Emerging Market lending vertical growing?

UGRO’s Emerging Market assets under management, or AUM, reached Rs 4,268 crore in September 2026, compared with Rs 3,581 crore in March 2026 and Rs 3,199 crore in December 2025. The increase was Rs 687 crore over the six months from March 2026 and Rs 1,069 crore from December 2025.

The presentation reports a 45% compound annual growth rate, or CAGR, in Emerging Market AUM from Rs 1,144 crore in March 2024 to Rs 4,268 crore in September 2026. Its December 2025 guidance for Emerging Market loan against property, or LAP, had indicated more than 25% CAGR over three years, while the actual AUM table shows Rs 3,199 crore in December 2025.

On-book portfolio outstanding, or POS, was Rs 2,677 crore in September 2026, up from Rs 2,495 crore in June 2026 and Rs 2,370 crore in March 2026. UGRO reports 29% CAGR in on-book POS from Rs 608 crore in March 2024, below the 45% CAGR reported for AUM over the corresponding period.

What collection infrastructure supports UGRO’s Emerging Market growth?

UGRO says its Emerging Market collections model has four in-house lines of defence: a strategy and analytics desk, a call centre with more than 50 tele-calling workstations, more than 500 field collection officers, and 35 to 40 litigation specialists. The company says about 99% of collections are digital.

The strategy and analytics desk manages cases up to about five days past due, using early-warning analytics and digital engagement. The field organisation uses geo-tagged visits and a six-level hierarchy, while litigation handles high-risk or long-pending cases. The presentation says this workforce is already in place to support Emerging Market growth, but it does not disclose vertical-specific gross non-performing assets, recovery rates or collection efficiency.

Conclusion

UGRO’s branch data show that monthly disbursement productivity increased with reported branch vintage in Q2 FY27. Mature branches produced Rs 0.86 crore per month, compared with Rs 0.60 crore for the under-six-month cohort, while Emerging Market AUM reached Rs 4,268 crore in September 2026 and the branch cohorts continued to total 317.

The next disclosed milestone is management’s Rs 0.80 crore to Rs 0.85 crore blended monthly productivity target over the next 12 months. Progress will depend on the ageing of the 138 sub-six-month branches, the movement of cohorts into the over-12-month group, and future reported Emerging Market disbursements and portfolio performance.