{
  "id": 8917625,
  "title": "NBFC Ascend Capital’s FY26 Profit Up 6X YoY To ₹10 Cr, Revenue Rockets 130%",
  "url": "https://urgent.news/2026/09/21/nbfc-ascend-capitals-fy26-profit-up-6x-yoy-to-10-cr-revenue-rockets",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-21T12:23:38.000Z",
  "source": {
    "name": "Inc42",
    "slug": "inc42",
    "url": "https://inc42.com/buzz/nbfc-ascend-capitals-fy26-profit-up-6x-yoy-to-%e2%82%b910-cr-revenue-rockets-130/"
  },
  "original_language": "en",
  "account": "Ascend Capital, an NBFC focused on electric vehicle (EV) financing, reported a remarkable surge in profitability and revenue in fiscal year 2026 (FY26). The Jaipur-based lender's earnings improved six-fold, reaching ₹10 crore, compared to ₹1.6 crore in the previous year. Revenue also skyrocketed by 130%, reaching ₹50.3 crore, from ₹21.8 crore in FY25, according to ICRA ratings.\n\nICRA, the credit rating agency, highlighted Ascend Capital's strong performance in the EV sector. The company's loan portfolio, primarily comprising three-wheeler EVs like e-autos, loaders, and L5 vehicles, had a 97.5% cumulative collection efficiency as of July 2026. Delinquency for loans over 90 days was just 1.3%, while gross non-performing assets (GNPA) increased slightly to 2.6% from 1.7% in the previous year. Despite this, the NBFC's capital-to-risk weighted assets ratio (CRAR) remained robust at 34.8%, surpassing the regulatory requirement.\n\nHowever, ICRA cautioned that Ascend Capital faces risks due to its limited operational history and geographical concentration, with the top three states accounting for 87.5% of its portfolio. As of September 2025, the lender operated in 60 cities across five states and union territories, serving a borrower base of 18,975.\n\nFounded in 2019 by Lokesh Chandra and Gaurav Maheshwari, Ascend Capital targets consumers seeking to purchase EVs and batteries for e-rickshaws and L5 vehicles. The NBFC offers loans up to ₹2-4 lakh and funds its lending book through a mix of institutional debt and securitisation. By packaging EV loans into securities, Ascend recycles capital into fresh loans, addressing underwriting and collection challenges specific to the EV financing market.\n\nAscend Capital has developed an internal benchmark for valuing batteries and maintains a comprehensive data repository covering Original Equipment Manufacturers (OEMs), distributors, and drivers. The NBFC began disbursing loans against e-autos and e-loaders in January 2024. In FY24, the lender reported a profit after tax (PAT) of only ₹0.1 crore, with revenue at ₹13.7 crore, indicating significant growth in its scale over the past two years.\n\nIn 2024, Ascend Capital raised ₹50 crore in equity funding from Info Edge Ventures and Asha Ventures, holding a 24.8% stake in the NBFC. The funding comes as a growing number of specialized lenders aim to address the financing gap in India's EV ecosystem. India sold a record 24.5 lakh EVs in FY26, a 25% year-over-year increase, with electric three-wheelers accounting for 34% of total EV sales. E3Ws also represented over 60% of India's overall three-wheeler sales during the year.",
  "summary": "Info Edge Ventures backed NBFC Ascend Capital’s profitability improved significantly in the fiscal year FY26, growing 6.25X to ₹10 Cr…",
  "key_points": [
    "Ascend Capital's FY26 profit up 6x to ₹10 crore",
    "Revenue rockets 130% to ₹50.3 crore",
    "97.5% loan collection efficiency, 1.3% delinquency rate"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}