NBFC Ascend Capital's FY26 Profit Surges Sixfold to ₹10 Crore
Electric vehicle-focused NBFC Ascend Capital reported a sixfold increase in profit to ₹10 Crore for FY26, with total income rising 130% to ₹50.3 Crore.
Ascend Capital, a non-banking financial company (NBFC) focused on electric vehicles (EVs), has seen a significant rise in its financial performance, with profits for the fiscal year 2026 (FY26) growing 6.25 times to ₹10 Crore (approximately $1.2 million) from ₹1.6 Crore in FY25.
According to credit rating agency ICRA, the Jaipur-based lender's total income for FY26 surged approximately 131% to ₹50.3 Crore from ₹21.8 Crore in FY25. Its total assets under management (AUM) also expanded by 46% to ₹238.6 Crore during the period.
Founded in 2019 by Lokesh Chandra and Gaurav Maheshwari, Ascend Capital provides loans up to ₹2-4 Lakh for consumers looking to purchase EVs and batteries, primarily for e-rickshaws and L5 vehicles. The company funds its lending book through a mix of institutional debt and securitization.
ICRA noted that the cumulative collection efficiency for Ascend's securitized EV loan portfolio stood at 97.5% as of July 2026. While gross non-performing assets (GNPA) increased to 2.6% in FY26 from 1.7% in FY25 and the capital-to-risk weighted assets ratio (CRAR) moderated, it remained well above regulatory requirements. The agency also highlighted risks such as limited operational history and geographical concentration.