Ascend Capital, an Info Edge Ventures-backed non-banking financial company specializing in electric vehicle financing, reported a 6.25 times profit increase to ₹10 crore and a 131% revenue jump to ₹50.3 crore in FY26, driven by strong collection performance and expanding lending assets.
- Profit surged to ₹10 crore in FY26, a 6.25X increase from FY25
- Revenue grew 131% to ₹50.3 crore with assets under management rising 46%
- Strong loan portfolio performance with 97.5% collection efficiency as of July 2026
What happened
In the fiscal year FY26, Ascend Capital achieved significant financial milestones, including a sixfold increase in profit to ₹10 crore from ₹1.6 crore the previous year. Its revenue more than doubled, reaching ₹50.3 crore, supported by a 46% rise in assets under management to ₹238.6 crore. These results reflect the NBFC's expanded operations and improved portfolio management.
The lender's loan portfolio focuses on electric vehicles such as e-autos, e-loaders, and L5 vehicles, with a securitized asset base demonstrating 97.5% cumulative collection efficiency and maintaining a low 1.3% delinquency rate over 90 days. Despite a slight increase in gross non-performing assets to 2.6% from 1.7%, Ascend's capital adequacy remained robust at 34.8%, comfortably above regulatory requirements.
Why it matters
Ascend Capital’s growth shows the rising financial traction behind the electric vehicle segment, particularly in the three-wheeler market, where EV sales are growing rapidly in India. With 24.5 lakh EVs sold in FY26 and electric three-wheelers accounting for 34% of these sales, financing such vehicles is becoming critical for market expansion.
The NBFC's approach to risk management through internal battery valuation benchmarks and a comprehensive data repository designs it well to meet underwriting challenges specific to EV financing. Its partnership with key investors like Info Edge Ventures and Asha Ventures, holding almost a quarter stake, also underscores investor confidence in scalable EV loan products.
What to watch next
Key indicators to monitor include Ascend Capital’s ability to diversify geographically beyond its core states, which currently represent 87.5% of its portfolio. Widening operational presence could help reduce concentration risk and improve resilience as the EV financing market evolves.
Additionally, tracking loan portfolio quality amid rapid growth remains critical. While current asset performance and capital buffers are strong, increasing competition and economic uncertainties could impact future collection efficiency and non-performing asset ratios. Continued innovation in underwriting and securitization strategies will be essential.