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Edge12 Dec 2025
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The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Urban Company (URBANCO) investor relations material
Urban Company Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary1 Nov, 2025
Executive summary
Revenue from operations rose 37% year-on-year to INR 380 crores, or 44% on a like-to-like basis excluding KSA, with broad-based growth across all segments.
Net transaction value (NTV) for the quarter grew 31% year-on-year to INR 1,030 crores, with like-to-like growth at 34% excluding Saudi Arabia deconsolidation.
Core India services business remained profitable at Adjusted EBITDA of INR 18 crores (2.4% of NTV), while international operations in UAE and Singapore achieved Adjusted EBITDA break-even.
InstaHealth/Insta Help, a new business segment, scaled rapidly to 4.7 lakh monthly orders but incurred an Adjusted EBITDA loss of INR 44 crores.
Overall adjusted EBITDA loss for the quarter was INR 35 crores, driven by upfront investments in InstaHealth/Insta Help; excluding this, adjusted EBITDA profit was INR 10 crores.
Financial highlights
Excluding InstaHealth/Insta Help, the business delivered an adjusted EBITDA profit of INR 10 crores, a year-on-year improvement of INR 15 crores.
India consumer services (excluding InstaHealth/Insta Help) saw 19% NTV growth and 24% revenue growth year-on-year.
Native vertical NTV grew 164% year-on-year to INR 97 crores, with revenue up 179% to INR 75 crores; margin improved from -30% to -9% of NTV.
International operations (UAE, Singapore) NTV up 73% and revenue up 66% year-on-year, achieving Adjusted EBITDA break-even.
Cash and cash equivalents at quarter end were INR 2,136 crores.
Outlook and guidance
FY26 is positioned as a year of reinvestment, with margin expansion expected to resume from FY27 onwards.
Long-term steady-state Adjusted EBITDA margin for India consumer services (excluding InstaHealth/Insta Help) targeted at 9%-10% of NTV.
InstaHealth/Insta Help is expected to follow a similar profit trajectory as other verticals with scale and efficiency.
Native is on a clear path to profitability, with losses expected to be behind.
Continued investment in long-term growth initiatives, particularly InstaHealth/Insta Help and Native.
Insta Help: substantial FCF contribution long-term?
Core India Services: margin expansion post-FY26?
International ops: sustain growth post-breakeven?
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Next Urban Company earnings date
Q3 25/2630 Jan, 2026
Next Urban Company earnings date
Q3 25/2630 Jan, 2026
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