Urban Company (URBANCO) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 NTV rose 39.1% YoY to INR 1,432.3 crore, revenue from operations rose 41.4% to INR 537.29 crore, and delivered orders more than doubled to 15.1 million.

• Growth held near 40% for three consecutive quarters, driven by new-user acquisition, repeat behavior and denser micro-markets.

• Consolidated net loss widened to INR 182.48 crore; InstaHelp was the largest segment loss contributor.

Financial highlights

• Adjusted EBITDA loss was INR 144 crore, reflecting INR 174 crore of InstaHelp investment; excluding InstaHelp, adjusted EBITDA was positive INR 30 crore, up 213% YoY.

• Excluding InstaHelp, adjusted EBITDA totaled INR 119 crore over the past three quarters, up 175% YoY.

• Q2 total income was INR 578.45 crore and total expenses were INR 745.67 crore; H1 totals were INR 1,144.62 crore and INR 1,385.55 crore, respectively.

• H1 consolidated operating cash outflow was INR 135.95 crore versus INR 18.50 crore in H1 FY26.

• Cash and treasury investments stood at INR 1,901 crore at quarter-end.

Outlook and guidance

• Combined Q2 and Q3 YoY growth is expected in the 50%-55% range.

• Adjusted EBITDA break-even remains targeted by Q3 FY28; the FY31 adjusted EBITDA goal is INR 1,000 crore.

• InstaHelp break-even is targeted for FY31; management expects steady-state pricing near INR 200/hour and net order value near INR 300.