Urban Company (URBANCO) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 was the strongest quarter in company history, with record consolidated NTV and revenue growth, and significant profitability improvements in core businesses.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, were approved, with an unmodified audit opinion from statutory auditors.

• Achieved over 10 million orders in a single quarter for the first time, with 83% of NTV from retained users.

• Board approved appointment of new statutory and secretarial auditors, subject to AGM approval.

• Process for winding up a step-down subsidiary in Saudi Arabia delayed due to geopolitical and administrative factors.

Financial highlights

• Q4 consolidated NTV grew 42% YoY to INR 1,148 crores; revenue up 43% YoY to INR 426 crores.

• FY26 consolidated NTV reached INR 4,290 crores, up 33% YoY (excluding Saudi consolidation).

• Consolidated revenue from operations for FY26 was ₹1,555.54 crore, up from ₹1,144.47 crore in FY25.

• Consolidated net loss for FY26 was ₹234.81 crore, compared to a profit of ₹239.76 crore in FY25.

• Adjusted EBITDA for core India consumer services improved to 3.3% of NTV in Q4 (from 1.6% YoY); FY26 adjusted EBITDA at INR 131 crores (4.1% of NTV).

• International NTV grew 84% YoY in Q4 to INR 211 crores; FY26 international NTV up 75% to INR 700 crores, with adjusted EBITDA positive at INR 6 crores.

• Native business NTV grew 67% in Q4 and 122% YoY for FY26; adjusted EBITDA loss narrowed to INR 31 crores (margin improved from -25.1% to -8.9% of NTV).

• InstaHelp delivered 2.7 million orders in Q4, with INR 40 crores NTV, but incurred INR 119 crores adjusted EBITDA loss in Q4.

• Consolidated Q4 loss was INR 160 crores, with adjusted EBITDA at INR 98 crores; ended FY26 with INR 2,021 crores cash on balance sheet.

• Standalone revenue for FY26 was ₹1,081.22 crore, up from ₹782.57 crore in FY25.

• Standalone net loss for FY26 was ₹195.37 crore, compared to a profit of ₹290.02 crore in FY25.

• Significant deferred tax asset reversal of ₹35.94 crore impacted results.

Outlook and guidance

• Targeting consolidated adjusted EBITDA breakeven by Q3 FY28 and INR 1,000 crores adjusted EBITDA by FY31.

• Confident in core business profitability to fund InstaHelp's growth, even if external environment becomes more challenging.

• No plans to expand into new international markets until medium-term guidance is achieved.

• Management continues to monitor regulatory changes, especially labor codes, and will adjust provisions as needed.

• Winding up of the Saudi Arabia subsidiary expected to conclude in 5-6 months.