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Revenue
₹2,004 Cr
verified against source
Revenue YoY
43%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Urban Company delivered a standout Q4 FY26, with consolidated NTV surging 42% YoY to ₹1,148 crore and revenue up 43% to ₹426 crore. The India core services business accelerated to 26% NTV growth—the fastest in 11 quarters—driven by densification and the 'faster, cheaper, better' flywheel, with adjusted EBITDA margin improving to 3.3% of NTV (vs 1.6% a year ago). International operations scaled 84% NTV growth and turned adjusted EBITDA positive for the full year. Native (water purifiers & smart locks) grew 67% NTV with losses narrowing sharply. The key investment drag is Insta Health, which posted ₹119 crore adjusted EBITDA loss as management prioritizes market leadership over near-term profitability. Consolidated adjusted EBITDA breakeven is reaffirmed by Q3 FY28, with a target of ₹1,000 crore adjusted EBITDA by FY31. Risk: competitive irrationality in Insta Health could pressure losses longer than anticipated.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed target of achieving consolidated adjusted EBITDA breakeven by Q3 FY28.
- Long-term target of ₹1,000 crore adjusted EBITDA by fiscal year 2031.
- Management expects India consumer services adjusted EBITDA margin to reach about 10% of NTV over a longer period, with yearly expansion.
- Company will not launch in any new international markets until existing guidance targets are met.
Risks flagged
- Competitors raising funds and potentially engaging in irrational pricing or subsidies could pressure Insta Health's loss trajectory.
- Management acknowledged losses will remain elevated for the foreseeable future, with no specific timeline for improvement.
- Management noted they left demand on the table due to supply constraints, which could cap growth if not addressed.
- Demand headwinds in UAE due to Middle East conflict escalation impacted March performance, though recovery is underway.
Key quotes
- We are very clear that we are investing to win here and we intend to stay ahead and cement our market.
- In businesses of trust it's a winner take all and this is a business of trust so I really don't see any reason why there should be multiple players over time.
- We are not optimizing for elegance. We're optimizing to win. We're optimizing for market share.
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